#1JAPEX [Explanatory Material] Financial Results for the Six Months Ended September 30, 2023 November 10, 2023 Japan Petroleum Exploration Co., Ltd. Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail. Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.#2Contents JAPEX I. Financial Highlights and Business Progress II. Initiatives for Sustainable Growth and Medium- to Long-term Enhancement of Corporate Value III. Financial Results for the Six Months Ended September 30, 2023 IV. Revised Financial Forecasts for the fiscal year ending March 31, 2024 Note: This material also serves as the presentation material for the financial results briefing for the institutional investors and analysts to be held on November 13, 2023. Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 2#3JAPEX I. Financial Highlights and Business Progress II. Initiatives for Sustainable Growth and Medium- to Long-term Enhancement of Corporate Value II. Financial Results for the Six Months Ended September 30, 2023 IV. Revised Financial Forecasts for the fiscal year ending March 31, 2024 Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 3#4I. Financial Highlights and Business Progress Financial Highlights 2Q FY3/24 Results (Year-on-Year) JAPEX (Billion Yen) Operating profit 1-2Q FY3/23 (a) 1-2Q FY3/24 (a) Change 19.3 28.5 +9.1 Ordinary profit 43.0 39.1 (3.9) Profit attributable to owners of parent 31.4 27.7 (3.6) Operating profit: Increased due to growth of sales volume for U.S. tight oil development and increased sales prices of domestic natural gas • Ordinary profit: Decreased due to decline in equity method profit and foreign exchange gains FY3/24Forecasts Revision (vs Aug.9 Forecasts) (Billion Yen) Operating profit Ordinary profit Profit attributable to owners of parent Previous (f) Aug. 9, 2023 38.9 Revised (f) Nov. 10, 2023 Change 48.8 +9.9 44.8 57.0 +12.2 34.0 45.0 +11.0 Operating profit: Expect to increase due to anticipated increase in sales prices of domestic crude oil, domestic natural gas, LNG, etc. • Ordinary profit : Expect to increase due to increased foreign exchange gains Shareholder Returns Revised annual dividend forecast to 250 yen per share (interim 125 yen + year-end forecast 125 yen) * Revision based on consolidated dividend payout ratio of 30% Decided to repurchase own shares up to 3 million shares or 20.0 billion yen Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 4#5I. Financial Highlights and Business Progress Major Business Progress in the First Half of FY3/24 E&P Field 【Domestic) • JAPEX Additional development of Katakai gas field in Niigata : Completion of the first well (May) / Start drilling of the second well (Aug) 【Overseas) • . • Capital participation in a subsidiary of U.K.-based Longboat Energy PLC (Longboat JAPEX Norge AS : LBJ) which promotes exploration and development in offshore Norway (May) Acquisition of additional well interests in tight oil development project in U.S. (May) Started production of crude oil and natural gas at the Seagull project in U.K. North Sea (Nov) I/U Field [Development of domestic renewable energy】 • Established PJ Asset Management Co., Ltd., to develop, manage and operate of solar power generation projects (Jun) • Started operation of Mitsuke PV Power Plant, Niigata (Aug) • Invested in Storage battery-related company PowerX, Inc (Aug) [LNG transport and supply] • Conducts Feasibility Study of Energy Service Utilizing LNG to the Industrial Park in Northern Vietnam (Aug) • • • CN Field Agreed on Joint Evaluation with JFE Steel Corporation to Establish CCS Value Chain Originated from Japan Aligned with CCS Study in Malaysia (Jun) Presented a carbon recycling scenario utilizing inter-industry collaboration in Tomakomai (Jul) Signed Joint Study Agreement Towards CO2 Injection Field Test at Sukowati Oil Field in Indonesia (Jul) CCS Studies in Tomakomai Area and East-Niigata Area were commissioned as the "Business Feasibility Study on Japanese Advanced CCS Project" by JOGMEC in FY2023 (Jul and Aug) Signed MOU with SKK Migas for cooperation in realizing CCS/CCUS Hub & Clusters in Indonesia (Sep) Launched our first concrete CCS commercialization study in advanced overseas country by capital participation in Blue Spruce Operating LLC of the U.S. (Oct) Copyright 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. LO#6I. Financial Highlights and Business Progress Progress on Targets and Fund Allocation for FY3/24 JAPEX Quantitative Targets and Fund Allocation Policies in JAPEX Management Plan 2022-2030 Set the quantitative targets, including long-term to be achieved by FY2030 and interim by FY2026. To allocate 450 billion yen to investment in growth and 50 billion yen to shareholder returns, from 500 billion. yen accumulating cash inflows until FY2030 Quantitative target Items Business Profit*1 FY3/24Forecasts Medium-to Long-term Targets 2Q FY3/24 FY2026 30 billion yen 29.7 billion yen 49.3 billion yen FY2030 50 billion yen FY2026 5% ROE N/A 9.9%*2 FY2030 8% Profit Composition (E&P : non-E&Ps) FY2026 6:4 7:3 7:3 FY2030 5:5 Fund Allocation Items Assumed allocation*3 2Q FY3/24 Growth Investments FY2026 275 billion yen FY2030 450 billion yen 35.7 billion yen Shareholder Returns FY2030 25 billion yen FY2030 50 billion yen 11.9 billion yen*4 FY3/24Forecasts 87.4 billion yen+a (Cumulative total 131.5 billion yen+a) 28.7 billion yen*5 (Cumulative total 42.5 billion yen) *1 Operating income and equity in earnings of affiliates (including profits distributed under limited partnership agreements and silent partnership agreements) *2 Figures assume 454.1 billion yen in average equity at the beginning and end of the period *3 Five-year cumulative total from FY2022 through FY2026 and nine-year cumulative total through FY2030, *4 FY 3/23 dividend, *5 FY3/23 dividend + FY3/24 interim dividend + share buyback Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. CO 6#7JAPEX I. Financial Highlights and Business Progress II. Initiatives for Sustainable Growth and Medium- to Long-term Enhancement of Corporate Value II. Financial Results for the Six Months Ended September 30, 2023 IV. Revised Financial Forecasts for the fiscal year ending March 31, 2024 7 Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.#8JAPEX II. Initiatives for Sustainable Growth and Medium- to Long-term Enhancement of Corporate Value Sustainable Growth and Medium- to Long-Term Enhancement of Corporate Value - Current Status Analysis Market's evaluation (PBR etc.) PBR is improving, but has not yet reached 1x Changes in PBR 1.6 ROE of 16.9% in FY03/2023 and 9.9% in FY03/2024 forecast are above the TSE prime (Times) average, but lower-than-average PER is also an issue as a reason for remaining at a low PBR ratio. In addition to standard industry issues such as the sustainability of oil- and natural gas- related businesses toward a decarbonized society and the high volatility of oil and natural gas prices, we recognize that the lack of understanding and confidence in our efforts to enhance corporate value is one of the factors behind the low PBR. Cost of equity is approximately 8%. Equity ratio is high after termination of two projects in Canada. 1.4 JAPEX TSE Prime Average (\billion) 1.4 Changes in Equity Ratio Owner's Equity Long-term debt Other capital Equity Ratio Withdrawal from Canada 2 business 1.3 1.2 1.2 1.0 1.0 PBR x1.0 12,000 10,000 8,000 78.7 (%) 63.7 62.5 59.5 58.6 60.8 63.6 64.2 64.0 74.9 80.0 0.8 Withdrawal from Canada 2 business 6,000 0.6 0.6 0.4 4,000 216 0.3 0.3 0.4 2,000 0.2 0 0.0 2020/3 2021/3 2022/3 2023/3 Changes in ROE 2014/3 2020/3 2021/3 2022/3 2023/3 * Figures assume 454.1 billion yen in average equity at the beginning and end of the period Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. (%) 15.0 JAPEX TSE Prime Average 16.9 (Times) 30.0 Changes in PER JAPEX ―TSE Prime Average 26.2 19.7 * 9.9 20.0 13.3 15.0 10.0 6.6 7.2 9.5 9.2 10.0 Withdrawal from Canada 2 business 3.7 5.0 Withdrawal from 0.0 0.0 6.5 Canada 2 business (10.0) 3.6 (4.7) (5.0) (10.0) (20.0) (0.7) (30.0) (8.0) (15.0) (40.0) (43.1) 2024/3 (Forecast) (50.0) 2020/3 2021/3 2022/3 2023/3 2015/3 2016/3 2017/3 2018/3 2019/3 2020/3 60.0 207 1,300 1,419 1,360 1,277 1,188 502 40.0 3 5 20.0 2021/3 2022/3 2023/3 0.0 8#9JAPEX II. Initiatives for Sustainable Growth and Medium- to Long-term Enhancement of Corporate Value Sustainable Growth and Medium- to Long-term Enhancement of Corporate Value - Policies in the Future Investments focused on capital efficiency Continue to invest in growth aligned with the management plan and expand the business asset portfolio that will be the source of future earnings Consideration of optimal capital structure in parallel with business portfolio construction (The equity ratio, which has temporarily increased, is expected to decline due to the utilization of interest-bearing debt in conjunction with the steady execution of growth investments) Enhancement of Shareholder Returns We repurchased up to 3 million shares (5.5% of outstanding shares) for up to ¥20.0 billion, using temporary upside cash from the recent rise in oil and gas prices Continuous verification of the rationality of strategic shareholdings Continuous dialogue with stakeholder The Board of Directors will continue to regularly analyze and consider the management plan's progress, and dialogue with the market to improve ROE and PER. ROE Oil Price Sensitivities ROE (USD 50/bbl) ROE (USD 80/bbl) 14.0 Approx. 13% The management plan sets ROE targets based on the assumption of an oil price of $50 per barrel, but assuming that the current oil price level ($80 per barrel) continues, the ROE level is expected to be around 10% in FY2026 and 13% in FY2030. 12.0 10.0 Approx. 10% +5% | I I I 8.0 9.9% +5% 6.0 8% 4.0 5% 2.0 0.0 FY2023 FY2026 FY2030 Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 9#10JAPEX I. Financial Highlights and Business Progress II. Initiatives for Sustainable Growth and Medium- to Long-term Enhancement of Corporate Value III. Financial Results for the Six Months Ended September 30, 2023 IV. Revised Financial Forecasts for the fiscal year ending March 31, 2024 Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 10#11II. Financial Results for the Six Months Ended September 30, 2023 FY3/24 Results (Year-on-Year) Million Yen Net sales Gross profit Operating profit Ordinary profit Profit attributable to owners of parent Oil Price and Exchange Rate WTI Crude oil price (CIF) Exchange rate Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. JAPEX 1-2Q FY3/23 (a) 1-2Q FY3/24 (a) Change 120,708 150,708 +30,000 +25% 33,980 43,304 +9,323 +27% 19,304 28,501 +9,196 +48% 43,084 39,135 (3,948) (9%) 31,430 27,770 (3,659) (12%) 1-2Q FY3/23 (a) 1-2Q FY3/24 (a) Change USD/bbl 101.53 74.94 (26.59) USD/bbl 107.25 83.49 (23.76) JPY/USD 127.44 137.61 +10.17 11#12II. Financial Results for the Six Months Ended September 30, 2023 E&P Business Sales (Year-on-Year) 1-2Q FY3/23 (a) 1-2Q FY3/24 (a) Net sales: Million Yen Unit Sales volume Net sales Sales volume Net sales Sales volume E&P Business 14,142 47,536 Breakdown Change JAPEX Net sales +33,393 +236% Crude oil 141 14,101 650 47,259 +508 +359% +33,157 +235% Crude oil - Japan 116 Thousand KL 10,495 101 7,662 *1 Crude oil-Overseas 14 2,651 539 [1] 38,844 [2] +524 +3,599% (15) (13%) (2,832) (27%) +36,193 +1,365% Purchased crude oil 10 955 10 751 (0) (4%) (203) (21%) Natural Gas - Overseas *2 Million M3 1 40 25 276 +24 +1,626% +236 +587% Main factors for change [1] Decrease in sales price and sales volume [2] Increase in sales volume of Iraq Garraf project and U.S. tight oil development *1 Include the amounts of Japex Garraf Ltd., and Japex (U.S.) Corp. *2 Include the amounts of Japex (U.S.) Corp. Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 12#13II. Financial Results for the Six Months Ended September 30, 2023 I/U Business Sales (Year-on-Year) Net sales: Million Yen Infrastructure & Utility Business 1-2Q FY3/23 (a) 1-2Q FY3/24 (a) Unit Sales volume Net sales Sales volume Net sales Sales volume 76,779 - 74,686 Change JAPEX Net sales (2,093) (3%) Breakdown Natural Gas-Japan 446 35,966 399 36,389 (46) (10%) +422 +1% Million M3 - Produced in Japan 211 193 (18) (9%) LNG Thousand Ton 94 13,486 61 6,049 [1] (32) (35%) (7,436) (55%) Electricity Million kWh 1,452 25,251 1,946 Other* 2,074 29,251 [2] +493 2,996 +34% +3,999 +16% +921 +44% Main factors for change [1] Decrease in sales volume etc. [2] Increase in sales volume * Including net sales from commissioned business including transport of natural gas and regasification of LNG Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 13#14II. Financial Results for the Six Months Ended September 30, 2023 Operating Profit (Year-on-Year) OP total 0.2 E&P-Overseas 7.7 E&P-Japan I/U 5.8 10.2 16.1 14.7 19.3 JAPEX (Billion Yen) E&P Business Overseas : +7.4 bn. (0.2 bn.) → 7.7 bn. 28.5 (3.0) Others (4.2) (10.0) (5.0) 0.0 5.0 10.0 15.0 20.0 25.0 30.0 1-2Q FY3/23 (a) 1-2Q FY3/24 (a) • • Increase in sales volume of tight oil development in U.S. (+) Foreign exchange gap related to cost recovery and increased production remuneration for the Iraqi Garraf project (+) Domestic (1.4 bn.) 16.1 bn. →> 14.7 bn. Decrease in sales volume and sales price of crude oil (Japan) (-) Increase in sales price* of natural gas (Japan) (+) * Internal transaction price from E&P Business to Infrastructure/Utilities Business for the internal management +4.3 bn. I/U Business 5.8 bn. → 10.2 bn. Effect of raw material slide time lag, etc (+) Decrease in marginal gain on LNG procurement (-) (1.2 bn.) Others * (3.0 bn.) → (4.2 bn.) Increase in general and administrative expenses (-) * Operating profit not belonging to the above business units (contracting, oil products and commodities, and others) less headquarters administrative expenses Note) The amounts in the operating profit breakdown by business segment are the figures for the Group's internal management Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 14#15II. Financial Results for the Six Months Ended September 30, 2023 Analysis of Net Income change (Year-on-Year) (Billion Yen) 45.0 40.0 +7.4 35.0 (1.4) 30.0 25.0 20.0 JUS 31.4 15.0 10.0 5.0 JAPEX +4.3 (FY3/23) Gain on valuation of derivatives (6.4 bn.) Dividend income/Interest income +0.9 bn. (1.2) (2.8) (5.4) +0.0 +0.4 (4.9) (0.1) Japex Garraf JAPEX (2.4 bn.) (0.3 bn.) +4.9bn. Japex Garraf +1.9bn. SODECO DGN (4.6 bn.) (0.4 bn.) 0.0 Net income Operating profit* +9.1 bn. Non-operating income (13.1 bn.) FY3/23 1-2Q (a) E&P overseas E&P Foreign I/U Others Japan exchange gains and loss Equity on earnings Others Extraordinary income Income taxes Profit attributable to non- controlling interest FY3/23 0.2 16.1 5.8 (3.0) 9.1 6.6 7.9 (0.0) 8.9 2.6 1-2Q (a) FY3/24 7.7 14.7 10.2 (4.2) 6.3 1.2 3.0 (0.0) 9.0 2.2 1-2Q (a) Note) The amounts in the operating profit breakdown by business segment are the figures for the Group's internal management Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 27.7 Net income FY3/24 1-2Q (a) 15#16JAPEX I. Financial Highlights and Business Progress II. Initiatives for Sustainable Growth and Medium- to Long-term Enhancement of Corporate Value III. Financial Results for the Six Months Ended September 30, 2023 IV. Revised Financial Forecasts for the fiscal year ending March 31, 2024 Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 16#17IV. Revised Financial Forecasts for the fiscal year ending March 31, 2024 FY3/24 Forecasts (vs Aug. 9 Forecasts) Million Yen Net sales Gross profit Operating profit Ordinary profit Profit attributable to owners of parent Oil Price and Exchange Rate WTI Crude oil price (CIF) Exchange rate Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. JAPEX Previous (f) Aug. 9, 2023 Revised (f) Nov. 10, 2023 Change 306,100 325,400 +19,300 +6% 74,200 83,800 +9,600 +13% 38,900 48,800 +9,900 +25% 44,800 57,000 +12,200 +27% 34,000 45,000 +11,000 +32% USD/bbl Previous (f) Aug. 9, 2023 75.60 Revised (f) Nov. 10, 2023 Change 77.46 +1.86 USD/bbl 77.45 84.35 +6.90 JPY/USD 131.16 139.51 +8.35 17#18IV. Revised Financial Forecasts for the fiscal year ending March 31, 2024 E&P Business Sales Forecasts (vs Aug. 9 Forecasts) Previous (f) Aug. 9, 2023 Revised (f) Nov. 10, 2023 Net sales: Million Yen Unit Sales volume Net sales Sales volume Net sales Sales volume E&P Business 93,514 94,172 Breakdown Change JAPEX Net sales +658 +1% Crude oil 1,591 91,549 1,331 93,411 (259) (16%) +1,862 +2% Crude oil-Japan 206 13,255 219 16,479 +12 +6% [1] +3,224 +24% Thousand KL *1 Crude oil-overseas 1,367 77,110 1,092 75,445 [2] (274) (20%) (1,665) (2%) Purchased crude oil 17 1,183 19 1,487 +1 +11% +303 +26% Natural Gas - Overseas*2 Million M3 86 1,965 60 761 [3] (26) (31%) (1,204) (61%) Main factors for change [1] Increase in sales price [2] Absence of sales volume due to delay in the start of production at the Seagull project in U.K. North Sea / Decrease in Cargo Received for Iraqi Garraf Project [3] Absence of sales volume due to delay in the start of production at the Seagull project in U.K. North Sea *1 Includes the amounts of Japex Garraf Ltd. and Japex (U.S.) Corp. *2 Include the amounts of Japex (U.S.) Corp. Copyright 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 18#19IV. Revised Financial Forecasts for the fiscal year ending March 31, 2024 I/U Business Sales Forecasts (vs Aug. 9 Forecasts) Previous (f) Aug. 9, 2023 Net sales: Million Yen Infrastructure & Utility Business Breakdown Unit Sales volume - Revised (f) Nov. 10, 2023 Net sales Sales volume Net sales Sales volume 150,567 168,005 Change JAPEX Net sales +17,437 +12% Natural Gas-Japan 976 78,775 961 80,950 (15) (2%) +2,174 +3% Million M3 - Produced in Japan 459 448 (10) (2%) LNG Thousand Ton 218 19,291 279 28,617 [1] +61 +28% +9,325 +48% Electricity Million kWh 3,137 46,126 3,468 52,160 [2] +331 +11% +6,033 +13% Others* 6,373 6,277 (96) (2%) Main factors for change [1]-[2] Increase in sales volume and sales price * Including net sales from commissioned business including transport of natural gas and regasification of LNG Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 19#20IV. Revised Financial Forecasts for the fiscal year ending March 31, 2024 Operating Profit Forecasts (vs Aug. 9 Forecasts) OP total E&P-Overseas E&P-Japan I/U (8.8) Others (9.0) 12.8 12.8 13.5 (Billion Yen) E&P Business JAPEX 21.2 25.9 38.9 48.8 Overseas (0 bn.) 12.8 bn. -> 12.8 bn. Absence of sales volume due to delay in the start of production at the Seagull project in U.K. North Sea (-) Foreign exchange gap related to cost recovery and increased production remuneration for the Iraqi Garraf project (+) Domestic: +4.6 bn. 21.2 bn. → 25.9 bn. Increase in sales price of crude oil (Japan)(+) Increase in sales price of natural gas (Japan) (+) * Internal transaction price from E&P Business to Infrastructure/Utilities Business for the internal management I/U Business +5.4 bn. 13.5 bn. -> 19.0 bn. Resale of surplus LNG cargo (+) 19.0 • Increase in marginal gain on LNG procurement (+) Others* (8.8 bn.) → (9.0 bn.) Operating profit (contracting, oil products and commodities, and others) not belonging to the above business units, less headquarters administrative expenses (0.1 bn.) (20.0) (10.0) 0.0 10.0 20.0 30.0 40.0 50.0 * Initial (f)Aug.9, 2023 Revised (f) Nov. 10, 2023 Note) The amounts in the operating profit breakdown by business segment are the figures for the Group's internal management Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 20 20#21IV. Revised Financial Forecasts for the fiscal year ending March 31, 2024 JAPEX Analysis of Change in Net Income Forecasts (vs Aug. 9 Forecasts) (Billion Yen) 50.0 45.0 +5.4 +1.0 +0.6 +0.6 +0.2 (0.1) (1.4) +4.6 40.0 35.0 (0.0) 30.0 25.0 SODECO LBJ +0.7 bn. (0.2 bn.) Japex Japex Garraf +0.7 bn. +0.2 bn. 20.0 34.0 Japex Garraf +3.0 bn. 15.0 JUK (2.8 bn.) JUS (0.2 bn.) 10.0 5.0 0.0 Net income Operating profit* +9.9 bn. Non-operating income +2.3 bn. FY3/24 (f) Aug.9 E&P overseas E&P Foreign I/U Others exchange Japan gains and loss Equity on earnings Others Extraordinary income Income taxes 45.0 Profit attributable to non- controlling interest Net income FY3/24 (f) Nov.10 FY3/24 (f) Aug. 9 12.8 21.2 13.5 (8.8) 2.0 0.3 3.6 (0.1) 9.8 0.9 FY3/24 (f) 12.8 25.9 19.0 Nov. 10 (9.0) 3.0 0.9 4.3 (0.1) 9.6 2.3 Note) The amounts in the operating profit breakdown by business segment are the figures for the Group's internal management Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 21#22IV. Revised Financial Forecasts for the fiscal year ending March 31, 2024 FY3/24 Forecasts (Year-on-Year) Million Yen Net sales Gross profit Operating profit Ordinary profit Profit attributable to owners of parent Oil Price and Exchange Rate WTI Crude oil price (CIF) Exchange rate Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. JAPEX FY3/23 (a) FY3/24 Revised (f) Change 336,492 325,400 (11,092) (3%) 96,111 83,800 (12,311) (13%) 62,085 48,800 (13,285) (21%) 83,130 57,000 (26,130) (31%) 67,394 45,000 (22,394) (33%) FY3/23 (a) FY3/24 Revised (f) Change USD/bbl 94.42 77.46 (16.96) USD/bbl 102.26 84.35 (17.91) JPY/USD 132.86 139.51 +6.65 22#23IV. Revised Financial Forecasts for the fiscal year ending March 31, 2024 E&P Business Sales Forecasts (Year-on-Year) FY3/23 (a) FY3/24 Revised (f) Net sales: Million Yen Unit Sales volume Net sales Sales volume Net sales Sales volume E&P Business 56,063 94,172 Breakdown JAPEX Change Net sales 38,109 +68% Crude oil 695 55,703 1,331 93,411 +636 +91% +37,708 +68% Crude oil-Japan 238 20,760 219 16,479 [1] (19) (8%) (4,280) (21%) Thousand KL *1 - Crude oil overseas 436 33,084 1,092 75,445 [2] +656 +150% +42,360 +128% Purchased crude oil 20 1,858 19 1,487 (1) (6%) (370) (20%) *2 Natural Gas - Overseas Million M3 11 360 60 761 [3] +48 +424% +400 +111% Main factors for change [1] Decrease in sales volume and sales price [2] Increase in sales volume of tight oil development in U.S. and Garraf Project in Iraq. [3] Increase in sales volume of tight oil development in U.S. *1 Includes the amounts of Japex Garraf Ltd. and Japex (U.S.) Corp. *2 Include the amounts of Japex (U.S.) Corp. Copyright 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 23 23#24IV. Revised Financial Forecasts for the fiscal year ending March 31, 2024 I/U Business Sales Forecasts (Year-on-Year) Net sales Million Yen Infrastructure & Utility Business Breakdown JAPEX FY3/23 (a) FY3/24 Revised (f) Change Unit Sales volume Net sales Sales volume Net sales Sales volume Net sales - 213,657 - 168,005 (45,652) (21%) Natural Gas-Japan 989 97,360 961 80,950 (27) (3%) [1] (16,410) (17%) Million M3 - Produced in Japan 461 448 (12) (3%) LNG Thousand Ton 340 51,572 279 28,617 [2] (60) (18%) (22,955) (45%) Electricity Million kWh 3,005 58,735 3,468 52,160 +462 +15% [3] (6,575) (11%) Others* 5,988 6,277 +288 +5% Main factors for change [1]-[2] Decrease in sales price of natural gas (Japan) and LNG, decrease in sales volume of LNG [3] Decrease in sales price * Including net sales from commissioned business including transport of natural gas and regasification of LNG Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 24 24#25IV. Revised Financial Forecasts for the fiscal year ending March 31, 2024 Operating Profit Forecasts (Year-on-Year) OP total 1.9 E&P-Overseas 12.8 E&P-Japan I/U (5.6) Others (9.0) 25.9 41.1 24.6 19.0 48.8 (Billion Yen) 62.0 JAPEX E&P Business Overseas +10.8 bn. 1.9 bn. -> 12.8 bn. Increase in sales volume of tight oil development in U.S. (+) • • Absence of one-time expenses of Japex Garraf Ltd. (+) Domestic (15.2 bn.) 41.1 bn. → 25.9 bn. Decrease in sales volume and sales price of crude oil (Japan) (-) Decrease in sales volume and sales price* of natural gas (Japan) (-) * Internal transaction price from E&P Business to Infrastructure/Utilities Business for the internal management (5.5 bn.) I/U Business 24.6 bn. -> 19.0 bn. Decrease in margin on LNG procurement (-) (3.3 bn.) (20.0) 0.0 20.0 40.0 60.0 80.0 * ■FY3/23 (a) ■FY3/24 Revised (f) Others* (5.6 bn.) → (9.0 bn.) Increase in general and administrative expenses (Personnel and digital-related expenditures) (-) Decrease in profit of contract services at subsidiaries (-) Operating profit (contracting, oil products and commodities, and others) not belonging to the above business units, less headquarters administrative expenses Note) The amounts in the operating profit breakdown by business segment are the figures for the Group's internal management Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 25 25#26IV. Revised Financial Forecasts for the fiscal year ending March 31, 2024 Analysis of Change in Net Income Forecasts (Year-on-Year) (Billion Yen) 90.0 80.0 70.0 60.0 50.0 +10.8 Japex Garraf JAPEX (1.8 bn.) (0.5 bn.) SODECO DGN (3.0 bn.) (2.2 bn.) LBJ (0.7 bn.) JAPEX (15.2) (5.5) (3.3) (2.3) +5.5 (6.2) (1.7) (4.3) (0.0) 40.0 67.3 30.0 JUS +6.0 bn. Japex Garraf +4.8 bn. 20.0 10.0 0.0 Net income Operating profit* (13.2 bn.) (FY3/23) Gain on derivatives (6.0 bn.) Dividend income/Interest income +0.9 bn. Non-operating income (12.8 bn.) 45.0 Net income FY3/23 (a) E&P overseas E&P Japan Foreign I/U Others exchange gains and loss Equity on earnings Others Extraordinary income Income taxes Profit attributable to non- controlling interest FY3/24 Revised (f) FY3/23 (a) 1.9 41.1 24.6 (5.6) 5.3 7.1 8.6 (0.0) 15.1 0.5 FY3/24 Revised (f) 12.8 25.9 19.0 (9.0) 3.0 0.9 4.3 (0.1) 9.6 2.3 Note) The amounts in the operating profit breakdown by business segment are the figures for the Group's internal management Copyright 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 26 26#27IV. Revised Financial Forecasts for the fiscal year ending March 31, 2024 Balance sheet JAPEX Million yen As of Mar. 31, 2023(a) As of Sep. 30, 2023(a) Change Current assets Non-current assets 281,791 261,075 (20,716) 286,388 358,694 +72,305 Capital expenditure for tight oil development in U.S. and Seagull project in U.K. North Sea, etc. Property, plant and equipment 118,411 143,032 +24,620 Investment securities 115,940 167,981 +52,040 Recoverable accounts 23,455 16,355 (7,099) Increase in market value of investment securities Capital participation in Norwegian business, etc. other 28,580 31,324 +2,743 Total assets 568,180 619,769 +51,589 Current liabilities Non-current liabilities 64,250 42,259 (21,990) 46,759 61,706 +14,946 Total net assets 457,169 515,803 +58,633 Valuation difference on available-for-sale securities 46,324 80,147 +33,822 Non-controlling interests 31,536 33,612 +2,076 Total liabilities and net assets 568,180 619,769 +51,589 Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. Recording of net income for the period (+) Increase in unrealized gains on available-for-sale securities(+) Increase in foreign currency translation adjustments (+) Decrease due to dividend payment(-) 27 27#28IV. Revised Financial Forecasts for the fiscal year ending March 31, 2024 Cash Flows and Debt JAPEX Million Yen FY3/23 (a) FY3/24 (a) FY3/23 (a) FY3/24 (f) 1-2Q 1-2Q Full year Full year Aug.9 Nov.10 Cash flows from operating activities Profit before income taxes Depreciation Recovery of recoverable accounts 42,806 44,973 104,581 84,655 88,635 43,068 39,121 83,084 44,700 56,900 5,497 11,979 14,257 26,587 24,491 18,888 18,295 41,581 39,736 Cash flows from investing activities (22,080) (33,767) (52,723) (116,539) (115,444) Purchase of property, plant and equipment (14,735) (31,984) (35,973) (84,136) (85,385) Payments of recoverable accounts (13,657) (11,917) (27,729) (33,538) (32,413) Cash flows from financing activities (5,985) (12,322) (14,506) (19,145) (30,392) Cash and cash equivalents at end of period 168,384 190,129 186,166 135,137 128,965 Interest-bearing debt*1 EBITDA *2 Debt-to-EBITDA ratio - 10,413 10,149 10,149 85,316 74,177 83,241 0.1 0.1 0.1 *1 Interest-bearing debt includes lease obligations, retirement benefit liabilities and contingent liabilities *2 EBITDA is the total of operating profit, depreciation, interest and dividends received based on investment cash flow statement Copyright 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 28 28#29JAPEX Appendix 1. Net Sales 2. Financial Results 3. Segment Profit 4. Price Assumptions for FY3/24 Forecasts 5. Sensitivities Analysis on FY3/24 Forecasts Basis 6. Business Overview 7. Integrated Report and IR Materials 8. Glossary Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 29 29#30Appendix 1. Net Sales - E&P JAPEX Million Yen FY3/23 (a) FY3/24 1Q 2Q 1-2Q Full year 1Q 2Q 1-2Q Full year (f) Aug. 9 Nov. 10 Sales Sales volume of Crude oil (Thousand KL) Net sales Sales volume of Crude oil - Japan (Thousand KL) Net sales Sales volume of Crude oil - overseas *1 (Thousand KL) Net sales Sales volume of Purchased crude oil (Thousand KL) Net sales 7,266 79 6,876 14,142 62 141 56,063 695 7,251 6,850 14,101 55,703 10,724 152 10,608 36,811 497 47,536 93,514 94,172 650 1,591 1,331 36,650 47,259 91,549 93,411 67 49 116 238 50 50 101 206 219 5,640 4,855 10,495 20,760 3,700 3,962 7,662 13,255 16,479 7 14 436 97 441 539 1,367 1,092 1,192 1,458 8 2,651 33,084 6,532 32,312 38,844 77,110 75,445 418 58 5 10 20 5 5 10 17 19 536 955 1,858 375 375 751 1,183 1,487 Sales volume of Natural gas-overseas *2 (Million M3) 0 1 11 10 15 25 86 60 Net sales 14 25 40 360 116 160 276 1,965 761 WTI (USD/bbl) 94.41 108.65 101.53 94.42 76.11 73.78 74.94 75.60 77.46 Crude oil price (CIF) (USD/bbl) *3 101.55 115.31 107.25 102.26 85.17 81.77 83.49 77.45 84.35 *1 FY3/23 includes the amounts of Japex Garraf Ltd. and Japex (U.S.) Corp. *2 FY3/23 include the amount of Japex (U.S.) Corp *3 Domestic sales price average of crude oil referring to crude oil price (CIF) Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 30#31Appendix 1. Net Sales - I/U JAPEX Million Yen FY3/23 (a) FY3/24 1Q 2Q 1-2Q Full year 1Q 2Q 1-2Q Full year (f) Aug. 9 Nov. 10 Sales 36,009 40,770 76,779 213,657 36,398 38,288 74,686 150,567 168,005 Sales volume of Natural gas - Japan (Million M3) 231 214 446 989 202 197 399 976 961 Net sales 17,923 18,043 35,966 97,360 20,200 16,189 36,389 78,775 80,950 Sales volume of Natural gas produced in Japan (Million M3) 109 101 211 461 102 90 90 193 459 448 Sales volume of LNG (Thousand ton) 49 44 94 340 30 30 19 61 218 279 Net sales 6,062 7,424 13,486 51,572 1,498 4,551 6,049 19,291 28,617 Sales volume of Electricity (Million kWh) 665 787 1,452 3,005 774 1,171 1,946 3,137 3,468 Net sales 10,986 14,265 25,251 58,735 13,137 16,113 29,251 46,126 52,160 Others* 1,037 1,037 2,074 5,988 1,561 1,434 2,996 6,373 6,277 JLC Price (JPY/ton) 101,863 143,821 122,842 126,286 89,887 89,115 89,501 80,422 89,909 * Including net sales from commissioned business including transport of natural gas and regasification of LNG Copyright 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 31#32Appendix 2. Financial Results Million Yen FY3/23 (a) FY3/24 JAPEX 1Q 2Q 1-2Q Full year 1Q 2Q 1-2Q Aug. 9 Full year (f) Nov. 10 Net sales 58,617 62,091 120,708 336,492 61,321 E&P Business 7,266 6,876 14,142 56,063 10,724 89,387 36,811 150,708 306,100 325,400 47,536 93,514 Infrastructure/Utility Business 36,009 40,770 76,779 213,657 36,398 38,288 74,686 150,567 94,172 168,005 Others 15,341 14,444 29,786 66,771 14,199 14,286 28,486 62,018 Cost of sales 41,920 44,807 86,727 240,380 40,812 66,591 107,404 231,900 63,221 241,600 SG&A expenses Gross profit Exploration expenses Operating profit Non-operation income (expense) Interest income 16,696 17,283 33,980 96,111 20,508 22,795 43,304 74,200 83,800 97 1,042 1,140 2,885 255 6,788 6,746 13,535 31,139 9,810 9,494 19,304 62,085 7,349 12,903 726 6,470 15,597 982 4,800 4,700 13,820 28,501 30,500 30,300 38,900 48,800 12,789 10,989 23,779 21,044 5,315 5,318 10,634 5,900 8,200 149 257 406 1,173 520 464 985 900 Interest expenses (1) (1) (2) (5) (24) (34) (58) Dividend income 47 1,603 1,651 3,520 57 1,977 2,035 (1,100) 3,600 1,400 (1,000) 4,200 Share of profit of entities accounted for 5,988 696 6,684 7,109 338 932 1,270 300 900 using equity method Provision for overseas investment 0 0 (44) (15) (15) (100) (100) Foreign exchange gains and loss 6,748 2,428 Other (142) Ordinary profit 22,600 6,004 20,483 9,176 5,861 43,084 5,332 4,764 3,958 83,130 (325) 1,587 390 6,352 2,000 3,000 64 300 (200) 18,219 Extraordinary income (loss) (1) Profit before income taxes 22,598 (14) 20,469 Income taxes Profit attributable to non-controlling interests 5,304 3,665 1,653 1,013 Profit (loss) attributable to owners of parent 15,640 15,790 (15) 43,068 8,970 2,667 31,430 (46) 83,084 15,102 587 (9) 18,209 4,335 874 20,916 (3) 20,912 67,394 12,999 4,757 1,384 14,770 39,135 (13) 39,121 9,092 2,258 27,770 44,800 57,000 (100) (100) 44,700 9,800 56,900 9,600 900 2,300 34,000 45,000 Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 32#33Appendix 3. Segment Profit JAPEX Million Yen FY3/23 (a) FY3/24 1Q 2Q 1-2Q Full year 1Q 2Q 1-2Q Aug. 9 Full year(f) Nov. 10 Operating profit (loss) 11,472 11,215 22,688 68,855 13,732 12,608 26,341 38,157 48,164 Japan Share of profit (loss) of entities accounted for using equity method 291 24 315 326 136 50 187 291 276 Operating profit (loss) 227 320 548 4,210 1,952 3,536 5,488 10,543 10,253 North America Share of profit of entities accounted for using equity method Operating profit (loss) (33) (55) (88) (170) (111) (137) (248) 1,823 (984) Europe Share of profit (loss) of entities accounted for using equity (497) (728) method Operating profit (loss) 522 611 1,134 (112) 447 2,672 3,119 1,741 4,773 Middle East Share of loss of entities accounted (3) (3) (6) (11) (1) (3) (4) (5) (4) for using equity method Operating profit (loss) Others* 1 Share of profit (loss) of entities accounted for using equity method 5,699 675 6,375 6,793 202 884 1,087 510 1,354 Adjustments and (2,378) (2,598) (4,977) (10,697) (3,118) (3,082) (6,200) (13,366) (13,406) Eliminations*2 Amounts on consolidated Operating profit (loss) 9,810 9,494 19,304 62,085 12,903 15,597 28,501 38,900 48,800 statement of income*3 *1 Include the Sakhalin Oil and Gas Development Co., Ltd., Energi Mega Pratama Inc., and others *2 Mainly intersegment elimination and corporate expense. Furthermore, Corporate expense represents mainly general and administrative expenses and experiment and research expense that are not allocated to reporting segments. *3 Segment profit (loss) is reconciled to operating profit in the consolidated statements of income. Copyright 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 33#34Appendix 4. Price Assumptions for FY3/24 Forecasts JAPEX Upper: from January 2022 to March 2023 Lower: from January 2023 to March 2024 Full year Market Price Jan.-Mar. Apr.-Jun. Jul.-Sep. Oct.-Dec. Jan.-Mar. FY3/23 (a) 101.55 115.31 105.93 89.98 102.26 Crude oil price (CIF) *1 USD/bbl Initial (f) Aug. 9 Revised (f) 85.17 75.00 75.00 75.00 77.45 - 85.17*2 81.77*2 85.00 85.00 84.35 Nov. 10 FY3/23 (a) 94.41 108.65 91.76 82.85 94.42 Initial (f) WTI USD/bbl 76.11 76.27 75.00 75.00 75.60 Aug. 9 Revised (f) 76.11*2 73.78*2 80.00 80.00 - 77.46 Nov. 10 FY3/23 (a) 101,863 143,821 142,404 117,057 126,286 Initial (f) JLC price JPY/Ton 88,287 81,400 76,200 75,800 80,422 Aug. 9 Revised (f) 89,887*2 89,115 Nov. 10 89,400 91,233 89,909 FY3/23 (a) 122.50 133.58 143.32 133.39 132.86 Exchange rate*1 Initial (f) JPY/USD 134.36 130.00 130.00 130.00 131.16 Aug. 9 Revised (f) Nov. 10 134.36*2 141.06*2 140.00 140.00 139.51 *1 Domestic sales price average of crude oil referring to crude oil (CIF) *2 Actual Copyright 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 34#35Appendix 5. Sensitivities Analysis on FY3/24 Forecasts Basis Impacts on profit (Million Yen) JAPEX FY3/24 3Q-4Q Assumptions WTI 3Q-4Q:USD 80.00/bbl Crude oil price Increase by 1USD/bbl 70 Fluctuation Operating profit Profit attributable to owners of parent Main factors for change positive factor "+" / negative factor "-" + Sales of oil and gas 50 Increase in LNG procurement cost Crude oil price (CIF) 3Q-4Q:USD 85.00/bbl Exchange rate JPY 140.00/USD 1 weaker JPY against USD + Sales of oil and gas 280 170 Increase in LNG procurement cost 【Assumptions)] • • Changes in equity method profit/loss are not included in the above amount. In addition to the impact of exchange rate fluctuations shown on the above, translation adjustments of foreign-currency-denominated receivables and payables also may occur. • Actual profits are influenced by various other factors besides crude oil prices and exchange rates. Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 35 35#36Appendix 6. Business Overview 1 E&P Field [3] Norway: Offshore Blocks [5] Russia: Sakhalin 1 Project [4] UK North Sea: Seagull Project [1] Iraq: Garraf Project [6] United States: Tight Oil Development JAPEX E&P Business site [A] Japan: Domestic oil and gas fields (10 sites in Hokkaido, Akita, Yamagata, and Niigata) • [2] Indonesia · Kangean Project JAPEX Group oil and gas E&P fields/projects (as of Nov., 2023) JAPEX Group E&P business base site 10 fields Japan Overseas 6 projects No. Oil and gas field/Project title (Operator) Interest Share (JAPEX's net) Japan: Domestic oil and gas fields Differ by interest A 1 (Total of 10 locations in Hokkaido, Akita, Yamagata, and Niigata) Iraq: Garraff Project (PETRONAS Carigali Iraq Holding B.V.) Production type Crude oil/ natural gas Status 30% (16.5%) Crude oil Production/ Development Production/ Development 2 Indonesia: Kangean Project (Kangean Energy Indonesia Ltd.) 100% (25%) Crude oil/ natural gas 3 Norway: Offshore Blocks (Longboat JAPEX Norge AS*2) Differ by interest 4 UK North Sea: Seagull Project (Neptune E&P UK Limited) 15% (15%) 5 Russia: Sakhalin-1 Project (Sakhalin-1 Limited Liability Company: S1LLC) 30% (4.59%)*3 Crude oil/ natural gas Crude oil/ natural gas Crude oil/ 19 6 North America: Tight Oil Development (EOG Resources Inc., etc.) Differ by interest natural gas Production Exploration / Development Production/ Development Production/ Development Production/ Development Production Volume*1 Undisclosed Approx. 155,000bbl Approx. 2,490,000m³ (Approx. 15,138boed) Undisclosed Undisclosed *1: Average daily Production for 2Q FY2023 (No.2, 3, 4: Jan.-Jun. 2023, No.1: Apr.-Sep. 2023) *2: Company name was changed upon completion of capital participation (49.9% stake) in Jul. 2023 *3: Pursuant to Government of the Russian Federation order on November 2022, Sakhalin Oil and Gas Development Co., Ltd.(SODECO) was approved to subscribe for 30% equity of the S1LLC. Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 36 36#37Appendix 6. Business Overview ② I/U Field - Gas Supply Features of JAPEX's domestic gas supply network High-pressure gas pipeline network over 800 km total 2 LNG terminals for ocean-going carriers Capable to supply from Sea of Japan and Pacific Ocean Domestic gas supply Domestic produced gas and regasified LNG supply via pipelines Receive, storage, regasify, and deliver LNG LNG satellite system: tank trucks, domestic vessels Third-party or consignment use of our gas pipelines and LNG terminals etc. Respond to diversification of domestic gas supply Support fuel switching to natural gas from other fossil fuels Propose and provide energy services in cooperation with city gas suppliers • LNG procurement Procure competitive LNG with a combination of term and spot contracts Overseas LNG supply infrastructure LNG Receiving Terminal Hokkaido Gas Co., Ltd. Ishikari LNG Base Coastal vessel LNG tank truck Kitahiroshima Chitose Tomakomai Akita Yurihonjo LNG tank truck Yamagata LNG from overseas Shindigh LNG Receiving Terminal NIHONKAI LNG CO., LTD. Niigata Terminal Launch new projects or other process mainly in Southeast Asia with stronger demands for gas ✓ Ongoing feasibility study: Northern Vietnam LNG terminal project LNG tank truck Niigata-Sendai Gas Pipeline LNG tank truck Fukushima Ulonuma LNG tank truck Korty ama LNG tank truck LNG tank truck JAPEX LNG tank truck Yufutsu LNG Plant/ Yufutsu LNG Receiving Terminal Coastal vessel On Field/Gas Field/oil and Gas Field LNG Terminal Power Plant Natural gas ppeme LNG tank truck LNG Ocean-going LNG Carriers -LNG Costal vessal *Cities on the los are supply destasations Sendal wanuma Soma-wanuma Gas Pipeline Coastal vessel Soma LNG Terminal LNG from overseas Fukushima Natural Gas Power Plant Shiroishi-Koriyama Gas Pipeline Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 37#38JAPEX Appendix 6. Business Overview ③ I/U Field · Electricity Total JAPEX's joining power plants are 8 sites Total output 1,389,800kw (Renewable energy 7 sites Renewable energy 209,800kw) * Total output represents gross plant output [1] Abashiri Biomass Power Plant No.2&3 BIO [2] Mega solar power generation at JAPEX Hokkaido District Office PV [3] Yufutsu Solar Power Plant PV Power plants in development and operation (as of Nov., 2023) Name Status No. Location Туре Capacity (kW) Share A Fukushima Natural Gas Power Plant Shinchi Town, Fukushima Natural gas 1,180,000 33% In operation (LNG) 1 Abashiri Biomass No.2&3 Power Plants Abashiri City, Hokkaido Biomass 19,800 33.8% In operation (wood chip) Mega solar power generation Tomakomai City, 2 PV 1,800 100% In operation at JAPEX Hokkaido District Office Hokkaido 3 Yufutsu Solar Power Plant Tomakomai City, Hokkaido PV 13,000 20% In operation [A] Fukushima Natural Gas Power Plant 4 Mitsuke PV Power Plant Mitsuke City, Niigata PV 250 100% In operation LNG Tahara City, Biomass 5 Tahara Biomass Power Plant 50,000 39.9% In construction PV 6 Ozu Biomass Power Plant 7 Chofu Biomass Power Plant Aichi Ozu City, Ehime Shimonoseki City, Yamaguchi (wood pellet) Biomass (wood pellet) [4] Mitsuke PV Power Plant 50,000 35% In construction Biomass (wood pellet) 74,950 39.9% In construction • Other renewable energy project PHOTON Sustainable Solar Investment Limited Partnership (funding up to 10 billion yen in PV generation projects including non-FIT projects; 50% of our investment ratio) [7] Chofu Biomass Power Plant [5] Tahara Biomass Power Plant BIO BIO BIO Copyright 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. [6] Ozu Biomass Power Plant Gas power plant Renewable power plant Renewable power plant (under construction) 38#39Appendix 6. Business Overview 4 CN Field • Ongoing CCS/CCUS initiatives to promote/participate in Japan Realize hub & cluster model by FY2030 Consideration in JAPEX ✓ Examination of CO2 storage capacity in our oil and gas fields, etc. ✓ Study of re-injection of associated CO2 from our oil and gas field operations Feasibility study with companies/cross-industry ✓ Considering of possibility of a business that effectively utilizes CO2 in the Niigata area with Mitsubishi Gas Chemical (May 2021~) ✓ Feasibility study of CCUS project in Tomakomai area, Hokkaido with Idemitsu and HEPCO (Jan 2023~) ✓ JAPEX, Idemitsu, and HEPCO commissioned a CCS Study in Tomakomai Area as the "Business Feasibility Study on Japanese Advanced CCS Project" in FY2023 by JOGMEC (Jul 2023) ✓ JAPEX, MGC, TOHOKU-EPCO, HC and NRI commissioned a Study in East-Niigata Area as the "Business Feasibility Study on Japanese Advanced CCS Project" in FY2023 by JOGMEC (Aug 2023) Overseas JAPEX Early profit earning in advanced countries & consideration in emerging countries ➤ Consideration in JAPEX ✓ Consideration for participation in CCS/CCUS projects in North America, Europe and other systematically advanced areas Feasibility study on companies/cross-industry ✓ Joint feasibility study of a CCUS project in Indonesia's Sukowati oil field utilizing bilateral credits (with Pertamina Group and Lemigas) (Jun 2021~) ✓ Signed Joint Study Agreement with JOGMEC and Pertamina Group to conduct study towards CO2 injection test at Sukowati oil field in Indonesia (Jun 2023) ✓ Joint Study on CCS in Malaysia: Jointly conducted site surveys and technical studies with a view to implementing CO2 geological storage with PETRONAS, JGC Global Corporation, and Kawasaki Kisen Kaisha (Jan 2022~) ✓ Agreed with JFE Steel Corporation to establish CCS value chain originated from JAPAN in conjunction with the above CCS joint study in Malaysia in FY2023 (Jun 2023) ✓ Signed a Memorandum of Understanding with SKK Migas for cooperation in realizing Hub & Cluster CCS/CCUS in Indonesia (Sep 2023) ✓ Capital participation in Blue Spruce Operating LLC of the U.S. to participate in our first CCS business study project in advanced overseas country (Oct 2023) Common Technical and other related study ✓ Study on technical issues of energy transportation infrastructure for the realization of a CN society with JFE Engineering Copyright 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 39#40Appendix 7. Integrated Report and IR Materials Please visit our website for the integrated report and IR materials. Integrated Report Integrated Report JAPEX JAPEX Integrated Report 2023 For Fadesh 21.2001 https://www.japex.co.jp/en/ir/library/integratedreport/ The latest issue (Integrated Report 2023, published in October 2023) is available directly via the following link https://www.japex.co.jp/en/ir/uploads/pdf/JAPEX IR2023 e.pdf Disclosure Materials Archive Financial Results Explanatory Materials Securities Report Performance information, etc. Financial highlights for 5 years * Past 10 years' CVS data is also available Shareholder Returns (Dividends) https://www.japex.co.jp/en/ir/library/result/ https://www.japex.co.jp/en/ir/library/explanatory/ https://www.japex.co.jp/en/ir/library/report/ https://www.japex.co.jp/en/ir/figure/ https://www.japex.co.jp/ir/uploads/JAPEX 10yearFinancialData_e.xlsx https://www.japex.co.jp/en/ir/stock/dividend/ Copyright 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 40 40#41Appendix 8. Glossary • Abbreviations BOE(D) CCS CCUS Barrels of Oil Equivalent (per Day) Carbon dioxide Capture and Storage Carbon dioxide Capture, Utilization and Storage Cost, Insurance and Freight Carbon neutral Exploration and Production CIF CN E&P I/U Infrastructure & Utility JCC Japan Crude Cocktail WTI West Texas Intermediate Main Subsidiaries and Affiliates Japex Garraf EMPI SODECO LBJ FGP Japex Garraf Ltd. Energi Mega Pratama Inc. Sakhalin Oil & Gas Development Co., Ltd. Longboat JAPEX Norge AS Fukushima Gas Power Co., Ltd. Iraq Garraf Project Indonesia/Kangean Project Russia Sakhalin-1 Project Norway: Offshore Blocks Natural gas-fired electric power generation Business Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. JAPEX 41#42Cautionary Statement JAPEX This document contains future outlooks such as plans, forecasts, strategies, and others which are not historical facts and these are made by the management's judgement based on the obtainable information at the time of the disclosure. Actual results may significantly differ from those future. outlooks due to various factors. This document is not intended to invite investment. Copyright: All information contained herein is protected by copyright, and may not be copied or reproduced without prior consent of JAPEX. Note: . • Abbreviations used herein are as follows: (a) = Actual results (f) = Forecasts FY = Fiscal Year (FY3/24, for instance, means 12 months ending March 31, 2024) ⚫ Figures in parentheses in "Operating profit," "Ordinary profit," "Share of profit of entities accounted for using equity method," and "Profit attributable to owners of parent" represent losses in each category. Any inquiries about the information contained herein or other Investor Relations questions are requested to be directed to: Corporate Communication Office, Japan Petroleum Exploration Co., Ltd. (JAPEX) Tokyo, JAPAN TEL: +81-3-6268-7111 Copyright 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 42#43Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. JAPEX 43 43