#1JAPEX [Explanatory Material] Financial Results for the Fiscal Year Ended March 31, 2023 May 12, 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 I. Financial Highlights and Business Progress II. Financial Results for the Fiscal Year Ended March 31, 2023 II. Financial Forecasts for the Fiscal Year Ending March 31, 2024 JAPEX Note: This material also serves as the presentation material for the financial results briefing for the institutional investors and analysts to be held on May 15, 2023. Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 2#3I. Financial Highlights and Business Progress II. Financial Results for the Fiscal Year Ended March 31, 2023 II. Financial Forecasts for the Fiscal Year Ending March 31, 2024 JAPEX Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 3#4I. Financial Highlights and Business Progress Financial Highlights FY3/23 Results (Year-on-Year) (Billion Yen) Operating profit Ordinary profit Profit attributable to owners of parent JAPEX FY3/22 (a) FY3/23 (a) Change 19.8 62.0 +42.2 43.6 83.1 +39.4 (30.9) 67.3 +98.3 Operating profit: Rise in sales prices of crude oil, natural gas and electricity, etc. (+) Ordinary profit: Gains on derivatives for LNG transactions etc. (+), Decrease in foreign exchange gains and equity in earnings of affiliates (-) Profit/Loss attributable to owners of parent: Absence of extraordinary losses (in FY3/22) resulting from ending our participation in two projects in Canada (+) FY3/24 Forecasts (Billion Yen) Operating profit Ordinary profit Profit attributable to owners of parent FY3/23 (a) FY3/24 (f) Change 62.0 41.2 (20.8) 83.1 45.5 (37.6) 67.3 34.0 (33.3) Operating profit: Decrease in the sales price of of crude oil and natural gas (-) Ordinary profit: Decrease in equity in earnings of affiliates, absence of foreign exchange gains and gain on derivatives, etc. (-) Shareholders Return FY3/23 annual dividend (result): 370.0 yen per share (interim 150 yen + year-end 220 yen) FY3/24 annual dividend (forecast): 200.0 yen per share (interim 100 yen + year-end 100 yen) 4 Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.#5I. Financial Highlights and Business Progress JAPEX Management Plan 2022-2030 Assumption and basic policy Medium- to long-term management plan for 9 fiscal years from FY2022 to FY2030 Improve profitability and build business foundation for 2030 and beyond as basic policy Set quantitative targets: business profit*1, ROE, and business profit ratio Have interim targets in FY2026 and long-term targets in FY2030 on each target Aim to achieve a profit level appropriate to capital costs and enhance shareholder returns by promoting priority items in each business field Allocate 500 billion yen of cash inflows in 9 years to 450 billion yen for growth investment and 50 billion yen for shareholder returns Quantitative target FY2026 Business Profit 30 Billion Yen ROE 5% JAPEX FY2030 Business Profit 50 Billion Yen ROE 8% E&P non-E&P 6:4 E&P non-E&P 5:5 Business Fields E&P Contribute to early expansion of profit scale and respond to low-carbonization Continue to invest in acquisition of new interests and promote low-carbon operations 【Business Profit Target] FY2026 23 billion Yen FY2030 27 billion Yen I/U*2 Transform business structure to withstand market changes and oil price volatility Expand the profit scale of renewable energy and other business 【Business Profit Target) FY2026 12 billion Yen FY2030 27 billion Yen *1: Operating profit and Profit of entities accounted for using equity method and others, assumption oil price (JCC)=50USD/bbl *2: Infrastructure & Utility, *3: CN=Carbon Neutral, *4: CCS/CCUS network that connects multiple CO2 storage sites Copyright 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. CN*3 Contribute to smooth transition to 2050 CN society Launch CCS/CCUS hub and cluster*4 model business utilizing existing oil and gas fields and others 【Business Profit Target] FY2026 1 billion Yen FY2030 2 billion Yen 5#6I. Financial Highlights and Business Progress JAPEX Capital policy, Management Goal, and Fund Allocation Capital policy ● Building a sustainable business foundation (ROE > 8% even at 50USD/bbl oil price) is underway: our pressing issues are the further growth of the E&P business and the raise of profit composition ratio of the non-E&P business in light of the decarbonization trend. Focusing on the investments for increasing profits in both E&P and non-E&P businesses: to maintain the shareholder return policy of a 30% dividend payout ratio. Our recognition: the current PBR of below 1x is affected by the market's evaluation of the high dependency on the E&P business profit. ● Priority on stabilizing the business foundation by raising the profit levels and expanding the non-E&P businesses: for sustainably increasing our corporate value. Management target (quantitative target) Item Target FY2022 FY2023 forecast (Main factors) Business profit*1 FY2026 30 billion Yen FY2030 50 billion Yen 69.0 billion yen 41.7 billion yen FY2022 Profit attributable to owners of parent 67.3 billion yen (JCC 102USD/bbl) ROE FY2026 FY2030 5% 8% 16.9% 8% Profit composition (E&P : non-E&P) Fund allocation Item FY2026 FY2030 6:4 5:5 • 7:3 7:3 Allocation assumption*2 FY2023 forecast = Profit attributable to owners of parent of 34.0 billion yen (JCC: 75USD/bbl) (Reference) PBR = FY2022 0.569 * Price share is calculated based on the price of March 31, 2023 (4,465 yen) FY2022 = E&P 49.9 billion yen: Non-E&P 23.6 billion yen FY2023 Forecast = E&P 35.7 billion yen: non-E&P 13.4 billion yen FY2022 Growth investment FY2026 275 billion Yen FY2030 450 billion Yen 44.1 billion yen Shareholders return FY2026 25 billion Yen FY2030 50 billion Yen 13.8 billion yen FY2023 forecast 55.1 billion yen + new (cumulative total 99.3 billion yen+new) 17.3 billion yen+new (cumulative total 311 billion yen+new) *1: Assumption Oil price (JCC)=50USD/bbl, *2: Cumulative for 5 years from FY2022 to FY2026 and 9 years from FY2022 to FY2030 Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. • (Main factors) Includes ongoing investments in projects under development, etc. that will occur in the current fiscal year. FY2023 Additional investment of tight oil development in U.S., etc. Dividends paid at the end of the relevant fiscal year + interim dividends for the relevant fiscal year FY2022 include share buybacks 6#7I. Financial Highlights and Business Progress Main Updates and Outlook on Priority Items E&P I/U CN FY2022 result Pursuit of domestic potentials ➤ Started additional development work of the first well of Katakai gas field in Niigata (Jul) Acquisition of new overseas interests ➤ Decided to expand our investment for tight oil businesses in U.S. (May) ✓ Development and production to start up incrementally, including acquired in January 2022 On- going Considering low-carbon measures for domestic operations Ongoing overseas development project Garraf project: additional development to 230,000 barrels per day Maintain and expand gas supply ➤ Conducted an LNG Bunkering Trial at Tomakomai Port (Sep) ➤ Signed a basic agreement regarding LNG supply to MOL Group ferries (Jan) Domestic renewable energy development, etc. ➤ Commenced commercial operation of Abashiri Biomass 2nd and 3rd Power Plant at Hokkaido (Oct and Mar) Invested in a venture capital fund "ANRI-GREEN No.1" (Dec) On- going FY2023 outlook Pursuit of domestic potentials JAPEX ➤ Additional development of Katakai gas field: Start production of the first well (second half of the year) / Start drilling of the second well (mid- year) Promote development of overseas project ➤ Seagull Project in U.K. North Sea Start of crude oil and natural gas production starts (expected in mid-2023) Acquisition of new overseas interests ➤ Capital participation in a subsidiary of U.K.-based Longboat Energy PLC to promote exploration and development in offshore Norway (May) + Focus on acquisition of new overseas oil and gas interests Maintain and expand gas supply ➤ Started providing natural gas based ESP service for Boehringer Ingelheim Seiyaku's Yamagata Factory (Apr) *Joint implementation with YAMAGATA GAS Co., Ltd. + Focus on participation in new renewable energy projects in Japan and overseas Domestic renewable energy development (Under construction) Ozu Biomass Power Plant in Ehime (Commercial operation scheduled to start in 2024), Tahara Biomass Power Plant in Aichi (2025), Chofu Biomass Power Plant in Yamaguchi (2025). Overseas LNG midstream and downstream business development Vietnam LNG terminal construction project with ITECO: considering final investment decision Feasibility studies of CN business in Japan ➤ Started the feasibility study of CCUS project in Tomakomai area with Idemitsu Kosan and Hokkaido Electric Power Company (Jan) ➤ Completed the feasibility study on carbon recycling business utilizing inter-industry collaboration in the Tomakomai area with Deloitte Tohmatsu Consulting as a NEDO-commissioned project (Mar) On- going Feasibility study of CN business in Japan ➤ The feasibility study of CCUS project in Tomakomai area with Idemitsu Kosan and Hokkaido Electric Power Company (Apr) + Continue to consider participation in new CN projects in Japan and overseas Feasibility study of domestic CN business: Paticipating in joint study of CO2-EGR at Higashi-Niigata gas field and Niigata area CO2 effective utilization project, etc. with Mitsubishi Gas Chemical Company, Inc. Overseas CCS/CCUS feasibility study: Indonesia Sukowati Oil Field CO2-EOR with Pertamina Group and Lemigas / Malaysia CCUS with PETRONAS, etc. Copyright 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 7#8I. Financial Highlights and Business Progress JAPEX Main Updates on Shareholders return and ESG items FY2022 result FY2023 outlook Share- holders return E S G ESC G Introduced a consolidated dividends payout ratio of approx. 30% (in FY2023) Completed repurchase of shares (Aug) and cancelled all repurchased shares (Sep) Actual dividends: 370 yen per year (Interim 150 yen + year-end 220 yen, Dividend payout ratio 29.9%) Established the CN Business Committee (Apr) Participated in Global CCS Institute (May) • Participated in CCS+ Initiative (Jun) ● Endorsed of GX League (Jun) • Evaluated as A- score for CDP of Climate Change (Dec) 【Strengthen Human Capital Management) • Implemented the "Comeback Recruitment" program for alumni (Jul) Expanded the incentive plan for employee stock ownership (Sep) Introduced a incentive program to acquire DX certification for digital human resources development (Jan) • Renewed a HR management system (Mar) [Digital transformation (DX)] Started a company-wide BPR study (Nov) Launched an internal SNS including a portal site function (Jan) [Others] Started a clothes casualization trial in office hours (Mar). Established the Human Rights Policy (Mar) Linked a portion of executive compensation to the result of climate change response (in FY2022) Promoting diversity on the Board of Directors (Jun) ➤ Increased the number of outside directors (from 4 to 5), Increased in the number of female directors (from 1 to 2) Annual dividends forecast: 200.0 yen per share (Interim 100 yen + year-end 100 yen, dividend payout ratio 31.9%) + Enhance the climate change-related disclosures + Strengthen activities to realize a CN society, including GX-related activities [Digital transformation (DX)] Started to consider the optimization of domestic business operations as a part of DX promotion (Apr) 【Other】 Introduced of same-sex partnership system (Apr) + Enhance the investment in human capital and related disclosures + Promote optimization of organization and operations by utilizing DX and other measures Renewed the Takeover Defense Measures (plan to propose at the Ordinary General Meeting of Shareholders to be held in June) + Responding to TSE requirement to increase shareholder value Copyright 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 8#9I. Financial Highlights and Business Progress Identification of Material Issues Material Issues connects core CSR themes "SHINE" and "JAPEX Management Plan 2022-2030" Identified four issues from "SHINE" that needs to be addressed now for our sustainable growth Contribute to Society through our Business Establishment of Stable energy supply CN business Stable energy supply JAPEX We consider that oil and natural gas will continue to be indispensable energy sources for society at the carbon neutral-society in 2050 Based on this consideration, we will continue to work for stable energy supply through the development of oil and natural gas Establishment of CN business We will contribute to the carbon-neutral society by establishing CCS and others as our business, in order to realize a stable energy supply in the future Strengthen of Management Foundation Promote of HR development and diversity Digital transformation (DX) Copyright 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. Promotion of HR development and diversity We consider that human resources (HR) are an origin of the value creation and essential to achieve our management plan Based on this consideration, we will enhance the ability of each employee for creating value through HR development, and strengthen company-wide capabilities through diversification of our employee Digital transformation (DX) We will realize the working environment that is able to focus on add- valued businesses through the strategic utilization of data and digital technologies, and make continuous challenges to further increase our corporate value 9#10I. Financial Highlights and Business Progress II. Financial Results for the Fiscal Year Ended March 31, 2023 III. Financial Forecasts for the Fiscal Year Ending March 31, 2024 JAPEX Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 10#11II. Financial Results for the Fiscal Year Ended March 31, 2023 FY3/23 Results (Year-on-Year) Million Yen Net sales Gross profit Operating profit Ordinary profit Profit (loss) attributable to owners of parent Oil Price and Exchange Rate JAPEX FY3/22 (a) FY3/23 (a) Change 249,140 336,492 +87,351 +35% 49,903 96,111 +46,208 +93% 19,809 62,085 +42,276 +213% 43,674 83,130 +39,456 +90% (30,988) 67,394 +98,383 FY3/22 (a) FY3/23 (a) Change WTI* USD/bbl 64.06 94.42 +30.36 Crude oil price (CIF) USD/bbl 73.28 102.26 +28.98 Exchange rate JPY/USD 111.2 132.86 +21.66 * FY3/22 is the WTI average for JACOS's diluted bitumen sales (8 months from January to August 2021) Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 11#12II. Financial Results for the Fiscal Year Ended March 31, 2023 E&P Business (Year-on-Year) FY3/22 (a) Net sales: Million Yen Sales volume E&P Business Breakdown FY3/23 (a) Net sales Sales volume 73,422 Net sales Sales volume 56,063 Change JAPEX Net sales (17,359) (24%) Crude oil 669 41,056 695 55,703 +25 +4% +14,646 +36% Crude oil-Japan 286 15,570 238 20,760 (48) (17%) Thousand KL [1] +5,190 +33% *1 Crude oil Overseas - 357 24,105 436 33,084 [2] +78 +22% +8,978 +37% Purchased crude oil 25 1,381 20 1,858 (4) (18%) +477 +35% Diluted bitumen*2 959 31,121 - [3] (959) (31,121) Natural Gas - Overseas *3 Million M3 130 1,244 11 360 [4] (118) (91%) (883) (71%) Main factors for change [1] Increase in sales price [2] Increase in sales volume and sales price of tight oil in U.S. [3] Absence of sales volume of diluted bitumen due to termination of oil sand project in Canada [4] Decrease in sales volume due to the interests transfer of the shale gas project in Canada *1 FY3/22 includes the amounts of 3 overseas subsidiaries (Japex Garraf Ltd., JAPEX Montney Ltd. and Japex (U.S.) Corp.) and FY3/23 includes the amounts of 2 overseas subsidiaries (Japex Garraf Ltd., and Japex (U.S.) Corp.) *2 Royalty is excluded in the net sales and price of diluted bitumen *3 FY3/22 includes the amounts of 2 overseas subsidiaries (JAPEX Montney Ltd., and Japex (U.S.) Corp.) and FY3/23 include the volume of Japex (U.S.) Corp. Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 12#13II. Financial Results for the Fiscal Year Ended March 31, 2023 I/U Business Sales (Year-on-Year) FY3/23 (a) Net sales: Million Yen Infrastructure & Utility Business Breakdown FY3/22 (a) Sales volume Net sales Sales volume 119,845 Net sales Sales volume 213,657 JAPEX Change Net sales +93,812 +78% Natural Gas - Japan 1,061 58,024 989 97,360 (72) (7%) [1] +39,336 +68% Million M3 - Produced in Japan 527 461 (66) (13%) LNG Thousand Ton 295 22,596 340 51,572 [2] +44 +15% +28,976 +128% Electricity Million kWh 3,023 34,320 3,005 58,735 (17) (1%) [3] +24,414 +71% Other* 4,903 5,988 +1,084 +22% Main factors for change [1]-[2] Increase in sales price of domestic natural gas and LNG due to a rise of JLC price, and increase in sales volume of LNG [3] Increase in sales price * Including net sales from commissioned regasification of LNG Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 13#14II. Financial Results for the Fiscal Year Ended March 31, 2023 Operating Profit (Year-on-Year) OP total 2.6 E&P-Overseas 1.9 19.8 (Billion Yen) 62.0 Overseas E&P Business (0.7 bn.) JAPEX 2.6 bn. -> 1.9 bn. • • Incurred of one-time expenses from Japex Garraf Ltd. Absence of sales volume of diluted bitumen Increase in sales volume and sales price of tight oil in U.S. 41.1bn. Domestic: + 21.0 bn. • 20.1 bn. -> Increase in sales price of crude oil (Japan) due to a rise of crude oil prices Increase in sales price* of natural gas (Japan) due to a rise of JLC price * Internal transaction price from E&P Business to Infrastructure/Utilities Business for the internal control E&P-Japan 20.1 3.5 I/U 24.6 (6.5) Others (5.6) 41.1 (15.0) (5.0) 5.0 15.0 25.0 35.0 45.0 55.0 65.0 FY3/22 (a) FY3/23 (a) • • • +21.0 bn. I/U Business 3.5 bn. → 24.6 bn. Increase in margin on LNG procurement, etc. ✓ Absence of temporary factor (Increase in the cost due to the procurement of alternative LNG cargo from the LNG spot market) Increase in sales price of electricity +0.9 bn. Others * → (6.5 bn.) (5.6 bn.) Increase in profit of contract services and others at subsidiaries * Operating income (contracting, oil products and commodities, and others) not belonging to the above business units, less headquarters administrative expenses Note) The amounts in the operating income 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 Fiscal Year Ended March 31, 2023 Analysis of Net Income change (Year-on-Year) (Billion Yen) 80.0 60.0 40.0 (39.8 bn.) (29.3 bn.) +62.1 (13.1 bn.) +2.2 (1.2 bn.) +94.3 bn. (5.4) (FY3/22) Gain on sale of investment securities (FY3/22) Gain on JML's forgiveness of debts (FY3/22) Gain on CANOS's forgiveness of debts (FY3/22) Gain on sales of non-current assets (FY3/22) Losses on sale of JACOS' shares (FY3/22) Losses on JML's interests transfer (FY3/22) Losses on JML's liquidation of subsidiaries +3.8 bn. +44.7 bn. 20.0 Japex Garraf JACOS (2.7 bn.) (1.8 bn.) JUS +4.0 bn. +21.0 +0.9 +8.9 (4.6) 0.0 (30.9) (20.0) +21.0 (7.1) (40.0) JAPEX 67.3 Net income (0.7) JAPEX (5.2 bn.) Japex Garraf (2.0 bn.) SODECO DGN (8.2 bn.) +1.2 bn. CANOS +3.0 bn. Gain on derivatives Interest expenses +6.0 bn. +1.1 bn. Operating profit* +42.2 bn. FY3/22 (a) E&P overseas E&P Non-operating income Foreign (2.8 bn.) Net income I/U Others Japan exchange gains and loss Equity on earnings Profit attributable to Others Extraordinary income Income taxes non- controlling interest FY3/23 (a) FY3/22(a) 2.6 20.1 3.5 (6.5) 10.0 14.2 (0.3) (62.1) 9.6 2.8 FY3/23(a) 1.9 41.1 24.6 (5.6) 5.3 7.1 8.6 (0.0) 15.1 0.5 Note) The amounts in the operating income breakdown by business segment are the figures for the Group's internal management Copyright 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 15#16I. Financial Highlights and Business Progress II. Financial Results for the Fiscal Year Ended March 31, 2023 II. Financial Forecasts for the Fiscal Year Ending March 31, 2024 JAPEX Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 16#17II. Financial Forecasts for the Fiscal Year Ending March 31, 2024 FY3/23 Forecasts Million Yen Net sales Gross profit Operating profit Ordinary profit Profit (loss) attributable to owners of parent Oil Price and Exchange Rate JAPEX FY3/23 (a) FY3/24 (f) Change 336,492 300,600 (35,892) (11%) 96,111 75,300 (20,811) (22%) 62,085 41,200 (20,885) (34%) 83,130 45,500 (37,630) (45%) 67,394 34,000 (33,394) (50%) FY3/23 (a) FY3/24 (f) Change WTI USD/bbl 94.42 75.00 (19.42) Brent USD/bbl 75.00 Crude oil price (CIF) USD/bbl 102.26 75.00 (27.26) Exchange rate JPY/USD 132.86 125.00 (7.86) Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 17#18II. Financial Forecasts for the Fiscal Year Ending March 31, 2024 E&P Business Sales Forecasts FY3/23 (a) Net sales: Million Yen Sales volume E&P Business Breakdown Crude oil FY3/24 (f) Net sales Sales volume 56,063 Net sales Sales volume 91,724 Change JAPEX Net sales +35,661 +64% 695 55,703 1,589 88,964 +893 +128% +33,261 +60% Crude oil Japan - 238 20,760 206 Thousand KL *1 - Crude oil overseas 436 33,084 1,364 12,410 [1] (31) 75,431 [2] +927 (13%) (8,350) (40%) +213% +42,347 +128% Purchased crude oil 20 1,858 18 1,122 (2) (13%) (735) (40%) Natural Gas - Overseas* *2 Million M3 11 360 95 2,760 [3] +84 +733% +2,399 +666% Main factors for change [1] Decrease in sales volume and sales price [2] Increase in sales volume of crude oil from Garraf Oil Field in Iraq and tight oil in U.S. Increase in sales volume due to the scheduled start of production at the Seagull project in U.K. North Sea [3] Increase in sales volume of tight oil in United States. Increase in sales volume due to the scheduled start of production at the Seagull project in U.K. North Sea *1 FY3/23 includes the amounts of 2 overseas subsidiaries (Japex Garraf Ltd. and Japex (U.S.) Corp.) and FY3/24 includes the amounts of 3 overseas subsidiaries (Japex Garraf Ltd., Japex (U.S.) Corp.and JAPEX UK E&P Ltd.) *2 FY3/23 include the amounts of Japex (U.S.) Corp. and FY3/24 includes the volume of 2 overseas subsidiaries (Japex (U.S.) Corp. and JAPEX UK E&P Ltd.) Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 18#19II. Financial Forecasts for the Fiscal Year Ending March 31, 2024 I/U Business Sales Forecasts Net sales: Million Yen Infrastructure & Utility Business Breakdown FY3/24 (f) FY3/23 (a) Sales volume Net sales Sales volume 213,657 Net sales Sales volume 147,305 Change JAPEX Net sales (66,352) (31%) Natural Gas - Japan 989 97,360 996 77,288 +6 +1% [1] (20,072) (21%) Million M3 - Produced in Japan 461 470 +9 +2% LNG Thousand Ton 340 51,572 223 19,738 [2] (117) (35%) (31,834) (62%) Electricity Million kWh 3,005 58,735 3,021 43,445 +15 +1% [3] (15,290) (26%) Others* 5,988 6,833 +845 +14% Main factors for change [1]-[2] Decrease in sales price of domestic natural gas and LNG due to decrease of JLC price, and decrease in sales volume of LNG [3] Decrease in sales volume of electricity *Including net sales from commissioned regasification of LNG Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 19#20II. Financial Forecasts for the Fiscal Year Ending March 31, 2024 Operating Profit Forecasts (Billion Yen) OP total 1.9 E&P-Overseas 14.8 E&P-Japan I/U (5.6) Others (8.5) 20.3 14.5 24.6 41.2 41.1 JAPEX E&P Business Overseas +12.9 bn. 1.9 bn. -> 14.8 bn. • 62.0 • • Increase in sales volume of tight oil in U.S. Increase in sales volume of crude oil due to the scheduled start of production at the Seagull Project in U.K. North Sea Absence of one-time expenses from Japex Garraf Ltd. Domestic • (20.8 bn.) 41.1 bn. -> 20.3 bn. Decrease in sales volume and sales price in crude oil (Japan) Decrease in sales price* of natural gas (Japan) due to decrease in JLC price * Internal transaction price from E&P Business to Infrastructure/Utilities Business for the internal control (10.0 bn.) I/U Business 24.6 bn. -> 14.5 bn. Decrease in margin on LNG procurement (2.9 bn.) Others* (5.6 bn.) → (8.5 bn.) (20.0) (10.0) 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 . FY3/23 (a) FY3/24 (f) Increase in general and administrative expenses (Personnel and digital-related expenditures) Decrease in profit of contract services and others at subsidiaries * Operating income (contracting, oil products and commodities, and others) not belonging to the above business units, less headquarters administrative expenses Note) The amounts in the operating income 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#21II. Financial Forecasts for the Fiscal Year Ending March 31, 2024 Analysis of Change in Net Income Forecasts (Billion Yen) 100.0 90.0 JAPEX +12.9 80.0 (FY3/23) Japex Garraf (3.5 bn.) (FY3/23) JAPAEX (1.7 bn.) SODECO DGN (3.8 bn.) (2.1 bn) (20.8) (10.0) (2.9) (5.3) +3.9 +0.2 (6.2) +0.0 (5.1) 70.0 60.0 50.0 40.0 67.3 30.0 JUS +6.2 bn. 20.0 JUK +4.1 bn. Japex Garraf +1.5 bn. 10.0 0.0 Net income Operating profit* (20.8 bn.) 34.0 (FY3/23) Gain on derivatives Non-operating income (6.0 bn.) (16.7 bn.) Net income Profit FY3/23 (a) E&P overseas E&P Foreign I/U Others Japan exchange gains and loss Equity on earnings Others Extraordinary income Income taxes attributable to non- FY3/24(f) controlling interest 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 (f) 14.8 20.3 14.5 (8.5) 0.8 3.4 11.2 0.3 Note) The amounts in the operating income 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#22II. Financial Forecasts for the Fiscal Year Ending March 31, 2024 Balance sheet JAPEX Million yen FY3/22(a) FY3/23(a) Change Current assets 226,920 281,791 +54,871 Non-current assets 245,021 286,388 +41,367 Capital expenditure for tight oil development in U.S. and Seagull project in U.K. North Sea, etc. Property, plant and equipment 92,837 118,411 +25,573 Investment securities 108,910 115,940 +7,030 Recoverable accounts 16,019 23,455 +7,435 other Total assets 27,252 28,580 +1,327 471,941 568,180 +96,238 Increase in trade payables and accounts payable - other, etc. Current liabilities 25,241 64,250 +39,009 Non-current liabilities 43,929 46,759 +2,830 Total net assets 402,770 457,169 +54,399 Recording of profit. Decrease due to dividend payment and share repurchase Valuation difference on available-for-sale securities 48,346 46,324 (2,021) Non-controlling interests 31,131 31,536 +405 Total liabilities and net assets 471,941 568,180 +96,238 Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 22 22#23II. Financial Forecasts for the Fiscal Year Ending March 31, 2024 Cash Flows and Debt JAPEX Million Yen FY3/22 (a) FY3/23 (a) FY3/24 (f) Full year Full year Full year May 12 Cash flows from operating activities Profit before income taxes Depreciation Recovery of recoverable accounts (1,052) 104,581 98,293 (18,501) 83,084 45,500 17,721 14,257 27,788 17,780 18,295 38,482 Cash flows from investing activities 52,067 (52,723) (87,422) Purchase of property, plant and equipment (16,278) (35,973) (54,433) Payments of recoverable accounts (23,244) (27,729) (39,756) Cash flows from financing activities (70,939) (14,506) (18,417) Cash and cash equivalents at end of period 144,513 186,166 178,619 Interest-bearing debt*1 6,156 10,413 10,149 EBITDA *2 57,391 85,316 77,392 Debt-to-EBITDA ratio 0.1 0.1 0.1 *1 Interest-bearing debt includes reimbursement obligations, 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. 23 23#24JAPEX 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. Progress in allocating funds under the JAPEX Management Plan 2022-2030 7. Business Overview 8. Integrated Report and IR Materials 9. Glossary Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 24#25Appendix JAPEX 1. Net Sales - E&P Million Yen FY3/22(a) Full year 1Q 2Q FY3/23(a) 3Q 4Q Full year FY3/24(f) Full year 5.12 Sales Sales volume of Crude oil (Thousand KL) 73,422 669 7,266 79 6,876 62 Net sales 41,056 7,251 6,850 Sales volume of Crude oil - Japan (Thousand KL) Net sales 286 67 49 21,760 260 21,570 57 20,160 292 56,063 91,724 695 1,589 20,030 64 55,703 238 15,570 5,640 4,855 5,468 Sales volume of Crude oil overseas *1 (Thousand KL) 357 7 7 199 4,796 222 20,760 88,964 206 12,410 436 1364 Net sales 24,105 1,192 1,458 15,632 14,800 Sales volume of Purchased crude oil (Thousand KL) Net sales 25 5 4 5 33,084 20 75,431 18 1,381 418 536 469 433 1,858 1,122 Sales volume of Diluted bitumen (Thousand KL) 959 Net sales 31,121 Sales volume of Natural gas -overseas *2 (Million M3) Net sales 130 0 0 3 10 11 95 1,244 14 25 189 130 360 2,760 WTI (USD/bbl) Crude oil price (CIF) (USD/bbl) *3 Exchange rate (JPY/USD) *3 JML natural gas (CAD/mcf) (Reference) 64.06 94.41 108.65 91.76 82.85 94.42 75.00 73.28 111.20 2.96 101.55 115.31 105.93 89.98 102.26 75.00 122.50 133.58 143.32 133.39 132.86 125.00 Proved reserves at the end of FY2022: 137MMBOE (52MMBOE Japan, 85MMBOE overseas / 89MMBOE of Crude oil, 48 MMBOE of Natural gas) Production volume in FY2022 28MBOED (13MBOED Japan, 15MBOED overseas / 14MBOED Crude oil, 14MBOED Natural gas) *1 FY3/22 include the amounts of 3 overseas subsidiaries (Japex Garraf Ltd., JAPEX Montney Ltd. and Japex (U.S.) Corp.), FY3/23 includes the amounts of 2 overseas subsidiaries (Japex Garraf Ltd., and Japex (U.S.) Corp.), *2 FY3/22 include the volume of 2 overseas subsidiaries (JAPEX Montney Ltd., and Japex (U.S.) Corp.), FY3/23 includes the amounts of Japex (U.S.) Corp. *3 Domestic sales price average of crude oil referring to crude oil (CIF) price and its conversion exchange rate Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 25 25#26Appendix 1. Net Sales - I/U JAPEX Million Yen FY3/22(a) FY3/23(a) Full year 1Q 2Q 3Q 4Q Full year FY3/24(f) Full year 5.12 Sales 119,845 36,009 40,770 64,968 71,909 213,657 147,305 Sales volume of Natural gas - Japan (Million M3) 1,061 231 214 245 296 989 996 Net sales 58,024 17,923 18,043 26,659 34,734 97,360 77,288 Sales volume of Natural gas produced in Japan (Million M3) 527 109 101 112 136 461 470 Sales volume of LNG (Thousand ton) 295 49 44 119 127 340 223 Net sales 22,596 6,062 7,424 21,391 16,695 51,572 19,738 Sales volume of Electricity (Million kWh) 3,023 665 787 693 859 3,005 3,021 Net sales 34,320 10,986 14,265 15,591 17,891 58,735 43,445 Others* 4,903 1,037 1,037 1,326 2,587 5,988 6,833 * Including the revenue from contracted transportation of natural gas and commissioned regasification of LNG Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 26 26#27JAPEX Million Yen FY3/22(a) FY3/23(a) Full year 1Q 2Q 3Q 4Q Full year Appendix 2. Financial Results FY3/24(f) Full year 5.12 Net sales 249,140 58,617 62,091 E&P Business 73,422 7,266 6,876 104,396 21,760 111,387 336,492 300,600 20,160 56,063 91,724 Infrastructure/Utility Business 119,845 36,009 40,770 64,968 71,909 213,657 147,305 Others 55,872 15,341 14,444 17,667 19,317 66,771 61,570 Cost of sales 199,237 41,920 44,807 74,488 79,164 240,380 225,300 Gross profit Exploration expenses SG&A expenses Operating profit Non-operation income Interest income 49,903 16,696 17,283 29,907 32,222 96,111 75,300 359 97 1,042 860 885 2,885 4,700 29,734 6,788 6,746 9,609 7,994 31,139 29,400 19,809 9,810 9,494 19,438 23,343 62,085 41,200 23,864 12,789 10,989 (4,643) 1,908 21,044 4,300 266 149 257 342 424 1,173 627 Interest expenses (1,187) (1) (1) (2) (5) (363) Dividend income 4,049 47 1,603 67 1,801 3,520 3,719 Share of profit of entities accounted for 14,226 5,988 696 49 375 7,109 859 using equity method Provision for overseas investment 66 (44) 0 (44) (120) Foreign exchange gains and loss 10,002 6,748 Other Ordinary profit Extraordinary income Profit before income taxes Income taxes Profit attributable to non-controlling interests (3,559) (142) 43,674 22,600 2,428 6,004 20,483 (4,312) (744) 14,794 468 5,332 0 (1,158) 3,958 25,251 (62,175) (1) (18,501) 22,598 (14) 20,469 (11) 14,783 9,652 5,304 2,835 1,653 Profit (loss) attributable to owners of parent (30,988) 15,640 3,665 1,013 15,790 4,520 (1,593) 11,856 (19) 25,232 1,611 (487) 83,130 (46) (422) 45,500 0 83,084 15,102 45,500 11,200 587 24,107 67,394 300 34,000 Copyright 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 27 27#28Appendix 3. Segment Profit FY3/23(a) Million Yen FY3/22(a) Full year 1Q 2Q 3Q 4Q Full year JAPEX FY3/24(f) Full year 5.12 Operating profit 24,739 11,472 11,215 19,702 26,464 68,855 38,031 Japan Share of profit (loss) of entities accounted for using equity method (47) 291 24 124 (113) 326 319 Operating profit (loss) 1,789 227 320 2,370 1,291 4,210 10,474 North America Share of profit of entities accounted for using equity method Operating loss (151) (33) (55) (29) (51) (170) 4,007 Europe Share of profit of entities accounted for using equity method Operating profit 2,644 522 611 (8) (1,237) (112) 1,478 Middle East Share of loss of entities accounted for using equity (13) (3) (3) (2) (2) (11) (7) method Operating profit Others*1 Share of profit of entities accounted for using equity method 14,287 5,699 675 (72) 490 6,793 547 Adjustments and Eliminations*2 Amounts on consolidated (9,213) (2,378) (2,598) (2,596) (3,123) (10,697) (12,792) 19,809 9,810 9,494 19,438 23,343 62,085 41,200 statement of income" 3 Operating profit (loss) *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. 28 28#29Appendix 4. Price Assumptions for FY3/24 Forecasts JAPEX Upper: from January 2022 to March 2023 Lower: from January 2023 to March 2024 Full year Jan.-Mar. Market Price 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 FY3/24 (f) 75.00 75.00 75.00 75.00 75.00 FY3/23 (a) 94.41 108.65 91.76 82.85 94.42 WTI USD/bbl FY3/24 (f) 75.00 75.00 75.00 75.00 75.00 FY3/23 (a) Brent USD/bbl FY3/24 (f) 75.00 75.00 75.00 75.00 75.00 FY3/23 (a) 101,863 143,821 142,404 117,059 126,287 JLC price JPY/Ton FY3/24 (f) 82,800 75,700 75,400 75,400 77,300 FY3/23 (a) Exchange rate JPY/USD FY3/24 (f) 15.0 15.0 15.0 15.0 15.0 * Domestic sales price average of crude oil referring to crude oil (CIF) price and its conversion exchange rate Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 29 29#30Appendix 5. Sensitivities Analysis on FY3/24 Forecasts Basis Impacts on profit (Million Yen) JAPEX FY3/24 Assumptions Fluctuation Operating profit Profit attributable to owners of parent Main factors for change positive factor "+" / negative factor "( )" Crude oil price Crude oil price (CIF) USD 75.00/bbl Increase by 1USD/bbl 470 + Sales of oil and gas 350 (Increase in LNG procurement cost) Exchange rate JPY 125.00/USD 1 weaker JPY against USD + Sales of oil and gas 570 340 (Increase in LNG procurement cost) 【Assumptions】 Changes in equity method investment gain are not included in the above amount. Translation adjustments of foreign-currency-denominated receivables and payables may occur, in addition to the impact of exchange rate fluctuations shown on the above. . 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. 30 30#31Appendix 6. Progress in allocating funds under the JAPEX Management Plan 2022-2030 JAPEX billion yen 2022-2030 Cumulative total 2022-2023 Cumulative total rate of progress (Plan) (Forecast) 30 14 47% 200 75.8 38% 0% 5.2 13% 90 3.9 4% Growth E&P Additional domestic development, etc. Investments Acquisition of new overseas interests, etc. I/U Domestic gas supply 40 Overseas LNG supply infrastructure development 40 40 Domestic and international renewable energy development CN Domestic and international CN business development 50 Shareholder Returns Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. Total 450 99.3 22% 50 31.1 62% Cash outflow total 500 130.4 26% 31#32Appendix 7. Business Overview 2 E&P Field O&G [3] Norway: Offshore Blocks O&G [4] UK North Sea: Seagull Project [5] Russia: Sakhalin 1 Project* OIL JAPEX E&P Business site * Included in our sales profit [1] Iraq: Garraf Project* OIL O&G [A] Japan: Domestic oil and gas fields* (10 sites in Hokkaido, Akita, Yamagata, and Niigata) [2] Indonesia · Kangean Project GAS [6] United States: Tight Oil Development* OIL Our affiliated E&P business base Japan Overseas 10 fields 6 projects Our oil and gas E&P fields/projects No. Oil and gas field/Project title (Operator) Japan: Domestic oil and gas fields A Interest Share (JAPEX's net) Differ by interest Production type (Total of 10 locations in Hokkaido, Akita, Yamagata, and Niigata) 1 Iraq: Garraff Project (PETRONAS Carigali Iraq Holding B.V.) 30% (16.5%) Crude oil/ natural gas Crude oil Additional Development Status Production/ Production/ Production Volume*1 Undisclosed Approx. 127,000bbl*2 Additional Development 2 Indonesia: Kangean Project (Kangean Energy Indonesia Ltd.) 100% (25%) Natural gas Production Approx. 3,520,000m³ (Approx. 21,000boed) 3 Norway: Offshore Blocks Differ by interest Exploration 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 19 North America: Tight Oil Development 6 Differ by interest Crude oil (Marathon Oil Corporation, EOG Resources Inc., etc.) Development Production/ Development Production/ Development (Schedule to start production in FY2023) Undisclosed Undisclosed *1: Average daily Production for cumulative FY2022 (Jan.-Dec.. 2022 for overseas projects) / *2:Average daily production Apr.2022-Mar. 2023 *3: Decided to make capital participation in May 2023 (investment ratio: 49.9%) *4: 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. 32 32#33Appendix 3 7. Business Overview ③ 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 e Tomakomai Oga Akita Yurihonjo LNG tank truck Yamagata LNG from overseas Sheroesh 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 Niigata-Sendai Gas Pipeline Fukushima LNG tank truck Karyama Ucnuma BLNG 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 Carners LNG Costal vessel *Cities on the Ires are supply destesations Coastal vessel Sendal wanuma Soma-iwanuma Gas Pipeline Soma LNG Terminal ooh, LNG from overseas Fukushima Natural Gas Power Plant LNG tank truck a Shiroishi-Koriyama Gas Pipeline Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. LNG tank truck 33 33#34Appendix 7. Business Overview 4 I/U Field - Electricity JAPEX's joining power plants are [1] Abashiri Biomass Power Plant No.2&3 BIO [2] Mega solar power generation Total 7 sites (Renewable energy 6 sites Total output 1,389,550kW Renewable energy 209,550kw) JAPEX at JAPEX Hokkaido District Office* PV [3] Yufutsu Solar Power Plant PV • Power plants in development and operation (as of the end of March 2023) No. Name Location Туре Capacity (kW) Share Status Shinchi Town, Natural gas A Fukushima Natural Gas Power Plant 1,180,000 33% In operation Fukushima (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 Tahara Biomass Power Plant Tahara City, Aichi Biomass (wood pellets) 50,000 39.9% In construction LNG 5 Ozu Biomass Power Plant 6 Chofu Biomass Power Plant Ozu City, Ehime Shimonoseki City, Yamaguchi Biomass (wood pellet) 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) [4] Tahara Biomass Power Plant [5] Ozu Biomass Power Plant BIO BIO Gas power plant BIO [6] Chofu Biomass Power Plant Copyright 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. Renewable power plant *Included in our sales profit 34#35Appendix 7. Business Overview ⑤ CN Field Required factors to realize a hub & cluster CCS/CCUS Verification and Establishment of Technology Survey of suitable sites for CO2 storage and amounts that can be stored CO2 capture and transportation technology CO2 indention and storage technology Including stored CO2 monitoring + Inter-company and Cross-industry Collaboration Collection of CO2 from emitting sites CO2 transportation network construction Transportation to utilization destinations and collection surpluses ➤ Underground storage of surplus CO₂ • 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 ✓ Feasibility study of CCUS project in Tomakomai area with Idemitsu Kosan and Hokkaido Electric Power Company ✓ Feasibility study on carbon recycling business utilizing inter-industry collaboration in the Tomakomai area with Deloitte Tohmatsu Consulting (NEDO-commissioned project to be completed by the end of March 2023.) ✓ Feasibility study of a business in the Niigata area that makes effective use of CO2 with Mitsubishi Gas Chemical Feasibility Study for a Hub & Cluster Type CCUS Project in Niigata East Port Area (JOGMEC-commissioned project in FY2022 to be completed by the end of February 2022.) Common Technical and other related study Overseas JAPEX Examination and Development of Legal Systems, etc. Legal system for CO2 underground storage Appropriate system of CO2 transportation infrastructures with publicness CO2 trading system Including collaboration with overseas CO2 trading 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) ✓ Joint CCS study in Malaysia: Investigation of suitable sites and technical evaluations for CO2 underground storage (with PETRONAS, JGC CORPORATION, and Kawasaki Kisen Kaisha, Ltd., and works by 3 Japanese companies are adopted as a subsidy project by the Japanese government) ✓ 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. 35#36Appendix 8. Integrated Report and IR Materials Please visit our website for the integrated report and IR materials. Integrated Report Integrated Report JAPEX JAPEX Integrated Report 2022 https://www.japex.co.jp/en/ir/library/integratedreport/ The latest issue (Integrated Report 2022, published in September 2022) is available directly via the following link https://www.japex.co.jp/en/ir/uploads/pdf/JAPEX IR2022 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 10yearFinancial Data e.xlsx https://www.japex.co.jp/en/ir/stock/dividend/ Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 36#37Appendix 9. Glossary • Abbreviations BOE(D) CCS CCUS CIF E&P FID GHG HSE JCC JEPX MH RRR WTI Barrels of Oil Equivalent (per Day) Carbon dioxide Capture and Storage Carbon dioxide Capture, Utilization and Storage Cost, Insurance and Freight Exploration and Production Final Investment Decision Greenhouse Gas Health, Safety and Environment Japan Crude Cocktail Japan Electric Power Exchange Methane Hydrate Reserve Replacement Ratio West Texas Intermediate ●• Main Subsidiaries and Affiliates Japex Garraf Japex Garraf Ltd. EMPI SODECO DGN FGP Energi Mega Pratama Inc. Sakhalin Oil & Gas Development Co., Ltd. Diamond Gas Netherlands B.V. Fukushima Gas Power Co., Ltd. Iraq / Garraf Project Indonesia/Kangean Project Russia/Sakhalin-1 Project Malaysia LNG Project 3 (Tiga) Natural gas-fired electric power generation Business Copyright 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 37 37 JAPEX#38Cautionary Statement JAPEX This document contains future outlooks such as plans, forecasts, strategies, and others which are not historical fact 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 (FY3/23, for instance, means 12 months ending March 31, 2023) ⚫ 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. 38#39JAPEX Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.