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

Securities Code: 7956
March 30, 2023
To our shareholders:
Norimasa Kitazawa,President and CEO

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

Notice of Resolutions of the 66th Ordinary
General Meeting of Shareholders
We would like to notify you that the following reports and resolutions were approved at the 66th
Ordinary General Meeting of Shareholders of Pigeon Corporation (the “Company”) held today.

Meeting Information
Matters reported:
1. Business Report and Consolidated Financial Statements for the 66th Fiscal Year (fromJanuary 1, 2022 to December 31, 2022), 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 66th Fiscal Year (from January 1, 2022 toDecember 31, 2022)
The particulars of the above Non-Consolidated Financial Statements were reported.
Matters resolved:
Proposal 1:

Appropriation of Surplus
It was approved and adopted as originally proposed, with a year-end cash
dividend of ¥38 per common share of the Company.

<Reference>
Dividend per share*

Record date

Interim dividend

Year-end dividend

Annual dividend

December 31, 2021

¥37

¥37

¥74

December 31, 2022

¥38

¥38

¥76

The annual dividend per share for the year ended December 31, 2022 is ¥76, an increase of ¥2 compared tothe previous year.

–1–Proposal 2:

Partial Amendments to Articles of Incorporation
It was approved and adopted as originally proposed. Details of theamendments are stated 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
It was approved and adopted as originally proposed, and the following nine(9) Directors were elected and have taken office: 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. YumikoMiwa.

Proposal 4:

Election of Four (4) Audit & Supervisory Board Members
It was approved and adopted as originally proposed, and the following four(4) Audit & Supervisory Board Members were elected and have taken office:Mr. Hiroshi Nishimoto, Mr. Koji Ishigami, Mr. Koichi Otsu, and Ms. AtsukoTaishido.

Proposal 5:

Election of Two (2) Substitute Audit & Supervisory Board Members
It was approved and adopted as originally proposed, and Ms. Sachiko Omuroand Ms. Hiroko Noda were elected as substitute Audit & Supervisory BoardMembers.

Proposal 6:

Partial Amendments to Performance-linked Stock Remuneration, etc. forDirectors
It was approved and adopted as originally proposed with respect to theamendments to the method of calculating the number of shares of theCompany and money equivalent to the converted value of the shares of theCompany (the “Company’s Shares, etc.”) to be delivered or paid (the “Grant”)
to Directors under the performance-linked stock remuneration system (the–2–“System”) for Directors (excluding Outside Directors) and the maximum
number of the shares of the Company.
The outline of the System after the amendments is stated below.
1) Persons eligible for the Grant of the Company’s Shares,• Directors of the Company (excluding Outside Directors)
etc. under the System2) Impact of shares of the Company subject to the System on the total number of issued shares of the Company• Amount obtained by multiplying ¥200 million by theMaximum amount of money to be contributed by the number of years of the target period
Company• The maximum amount for the three (3) fiscal years
covered by the System after amendment is ¥600 million• Number of points obtained by multiplying 65,000
points (equivalent to 65,000 shares) by the number ofyears of the target period• The maximum number of points for the three (3) fiscalyears covered by the System after amendment isMaximum number of the Company’s Shares, etc. to be 195,000 points (equivalent to 195,000 shares).
acquired by Directors, etc. and the method of acquisition • The ratio of the number of shares (65,000 shares)
equivalent to the above number of points in a singleof shares of the Company
fiscal year to the total number of shares issued by theCompany (as of December 31, 2022; excluding treasurystock) shall be approximately 0.05%.
• As shares of the Company will be acquired from thestock market, dilution will not occur in the System.

3) Details of performance evaluation indicators• Varies within a range from 0% to 150% according to theachievement level of the targets, including financial
indicators in the Medium-term Business Plan (e.g., EPS
growth rate, TSR, and ROIC) and non-financial
indicators

4) Timing of the Grant of the Company’s Shares, etc.

• Upon the retirement of Directors–3–<Reference>
At the meeting of the Board of Directors following the Ordinary General Meeting of Shareholders,Mr. Norimasa Kitazawa was appointed as President and CEO, Mr. Tadashi Itakura as Director, Senior
Managing Executive Officer, Mr. Kevin Vyse-Peacock and Mr. Ryo Yano as Director, Junior Managing
Executive Officer, and Mr. Rehito Hatoyama as Chairman of the Board, and all have taken office. At
the meeting of the Audit & Supervisory Board held on the same day, Mr. Hiroshi Nishimoto andMr. Koji Ishigami were appointed as Standing Audit & Supervisory Board Member and all havetaken office.
As a result, the executive officer system as of March 30, 2023 is as follows.
Directors and Audit & Supervisory Board Members
Position
President and CEODirector, Senior Managing
Executive OfficerDirector, Junior ManagingExecutive Officer
Director, Junior Managing
Executive Officer
Director
Director and Chairman of theBoard
DirectorDirectorDirector
Standing Audit & Supervisory
Board Member
Standing Audit & Supervisory
Board Member
Audit & Supervisory Board
MemberAudit & Supervisory Board
MemberName
Norimasa Kitazawa
Tadashi Itakura

Area of responsibility
General Manager of Global Head Office

Takayuki Nitta

Division Manager of Lansinoh Business Div. of theCompany, and President and CEO of Lansinoh
Laboratories, Inc.
Supervision of China Business Div. and Singapore
Business Div.
(Outside Director)

Rehito Hatoyama(Outside Director)

Chiaki Hayashi
Eriko YamaguchiYumiko Miwa

(Outside Director)(Outside Director)(Outside Director)

Kevin Vyse-Peacock
Ryo Yano

Hiroshi Nishimoto
Koji Ishigami
Koichi Otsu

(Outside Audit & Supervisory Board Member)

Atsuko Taishido(Outside Audit & Supervisory Board Member)–4–

Managing Officers
Position
Senior Managing
OfficerName
Zenzou Yamaguchi

Senior Managing
Officer

Yusuke Nakata

Managing Officer
Managing Officer

Takashi Arai
Nobuo Takubo

Managing Officer

Takatoshi Urakari

Managing Officer
Managing Officer
Managing Officer

Takanori Tsuru
Katsushi Tsutsui
Kazuyuki Tajima

Managing Officer

Ken Kaku

Managing Officer

Koji Matsutori

Area of responsibility
Head of Japan Operations and Division Manager of Baby
Care Business Div.
Division Manager of Singapore Business Div. of theCompany, and President and CEO of Pigeon SingaporePte. Ltd.
Division Manager of Accounting & Finance Div.
Division Manager of Business Strategy Div.
Division Manager of Human Resources & General Affairs
Div.
Division Manager of Related Business Div.
Division Manager of Research & Development Div.
Division Manager of SCM Div.
Representative Director of Pigeon Manufacturing(Shanghai) Co., Ltd.
Deputy Division Manager of Lansinoh Business Div. of theCompany, and Director of Lansinoh Laboratories, Inc.

–5–