Kubota Corporation announced that the Board of Directors has resolved at a meeting on September 20, 2023 that Kubota and one of its consolidated subsidiaries, Escorts Kubota Limited (Headquarters: Faridabad City, Haryana State, India; Chairman and Managing Director: Nikhil Nanda; hereinafter, "EKL"), will establish a finance subsidiary (Kubota's second-tier subsidiary); hereinafter, the "New Company") in India as follows. Background and purpose of establishment of the New Company. India is one of the world's largest producers of agricultural products, with its tractor market being among the world's largest.

Amid the growing demand for food resulting from population expansion, its agricultural machinery market is expected to expand further, and so is its construction machinery market as urban development projects accelerate there. In a bid to meet the domestic demand in India, Kubota manufactures and sells a variety of products, including tractors, combine harvesters, and construction machinery, at EKL, Escorts Kubota India Private Limited (Head headquarters: Faridabad City,Haryana, India; CEO: Katsunori Asano; hereinafter, " EKI"), and Kubota Agricultural Machinery India Private Limited (Headquarters: Chennai City, Tamil Nadu State, India; Managing Director: Gurmeet Singh Grewal; hereinafter, "KAI"). With the establishment of a new finance subsidiary in India, Kubota will start offering fine-tuned loan programs integrated with sales of agricultural machinery and construction machinery, in pursuit of further business expansion there.

Outline of the New Company. (1) Company name: Escorts Kubota Finance Limited, (2) Location: Faridabad City, Hariesana State, India, (3), Title/name of Representative: TBD, (4), Business: Offering of financial programs for products by Escorts and Kubota in India, (5) Capitalization: Up to INR 2.0 billion paid up (5) Time of establishment: December 31, 2023 (scheduled), (3), Commencement of business: July 1, 2024 (scheduled). After its establishment, the New Company will prepare for the commencement of business, including recruitment and system introduction.

Once decided, capital at the time of incorporation of the New Company and a representative of the New Company.