April 26, 2024
Kubota Corporation
Summary of the Board Effectiveness Evaluation for Fiscal 2023
Kubota Corporation (hereinafter, “Kubota”) aims to “Strengthening corporate governance,” which is oneof the material issues for accelerating the achievement of our Long-Term Vision “GMB2030,” and believes
that it is important to continue pursuing corporate governance that supports fair, prompt, and decisivebusiness management, in order to raise our corporate value. Accordingly, Kubota works to improve theeffectiveness of its Board of Directors by conducting evaluations of the Board of Directors every year toverify how its roles and functions contribute to fulfilling its duties of overseeing management.
The Board effectiveness evaluation for fiscal 2023 was conducted and we report its evaluation method
and results as below.
1. Evaluation method
An evaluation was conducted from December 2023 to March 2024.
The evaluation method is as outlined in (1) to (4) below.
(1) Discussions by the Board of Directors (December 2023)
After deliberations by the Board of Directors that took into account the evaluation method andprocesses that were reviewed when the evaluation was conducted by a third party in fiscal 2022, theevaluation method and processes for fiscal 2023 were determined as follows in (2) to (4).
(2) Questionnaire (December 2023 to January 2024)
All directors and Audit & Supervisory Board members (17 individuals) took part in a questionnaire
overseen by a third-party organization.
Evaluation major items: Overall Evaluation of the Board of Directors/Composition of the Board ofDirectors/Operations of the Board of Directors/Role and Function ofMembers/Status of role, function, and discussion of the Board of Directors/
Effectiveness of Committees on Nominations and Remuneration/Status ofUtilizationofEffectivenessEvaluation/Self-evaluation/GapAnalysis(evaluating the level of importance of proposals and the amount ofdiscussion respectively on a scale of 10 and analyzing the gap)
(3) Discussions between outside directors and Audit & Supervisory Board members (January 2024)
Based on the results of the questionnaire mentioned above, five outside directors and six membersof the Audit & Supervisory Board discussed the effectiveness of the Board of Directors.

(4) Discussions by the Board of Directors (February and March 2024)
At a meeting of the Board of Directors held in February 2024, the results of the evaluation werereported and the board discussed the issues that were identified and the direction of future initiatives.
Taking its discussions in February into consideration, in March 2024 the Board of Directors
determined action plans for fiscal 2024.
2. Evaluation results
Through this evaluation, it was determined that the Board of Directors demonstrated sufficient decisionmaking and supervisory functions, and that it was acting effectively. The findings are detailed below.
<Structure> The outside directors and outside Audit & Supervisory Board members possess a high degree ofspecialism and a wide range of knowledge, and their new perspectives or things they have noticed
about business execution result in animated questions and observations.
 The active contributions by the Audit & Supervisory Board members, who have a deep understandingof the business, help to perform the board’s supervisory functions.
 Everyone who attends meetings of the Board of Directors has mutual respect for one another anddiscussions are constructive and based on diverse perspectives.
<Operations> Through the Value Up Discussion Meeting (VUDM), the Board of Directors discusses its roles andfunctions and clarifies any issues.
 Facilitation by the chairman spurs lively discussion and this contributes to the quality of thatdiscussion.
 A board culture of free and open discussions has been fostered.
➤ For main issues identified by the effectiveness evaluation conducted in fiscal 2022, various measures
have further raised the board’s effectiveness.
Main issues in FY2022

Initiatives in FY2023

Deepening discussions into

Repeated discussions at the VUDM identified themes related tomedium- and long-term growth

medium- and long-term growth strategies requiring deeper

strategies

discussion.

Strengthening the functions ofThe Nomination Advisory Committee continued discussions on

the Nomination Advisory

the president succession plan and the composition of the Board

Committeeof Directors.

Formulating a system for

At the VUDM, members discussed the state of Kubota and its

board succession to support a

future direction, and clarified the ideal vision for the Board ofhigh degree of effectivenessDirectors.

* Value Up Discussion Meeting: An opportunity periodically held for the Board members and auditors
to openly discuss topics designed to enhance corporate value.
3. Issues and action plans
The main issues identified during the fiscal 2023 effectiveness evaluation and action plans for fiscal
2024 are as follows. Kubota will steadily implement this action plans to further improve the effectivenessof the Board of Directors.
Main issues in FY2023

Action plans for FY2024

Coming up with and implementing

Based on the themes identified in 2023, formulate the annual

discussion themes for the Board

agenda for the Board of Directors and VUDM and implementof Directors and VUDM

this.

Reviewing agenda criteria for theTo enhance the discussion of medium- and long-term

Board of Directors

strategies, discuss the agenda criteria for the Board ofDirectors.

Strengthening the functions of theDeepen further discussions related to the composition of theNomination Advisory Committee

Board of Directors and the president succession plan.

[Reference: Process for improvement of the Board of Directors’ effectiveness]
Kubota employs a continuous cycle for improvement, where it evaluates the Board of Directors’
effectiveness at the end of each fiscal year, identifies issues in light of the evaluation findings, and develops
action plans to address them. These plans are then implemented by the Board of Directors the following
year, as shown in the diagram below.