Integrated Report 2023

JAPEX 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

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