Basic Policy
The Pigeon Group DNA and the Pigeon Way
Our corporate philosophy “Love” and the credo “Only love can foster love” are the core of Pigeon.
These are the unchanging spirit that each and every Pigeon employee and executive will uphold into the future as the Pigeon Group DNA,
as long as Pigeon continues to exist as an essential part of society.
Our Purpose “We want to make the world more baby-friendly by furthering our commitment to understanding and addressing babies’
unique needs” and Values and Action Principles that employees and executives should cherish to realize the Purpose are collectively
called the Pigeon Way, the cornerstone of all our activities. The Pigeon Way embodies our “heart and soul” and sets the grounds for
our actions to stream from this core.
We have reclassified our corporate philosophy and the credo as the Pigeon Group DNA, the underlying concept of the Pigeon Way.
We will continue to drive our business activities toward the realization of the Purpose, positioning it as the core of the Pigeon Way.
The Pigeon Group DNA and the Pigeon Way are defined as follows.

Establishment of Key Issues
Pigeon’s Purpose “We want to make the world more baby-friendly by furthering our commitment
to understanding and addressing babies’ unique needs” cannot be achieved solely through the efforts of Pigeon Group employees and executives,
but through collaboration with external stakeholders, including customers, business partners, shareholders, and local communities.
We believe that by realizing our “Purpose,” we can not only continue to be recognized as an essential part of society, but also contribute
to the creation or realization of a sustainable society that is the basis for coexistence with our stakeholders. In this sense,
our underlying Pigeon Group DNA and the Pigeon Way, the social and environmental challenges we must address, and the future vision we should
aim for by addressing the challenges must be shared not only with Pigeon Group employees and executives, but also with our customers,
business partners, shareholders, local communities, and other external stakeholders.
Therefore, the Company established the following five (5) Key Issues to be addressed and realized in the process of achieving
Pigeon’s Purpose “We want to make the world more baby-friendly by furthering our commitment to understanding and addressing babies’
unique needs” so that we can share the same mindset with all stakeholders.

Corporate Ethics Guidelines
1. Strict observance of laws and regulations
Pigeon is committed to possessing high ethical standards constantly, promoting management with priority given to compliance, and fulfilling its social responsibilities as a company in every aspect of corporate activities under the Pigeon Group DNA and the Pigeon Way.
2. Promotion of solutions to social issues and secure quality and safety of products and services
Pigeon is committed to pursuing customers’ delight, happiness, and excitement, providing safe, useful, and high-quality products and services, and striving for sustainable economic growth and social issue resolution.
3. Contribution to society
Pigeon is committed to respecting community cultures, aiming for harmony with society , and extensively promoting contribution to society as a good corporate citizen.
4. Environmental conservation
Pigeon is committed to giving consideration to the limited global environment and being proactive in environmental management.
5. Respect for human rights
Pigeon is committed to carrying out actions that respect human rights of every person in all its corporate activities.
6. Respect for employee human rights and individuality
Pigeon is committed to valuing the diversity and individuality of each employee at any time and providing for its employees a great work environment with consideration given to their health and security. Pigeon will work out to provide a workplace where its employees can achieve self-realization and feel fulfilled.
7. Observance of competition laws and fair transactions
Pigeon is committed to participating in fair and open competition and carrying out fair transactions and responsible procurement in its corporate activities for sound growth. Pigeon will maintain a healthy relationship with politics and the administration of government.
8. Protection and proper use of corporate information
Pigeon is committed to appropriately controlling and utilizing corporate information and promoting efficient management.
9. Dialogue with stakeholders and appropriate information disclosure
Pigeon is committed to continuing constructive dialogues with every stakeholder, using stakeholders’ opinions for improvement and development of products and services or raising corporate value, and at the same time, disclosing the corporate information positively, appropriately at the right time, and fairly.
10. Establishment of governance system for executing Corporate Ethics Guidelines
Pigeon is committed to bringing the present Corporate Ethics Policies into reality with all members of the Group united, and building, maintaining and developing an effective corporate governance to this end.

