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 60th Ordinary
General Meeting of Shareholders
Securities Code: 7956
April 27, 2017
Dear Shareholders,

We would like to notify you that the following reports and resolutions were approved at the60th 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 60th Fiscal Year (fromFebruary 1, 2016 to January 31, 2017), 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 60th Fiscal Year (from February 1, 2016 toJanuary 31, 2017)
The particulars of the above Non-Consolidated Financial Statements were reported.
Matters resolved:
Proposal:Appropriation of Surplus
It was approved as originally proposed, with a year-end cash dividend of ¥28 percommon share (ordinary dividend: ¥25; commemorative dividend: ¥3) of theCompany.
<Reference>
Record date
January 31, 2016

January 31, 2017

Interim dividend¥20.00(Ordinary dividend: ¥20.00)¥25.00(Ordinary dividend: ¥22.00)(Commemorative dividend:¥3.00)

Dividend per share
Year-end dividend¥22.00(Ordinary dividend: ¥22.00)¥28.00(Ordinary dividend: ¥25.00)(Commemorative dividend:¥3.00)

Annual dividend¥42.00(Ordinary dividend: ¥42.00)¥53.00(Ordinary dividend: ¥47.00)(Commemorative dividend:¥6.00)* 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, 2017 is ¥53, an increase of ¥11 comparedto the previous year.

–2–<Reference>
The executive officer system as of April 27, 2017 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

Vice President andDirector
Director, Senior
Managing Executive
Officer

Norimasa Kitazawa
Eiji Akamatsu

Area of responsibility

Division Manager of China Business Div. andSupervision of Overseas Business Div.
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. 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

Director, Managing
Executive Officer

Tadashi Itakura

Director, JuniorManaging Executive
Officer

Yasunori Kurachi

Director, JuniorManaging Executive
Officer

Kevin Vyse-Peacock

President and CEO of Lansinoh Laboratories, Inc.

Director

Takayuki Nitta(Outside Director)

Director

Rehito Hatoyama(Outside Director)

Audit & Supervisory
Board Member

Kazuhisa Amari

Audit & Supervisory
Board Member

Shinobu Iwamoto

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
Position

SeniorManaging
Officer
SeniorManaging
OfficerManaging
OfficerManaging
OfficerManaging
OfficerManaging
OfficerManaging
OfficerManaging
OfficerManaging
OfficerManaging
OfficerManaging
OfficerManaging
OfficerManaging
OfficerNameArea of responsibility

Nobuyuki Hashimoto

Division Manager of Domestic Baby & Mother Care BusinessDiv.

Yusuke Nakata

Division Manager of Overseas Business Div. and President ofPigeon 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.

Takatoshi Urakari

Division Manager of Human Resources & General Affairs Div.

Kaoru Kasahara

Division Manager of Research & Development Div.

Kazuyuki Tajima

Division Manager of Quality Control Div.

Takanori Tsuru

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.

Ken Kaku

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

Koji Matsutori

Director of Lansinoh Laboratories, Inc.

–4–