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 59th Ordinary
General Meeting of Shareholders
Securities Code: 7956
April 27, 2016
Dear Shareholders,

We would like to notify you that the following reports and resolutions were approved at the59th 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 59th Fiscal Year (fromFebruary 1, 2015 to January 31, 2016), as well as the audit reports of the Independent Auditor
and the Audit & Supervisory Board on Consolidated Financial Statements
The particulars of the above Business Report, Consolidated Financial Statements and audit
reports were reported.
2. Non-Consolidated Financial Statements for the 59th Fiscal Year (from February 1, 2015 toJanuary 31, 2016)
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 ¥22 percommon share of the Company.
<Reference>
Record date
January 31, 2015
January 31, 2016

Interim dividend¥45.00(¥15.00)

Dividend per share
Year-end dividend¥60.00(¥20.00)

Annual dividend¥105.00(¥35.00)¥20.00¥22.00¥42.00* Effective May 1, 2015, the Company has executed a 3-for-1 split of common shares. In the figures for
dividend per share in the table above, the figures in parentheses are a reference value calculated on thebasis of the number of shares after the share split.
The annual dividend per share for the year ended January 31, 2016 is ¥42, an increase of ¥7 comparedto the previous year, calculated on the basis of the number of shares after the share split.
Proposal 2:

Proposal 3:
Proposal 4:

Election of Ten (10) Directors
It was approved as originally proposed, and Yoichi Nakata, Akio Okoshi, Shigeru
Yamashita, Norimasa Kitazawa, Eiji Akamatsu, Yasunori Kurachi, Tadashi Itakura,Kevin Vyse-Peacock, Takayuki Nitta and Rehito Hatoyama were elected andassumed the offices as Directors.
Election of Two (2) Audit & Supervisory Board Members
It was approved as originally proposed, and Kazuhisa Amari and Shinobu Iwamoto
were elected and assumed the offices as Audit & Supervisory Board Members.
Payment of Retirement Benefits to Retiring Director
It was approved as originally proposed, with the payment of retirement benefits toRetiring Director Kazuhisa Amari amounting to ¥23,543,000 in order to reward himfor his service while in office, in accordance with the Company’s “Rules onRetirement Benefits for Directors.” It was also approved that the determination of thedetails of payment such as the timing and method be delegated to the Board ofDirectors.

–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, and Yasunori Kurachi, Tadashi Itakura and Kevin VysePeacock as Directors and Junior Managing Executive Officers and assumed the offices.
At the meeting of the Audit & Supervisory Board held on the same day, Kazuhisa Amari and Shinobu
Iwamoto were appointed as Standing Audit & Supervisory Board Members and assumed the offices.
As a result, the executive officer system as of April 27, 2016 is as follows.
Directors and Audit & Supervisory Board Members
Position

Name

Executive Advisor andMember of the Board

Yoichi NakataChairman of the Boardand CEO

Akio Okoshi

President and COO

Shigeru Yamashita

Vice President andDirector

Norimasa Kitazawa

Director, Senior
Managing Executive
Officer

Eiji Akamatsu

Director, JuniorManaging Executive
OfficerYasunori Kurachi

Director, JuniorManaging Executive
Officer
Director, JuniorManaging Executive
Officer

Tadashi Itakura

Area of responsibility

Division Manager ofOverseas Business Div. and Division Manager ofChina Business Div. of the Company andRepresentative Director of Pigeon (Shanghai) Co.,
Ltd.
Supervision of Corporate Administration Div.,
Accounting & Finance Div., Human Resources &General Affairs Div. and Audit Dept.
Division Manager of Health & Elder Care BusinessDiv. of the Company and President of Pigeon TahiraCo., Ltd. and Supervision of Domestic Baby & Mother
Care Business Div. and Child Care Service BusinessDiv. of the Company
Division Manager of Quality Control Div. andSupervision of Research & Development Div.,
Logistics Div. and Customer Service Center

Kevin Vyse-Peacock

President and CEO of Lansinoh Laboratories, Inc.

Director

Takayuki Nitta(Outside Director)

Director

Rehito Hatoyama(Outside Director)

Standing Audit &Supervisory Board
MemberStanding Audit &Supervisory Board
MemberKazuhisa Amari
Shinobu Iwamoto

Audit & SupervisoryBoard Member

Shigeru Nishiyama(Outside Audit & Supervisory Board Member)

Audit & Supervisory
Board Member

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

Tsutomu Matsunaga

Division Manager of Corporate Administration Div.

Hiroyasu Maki

Division Manager of Accounting & Finance Div.

Takatoshi Urakari

Division Manager of Human Resources & General Affairs Div.

Kaoru Kasahara

Division Manager of Research & Development Div.

Nobuyuki Hashimoto
Takanori Tsuru

Division Manager of Domestic Baby & Mother Care BusinessDiv.
Division Manager of Child Care Service Business Div. andPresident of Pigeon Hearts Co., Ltd.

Hiroshi Nishimoto

Division Manager of Logistics Div.

Koji Ishigami

Senior Managing Director of Pigeon Tahira Co., Ltd.

Yusuke Nakata

President of Pigeon Singapore Pte. Ltd.

Ken Kaku

President of Pigeon Manufacturing (Shanghai) Co., Ltd.

–4–