Public Relations Group, Corporate Communications Unit
Akasaka Biz Tower, 5-3-1 Akasaka, Minato-ku, Tokyo 107-6332 JAPANFebruary 12, 2019

Announcement of Revised Financial Forecasts for the Fiscal Year Ending
March 31, 2019, etc.
Tokyo, Japan - INPEX CORPORATION (INPEX) announced today that it has revised its
consolidated financial forecasts for the fiscal year ending March 31, 2019 announced on
November 7, 2018 as follows.

Revised forecasts for consolidated financial results for the fiscal year ending March 31, 2019
Net income
Operating
Ordinary attributable toNet income
Net salesowners ofincome
incomeper share(Millions ofparent(Millions of(Millions(Yen)yen)(Millions ofyen)of yen)yen)
Previous forecasts(November 7, 2018): A
1,001,000
476,000
487,000
60,00041.09
Revised forecasts: B
971,000
466,000
493,000
82,00056.15
Increase (decrease): B-A(30,000)(10,000)
6,000
22,000Percentage(%) change
(3.0)
(2.1)
1.2
36.7
Reference:
Consolidated financial
933,701
357,363387,269
40,36227.64
results for the fiscal year
ended March 31, 2018

Reasons for the revisions
The consolidated financial forecasts for the fiscal year ending March 31, 2019, in particular
the forecast for net income attributable to owners of parent, have been revised taking into
consideration the consolidated financial results for the nine months ended December 31,
2018, an increase in the expected revenue generated from the Ichthys LNG Project in thethree months ending March 31, 2019 and a net loss attributable to non-controlling interests forthe fiscal year ending March 31, 2019, among other factors. The impact of a one-off loss in
the Americas segment and others expected in the 4th quarter of the current fiscal year has
been factored into the forecast for net income attributable to owners of parent for the fiscal
year ending March 31, 2019.

Public Relations Group, Corporate Communications Unit
Akasaka Biz Tower, 5-3-1 Akasaka, Minato-ku, Tokyo 107-6332 JAPANThe revised financial forecasts for the fiscal year ending March 31, 2019 outlined above havebeen calculated based on the following assumptions, etc.
*1 Reference: Assumptions
Revised forecasts
Previous forecasts(November 7, 2018)(February 12, 2019)
Crudeoilprice 1st half (Actual)
75.4
1st half (Actual)75.4(Brent) (US$/bbl)
2nd half (Forecast) 70.0
2nd half (Forecast) 64.3
Full year (Forecast) 72.7
Full year (Forecast) 69.9
stExchange rate
1 half (Actual)
110.3
1st half (Actual)110.3
nd(yen/US$)
2 half (Forecast) 110.0
2ndhalf (Forecast) 111.5
Full year (Forecast) 110.1
Full year (Forecast) 110.9※Crude oil price: 3rd quarter (Actual): US$68.6/bbl, 4th quarter (Forecast): US$60.0/bbl
Exchange rate: 3rd quarter (Actual): ¥112.9/US$, 4th quarter (Forecast): ¥110.0/US$*2 Expected revenue generated from the Ichthys LNG Project in the fiscal year ending March 31, 2019
The financial forecasts announced on November 7, 2018 factored approximately 10 billion yen as theexpected revenue generated from the Ichthys LNG Project into the company’s net income attributableto owners of parent for the second half of the current fiscal year. In the revised financial forecasts forthe fiscal year ending March 31, 2019, however, approximately 40 billion yen(*) have been factored into
the company’s net income attributable to owners of parent mainly due to a steady production ramp-up,of which approximately 10 billion yen are attributable to the recognition of deferred tax assets resulting
from the full-scale shipment of products.
(*)INPEX reached an agreement with TOTAL to acquire a portion (4%) of the participating interest in the Ichthys
LNG Project held by TOTAL as announced on December 13, 2018. Completion of the acquisition is subject to thefulfillment of certain conditions. The revised financial forecasts for the fiscal year ending March 31, 2019 arecalculated on the basis of INPEX holding a 62.245% participating interest in the Ichthys LNG Project.

Net loss attributable to non-controlling interests for the fiscal year ending March 31, 2019
Regarding the crude oil development and production business in the Eurasia region of aconsolidated subsidiary, a net loss of approximately 12 billion yen attributable tonon-controlling interests was included in INPEX’s consolidated accounting process for thefiscal year ending March 31, 2019 due to an investment in the consolidated subsidiary bynon-controlling interests. As a result, net income attributable to owners of parent for the fiscalyear ending March 31, 2019 is expected to increase by approximately 12 billion yen (the sameamount as the net loss attributable to non-controlling interests as outlined above).

The forecast for the year-end dividend for the fiscal year ending March 31, 2019 will remainunchanged from the previous forecast at 15 yen per share (¥9 ordinary dividend plus ¥6commemorative dividend per common stock). The annual dividend per share will be 24 yen.

Public Relations Group, Corporate Communications Unit
Akasaka Biz Tower, 5-3-1 Akasaka, Minato-ku, Tokyo 107-6332 JAPANNB: Forecasts above are based on currently available information and contain many uncertainties. The
final results may differ from the forecasts above due to changes in business conditions including oil andnatural gas price levels, production and sales plans, project development schedules, government
regulations and financial and tax schemes, etc.

Media Contact: INPEX Tokyo Office, Public Relations Group, Tel) +81-3-5572-0233