May 27, 2008

Correction to the Presentation Materialof the Financial Results for the year ended March 31, 2008

INPEX Holdings Inc. today announced that following corrections have been made tothe Presentation Material of the Financial Results for the year ended March 31, 2008,
which was disclosed on May 16, 2008.

1. Corrected Page
Presentation Material Page 31
Presentation Material Page 32
Presentation Material (Appendix) Page 56

2. Corrections
Please see attached.（underlined sections）

3. Main reason for the corrections
The reserve report of DeGolyer&MacNaughton was a preliminary version as of May16, 2008, and there were some changes in the final version. Therefore, we revised
the presentation slides as attached.

Presentation Material Page 31<Before Correction>

Factor Analysis of Change in Probable Reserves*(MMBOE)
4,500

304
1,940

4,000
3,500
3,000

△1,249

2,500

△201

△29

2,000
2,724

1,500
1,000

1,959

500
0Mar. ‘07*

Extensions andDiscoveries**(+)(-)***
Revisions of previous
estimates

Impact ofChange inOil Prices

Transfer toProved
Reserves

Mar. ‘08

Probable reserve volumes are based on the reserves report (preliminary version) by DeGolyer and MacNaughton in accordance with
SPE/WPC/AAPG/SPEE guideline (SPE‐PRMS) approved in March 2007. The volumes are the sum of proved reserves and probable reserves by SPE‐PRMS
after deduction of proved reserves by SEC regulations. Reserve volumes of Joslyn oil sand project (mining) are based on the evaluation by RYDER SCOTT.
Volumes attributable to the equity method affiliates are included.

** Including acquisitions and sales. Parts of Reserves in the oil sand project (mining) are classified as proved reserves by SPE‐PRMS, but included in ourprobable reserves because these are not proved reserves by SEC regulations*** Including ‐1,172 MMBOE revision associated as a result of applying SPE‐PRMS

31<After Correction>

Factor Analysis of Change in Probable Reserves*(MMBOE)
4,500

307
1,937

4,000
3,500
3,000

△1,251

2,500

△201

△29

2,000
1,500
1,000

2,721
1,959

500
0Mar. ‘07
*Extensions andDiscoveries**(+)(-)***
Revisions of previous
estimates

Impact ofChange in
Oil Prices

Transfer toProved
Reserves

Mar. ‘08

Probable reserve volumes are based on the reserves report by DeGolyer and MacNaughton in accordance with SPE/WPC/AAPG/SPEE guideline (SPE‐PRMS) approved in March 2007. The volumes are the sum of proved reserves and probable reserves by SPE‐PRMS after deduction of proved reserves bySEC regulations. Reserve volumes of Joslyn oil sand project (mining) are based on the evaluation by RYDER SCOTT. Volumes attributable to the equity
method affiliates are included.

** Including acquisitions and sales. Parts of Reserves in the oil sand project (mining) are classified as proved reserves by SPE‐PRMS, but included in ourprobable reserves because these are not proved reserves by SEC regulations*** Including ‐1,190 MMBOE revision associated as a result of applying SPE‐PRMS31

Presentation Material Page 32<Before Correction>

Upside Potential from Probable Reserves*
5,000(As of march 31, 2008)

Reserve Life**（RP Ratio）

4,369

4,500
4,000

MMBOE

3,500

2,724

3,000

2,724

2,500
2,000

28.3
Years

1,645

1,500

466

466

466

1,179

1,179

1,000
500

1,179

10.7
Years0
ProvedDeveloped
Reseves***

ProvedUndeveloped
Reserves

ProvedReserves

Probable
Reserves

Proved +ProbableReserves

Probable reserve volumes are based on the reserves report (preliminary version) by DeGolyer and MacNaughton applying SPE/WPC/AAPG/SPEE guideline(SPE‐PRMS) approved in March 2007. The volumes are the sum of proved reserves and probable reserves by SPE‐PRMS after deduction of proved reserves bySEC regulations. Reserve volumes of Joslyn oil sand project (mining) are based on the evaluation by RYDER SCOTT. Volumes attributable to the equity method
affiliates are included..
Reserve Life = Proved (+Probable) Reserves as of March 31, 2008 / Production for the year ended March 31, 2008 (RP Ratio: Reserve Production Ratio)

32<After Correction>

Upside Potential from Probable Reserves*
5,000(As of march 31, 2008)

4,366

4,500

Reserve Life**（RP Ratio）

4,000

MMBOE

3,500

2,721

3,000

2,721

2,500
2,000

28.2
Years

1,645

1,500

466

466

466

1,179

1,179

1,000
500

1,179

10.7
Years0
ProvedDeveloped
Reseves***

ProvedUndeveloped
Reserves

ProvedReserves

Probable
Reserves

Proved +ProbableReserves

Probable reserve volumes are based on the reserves report by DeGolyer and MacNaughton applying SPE/WPC/AAPG/SPEE guideline (SPE‐PRMS) approvedin March 2007. The volumes are the sum of proved reserves and probable reserves by SPE‐PRMS after deduction of proved reserves by SEC regulations.
Reserve volumes of Joslyn oil sand project (mining) are based on the evaluation by RYDER SCOTT. Volumes attributable to the equity method affiliates areincluded..
Reserve Life = Proved (+Probable) Reserves as of March 31, 2008 / Production for the year ended March 31, 2008 (RP Ratio: Reserve Production Ratio)

32

Presentation Material (Appendix) Page 56<Before Correction>

Factor Analysis of Change in Proved Reserves*(MMBOE)
2,000

2935181,800△201,600△34△1531,400
1,2001,000800

1,7701,645600
4002000Mar. ‘07

Upgrade fromProbableReserves

Extensions andDiscoveries**(+)(-)
Revisions of previous
estimates

Impact ofChange inOil Prices

Productionin the Year
ended
March 31, 2008

Mar. ‘08* Proved reserve volumes are based on the reserve reports (preliminary version) by DeGolyer and MacNaughton applying SEC regulation. Volumes attributable to theequity affiliates are included.
56** Including acquisitions and sales<After Correction>

Factor Analysis of Change in Proved Reserves*(MMBOE)
2,000
1,800292819△131,600△34△1541,4001,200
1,000
800

1,770

1,645600
4002000Mar. ‘07

Upgrade fromProbableReserves

Extensions andDiscoveries**(+)(-)
Revisions of previous
estimates

Impact ofChange in
Oil Prices

Productionin the Year
ended
March 31, 2008

Mar. ‘08* Proved reserve volumes are based on the reserve reports by DeGolyer and MacNaughton applying SEC regulation. Volumes attributable to the equity affiliates areincluded.
** Including acquisitions and sales

56