April 19, 2023
Kubota Corporation
Summary of the Evaluation of the Effectiveness of Kubota Corporation’s Board of Directors for
Fiscal 2022
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.
In order for the Board of Directors to fulfill its functions further, in fiscal 2022, the evaluation of the Boardof Directors’ effectiveness was conducted by a third-party organization, as reported below.

1. Evaluation method
An evaluation by a third-party organization was conducted from November 2022 to March 2023.
The evaluation methodology is as outlined in (1) to (4) below.
(1) Effectiveness evaluation questionnaire
The questionnaire based on questions compiled by a third-party organization was given to all Directorsand Audit & Supervisory Board Members (total 16 persons).
Evaluation major items: Overall Evaluation of the Board of Directors / Composition of the Board ofDirectors / Operations of the Board of Directors / Role and Contribution ofMembers / Leadership of Chair / Corporate Strategy and Sustainability /Monitoring of Business Portfolio and Management Resources (HumanResources, Business/Products, Finance/Accounting) / Creation of Synergies /Risk Management and Compliance / Response to Stakeholders / Monitoring of
Execution and Performance / Analysis of Management Decisions / Sound
Decision-Making / Culture of the Board / Effectiveness of Committees on
Nominations and Remuneration / Utilization of Effectiveness Evaluation / Own
Contribution to the Board of Directors / Gap Analysis (evaluating the level ofimportance of proposals and the amount of discussion respectively on a scaleof 10 and analyzing the gap)
(2) Interviews
Based on the results of the questionnaire, the third-party organization conducted interviews of theDirectors individually and a group interview among six Audit & Supervisory Board Members.

(3) Report to and discussion (i) at Board of Directors Meeting
The third-party organization reported the evaluation results of (1) and (2) at the Board of Directors
Meeting, and discussion was held on the issues extracted and future initiatives.
(4) Report to and discussion (ii) at Board of Directors Meeting
The chair reported the action plan for fiscal 2023 at the Board of Directors Meeting, and discussion washeld by the Board members.
2. Evaluation results
The results of the third-party evaluation indicated that the Board of Directors is functioning effectively,sufficiently exercising both its decision-making and supervisory functions. The overview of the third-party
evaluation results is as follows:(1) The following strengths were found to support the effectiveness of the Board of Directors.
➤ Continuous efforts for Kubota to creatively fulfill its supervisory function proved to be successful,supporting the execution of duties appropriately.
<Composition>- The direction of corporate value enhancement with a focus on K-ESG management is madeclear and shared among the Directors.
- Outside Directors with a high degree of expertise and broad knowledge base offer questions
and comments that bring new perspectives and awareness to the execution.
- Active involvement by the Audit & Supervisory Board Members who are well-versed in Kubota’s
business and organizational culture helps to raise the level of the supervisory function.
- Members attending the Board of Directors Meetings have mutual respect for theirknowledge/experience and contributions to the Board of Directors, which serves as afoundation for constructive discussions.
<Operation>- Front-line-oriented proposals were chosen, fitting Kubota’s unique focus area.
- The way the chair facilitates active discussions certainly contributes to the improvement of thequality of such discussions.
➤ The Board of Directors has become more effective thanks to the measures taken in fiscal 2022
against the major issues extracted from the evaluation of effectiveness in fiscal 2021.

Major issues in fiscal 2021

Initiatives in fiscal 2022

Creating more opportunities

Launched Value Up Discussion Meetings (“VUDMs”)* to create

to have discussions from aopportunities to discuss managerial issues that concern the entire

medium- to long-termGroup from a medium- to long-term perspective.

perspective<Deliberations at VUDMs in fiscal 2022>
January 2022: Constructive Dialogue with Stakeholders
April 2022: Review of VUDMs and how to run VUDMs goingforward
October 2022: Group Risk Management

Strengthening theShared a list of projects needing follow-ups within the Board ofmonitoring function for theDirectors every six months to visualize their current state.

progress of important
projects
Building a risk management

After a series of discussions on Group Risk Management at

structure for the entire

VUDMs and the Board of Directors Meetings, it was decided toGroupestablish the Kubota Group Risk Management Committee inJanuary 2023, which periodically assesses the risk environment for
the Group and promotes measures against risks that could
seriously impact management.

* Value Up Discussion Meeting: An opportunity for the Board of Directors Members to openly discuss
topics designed to enhance corporate value. Held periodicallysince July 2021.
(2) Meanwhile, in order to ensure sustainable business growth toward the realization of the Long-Term
Vision “GMB2030,” Kubota is expected to address the following challenges to further improve theeffectiveness of the Board of Directors.
➤ Deepen discussions on medium- to long-term growth strategies- Expand the proposals to deepen discussions on Kubota’s medium- to long-term goals and theirfeasibility, taking into account adequate understanding among stakeholders.
- Strengthen the operational function for further utilization of VUDMs.
➤ Strengthen the function of the Nomination Advisory Committee- Clarify the requirements for candidates of the next-generation management team and theirselection process.
- Strengthen the promotion of the development of next-generation management candidates andtheir monitoring.

➤ Create a board succession system that supports high effectiveness- Build a system that helps to maintain Kubota’s distinctive Board of Directors, which contributes
to sustainable, resilient growth.
3. Action plans to enhance effectiveness in fiscal 2023
In response to the evaluation results for fiscal 2022, the Company will primarily formulate and implement
the following action plans for fiscal 2023 to further enhance discussions and improve the effectiveness ofthe Board of Directors.
Major issues in fiscal 2022

Action plans for fiscal 2023

Deepen discussions on

Extract topics concerning medium- to long-term growth strategies thatmedium- to long-termshould be addressed preferentially, examine the timing for monitoring

growth strategies

each topic from a supervisory perspective, and review the proposals for
the Board of Directors Meetings and VUDMs.

Strengthen the function ofThe Nomination Advisory Committee examines the direction in

the Nomination Advisory

formulating a succession plan for next-generation management teamCommittee

members.

Create a board succession

Build a system for continuously considering the whole concept of thesystem that supports highBoard of Directors to provide opportunities to discuss Kubota’s uniqueeffectiveness‘ideal’ Board of Directors with a focus on the Board’s roles and functionsin accelerating the realization of the Long-Term Vision “GMB2030.”[Reference: Process for improvement of the Board of Directors’ effectiveness]
The Company 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.