29 June, 2009

Correction to the Presentation Materialof the Financial Results for the year ended March 31, 2009
INPEX CORPORATION today announced that the following corrections have been
made to the Presentation Material of the Financial Results for the year ended March 31,
2009, which was disclosed on May 15, 2009.

1. Corrected Page
Page 13

2. Corrections
Please see attached.（underlined figures）
3. Reason for the corrections
We revised the page due to correction of the production volume from the Frade Fieldin the Americas Segment.

< Before Correction>

Net Production* Volume Projection
 Tangguh LNG+6 Thousand BOED (Expected to start in Apr.‐Jun. 2009) Frade Oil Field+2 Thousand BOED (Expected to start in the middle of 2009) Van Gogh Oil Field+4 Thousand BOED (Expected to start in Oct.‐Dec. 2009)

1000
900
800
(Thousand BOED)

700

Long term production target(800‐1,000 thousand BOED)

New Projects

Year ended March 31, 2009‐2011
CAGR: 6.3%

600
500

458
405

400

421

449

447

450
4%

4%
44%

 Kashagan Oil Field(Expected to start in 2012) Ichthys LNG Project

Existing Projects

300

36%

200

6%

11%

 Abadi LNG Project

100

46%

35%

(Expected to start in 2016)

0(Expected to start in 2015)8%
Mar. '09

6%
Mar. '10(E)Japan

Mar. '11(E)Mar. '12(E)Asia/Oceania

Mar. '13(E)Eurasia2020

Mar. '14(E)Middle East/Africa

AmericasNote: Assuming oil prices (Brent) of $52.5 in the year ending March 31, 2010 and $60 in the March 31, 2011 or later in the light of the recent market conditions.

013* The production volume of crude oil and natural gas under the production sharing contracts entered into by INPEX Group corresponds to the net economic take of our group.

< After Correction>

Net Production* Volume Projection
 Tangguh LNG+6 Thousand BOED (Expected to start in Apr.‐Jun. 2009) Frade Oil Field+4 Thousand BOED (Expected to start in the middle of 2009) Van Gogh Oil Field+4 Thousand BOED (Expected to start in Oct.‐Dec. 2009)

1000
900
800
(Thousand BOED)

700

Long term production target(800‐1,000 thousand BOED)

New Projects

Year ended March 31, 2009‐2011
CAGR: 6.9%

600
500

462
405

400

424

454

452

454
5%

4%
43%

 Kashagan Oil Field(Expected to start in 2012) Ichthys LNG Project

Existing Projects

300

36%

200

6%

11%

 Abadi LNG Project

100

46%

35%

(Expected to start in 2016)

0(Expected to start in 2015)8%
Mar. '09

6%
Mar. '10(E)Japan

Mar. '11(E)Mar. '12(E)Asia/Oceania

Mar. '13(E)Eurasia2020

Mar. '14(E)Middle East/Africa

AmericasNote: Assuming oil prices (Brent) of $52.5 in the year ending March 31, 2010 and $60 in the March 31, 2011 or later in the light of the recent market conditions.

113* The production volume of crude oil and natural gas under the production sharing contracts entered into by INPEX Group corresponds to the net economic take of our group.

Financial Results
for the year ended March 31, 2009

INPEX CORPORATION
May 15, 2009

Agenda Corporate Overview
 Outlook Financial Results for the year ended
March 31, 2009
 Consolidated Financial Forecasts
for the year ending March 31, 20101

Cautionary Statement
This presentation includes forward‐looking information that reflects the plan and
expectations of the Company. Such forward‐looking information is based on thecurrent assumptions and judgments of the Company in light of the information
currently available to it, and involves known and unknown risk, uncertainties, andother factors. Such risks, uncertainties and other factors may cause the Company’s
performance, achievements or financial position to be materially different from any
future results, performance, achievements or financial position expressed or impliedby such forward‐looking information. Such risks, uncertainties and other factors
include, without limitation:
 Price volatility and change in demand in crude oil and natural gas
 Foreign exchange rate volatility
 Change in costs and other expenses pertaining to the exploration, development
and production
The Company undertakes no obligation to publicly update or revise the disclosureof information in this presentation (including forward‐looking information) after
the date of this presentation.
2

Corporate Overview

Naoki Kuroda
Representative director, President

FY 2009/03 Corporate Highlights
 Completed full integration between INPEX and Teikoku Oil in
October 2008
 Net profit down by 16%: under severe business environment suchas sharp drop in oil prices under worldwide economic recession
after historical high price in July 2008, and yen appreciation
 Proved + probable reserves increased by approximately 10%:
additions in Ichthys, ADMA Block, Kashagan Oil Field, etc.
 Net production down by 4%: change in profit share in ACG Oil
Fields etc.
 Actively acquired new exploration blocks (Indonesia, Australia,
Brazil) Deeply committed to preparation work for Ichthys and Abadi
LNG projects, our mid‐to long term growth driver4

Proved Reserves*
By Resource Type

By Region

2,000
1,800

2,000

1,775

1,770
1,645

1,800

1,598

1,600
685

630
558

1,000
800
1,090

1,139

1,087

1,048

2%

200

200

0

0
Mar. '07

Oil/Condensate/LPG

Mar. '08

Mar. '09

Natural Gas

48%

1,598
2%

45%
45%

43%

7%

12%

12%

13%

600
400

**

1,645

1,000

400

Note: *

1%

1,200

800

Mar. '06**

5

1,400

550

1,200

600

1,770
1%

1,600

MMBOE

MMBOE

1,400

1,775

Japan

35%

33%

32%

33%

10%

9%

9%

9%

Mar. '06**

Mar. '07

Mar. '08

Mar. '09

Asia/Oceania

Eurasia

Middle East/Africa

Americas

Proved reserve volumes are based on the reserves report (preliminary) by DeGolyer and MacNaughton applying SEC regulations.
Reserves that DeGolyer and MacNaughton did not evaluate are excluded. Volumes attributable to the equity method affiliates areincluded.
Simple sum, assuming that integration of INPEX and Teikoku had taken place in the year ended March 31, 2006

Proved + Probable Reserves*
5,000

4,774
4,366

4,500
4,000

RP Ratio***

3,655

3,728

3,500
3,176
2,721

MM BOE

3,000
1,881

1,959

2,500

32.3 years

2,000
1,500
1,000

1,775

1,770

1,645

1,598

Mar. '06**

Mar. '07

Mar. '08

Mar. '09

500

10.8
years

0
Proved Reserves

6

Probable Reserves* Proved reserve volumes are based on the reserves report (preliminary) by DeGolyer and MacNaughton applying SEC regulations. Probable reserve
volumes are based on the reserves report (preliminary) by DeGolyer and MacNaughton applying SPE/WPC/AAPG/SPEE guideline (SPE‐PRMS).
Reserves that DeGolyer and MacNaughton did not evaluate are excluded. Volumes attributable to the equity method affiliates are included.
** Simple sum, assuming that integration of INPEX and Teikoku had taken place in the year ended March 31, 2006*** Reserve Life = Proved (+Probable) Reserves as of March 31, 2009 / Production for the year ended March 31, 2009 (RP Ratio: Reserve Production Ratio)

Net Production* (FY Mar. 2009)
423
400

3%

405
4%

34%
(MBOED)

300

36%

13%

6%

42%

46%

8%

8%

Mar. 08

Mar. 09200
100
0Main increase factor
・ Farm‐in of Block 18,
Ecuador in Oct. 2008(+2MBOE/D)

Japan

Asia/Oceania

Eurasia

Middle East/Africa

Main decrease factor
・ Change in profit share andcompletion of initial cost
recovery in ACG Oil Fields(‐30MBOE/D)
Main increase factor
・ Production start in Kerishi
Field since Dec. 2007(+9MBOE/D）

Americas* The production volume of crude oil and natural gas under the production sharing contracts entered into by INPEX Group corresponds to the net economic take of our group.

7

Ichthys LNG Project
Condensate
85 Thousand bbl/d (peak rate)

LNG More than 8 MMt/a
LPG 1.6 MMt/a
Condensate 15 Thousand bbl/d (peak rate) Selected Darwin, Northern
Territory as the location for gas
liquefaction facility in Sep. 2008
 FEED work
‐ Jan. 2009: natural gas liquefaction plant‐ Apr. 2009: offshore facilities

x
42”

r
app

k
850
ox.

m

DarwinIchthys
Development Concept

 Production volume (expected): More than 8 MM t/a of LNG
1.6 MM t/a of LPG
100,000 bbl/d of condensate (Peak Rate) FID target: 2010
 Production start target: 20158

Abadi LNG Project Submitted Plan of Development(POD) to Indonesian Government(BPMIGAS) in Sep. 2008 and acquired
the approval from the Indonesian
Government INPEX proposal- Floating LNG concept
FLNG Image- Production capacity : annual average of 4.5 MM tons of LNG
for more than 30 years- Expected start‐up: around 2016
 FEED to start by the end of 2009
 FID Target: 20119

Domestic Natural Gas Business Naoetsu LNG Receiving Terminal
Receiving– FID to construct a LNG receiving
Terminal Imageterminal in the port of Naoetsu in
Joetsu city, Niigata Prefecture inAugust 2008
– Total investment cost of
approximately 100 billion yen(including the cost of construction
and land acquisition etc.)
 Domestic Natural Gas Sales Plan in FY 2010/03- Total sales volume decreases by approximately 3%: continuing
demand decrease of industrial users under economic recession
since 2nd half FY 2009/03(FY 2009/03) 1,625MMm3 → (FY 2010/03) 1,577MMm3- Gradually correcting price difference between domestic gas priceand LNG price10

Outlook

Naoki Kuroda
Representative director, President

Investment Plan
By Activity

By Region(Billions of Yen)

(Billions of Yen)

613.0

613.0
600

600

500

500

15.0
18.0
54.0
84.0

428.0
400

400

355.0
529.0

318.2

235.3

273.0

374.0

60.1

100

59.0

45.0

23.8

37.0

Mar. '09

Mar. '10 (E)Other Capital Expenditure*

12

97.0

93.0

396.0

200

100

0

21.8
32.9

300

300

200

318.2

355.0
15.0
38.0

428.0
16.0
49.0

39.0
15.0
Mar. '11 (E)Exploration**

171.3

164.0

32.0

45.0

Mar. '09

Mar. '10 (E)

248.0

44.0
40.0
0

Mar. '12 (E)Development

46.0

18.0
Mar. '11 (E)Mar. '12 (E)Japan

Asia/Oceania

Eurasia

Middle East/Africa

Americas

New Projects* Mainly investments in Naoetsu LNG Receiving Terminal and domestic pipeline network** Including Acquisition Costs

Net Production* Volume Projection
 Tangguh LNG+6 Thousand BOED (Expected to start in Apr.‐Jun. 2009) Frade Oil Field+4 Thousand BOED (Expected to start in the middle of 2009) Van Gogh Oil Field+4 Thousand BOED (Expected to start in Oct.‐Dec. 2009)

1000
900
800
(Thousand BOED)

700

Long term production target(800‐1,000 thousand BOED)

New Projects

Year ended March 31, 2009‐2011
CAGR: 6.9%

600
500

462
405

424

454

452

454
5%

 Kashagan Oil Field(Expected to start in 2012)

400

4%

300

36%

200

6%

11%

 Abadi LNG Project

100

46%

35%

(Expected to start in 2016)

0

8%

6%

43%

 Ichthys LNG Project

Existing Projects(Expected to start in 2015)

Mar. '09

Mar. '10(E)Japan

Mar. '11(E)Mar. '12(E)Asia/Oceania

Mar. '13(E)Eurasia2020

Mar. '14(E)Middle East/Africa

AmericasNote: Assuming oil prices (Brent) of $52.5 in the year ending March 31, 2010 and $60 in the March 31, 2011 or later in the light of the recent market conditions.

13 * The production volume of crude oil and natural gas under the production sharing contracts entered into by INPEX Group corresponds to the net economic take of our group.

Financial Results for the year ended March 31, 2009

Mutsuhisa Fujii
Director, Executive Vice President
Head of Finance & Accounting Division

Highlights of the Consolidated Financial Results
for the year ended March 31, 2009

Mar. ‘08
Net Sales(Billions of yen)Mar. ‘09

Change%change

1,202.9

1,076.1(126.8)(10.5%)

Crude Oil Sales

783.4

650.3

(133.1)(17.0%)Natural Gas Sales (Including LPG)

391.0

398.2

7.1

1.8%

Others

28.4

27.5

(0.8)

(3.0%)

Operating Income (Billions of yen)

714.2

663.2

(50.9)(7.1%)

Ordinary Income (Billions of yen)

685.7

616.1

(69.6)(10.2%)Net Income

173.2

145.0

(28.1)(16.3%)

73,510.14

61,601.60(11,908.54)(16.2%)(Billions of yen)

Net income per share (Yen)

Average number of shares issued and outstanding during the year ended March 31, 2009(consolidated): 2,354,852

15

Crude Oil Sales
Mar. ’08

Change%Change

Net Sales (Billions of yen)

783.4

650.3

(133.1)(17.0%)

Sales volume (Mbbl)

85,71675,427(10,288)(12.0%)

Average unit price of overseas
production ($/bbl)

80.07

82.70

2.63

3.3%

Average unit price of domestic
production(¥/kl)

62,22565,829

3,604

5.8%

Average exchange rate (¥/$)

113.65103.17

10.48

9.2%

Yen appreciation

Yen appreciation

Sales volume by region (Mbbl)

Mar. ’08

Mar. ‘09

Change%ChangeJapan

408(65 thousand kl)

241(38 thousand kl)(167)(‐27 thousand kl)(41.0%)

Asia/Oceania

13,445

12,958(487)(3.6%)

Eurasia (Europe/NIS )19,6098,664(10,944)(55.8%)

Middle East/Africa

52,17752,641464

0.9%Americas

77

923

846

1,091.9%

85,71675,427(10,288)(12.0%)

Total

16

Mar. ‘09

Natural Gas Sales (Excluding LPG)
Mar. ’08
Net Sales (Billions of yen)Mar. ‘09

Change%Change

378.9

382.4

3.4

0.9%

402,081401,076(1,005)(0.3%)

Average unit price of overseas
production ($/Mcf)

8.26

9.22

0.96

11.6%

Average unit price of domestic
production(¥/ m3)

35.70

37.39

1.69

4.7%

Average exchange rate (¥/$)

113.78102.47

11.31

9.9%

yen appreciation

yen appreciation

Sales volume (MMcf)

Sales volume by region (MMcf)

Mar. ’08

Mar. ‘09

Japan

61,846(1,657 million m3)

60,629(1,625 million m3)(1,217)(‐33 million m3)(2.0%)

Asia/Oceania

310,458

310,744286

0.1%

Eurasia (Europe/NIS )

‐

‐

‐

‐

Middle East/Africa

‐

‐

‐

‐

Americas29,777

29,703(75)(0.3%)

402,081401,076(1,005)(0.3%)

Total

Change%Change(FYI) LPG Sales
Mar. ’08
Net Sales (Billions of yen)

17

Mar. ‘09
12.1

Change15.8%Change
3.7

30.9%

Analysis of Net Sales Decrease(Billions of Yen)

67.7

1,200

(90.9)

1,000(102.7)

(0.8)

800

600

1,202.9
1,076.1

400

200

0
Net Sales
Mar. ‘08

18

Sales Volume
Decrease

Increase in
Unit Price

Exchange rate
(Yen appreciation)

OthersNet Sales
Mar. ‘09

Statements of Income(Billions of Yen)
Net Sales

Mar. ‘09

Change%change

1,202.9

1,076.1(126.8)(10.5%)

Cost of Sales

390.5

319.0

(71.5)(18.3%)

Exploration expenses

34.0

25.9

(8.1)

(23.8%)

Selling, general andadministrative expenses

64.1

67.8

3.7

5.9%

Operating Income

714.2

663.2

(50.9)(7.1%)

Other income

33.0

32.0

(1.0)

(3.2%)

Other expenses

61.5

79.1

17.6

28.7%

Ordinary Income

685.7

616.1

(69.6)(10.2%)

Income taxes‐current

496.8

488.2

(8.5)

(1.7%)

Income taxes‐deferred(5.5)(17.8)(12.3)

225.0%

Minority interests

21.2

0.7

(20.4)(96.6%)Net Income

173.2

145.0

(28.1)(16.3%)＊Including LPG

19Mar. ‘08

Crude oil sales :650.3(Change)(133.1)Natural Gas sales* : 398.2(Change)+7.1

Cost of sales for
crude oil :220.6(Change)(63.8)

Cost of sales fornatural gas* : 80.8
(Change)(7.9)

Other Income/Expenses(Billions of Yen)

Mar. ‘08

Mar. ‘09

Change%change

Other income

33.0

32.0

(1.0)

(3.2%)

Interest income

10.9

9.5

(1.4)

(13.2%)

Dividend income

5.4

12.3

6.8

126.8%

Equity in earnings of affiliates

1.7

0.9

(0.8)

(46.4%)Net gain on re‐determination of unitized field

4.0

‐

(4.0)

(100.0%)Net gain on taking effect of exploration andproduction agreement

3.4

‐

(3.4)

(100.0%)Foreign exchange gain

2.7

‐

(2.7)

(100.0%)

Other

4.6

9.2

4.5

97.5%

Other expenses

61.5

79.1

17.6

28.7%

Interest expense

10.8

3.9

(6.9)

(63.9%)

Provision for allowance for recoverable
accounts under production sharing

20.5

16.6

(3.9)

(19.2%)

Provision for exploration projects

3.1

3.3

0.2

9.1%

Loss on valuation of investment securities

21.3

31.7

10.4

48.9%

‐

14.5

14.5

‐

5.5

8.7

3.2

57.9%

Foreign exchange loss
Other
20

Net gain from re‐determination of reserves atBayu‐Undan gas/condensate
field in previous year

Net gain from the effect of
joint venture agreement at
Venezuela project in previous
yearAnalysis of Net Profit Decrease
Main Factor‐ Dividend income+6.8‐ Loss on valuation of investment securities(10.4)‐ Net gain from re‐determination of reserves in previous year
(4.0)

(billions of yen)

‐ Net gain from the effect of joint venture agreement in previous year
(3.4)
‐ Foreign exchange gain and loss

67.7

(17.3)

20.4
11.7
71.5

20.9
(3.7)

100

(22.3)
173.2(90.9)

145.0
Main Factor‐ Decrease of the amount of cost recovery in ACG(102.7)(0.8)‐ Decrease of the amount of cost recovery in
Mahakam and Natuna

0
Mar. ‘08

Decrease in Increase inSales Volume Unit PriceAppreciationof the Yen

Net Sales

21

OthersCost of
Sales

Decrease in
Exploration
Expenses andAllowance for
Exploration*

SG&A

Other Income Income
Taxand Expenses*Provision for allowance for recoverable accounts under production sharing and Provision for exploration projects

Minority
Interest Mar. ‘09
and Other

Balance Sheets(Billions of yen)Mar. ‘08

Mar. ‘09

Change%change

Current assets

565.1

411.1

(154.0)(27.3%)

Tangible fixed assets

254.4

297.6

43.1

17.0%

Intangible assets

265.4

253.6

(11.7)(4.4%)

Recoverable accounts under production
sharing

383.1

453.9

70.7

18.5%

Other investments

411.1

439.5

28.4

6.9%

Less allowance for recoverable
accounts under production sharing(71.4)(87.8)(16.3)

22.9%

Total assets

1,807.9

1,768.0(39.8)(2.2%)

Current liabilities

325.2

206.0

(119.2)(36.7%)

Long‐term liabilities

243.8

199.9

(43.8)(18.0%)

1,238.8

1,362.0

123.2

9.9%

81.4

90.9

9.4

11.7%

Total liabilities and net assets

1,807.9

1,768.0(39.8)(2.2%)Net assets per share (Yen)491,168

540,100

48,932

10.0%

Total net assets(Minority interests)

22

Investment in Van
Gogh Oil Field andIchthys, etc.

Investment in
Kashagan Oil Field,
Offshore Mahakam
Block, Masela Block,etc.

Debt repayments in
INPEX Southwest
Caspian Sea, Ltd.
(ACG), etc

Statements of Cash Flows(Billions of Yen)

Mar. ‘08

Mar. ‘09

Change%change

Income before income taxes and minority interests

685.7

616.1

(69.6)(10.2%)

Depreciation and amortization

36.1

42.9

6.7

18.8%

Recovery of recoverable accounts under production
sharing (capital expenditures)

92.1

45.7

(46.4)(50.4%)

Recoverable accounts under production sharing(operating expenditures)(26.0)(27.0)

(0.9)

3.7%

Loss on the valuation of investment securities

21.3

31.7

10.4

48.9%

(456.8)(530.7)(73.9)

16.2%

Other

11.3

51.5

40.1

352.8%Net cash provided by operating activities

363.9

230.3

(133.6)(36.7%)

Purchase of tangible fixed assets(59.4)(88.6)(29.1)

49.0%

Purchases of marketable securities/investment securities andproceed from sales of marketable securities/investment securities(Net)(100.7)(28.5)

72.1(71.7%)

Investment in recoverable accounts under production
sharing (capital expenditures)(131.0)(108.2)

22.7(17.4%)

29.4(14.7)(44.2)(149.9%)Net cash used in investing activities(261.7)(240.1)

21.5(8.3%)Net cash used in financing activities(45.2)(46.0)

(0.8)

1.9%

Cash and cash equivalents at end of the period

222.2

162.8

(59.4)(26.7%)

Income taxes paid

Other

23

Financial Indices
Equity Ratio**

Net Debt/Total Capital Employed (Net)*

Mar. '08

71.9%

Mar. '09

64.0%(31.2%)(36.1%)

Mar. '08

D/E Ratio***

*

16.8%
12.9%

Mar. '08
24

Mar. '09*****

Mar. '09

Net Debt/Total Capital Employed (Net) = (Interest‐bearing debt ‐ Cashand deposits ‐ Public and corporate bonds and other debt securities(with determinable value) ‐ MMF, Short‐term bonds with repurchaseagreements and Certificate of deposit)/(Net assets + Interest‐bearing
debt ‐ Cash and deposits ‐ Public and corporate bonds and other debt
securities (with determinable value) ‐ MMF, Short‐term bonds with
repurchase agreements and Certificate of deposit)
Equity Ratio = (Net assets ‐ Minority interests)/total assets
D/E Ratio = Interest‐bearing debt/ (Net asset ‐ Minority interests)

Consolidated Financial Forecasts
for the year ending March 31, 2010

Mutsuhisa Fujii
Director, Executive Vice President
Head of Finance & Accounting Division

Consolidated Financial Forecasts
for the year ending March 31, 2010
Mar. ‘09(Actual)Brent oil price ($/bbl)

85.7

52.5

Average exchange rate (¥/$)

100.5

95.0

Net Sales (Billions of yen)

1,076.1

Operating Income (Billions of yen)

Change% Change(33.2)(38.7%)

5.5

5.5%

Yen appreciation

Yen appreciation

669.0(407.1)(37.8%)

663.2

301.0

(362.2)(54.6%)

Ordinary Income (Billions of yen)

616.1

281.0

(335.1)(54.4%)Net Income

145.0

56.0

(89.0)(61.4%)

1st Half

4,000

2,500

2nd Half

4,000

2,500

Full year

8,000

5,000

(Billions of yen)

Cash dividends per share (yen)26

Mar. ‘10(Forecasts )Sales and Investment planfor the year ending March 31, 2010
Mar. ‘09(Actual)Mar. ‘10(Forecasts )Change% Change

Sales Volume

Crude oil (Mbbl)1

75,42779,283

3,856

5.1%

Natural gas (MMcf)2

401,076

396,024(5,052)(1.3%)

Overseas340,447

337,170(3,277)(1.0%)

Japan

60,629(1,625 million m3)

58,854(1,577 million m3)(1,775)(‐48 million m3)(2.9%)

2,067

2,653

586

28.4%

LPG (Mbbl)3(Billions of yen)Mar. ‘09(Actual)Mar. ‘10(Forecasts)

Change% Change

Development expenditure

235.3

273.0

37.7

16.0%

Other capital expenditure

23.8

37.0

13.2

55.5%

Exploration expenditure4

59.0

45.0

(14.0)(23.7%)

Exploration expenses and Provision
for explorations5

46.0

39.6

(6.4)

(13.9%)(Minority Interest Portion)6

8.9

6.8

(2.1)

(23.6%)

Note 1 CF for domestic crude oil sales and petroleum products : 1kl=6.29bbl
2 CF for domestic natural gas sales : 1m3=37.32cf
3 CF for domestic LPG sales : 1t=10.5bbl
4 Including acquisition costs
5 “Provision for allowance for recoverable accounts under production sharing” + ”Provision for exploration projects” in statements of income
6 Capital increase from minority shareholders recorded as “Minority interests”, which does not affect net income

27Net Income Sensitivities
 Estimated Impact of crude oil price and foreignexchange fluctuation on consolidated net income
for the year ending March 31, 2010
(Billions of yen)

Brent Crude Oil Price; $1/bbl increase(decrease)+2.1 (2.1)

Exchange Rate; ¥1 depreciation(appreciation) against the U.S. dollars+1.7 (1.7)

Note:

28

The actual impact will depend on changes in production volumes, capital expenditures and therecovery of costs, and may not be constant depending on the absolute level of oil prices and theexchange rate