employees and stakeholders for their continuous patronage and support.

In the fiscal year ended January 31, 2016 (59th term), which is the second year of their Fifth Medium-Term Business Plan, the Pigeon Group reported consolidated net sales of ¥92.209 billion (a 9.6% increase versus the previous year) and ordinary income of ¥15.080 billion (a 13.6% increase versus the previous year), representing increases in both sales and profits. The main drivers of these good results were the “Runfee” stroller, which has rapidly increased its market share since its launch in January 2015, the domestic mothers and babies business with increased sales of baby bottles, baby bottle nipples and baby skincare products, and expanding overseas business in North America and Europe where they operate under the brand name of “Lansinoh.”