Kurita Water Industries Ltd.

Shareholder Relations Meeting for
the Fiscal Year Ending March 31, 2024
(Securities code: 6370)

February - March 2024

Contents
I

Kurita Group Overview

p1-3

II

Sustainability Initiatives

p 4 -22

III

Medium-Term Management Plan PSV-27(Pioneering Shared Value 2027)

p23-27

IV

Corporate Governance Initiatives

p28-38

I

Kurita Group Overview

Company Overview & Shareholder Composition
Company Overview

Shareholder Composition (Top 10) (As of September 30, 2023)◼ Name: Kurita Water Industries Ltd.

◼ Representative: Hirohiko Ejiri, President and Representative Executive
Officer◼ Date of Establishment: July 13, 19491

◼ Location: Nakano Central Park East, 10-1, Nakano 4-chome,
Nakano-ku, Tokyo◼ Fiscal Year-end: March 31◼ Stock Exchange Listing: Tokyo Stock Exchange, Prime Market◼ Paid-in Capital: ¥ 13,450,751,434◼ Issued Common Stock: 116,200,694 shares◼ Number of Shareholders : 21,805 (As of September 30, 2023)

Shareholding Ratio(As of September 30, 2023)

Treasury Stock 3.05%

Individuals 8.50％

Shares(thousand)Ratio

The Master Trust Bank of Japan, Ltd. (Trust
Account)

16,170,800

13.91％

2

Nippon Life Insurance Company

5,979,883

5.14％

3

Custody Bank of Japan, Ltd. (Trust Account)

5,924,209

5.09％

4

Kurita Water Industries Ltd.

3,547,182

3.05％

5

STATE STREET BANK WEST CLIENT - TREATY
505234

2,171,229

1.86％

6

MUFG Bank, Ltd.

2,056,131

1.76％

7

STATE STREET BANK AND TRUST COMPANY
505253

1,702,492

1.46％

8

CLEARSTREAM BANKING S.A.

1,506,507

1.29％

9

JP MORGAN CHASE BANK 385781

1,499,708

1.29％

10

Resona Bank, Limited.

1,417,323

1.21％

Rank

Shareholder

Financial Institutions 30.79％

Foreigners 53.36％

Securities Firms 1.34％

Other Domestic Firms 2.93％* Custody Bank of Japan, Ltd. (Trust Account) includes 220,809 shares of treasury stock for stockcompensation plan for the officers of the Company and for certain officers of the major domestic
Group companies.
1Corporate Philosophy and Philosophy System

Study the properties of water, master them, and we will create
an environment in which nature and humanity are in harmony

Pioneering “new value for water” to contribute to the realization ofa sustainable society⚫ Deepen understanding of frontline sites⚫ Elevate and connect expertise⚫ Exceed expectations⚫ Maintain unwavering integrity2New Stage of Creating Shared Value
Based on the foundation of providing social value by making full use of "water knowledge" and solving to customers'
issues, we are moving to the stage of pioneering new businesses and markets based on social value.

Enteredthe electronics industry

Launched ultrapure watersupply business

Established“Kurita Innovation Hub”

Launched soil
remediation services

Creating
SharedValue

Achieved 100%
wastewater reclamation
Expanded into process
treatment chemicals
Deployed precision
tool cleaning services

Founded with
the Water Treatment
Chemicals businessA new stage of value creation

BeforeMVP-22

PSV-27
Positioning sustainability at the core of our management strategy
3

Ⅱ Sustainability Initiatives

The Kurita Group’s Materiality
Positioning sustainability at the core of our management strategy and identifying key issues to realize our Corporate
VisionIdentifying
Sustainability Issues

Theme

Economic Value

Realizing asustainable
society

Achievinghighprofitability

Materiality

SharedValue

Realizing
the Corporate
VisionContributions to the SDGs

Solve issues related to water resources
SharedValue
ThemesContribute to the realization of a decarbonized society
Contribute to building a circular economy society

Impact of sustainability
issues on the Kurita
Group’s corporate value

Social and environmental
Impact of the Kurita Group’s
initiatives in response tosustainability issues

Social Value

Develop and disseminate innovative products,
technologies, and business models
Strategic development and utilization of human resources
Basic
ThemesProvide highly safe and quality products and services
Conduct business activities respecting human rights
Conduct fair business activities
4Medium-Term Management Plan PSV-27 and the Kurita Group’s Materiality

Financial Indicators*¹
Net sales
Business profit
margin on sales

Create and provide creative and high-value solutions¥450.0 billion

Electronics
industries

16％

ROE

12% or more

ROIC

10% or more

Kurita’s Universal Vision

New value for water

Medium-Term Management Plan PSV-27

Business expansion

Diversifying anddeepening the service
business

Generalindustries

Expansion of the CSV
business

Main Non-Financial
Indicators*¹

Corporate Philosophy
Vision for 2030

CSV business-based:

Corporate Vision

Amount of water savings

300 million m3

Avoided GHG emissions

1,500 thousand tons

Rate of increase in resource
recovery or reduction of
resource input

Enhancement of Corporate Value

300% increase*²

Creating Shared Value

Initiatives to Address Climate Change andOther Environmental Issues

Financial Strategy

Social value

Establish a competitive advantage
Intellectual Property
Strategy

Transformation based on
customer value

Digital Strategy

Materiality
Innovation based onsocial value

Innovation Strategy

Production Strategy

Economic value

Shared Value Themes⚫
⚫
⚫

Solve issues related to water resources
Contribute to the realization of a decarbonizedsociety
Contribute to building a circular economy society

Basic Themes
Human Resources for
Digital Technology

Human Resources
for Development

Human Resources forIntellectual Property

Human Resources Strategy

ValuesActivities for which metrics and targets have been set that are linked toShared Value Themes for each materiality- Conduct business activities respecting human rights- Conduct fair business activities
Activities for which metrics and targets have been set that are linked to Basic Themes for eachmateriality

⚫
⚫
⚫
⚫
⚫

Develop and disseminate innovative products,
technologies, and business models
Strategic development and utilization of humanresources
Provide highly safe and quality products andservices
Conduct business activities respecting humanrightsConduct fair business activities

Corporate Governance*1 Targets to be achieved by the fiscal year ending March 31, 2028
*2 Compared to the fiscal year ended March 31, 2023

5

Promoting System and PDCA
Sustainability Committee promote and manage each responsible department’s action for achieving its metrics andtargets
Consult

Board of Directors

The Kurita Group’s Materiality

AdviseReportSupervision

Sustainability
Advisory Council

Executive Committee
Discuss & Report

Instruction

Sustainability Committee

Promote &ManageVarious Committees

Basic themes

1. Solve issues related to water
resources
2. Contribute to the realization of adecarbonized society
3. Contribute to building a circular
economy society

4. Develop and disseminate
innovative products, technologies,
and business models
5. Strategic development andutilization of human resources
6. Provide highly safe and quality
products and services
7. Conduct business activities
respecting human rights
8. Conduct fair business activities

10 metrics/targets
linked to Shared Value Themes

14 metrics/targets
linked to Basic Themes

Verification andimprovement

ReportActivity plan

Chair: Executive General Manager, Sustainability Division
Committee members: Appointed from each division
Secretariat: General Manager, ESG Integration Department;
General Manager, Ethics & Integrity Department

Shared value themes

Organizations in Charge*
International Initiatives
Each Division of
Kurita Water Industries

Activities

Group Companies

Results

Disclosure

Stakeholder
engagement* Department responsible for promoting materiality initiatives for each metric
6

Creating Shared Value with Society by Using the Unique
Characteristics of Our Business
Leveraging our unique characteristics that we have been working to solve special and industrial issues in the fields ofwater and the environment since our foundation
Solve issues related to water resources
Total number of basins where collective actions are implemented and total
population in the basins
Amount of water savings through CSV business5 basins,
600 million people
300 million m3

Shared Value ThemesRate of reduction in the ratio of GHG emissions to water saving through CSV
business (compared to FY2023)

50%

Rate of reduction of water intake intensity (compared to FY2023, excluding theultrapure water supply business)

20%

Number of individuals, organizations and groups we engage with to raiseawareness on water resources

Continuous increase
every year

Contribute to the realization of a decarbonized society
Rate of reduction in Scope 1+2 emissions (compared to FY2020)

73%

Rate of reduction in Scope 3 emissions (compared to FY2020)

22%

Avoided GHG emissions through CSV business

1,500 thousand tons

Contribute to building a circular economy society
Rate of increase in resource recovery or reduction of resource input throughCSV business (compared to FY2023)
In-house waste recycling rate

Expansion of
CSV Business＊
Kurita’s internal
environmental
improvement

Participation in
global initiatives

Enhanced
corporate value
for Kurita GroupEngagement withoutside stakeholders

300%
Continuous increase
every year

* Products, technologies, or business models that contribute significantly to water-saving, GHG emissions reduction and, resource recovery or reduction of resource inputs compared to previous levels.

7

Selection of CSV Businesses
Products, technologies or business models that meet the following standards regarding water savings, GHG emission
reductions, resource recovery or reduction of resource inputs are selected as CSV businesses(As of December 2023: all 82 models)

CSV Business Selection Standards

Significantly more effective
than previous or competing
technologies

orContribute to theachievement of SDG targets++

Contribute to reduction of
Scope 3 emissions in the
Kurita GroupNew technologies orapplications of existing
technologies in newmarkets

8

Solve Issues Related to Water Resources:
Shared Value Theme Initiatives (1)Major initiatives

Creating Shared ValueBusiness Contributions

Materiality indicators (PSV-27)⚫ Effective use of water resources through facilities, chemicals and services that
improve water use efficiency, such as wastewater reclamation⚫ Development of CSV business (models contributing to water savings as of December 2023: 22 models)
Examples:➢ Reclaimed water supply services: Provide recycled water as an alternative to tap water and at a lower cost through aservice that requires no operational management➢ Water-saving boiler treatment chemicals：Water treatment chemical that does not increase the ion concentration of boiler
water enables boiler operation with higher cycle of concentration to reduce the supply and blowdown required to replaceboiler water.

Social Contribution Activities⚫ Participation in the Water Resilience Coalition➢ With a Colorado River basin project in the US and a PCJ River
Basins project in Brazil, we launched the Impact Together campaign aimed at solving water issues➢ We support the development and widespread adoption of the Water Action Hub, a free online
platform under the CEO Water Mandate that supports water resource conservation activities bycompanies and organizations➢ We help create summarizes and guidance regarding Net Positive Water Impact (the state companies
should aim for in their water resource conservation activities as advocated by the WRC)

Total number of basins wherecollective actions are implemented
and total population in the basins

5 basins,
600 million people

Amount of water savings throughCSV business

300 million m3

Rate of reduction in the ratio of
GHG emissions to water saving
through CSV business (comparedto FY2023)

50%

Rate of reduction of water intake
intensity (compared to FY2023,
excluding the ultrapure watersupply business)

20%

Number of individuals,organizations and groups weengage with to raise awareness onwater resources

Continuous
increase every year

Estimating Economic Value(for the fiscal year Ending March 31, 2024)

CSV business net sales

Approx. 20 billion yen *45 billion yen* As we have a business model in which three shared value themes overlap; and contribute,
total economic value exceeds 45 billion yen.

9

Contribute to the Realization of a Decarbonized Society:
Shared Value Theme Initiatives (2)Major initiatives

Business Contributions⚫ At plants that use water, we broadly offer facilities, chemicals and services that demonstratehigh energy conservation effects while also contributing to the reduction of GHG emissions⚫ Development of CSV business (models that contribute to reduced GHG emissions as of December 2023: 55 models)
Examples:➢➢Dropwise Condensation Technology：Achieving energy savings by improving heat transfer efficiency of heatexchangers that generate steam

Extremely low-pressure RO membranes： Reducing water pump power by applying membranes with high water permeability

Promoting Net Zero Initiatives in line with Metrics Indicated by SBTi
Scope 1
Scope 2

Scope 3⚫ Gradual replacement of gasoline-powered vehicles with electric vehicles⚫ Replacement of fuel with renewable energy⚫ Use of renewable energy for power used at business locations⚫ Measures to reduce Scope 2 not derived from power⚫ Reduction of Scope 3 through promotion of CSV business /Transformation of products and services provided and businesses⚫ Change in external environment (customers’ shift to renewable energy)

Creating Shared Value
Materiality indicators(PSV-27)
Rate of reduction in
Scope 1 + 2
emissions(compared to thefiscal year ended
March 31, 2020)

Rate of reduction in
Scope 3 emissions(compared to thefiscal year ended
March 31, 2020)
Avoided GHG
emissions throughCSV businessMedium- and longterm target
2050
Net-ZeroFiscal year ending March
31, 2031

73% Scope 1 + 2
100% reduction
Scope 330% reduction

Fiscal year ending March
31, 2051

22% Scope 1 + 2 + 3
100% reduction
1,500
thousandtons

Estimating Economic Value(for the fiscal year Ending March 31, 2024)

CSV business net sales

Approx. 24 billion yen*
45 billion yen* As we have a business model in which three shared value themes overlap; and contribute,
total economic value exceeds 45 billion yen.

10

Contribute to Building a Circular Economy Society:
Shared Value Theme Initiatives (3)Major initiatives

Creating Shared ValueBusiness Contributions

Materiality indicators (PSV-27)⚫ We leverage the technologies and extensive knowledge we have cultivated byworking with water to promote the effective utilization of resources, including
technologies to reduce the waste generated by water treatment and recycle thewaste into new resources⚫ Development of CSV business (models that contribute to resource recovery or reduction of
resource inputs as of December 2023: 30 models)Rate of increase in resource
recovery or reduction of
resource input through CSV
business(compared to the fiscal year
ended March 31, 2023)

300%

Examples:➢ Used Diaper Recycling System: Recycling of used diapers into recycled plastics and other resources

In-house waste recycling rate

➢ Fluorine resource recycling business: Recovering calcium fluoride from hydrofluoric acid wastewaterContinuous
increase
every year

discharged by the semiconductor industry and producing and distributing artificial fluorite

Contributions Through Activities Within the Kurita Group⚫ We promote efforts to reduce the amount of waste generated due to our businessactivities (including hazardous substances) and for the waste that is generated, wework to recycle it or convert it into valuable resources as much as possible➢ Waste reduction and resource recycling through the review of waste disposal methods➢ Waste reduction through the redesign and reuse of raw material containers

Estimating Economic Value(for the fiscal year Ending March 31, 2024)

CSV business net sales

Approx. 16 billion yen*
45 billion yen* As we have a business model in which three shared value themes overlap; and contribute,
total economic value exceeds 45 billion yen.

11

Enhancing Management Foundations for the Creation of Shared Value
To firmly establish the foundations underpinning the creation of shared value, we have also set promotion metrics for basic
themesDevelop and disseminate innovative products, technologies, and business models
Investment rate in innovation areas*

30%

Rate of the number of themes in innovation areas*

30%
Continuous increase
every year

Number of stakeholder engagements related to innovation areas*

Innovation strategy, including Intellectual property strategy
Digital strategy
Engineering strategy

Strategic development and utilization of human resources
Engagement Score(a. rate of companies above the average of all industries, b. Score of each company surveyed)a: 75%
b: Continuous increase

Human Resources Strategy

Basic ThemesRate of women, foreigners, and experienced personnel among executives of KWI

40%

Fill rate of human resources for development, digital, and intellectual property

80%

Provide highly safe and quality products and services
Reduction rate in the recurrence rate of accidents that affect customers and society(compared to the previous year)

Currently being worked on as a range of engineering strategies
20%(See Page 46 of the Integrated Report 2023)

Conduct business activities respecting human rights
Conducting human rights due diligence on suppliers
Accident Severity Rate (KWI, and group companies in Japan)
Rate of participation in human rights-related training
Establishment of a liaison for remedies from human rights violations (grievance mechanism)

Continuous
implementation
0.005 or less100%
Completed

Instillment of the values
Integrity activities(See Page 4, 68 and 74 of the Integrated Report 2023)

Conduct fair business activities
Rate of participation in whistle-blowing system related training

100%

Rate of participation in training related to laws and internal rules for anti-bribery and antitrust, etc.

100%

Number of violations of anti-bribery and antitrust laws0

* Refers to the '' innovation area'' in Deloitte 7cells, which is Deloitte's approach to formulating growth strategies.

12Innovation Strategy:Basic Theme Initiatives (1)Leverage the strengths of the Kurita Group’s technologies, infrastructure, networks and intellectual property to facilitate
innovation
Offense(Analysis and utilization of intellectual

Utilization of Kurita Innovation Hub++

DefenseSharing of information, human, andother resources across Group R&D
operations

property data)

Intellectual
property

Base to drive
implementation(Strategic patent acquisitions)Globalnetwork
In-depth pursuit of base technologies+

Technologies

Open innovation promotion

Create new solutions and businesses to provide new value to customers and society

13Intellectual Property Utilization Initiatives
Utilizing intellectual property strategically through offensive and defensive IP activities
Offensive IP activities⚫ Utilization in strategy formulation through analysis of IP/non-IP information(creation of competitive advantage)⚫ Promotion of co-creation (open innovation, consideration of M&A)

⚫ Ascertaining and utilization technology-oriented human resources and technological competitivenessManagement strategy
Business strategy
Innovation strategy➢ Anticipating the future by utilizing IP landscape methods

Defensive IP activities⚫ Maintaining and improving Kurita’s competitive advantage through the acquisitionof IP rights

Business
protection⚫ Mitigating business risks by preventing infringements of the IP rights of other parties➢ File patents to substantiate development outcomes and build barriers➢ Examine the entire value chain, identify the technologies and business models that need to
be protected, and file patents for them
➢ Develop a patent portfolio➢ Action to prevent or mitigate business risks, such as the acquisition and exercising of rights

Preventing infringementof other parties’ rights

14

Offensive IP Activities to Create an Competitive Advantage
Formulate strategies from IP landscape-based analysis, and promote the development and dissemination of innovative
products, technologies, and business models

MegatrendsIP information(Internal)

IP landscapeAnalysis

Customers
and sales
information

Hypothesis

Futureprediction oftechnologies

事
業
戦
略

Strategization

Research and development
Collaboration with partners
Development of open
innovation

IP information(External)

Anticipating
market changes

Management strategy
Business strategy
Innovation strategy

MarketchangesMateriality
Develop anddisseminate innovative
products, technologies,
and business models

Innovation based onsocial value
Transformation based on
customer value

Business expansion

15

Human Resources Strategy—Our Vision:
Basic Theme Initiatives (2)By strengthening human capital, we will create a virtuous cycle of “increase in differences” and “permeation ofshared value” and realize our D&I vision.
Transforming into a corporate group that
continues to create new value for water

In terms of the state of personnel
and organizations
when realizing our corporate vision

Diverse humanresources andexperience

D&I Vision
The corporate group that
continues to create newvalue for water throughinteraction among diverse
people who care about waterand the environment andwho accept each other’s
differences.

Diversity

Virtuous cycle as aresult of increasein differences

Trust from
customers andsociety

Creation of
new value
for water

Innovation
Increase indifferences

Harmonizationof individuality

Affinity withour corporate
philosophy

Virtuous cycle
as a result of
permeation ofshared value

Engagement

Permeation ofshared values

Inclusion

16

Our Approach to Initiatives
Determine the state of personnel and organization to realize our D&I vision and formulate the approach toinitiatives
Human Resources Policy
A group of professionals in a range of fields who obtain joy from their contributions to customers, society and theglobal environment through their work at the Kurita Group with their commitment to creating new value.

Changes in the External
Environment⚫ Changing attitude in Japan towards
the seniority system and the conceptof life-time employment⚫ Diversification of working styles⚫ Advancements in digital technology
and growing demand for digitalspecialists

Personnel

Organizations

1. Personnel that use worksite data to identify issues and deliver
solutions and business models through numerous contacts
within and outside the Group.

1. Organizations that generate new value through innovation
without being shackled by the principle of self-sufficiency anddifferences between organizational units that welcome
challenges undertaken with an agile approach, and value theidea of learning from past mistakes.

2. Personnel that strengthen business with the following thoughts
and actions:- The accumulation of data and information to create explicit
knowledge that can be harnessed to create and provide value- The utilization of new technologies- The highly accurate and rapid forecasting and quantificationof Kurita’s value
3. Personnel that possess an administrator’s point of view andhave the capacity to think logically.

Direction of Human Resources Utilization
Utilizing and securing human resources⚫ Actively utilize engineers in technological fields including humanresources for development that support Kurita⚫ Use human resources for intellectual property to predict thedirection of development and maintain the competitive
advantages of development outcomes⚫ Create new value with human resources for digital technology

Personnel system⚫ Development of a personnel system providing the Group
with two strengths: cooperation among human resources
and active participation of individuals who possess a highlevel of expertise

2. Organizations that identify with the corporate philosophy, andwork earnestly to solve issues faced by customers, society,and the global environment.

Changes in the Internal
Environment
Global business expansion through M&As

Direction of the Organization
Organizational culture⚫ Transformation into a group with a high level of engagementwith permeation of D&I

FY ended
03/2014

FY ended
03/2023

Overseas sales
weightingApprox.
20％

Approx.
50％

Ratio ofoverseas
employees

Approx.
20％

Approx.
50％

Organization structure⚫ Promote overseas local employees to management roles⚫ Improve the organization’s global responsiveness⚫ Instill shared values in Group employees

17Indicator（KGI）
Setting the engagement score as KGI based on the fact that strengthening human capital leads to "improved
engagement"
Engagement Score Status
Realize
our D&I vision

Promotion of humanresources (HR) strategy

KGI
Continual improvement ofengagement score

Strengthening
human capital

Results of theSurvey for the
Fiscal YearEnding 03/2024

Targets
for the Fiscal
Year Ending
03/2024

Targets
for the Fiscal
Year Ending
03/2028

a. Percentage of Group companies
exceeding all-industry average:51％

50% or more

75% or moreb. Scores from all Group companies
surveyed:

41％

38% or more

Continuous
increase

Materiality: Engagement Score➢ In the survey for the fiscal year ending March 2024, the scope was expanded to 44 Group companies(four companies were previously surveyed), and the survey was run over July and August 2023
➢ Of 6,785 targeted employees, responses were received from 5,799 (response rate of 85%)

Trends varied by country and region, and to improve Groupwide
engagement, we will identify issues by confirming the background,
conducting cause analysis and other activities, formulate
countermeasures, and take action
18

Indicator（KPI）
Manage the progress of the entire HR initiatives, tracking the KGIs (engagement scores), and KPIs (priority measures)

KGI

Continuous improvement in employee engagement scores
a. Percentage of Group companies exceeding all-industry average: 75％ (Result for FY ended 03/2022: 50％)b. Scores from all Group companies surveyed： Continuous improvement (Result for FY ended 03/2022: 38％)

KPI
Approx.
30%

FY ending
03/2031

Approx.
10%

Approx.
30～40％

Approx.
50%
Approx. 80-90%
Approx.2-8 weeks

Above previous
surveyApprox.
80％

FY ending
03/2028

40%

FY ending
03/2026

35%

75％

FY ending
03/2024

30%

65％

Current levels

27%

4.1%

29%

KPIs

Percentage of businessexecution management
roles filled by women,
foreign nationals andmid-career hires＊²

Percentage ofmanagement
roles filled by
women＊²

Percentage ofcareer-track
recruits who
are women＊²

Initiative Areas

10.6%

68%
23days42%＊¹

Percentage of Percentage ofmale employees
mid-career
D&I
taking childcare
recruits in the
Execution level
leave / length ofworkforce＊²
leave＊²

Organizational culture

73%

80%

32%

Above previous
Survey59％

38%＊¹Percentage ofPercentage ofglobally minded
executives at
personnel inoverseasmanager-equivalent
subsidiaries who arepositions at head
local employees
office＊²

Level of sufficienthuman resources
for development,
digital andintellectual property

HR system
operation level

Organizational structure

Securing andutilizing humanresources

HR system

Strengthening human capital＊1 Due to a change in the calculation method, the previously disclosed figures have been revised retroactively.
＊2 The Mark of ＊² means Kurita Water Industries non-consolidated entity.

19

Utilization of Human Capital
Achieve D&I by promoting important behaviors and utilizing diverse knowledge and experience throughout the group
Accelerate transformation and innovation by realizing the D&I vision▶ Conduct assessments based on group-wide evaluation criteria for management candidates at
each group company

Assignment to management teamAchieving
D&I
Expanding initiatives
across all Kurita group

Achieving
D&I
Permeation and establishment of theKurita Group Philosophy System

Building the base for engagement▶ Based on the assessment results, management team candidates are developed andpromoted by each company, and also are considered as the management team candidates
at the parent company▶ Develop cross-functional initiatives across the entire value chain and assign suitablepersonnel from all Kurita group
Connected lab, Global Marketing Team, Global Project by industries, DX-Summit,
Global Supply Team, Controllers Meeting, Group HR Meeting▶ Introduction of a system to share and praise initiatives and challenges that embody the
Kurita Group Philosophy System throughout our group
Kurita Global Award▶ Established group-wide “Behavioral Guidelines" demonstrating positive behavior basedon "Values"
Conduct group-wide workplace discussions and formulate "Behavioral Guidelines" thatreflect employee voices▶ Established behavior evaluation criteria based on the "Behavioral Guidelines" and encourage
important behaviors for gall group employees
20Enhancement of Human Capital : Securing and Nurturing
Securing human resources need to be strengthened and implementing various training measures
Accelerate transformation and innovation by realizing the D&I vision
All employees

Personnels to be strengthened

Personal development of individuals

Human Resources forDevelopment
Present

110 people
AdviceExperience⚫ 1on1 meetings,
coaching, etc.
⚫ Personnel
placement using
career aspirations
and human
resources data,
overseas training,etc.

Support
Systems

Training⚫ Creating a selflearning environment
through internal andexternal e-learning,developing training
programs within thegroup, etc.

FY ending 03/2028
Approx.

130 people⚫ Utilization of technologyoriented human resource maps
➢ Visualize the degree of sufficiency inhuman resources for each of roughly 30
technology categories➢ Implementation of a structured humanresource development program

Human Resources for
Digital Technology

Human Resources forIntellectual Property
Present

15 people

Present

FY ending 03/2028
Approx.

30 people⚫ Cultivating, retaining andboosting numbers of humanresources who are able to utilize
intellectual property in business180 people

FY ending 03/2028
Approx.

750 people⚫ Securing and developing humanresources for digital technology➢

Promoting improved IT literacy among
human resources outside IT departments➢ Visualization of intellectual property-related
skills➢➢ Fostering of strategic thinking through IP
landscape activities and other initiatives

Specialized training for human resources
who are highly digitally literate➢

Collaborations with startups➢

Hiring of experienced personnel fromoutside the company⚫ Promotion of globalization

Career preference surveys

Medium- to long-term humanresources reinforcement

Medium-term human resources
reinforcement

Early-stage human resources
reinforcement

Talent Management Platform

Systematic cultivation of humanresources

Spread of intellectual propertyoriented human resources

Acquiring human resources who are
immediately effective＊The number of personnel for each person represents the situation for the fiscal year ended March 2023.

21

Enhancement of Human Capital : Expanding Diversity
Promoting co-creation within human resources from a wide range of backgrounds, to transform into an organizationthat creates new value for water
Initiatives to enhance human capital in figures

Expanding and leveraging diversity(consolidated basis)

Key Measures

Number of Employees by Region

EMEA
571

⚫ Empowering Female Employees⚫ Supporting Mid-Career Hires

North & SouthAmerica

1,690

7,784
(As of March 31, 2023)

Japan
3,876

⚫ Creating a Comfortable Working
Environment for a Diverse Workforce

Asia
1,647
Ratio of female employees⚫ Supporting Globally Minded Personnel

Setting andpromoting theachievement ofmultifaceted
KPIs

Ratio of female
managers

Forming open connections inside and outside the Group, andcombining a diverse range of experiences, knowledge and skills

25.3％

13.2％

(As of March 31, 2023)(As of March 31, 2023)

Creating solutions and business models
that bring about innovation and create new value for water22

Ⅲ Medium-Term Management Plan PSV-27（Pioneering Shared Value 2027）

The Positioning of PSV-27
We will make full use of what we achieved in MVP-22 and accelerate revenue growth globally

PSV-27

VisionMVP-22⚫ Shift to a service business⚫ Strengthening a business base(overseas, DX, development sites)⚫ Creation of high value-added models⚫ Fostering an awareness of change

Proactive investment

Basic Direction⚫ Increasingly diversified and in-depth service
businesses⚫ Accelerated rollout of products and services
suited to regional and market characteristics⚫ Enhanced capacity for social value-driven
business⚫ Reinforced base to drive implementation of theabove (human resources, technology,
governance)

Proactive and effective investment

Value-driven transformation of business models and reform ofbusiness processes

Pioneering new value for water tocontribute to the realization of asustainable societyupSocial Valueup

Customer Valueup

Economic Value
23

Electronics

Business Strategy for the Electronics Industries

Securing points of contact with a wide range of customers globally through various services and DX

Net sales
Key Measures◼ Facilities◼ Service

210.0 billion yen* Including the precision tool cleaning business• Expansion of diverse value-driven service businesses• Evolution of the water supply business• Strengthened foundations of the precision tool cleaning
business• Development of business foundation in North America
and Europe• Production process reform and supply chain
strengthening

Changing into an organization that specializes
in the electronics Industries and integrally
supports the value chain including sales,planning, production and procurement

FY ended
March 31, 2023

FY endingMarch 31, 2024
(Forecast)

FY endingMarch 31, 2028
(Target)

15%

11.5%

20%
Business profit
margin24

GeneralBusiness Strategy for the General Industries

Accelerate the rollout of high value-added models through business expansion tailored to the characteristics of specificregions and markets

Net sales

Key Measures

240.0 billion yen• Building a business structure in light of regional
characteristics• Further expansion of CSV business• Use of digital infrastructure to accelerate expansion• Challenges for new businesses that contribute to a
recycling-oriented economy and society

Developing an organizational structure
combining regional functions with supervisory
functions, in pursuit of business promotion andregional collaboration tailored to regional
characteristics

FY ended
March 31, 2023

FY endingMarch 31, 2024
(Forecast)

FY endingMarch 31, 2028
(Target)

9%

10%

13%
Business profit
margin25

Financial Strategy

Growth Investment and Cash Allocation

Prioritize use for growth investment under well-disciplined investment decision-making and financial management

Cash Allocation

Debt utilization
50 billion yen

Dividends
40 billion yen

Asset reduction
60 billion yen

M&A
80 billion yen

Operating CF
200 billion yen

Priority of the Use of Funds

Shareholder
ReturnGrowthinvestment
Facility
upgradesGrowth investment (water supply, asset ownership-based
services, regional complement, new business, etc.)
Strengthened investment management through ROIC management andwell-disciplined investment decision-making criteria

2

Operating CF

Capitalinvestment
190 billion yen

1

Facility upgrades (IT investment, reorganization of
production sites, etc.)
Continue to make investments that help develop the foundations of growth3

Continuation of increased dividends
Over the past five years, we maintain our financial rating with a dividend
payout ratio in the 30-50% range, and followed a policy of systematicallyincreasing dividends over the long term

Generationof cashUses of cash

MVP-22

Generationof cashUses of cash

PSV-27

4Purchase of treasury shares
Consider flexible purchase of treasury shares, considering fundingneeds, stock price, capital structure and other circumstances

26

Financial Strategy

Initiatives to Enhance Corporate Value

Maximize corporate value of the Company through expanded equity spread and steady shareholder returns

Profit growth

Expanded equity
spread✓ ROE at least 12%✓ Expand ROE - cost ofshareholders’ equity

Improved asset
efficiency

Maximizationof Corporate
Value
Optimization of thecost of capital✓ Net sales 450.0 billion yen✓ Business profit margin 16%✓ Stable generation of operating CF✓ ROIC* at least 10%* ROIC =Business profit - corporate tax
Interest-bearing debt + shareholders’ equity✓ Long-term risk mitigation through the promotion ofsustainability management✓ Ongoing pursuit of optimum capital structure

Shareholder return✓ Continued dividend increases✓ Consideration of treasury share purchases
Note: Figures are target figures to be met by March 31, 2028
27

Ⅳ Corporate Governance Initiatives

History of Kurita’s Corporate GovernanceContinuously strengthening corporate governance to meet the expectations of shareholders and other stakeholders
MVP-22 April 2018-March 2023

To March 2018

Organizational
designBoard
chairperson

PSV-27 From April 2023
⚫ Transition in June 2023

Company with a Nominating
Committee, etc., system

Company with an Audit & Supervisory Board system⚫ From June 2023

President, Chairman

Chairman, non-executive⚫ 2006 Introduced the corporate officer system⚫ 2014 Appointed an independent external director⚫ 2014 Reduced the term of office for directors from two years to one

Audit Committee

Corporate
governancestructure⚫ 2016 Established Nomination &Remuneration Advisory Council⚫ 2016 Started evaluating the effectiveness of the Board of Directors

Nominating Committee⚫ 2018 Appointed a female external director⚫ 2018 Established the Investment Committee⚫ 2019 Established the Successor
Planning Committee⚫ 2009 Abolished the retirement benefit system for directors

Compensation Committee⚫ 2017 Increased the proportion of remuneration linked to consolidated results
performance and introduced a performance-linked stock compensation program

Remuneration
system＊ Fiscal years ended March 31⚫ 2019 Revised the remuneration system for corporate officers⚫ 2022 Trialed reflecting non-financial indicators in
performance evaluation standards⚫ From April 2023 Inclusion of non-financial indicators
and TSR outcomes in performance
evaluation standards for executive
officers and corporate officers
28Enhancing Corporate Governance Structure
Transition to a Company with a Nominating Committee, etc. in June 2023
⚫ Through a system that clearly separates management supervision and execution, the Board of Directors focuses on supervision with theperspectives of various stakeholders
Objectives⚫ In management execution, utilize knowledge and appropriate monitoring functions on the supervisory side and adopt a structure for decisivedecision-making on business execution

Execution（5 persons）

Supervision（8 persons）
FemaleNonJapanese

FemaleSeparation
External Directors

Internal Directors

Independent external
directors account for half

President andRepresentative
Executive Officer(Internal Director)

Composition of each committee

Managing Executive
Officer(Internal Director)

Diversity
Composition of the Board of Directors
Ratio of external directors

Nominating
Committee

Compensation
Committee

Executive Officers

Audit
Committee

40%

50%

Ratio of female directors

20%

25%

Composition of
Executive Officers
Ratio of non-Japanese
executive officers

0%

20%
29

Initiatives to Enhance Discussions at Board of Directors Meetings
Establish a clear role as a monitoring board, tasked with discussing and considering the future of the Group at along-term time frame
Roles of the Board of Directors

01

Time Frame for Consideration
Consider the future of the Kurita Group based ona ten-year time frame at the shortest

Major direction of the company with a focus on
determining basic management policies

02

Objective supervision through the nominationof top management (executive officers
including the president)

03

Support for appropriate risk taking by top
management2049(100th anniversary)
Present

2028

2033

2050

PSV-27
Changes in the internal andcompetitive environment

Post PSV-27

Changes in Business Environment

04

Determination of matters required by law to be
exclusively decided by the Board of Directors,
and other designated matters

Changes in the Macro Environment30Nominating Committee
Before the change in institutional design

After the change in institutional design

Voluntary Nomination & Remuneration Advisory Council andSuccessor Planning Committee

Nominating Committee(includes the roles of the Successor Planning Committee from before the change)

Roles• Determining the content of proposals to be submitted to the General Meeting of Shareholders for the election and dismissal of
directors• Determining candidates for the successor to the President and Executive Officer and their development plans, and determining
candidates for successors to executive officers and their development plans

Message from
Committee
Chairperson• Aiming to develop and promote reform-minded top managers, while increasing diversity within management oversight
structures

Chairperson and members[Chairperson] Keiko Tanaka (External Director)[Members]
Kenjiro Kobayashi (External Director)
Masahiro Miyazaki (External Director)
Michiya Kadota (Director and Chairman)
Hirohiko Ejiri (President and Representative
Executive Officer)

Results
Meetings held
(June – December 2023)

Main matters discussed

６ times• Deciding policies and procedures for nominating
directors• Selection of candidates for the successor to the
President and successors to executive officers
and corporate officers

Ratio of external directors：60％
31

Nominating Committee（Succession planning process）
Succession planning process
The Nominating Committee selects the candidates for president and executive officer positions and formulates development measures as delegatedby the Board of Directors. Selection and development are the result of a highly objective and transparent process that includes taking into
consideration the results of assessments of each candidate by an external evaluation body.

Succession Planning Flowchart (President/Executive Officers)
Selection of successor candidate
Candidaterecommendation

President
Executive
officers

Successor candidate development
Review result

Selection

ReportAssessment

Nominating
Committee

Board ofDirectors

Externalorganization

Interview

President,
external
directors

Select points forstrengthening

President,
external
directors

Set measures

Confirmation

Nominating
Committee

Board ofDirectors

Feedback to candidate, assignment, appointment, etc.
32

Skills Matrix
Corporate governance and management
Corporate
management
Corporateplanning

Finance andaccounting

Michiya Kadota●●

Hirohiko Ejiri●

Shuji Shirode●●

Yukihiko Mutou●●

Kenjiro Kobayashi (External)●●

Keiko Tanaka (External)●

Masahiro Miyazaki (External)●●

Yoshiko Takayama (External)

●

●

Name

Leveraging diversity ▶ Making full use of water knowledge ▶ Creating social value

Legal and HR
management

Human rights

GlobalUnderstanding
andsolving issues
on site

●

●

●

●

●

●

●

R&D,
technology,
andengineeringDX

Environment

*

●
●

●

●
●

●
●

●
●

●

●

●

●
●
●

Among the knowledge and experience of each director those with ● are fields where they have strength while ● indicates an area where they are especially promising.
＊"Understanding and solving issues on site" is a skill item expected of Internal Directors. Those who have experience as president are marked with a ● because they have sufficient skills in"Understanding and solving issues on site" as supervisors based on their experience in supervising an entire company.

33

Audit Committee• Auditing execution of duties by directors and the executive officers

Roles• Creation of audit reports, and determining the content of proposals to be submitted to theGeneral Meeting of Shareholders for the election and dismissal of the accounting auditor

Message from
Committee
Chairperson• Identifying issues or problems related to business execution, and fulfilling our obligation toprovide the executive with suggestions and reports concerning points where improvement isrequired

Chairperson and members[Chairperson] Kenjiro Kobayashi (External Director, Full-Time)
Yoshiko Takayama (External Director)[Members]
Yukihiko Mutou (Director, Full-Time)

Results
Meetings held
(June – December 2023)

Main matters discussed

8 times• Established Audit Standards of the Audit Committee• Established policy on determining dismissal or refusal toreappoint the Accounting Auditor

Ratio of external directors: 67%
Auditing set-up
In addition to increasing the independence of the Audit Committee from business execution, the Company appoints full-time Audit Committee members, and selected two (2)individuals (including one external director). As well as using their positions as full-time members to actively establish the audit environment and gather information within the
Company, they monitor the status of the establishment and operation of internal control systems on a day-to-day basis.
A Secretariat to the Audit Committee has been set up as an organization to assist the Audit Committee in fulfilling its duties. In addition to having dedicated employees, the Audit
Committee may instruct certain employees who belong to the Internal Auditing Department to assist the Committee, as required.
34

Compensation Committee
Roles• Determining the details of individual remuneration of directors and executive officers• Determining policies for determining the details of individual remuneration, etc. for directors and the executive
officers, and determining individual performance assessment for executive officers

Message from
Committee
Chairperson• We continue to discuss the creation over the medium and long term of an effective and transparent remuneration
system tied to management performance that is well regarded internally and externally

Results

Chairperson and members[Chairperson] Masahiro Miyazaki (External Director)
Keiko Tanaka (External Director)[Members]

Main matters discussed

2 times

Meetings held
(June – December 2023)

Yoshiko Takayama (External Director)
Michiya Kadota (Director and Chairman)
Hirohiko Ejiri (President and Representative
Executive Officer)• Establishing and revising internal regulations forremuneration of officers, and remuneration, etc. of
executive officers• Determining individual remuneration amounts for
directors, executive officers, and corporate officers

Ratio of external directors：60％

Revision to Remuneration
System for Officers▶ Directors▶ Executive officers

Performance-linked remuneration
Base remuneration

Short-term incentive
remuneration

Long-term incentive
remuneration

Total

100％

―

―

100％

38～72％

0～29％

28～33％

100％
35

Revision to Remuneration System for Directors(changed to the following on June 29, 2023)
To faciliate a core focus on management supervision, the remuneration system for directors has been changed to a
fixed remuneration plan only
◼ Directors（excluding External Directors and Directors who are Audit Committee members）
Fixed （100％）

Fixed remuneration

Timing of Payment

non-performance-linked
stock compensation
Every fiscal year during their term of office(transfers are restricted until they are retired.*)*However, in cases where an eligible person under this plan are not resident of Japan, and where there areparticular circumstances that require special legal or taxation treatment, a resolution of the Compensation
Committee may be used to deliver shares of the Company without transfer restrictions.

◼ External Directors / Directors who are Audit Committee members
Fixed （100％）
Fixed remuneration

Officers’ Shareholding
SchemeTo enable external directors and directors who are Audit Committee members to share
the risk of share price fluctuations with shareholders, part of their fixed remuneration
is paid into the Directors’ Shareholding Scheme, and allocated to purchasing shares of
the Company

36

Revision to Remuneration System for Executive Officers(changed to the following on June 29, 2023)◼ Executive Officers (Including Two Who also Serve as Directors)

Evaluation
indicators

Fixed （38％～72％）

Variable（0％～29％）

Variable（28％～33％）

Fixed remuneration

Performance-linked
remuneration

Performance-linked
stock compensation⚫ Consolidated performance-linked remuneration (all executive officers)

Year-on-year change in ROIC

⚫ Remuneration linked toresults of overseen
operations

President, Corporate Control and Administration Division

Variance between targeted and actual consolidated operating
profit margin

Sustainability Division, Digital Strategy Division

Variance between targeted and actual consolidated businessprofit margin

Innovation Division

Variance between targeted and actual consolidated grossmarginEngineering Division

Variance between targeted and actual gross margin

Regional Management Division, Electronics Industry
Division, Precision Cleaning Division, Industrial &Social Infrastructure Division

Rate of achievement of a division/department consolidated
net sales targets, variance between targeted and actual
consolidated business profit margin⚫ Other incentive remuneration(Executive officers other than the President)

The President evaluates contributions on a 5-point scalefrom the perspectives given below

Creation of new recurring contract-type service businesses and CSV businesses, track record in winning orders, etc. that are made part of each
Evaluation organization’s targets, policies, and initiatives, and contribute to the building of a strong business.
perspectives
Contributions to each committee, improvements in the Group’s corporate structure, implementation of large-scale investment projects such as
M&A, or significant orders, etc. that are not reflected in the business performance for the fiscal year in question.
⚫ Non-financial indicators(environmental impact coefficient)

Evaluation
standards• Amount of water savings throughCSV business

Evaluation Indicators

ROE and Relative TSR
Timing of Payment
Every fiscal year in their term of office(transfers are restricted until they are
retired.*)*However, in cases where an eligible
person under this plan are not residentof Japan, and where there are particular
circumstances that require special legal
or taxation treatment, a resolution of
the Compensation Committee may be
used to deliver shares of the Company
without transfer restrictions.

In accordance with the degree of attainment relative to the evaluation standards below, the total
payment amount calculated for each eligible individual (the above three items) is multiplied by thecoefficient to derive the amount paid
• Avoided GHG emissions through CSV
business• Increase in resource recovery or reduction of resource input
through CSV business37

Establishment of the Sustainability Advisory Council
The Sustainability Advisory Council on the supervisory side will examine Kurita’s approach to sustainability
management from the perspective of multi-stakeholders including shareholders and from a medium- to long-term
perspective
Consultation

Sustainability Advisory Council

Board of Directors
AdviceReportSupervision

Structure

Executive Committee
Discuss / Report

Decide / Instruct◼ Chairperson

External Director◼ Members

External Director

Yoshiko Takayama

Kenjiro Kobayashi

Sustainability Committee

External Director

Keiko Tanaka
External Director

ReportPromote / Manage

Masahiro Miyazaki
Director

Michiya Kadota

Divisions and Group Companies

Director

Hirohiko Ejiri

Main roles and activities• Under a structure mainly comprisingexternal directors, supervise and back up
executive initiatives• Identify key themes, thoroughly discuss
them, and report to the Board of Directors• Confirm the progress of materiality
metrics, and verify the transition ofchanges from medium- to long-term
perspectives• Advance discussions with a view toimproving the comprehensive corporate
value of the company• Including outside experts as needed38Forward-looking Statements
This presentation contains forward-looking statements, business plan projections, and judgments based on information
available to management at the time of writing. Due to the existence of a variety of risk factors and uncertainties, actual
results may differ from those specified or implied by these forward-looking statements and projections.
The product or service names and logos used in this presentation are trademarks or registered trademarks of theCompany or other companies.