Code No. 1662
June 6, 2022
Masahiro Fujita, President
Japan Petroleum Exploration Co., Ltd. (JAPEX)
1-7-12 Marunouchi, Chiyoda-ku, Tokyo
To All Shareholders:

Notification of the Convocation to
the 52nd Ordinary General Meeting of the Shareholders
The 52nd Ordinary General Meeting of the Shareholders of Japan Petroleum Exploration Co., Ltd. (hereinafterreferred to as the “JAPEX”) will be held according to the details below, and we kindly ask for your attendance.
If you are unable to attend the meeting, you may exercise your voting rights through a written document (Voting
Rights Exercise Form) or by electronic means (via the Internet). Please read the attached “Reference Documents
for Shareholders’ Meeting,” and exercise your voting rights after referring to “4. Guidance on the Exercise of
Voting Rights” on the following page, prior to 5:35 p.m., Monday, June 27, 2022.
Thank you very much for your attention and cooperation.
Details:
1. Date and Time:
2. Location:
3. Agenda:
Announcements:

10:00 a.m., June 28, 2022 (Tuesday)
Station Conference Tokyo “Sapia Hall” (Sapia Tower 5F)
1-7-12 Marunouchi, Chiyoda-ku, Tokyo
1) Business report and consolidated financial report of the 52nd Term (from April
1, 2021 to March 31, 2022), and audit reports from the accounting auditor andBoard of Corporate Auditors on the consolidated financial report2) Financial report of the 52nd Term (from April 1, 2021 to March 31, 2022)

Resolution items:
Item 1:
Appropriation of Surplus
Item 2:
Partial Amendments to Articles of Incorporation
Item 3:
Election of Eleven (11) Directors
Item 4:
Election of Three (3) Corporate Auditors
Item 5:
Revision of the Amount of Compensation for Directors

NOTE: This document is an abridged translation of the Japanese “Notification of the Convocation to the 52nd
Ordinary General Meeting of the Shareholders,” “Reference Documents for Shareholders’ Meeting” and“Financial Report” of JAPEX. This translation is intended for reference and convenience purposes only. In
the event of any discrepancy between this translation and the Japanese original, the original shall prevail.
JAPEX does not guarantee the accuracy and/or the completeness of this translation and shall have no liability
for any errors or omissions therein.

1

4. Guidance on the Exercise of Voting Rights[Exercise of Voting Rights in Writing (Voting Rights Exercise Form)]
Please indicate your approval or disapproval of each proposition on the enclosed Voting Rights Exercise
Form and then send it back so that it reaches us no later than 5:35 p.m., Monday, June 27, 2022.
[Exercise of Voting Rights by Electronic Means (via the Internet)](1) To exercise your voting rights via the Internet, you must use the following voting service website(https://soukai.mizuho-tb.co.jp/) designated by the Company. You are cordially requested to exercise yourvoting rights via the Internet prior to 5:35 p.m., Monday, June 27, 2022.
(2) Please register your approval or disapproval of each proposition, by using the code and password provided
on your Voting Rights Exercise Form enclosed herewith and following the directions on the screen. Pleasecheck the “Guidance on the Exercise of Voting Rights via the Internet, etc.” shown on page 4 of this noticefor the details.
[Treatment of Voting Rights Exercised Repeatedly](1) If you exercise your voting rights both in writing and via the Internet, we will only accept the exercise ofyour voting rights via the Internet as valid.
(2) If you exercise your voting rights more than once via the Internet, we will only accept the last exercise ofyour voting rights as valid.
END*Upon your arrival at the Ordinary General Meeting of Shareholders, please submit the enclosed Voting Rights Exercise Formto the venue reception. Thank you.
*The following matters are not described in the Reference Documents of this Notification since they are posted on the JAPEX
website (https://www.japex.co.jp/) in accordance with laws and regulations and with Article 17 of the Company’s Articles ofIncorporation.
1) “(5) System to Ensure Proper Business Operations and the State of Its Operation” and “(6) Basic Policy on Control of
the Company” included in “2. Current State of the Company” of the business report
2) “Consolidated Statement of Changes in Equity” and “Notes to Consolidated Financial Statements” of the consolidated
financial report
3) “Statement of Changes in Equity” and “Notes to Financial Statements” of the financial report
The business report, consolidated financial report and financial report audited by Corporate Auditors comprise the business
report, consolidated financial report and financial report, which are attached to this Notification, as well as the items 1) to 3)
above, which are posted on the JAPEX website.
The consolidated financial report and financial report audited by the Accounting Auditor comprise the consolidated financial
report and financial report, which are attached to this Notification, as well as the items 2) and 3) above, which are posted on
the JAPEX website.
*In case the Reference Documents for Shareholders Meeting, or business report, financial report or consolidated financial
report is modified, such modification shall be posted on the JAPEX website. (https://www.japex.co.jp/)*The results of this general meeting of shareholders will be posted on the JAPEX website (https://www.japex.co.jp/) after the
meeting.

2

Countermeasures, etc. against COVID-19
at the 52nd Ordinary General Meeting of the Shareholders of JAPEX(Request)
We hereby inform you of the following COVID-19 countermeasures that will be taken at the General
Meeting of the Shareholders and kindly ask for your understanding and cooperation.
[Countermeasures against COVID-19]- We recommend that shareholders exercise their voting rights in advance by sending back the enclosed
Voting Rights Exercise Form by post or via the Internet, in lieu of attending the meeting in person. For theprocedures for exercising voting rights by post or via the Internet, please refer to pages 2 and 4 of thisNotification.
[Others]- We will not prepare commemorative gifts for shareholders. We highly appreciate your understanding.
- Other information regarding the operation of the General Meeting of the Shareholders will be posted on the
JAPEX website. Shareholders are asked to remain informed by visiting the website.
[JAPEX website]
https://www.japex.co.jp/

3

ENDGuidance on the Exercise of Voting Rights via the Internet, etc.
How to scan the login QR code
“Smart Voting”
You can log in to the website for exercising voting rights without entering your code for the exercise of voting
rights and password.
1 Please scan the QR code printed at the bottom right of the Voting Rights Exercise Form.
* “QR code” is a registered trademark of DENSO WAVE INCORPORATED.
2 Thereafter, please follow the instructions shown on the screen to register your approval or disapproval ofeach proposition.
You can exercise your voting rights by “Smart Voting” ONCE ONLY.
If you wish to change your vote after you have exercised your voting rights, please access the website for PCs,and log in by entering your “code for the exercise of voting rights” and “password” printed on the Voting Rights
Exercise Form, to exercise your voting rights again.
* If you scan the QR code again, you will be transferred to the website for PCs.
How to enter your code for the exercise of voting rights and password
The website for exercising voting rights:
https://soukai.mizuho-tb.co.jp/
1 Please access the website for exercising voting rights.
2 Please enter your “code for the exercise of voting rights,” which is printed on the Voting Rights Exercise
Form.
3 Please enter your “password,” which is printed on the Voting Rights Exercise Form.
4 Thereafter, please follow the instructions shown on the screen to register your approval or disapproval ofeach proposition.
If you have any questions about how to use your PC, smartphone, or mobile phone to exercise your voting rights
via the Internet, please call the number below.
Internet Helpline: Stock Transfer Agency Department of Mizuho Trust & Banking Co., Ltd.
Phone: 0120-768-524 (toll free)(Opening hours: 9:00 a.m. to 9:00 p.m., excluding year-end and New Year holidays)
Institutional investors may use the electronic platform for the exercise of voting rights for institutional investors
operated by ICJ Inc.

4

Reference Documents for Shareholders’ Meeting
Item 1: Appropriation of Surplus
JAPEX employs the basic policy of long-term, stable distribution of dividends, comprehensively taking
into account, among other factors, the profit or loss situation of each fiscal period and funding needs in the
future, in the light of considering retained earnings to secure new oil and gas reserves and invest in the
improvement and expansion of supply infrastructure, etc.
The year-end dividends for the 52nd term will be as follows:
1. Details Concerning the Year-End Dividends(1) Type of dividend property: Money(2) Distribution and total amount of dividend property:
25 yen per share of common stock
Total amount of dividends: 1,392,794,850 yen(3) Effective date of distribution of surplus: June 29, 2022
2. Matters Concerning the Appropriation of Other Surplus
In consideration of our business performance in the fiscal year ended March 31, 2022, the future
development of business based on the medium- to long-term management plan “JAPEX Management Plan
2022-2030” formulated in March 2022, the dividends payable to shareholders, and other factors, mattersconcerning the appropriation of other surplus will be as follows:(1) Item of surplus to be decreased and the amount
General reserve
50,000,000,000 yen(2) Item of surplus to be increased and the amount
Retained earnings brought forward
50,000,000,000 yen
JAPEX has established, under the medium- to long-term management plan “JAPEX Management Plan
2022-2030,” a basic dividend policy from the fiscal year ending March 31, 2023 onward as follows, with aview toward enhancing shareholder returns based on the basic policy of the new management plan and the
projected level of profit.
“We recognize that returning profit to the shareholders as well as maintaining a sound management baseand strengthening our financial position is an important management issue. We will work to materialize thesustainable enhancement of our corporate value through proactive investments and an expansion of ourbusiness foundation utilizing retained earnings, while distributing the fruits therefrom to shareholders. In
terms of profit allocation to shareholders, our basic policy is to pay dividends in line with our businessperformance for each fiscal period, with a target consolidated dividend payout ratio of 30%. We will do ourutmost to maintain an annual dividend of 50 yen per share, even if we suffer from a temporary setback in ourbusiness performance due to changes in the business environment and other factors (excluding, however, afiscal year in which a drastic change in profit attributable to owners of parent is recorded due to extraordinary
income or losses and other special factors, in which case the amount of dividends will be determined inconsideration of the impact).”

5

Item 2: Partial Amendments to Articles of Incorporation
1. Reasons for the amendments(1) Article 2 (Purpose) of the current Articles of Incorporation is partially amended to clarify the businesspurpose in accordance with the Company’s current business activities.
(2) Article 5 (Method of Public Notice) of the current Articles of Incorporation would change the methodof public notice of the Company from publication in the Nihon Keizai Shimbun to electronic public
notice in order to improve convenience in viewing public notices and to streamline public noticeprocedures, taking into consideration the widespread use of the Internet, and would also stipulate
measures to be taken if electronic public notice cannot be made for unavoidable reasons.
(3) The Company’s Articles of Incorporation are amended as follows in order to prepare for the introductionof a system for electronic provision of materials for the general meeting of shareholders, as the amended
provision stipulated in the proviso of Article 1 of the Supplementary Provisions of the “Law Partially
Amending the Companies Act” (Law No. 70, 2019) will come into effect on September 1, 2022.
i) Proposed amended Paragraph 1 of Article 17 stipulates that measures for provision in electronic
format shall be taken with respect to the information contained in the reference documents, etc. forgeneral meetings of shareholders.
ii) Proposed amended Paragraph 2 of Article 17 limits the scope of the matters to be listed in the
documents to be delivered to shareholders who have requested the delivery of documents in paperbased format.
iii) The provisions in respect of disclosure by way of the Internet and deemed provision of reference
documents, etc. for a shareholders meeting (Article 17 of the current Articles of Incorporation) will
no longer be required and will be deleted.
iv) In line with the above additions and deletions, supplementary provisions concerning the effective
date and related matters will be incorporated.
2. Details of the amendments
The proposed amendments will be made as per the table below.
Current Articles of Incorporation(Purpose)
Article 2[Omitted]
1. Exploration and development of crude oil,natural gas and other energy resources;
2. Extraction, processing, storage, trading andtransportation of crude oil, natural gas andother energy resources;
3. Producing and selling secondary products ofcrude oil, natural gas and other energy
resources;
4.-5. [Omitted][Newly introduced]
6.-9.

[Omitted](Methods of Giving Public Notice)
Article 5
Any public notice (“Public Notice”) given by theCompany shall appear in the Nihon Keizai
Shimbun published in Tokyo.

6(Amendments are underlined)
Proposed Amendments(Purpose)
Article 2[As presently constituted]
1. Exploration and development of crude oil,natural gas and other energy resources;
2. Extraction, processing, storage, trading andtransportation of crude oil, natural gas andother energy resources;
3. Producing and selling secondary products ofcrude oil, natural gas and other energy
resources;
4.-5. [As presently constituted]
6. Developmentofphotovoltaics,
wind,
geothermal, biomass and other renewableenergy resources
7.-10.
[As presently constituted](Methods of Public Notice)
Article 5
Public notice of the Company shall be given
electronically; provided, however, that in the eventthat the Company is unable to give electronic
public notice due to an accident or otherunavoidable reason, public notice shall be given by
publication in The Nikkei published in Tokyo.

Current Articles of Incorporation(Internet disclosure and Deemed Provision ofReference Documents for General Meeting of
Shareholders)
Article 17
The Company may be deemed to have provided theshareholders with the matters which should be in
the reference documents for a General Meeting of
Shareholders, business reports, accounting
statements,
andconsolidated
accounting
statements, provided that the Company discloses
the same on the internet in accordance with therules stipulated in the ordinances of the Ministry ofJustice.

Proposed Amendments[Deleted][Newly introduced](Measures for Provision in Electronic Format, etc.)
Article 17
The Company shall, at the time of convening ageneral meeting of shareholders, take measures toprovide electronically the information contained in
the reference documents, etc. for the general
meeting of shareholders.
2. The Company may not include all or part of thematters for which it takes electronic provisionof information as provided for in the applicable
Ordinance of the Ministry of Justice in the
document to be delivered to shareholders who
have requested delivery of the document inpaper-based format by the record date forvoting rights.

[Newly introduced]

Supplementary Provisions(Transitional Measures Concerning Electronic
Provisioning Measures, etc.)
Article 1
The deletion of Article 17 (Disclosure by way of
the Internet and Deemed Provision of Reference
Documents, etc. for a Shareholders Meeting) of thecurrent Articles of Incorporation and theestablishment of Article 17 (Measures for
Provision in Electronic Format, etc.) of the
proposed amendments shall take effect on the dateof enforcement of the amended provisions
prescribed in the proviso of Article 1 of the
Supplementary Provisions of the Law Partially
Amending the Companies Act (Law No. 70, 2019)(hereinafter referred to as “Effective Date”).
2. Notwithstanding the provisions of thepreceding paragraph, Article 17 of the current
Articles of Incorporation shall remain in force
with respect to general meetings ofshareholders to be held on a date within six
months from the Effective Date.
3. These Supplementary Provisions shall bedeleted after six months have elapsed from the
Effective Date or after three months haveelapsed from the date of the general meeting ofshareholders set forth in the preceding
paragraph, whichever is later.

7

Item 3: Election of Eleven (11) Directors
Upon the closing of this general meeting of shareholders, the terms of office of all Directors, Osamu
Watanabe, Masahiro Fujita, Kazuhiko Ozeki, Yoshitaka Ishii, Hajime Ito, Toshiyuki Hirata, Michiro
Yamashita, Akira Kojima, Tetsuo Ito, Yukari Yamashita and Hideichi Kawasaki will expire. We kindly ask ourshareholders to elect a total of eleven (11) Directors, including one (1) additional Outside Director, with aview toward reinforcing our future management structure and driving forward our medium- to long-term
management plan “JAPEX Management Plan 2022-2030.”
The candidates for Director are as listed below:
JAPEX
Name
CandidatesharesBrief history, Position and responsibilities in JAPEX
No.
(Date of birth)
owned
April 1964 Joined Ministry of International Trade and Industry(hereinafter referred to as the “MITI”)
July 1997
Vice Minister of MITI
Osamu Watanabe July 2002
Chairman at Japan External Trade Organization
56,300(December 6, 1940) June 2007
Executive Vice President at JAPEX
sharesJune 2008
President
RenominatedJune 2016
Chairman(up to the present date)<Significant positions concurrently held>
Director at JAPEX Offshore, Ltd.
1
[Attendance at the Board of Directors meetings held in the fiscal year ended March 31, 2022]
16 out of 16 meetings (100%)[Reasons for nomination as a candidate for Director]
In addition to having distinguished insights through extensive administrative experience including
energy administration in government positions, etc., Osamu Watanabe has held the positions of
Executive Vice President and President at JAPEX in the period between 2007 and 2016, significantly
contributing to the Group’s business development. Since assuming the position of Chairman, he has
appropriately provided management guidance from a broader perspective; therefore, we havecontinuously nominated him as a candidate for Director.

8

Candidate
No.

Name
(Date of birth)

Brief history, Position and responsibilities in JAPEX
April 1977
July 2008

2

3

JAPEX
sharesowned

Joined MITI
Director-General of Trade and Economic Cooperation
Bureau, METI
Nov. 2010 Executive Officer at SUMITOMO CORPORATION
June 2018
Representative Director, Executive Vice President at
SUMITOMO CORPORATION
Masahiro Fujita April 2019 Representative Director, Assistant to President and CEO
6,700(November 12, 1954)
at SUMITOMO CORPORATION
sharesJune 2019
Representative Director, Executive Vice President at
Renominated
JAPEX
Representative Director, President, Chief Executive
Oct. 2019
Officer(up to the present date)<Significant positions concurrently held>
President at JAPEX Offshore, Ltd.
President at JAPEX Garraf Ltd.
[Attendance at the Board of Directors meetings held in the fiscal year ended March 31, 2022]
16 out of 16 meetings (100%)[Reasons for nomination as a candidate for Director]
Masahiro Fujita has distinguished insights through extensive administrative experience including energy
administration in government positions and a management career in other private sectors doing
international resource and energy business. In addition, since assuming the position of Representative
Director and Executive Vice President in 2019, and subsequently the position of President that same
year, he has helmed the Group’s business development amid the tough business environment; therefore,
we have continuously nominated him as a candidate for Director.
April 1981 Joined JAPEX
April 2010 General Manager of Technical Dept., Nagaoka Division
OfficeJune 2014
Executive Officer, General Manager of Nagaoka
Division Office, Domestic Project Division
April 2017 Executive Officer, General Manager of Nagaoka District
OfficeJune 2017Managing Executive Officer, General Manager ofNagaoka District OfficeNov. 2017 Managing Executive Officer, Vice President of Interregional Gas Supply Division and Vice President of
Yoshitaka Ishii
Soma Project Division
3,000(April 3, 1957)
June 2018
Director, Managing Executive Officer, President ofsharesInter-regional Gas Supply Division and President ofRenominatedSoma Project Division
Oct. 2018
Director, Managing Executive Officer, President ofInter-regional Gas Supply Division and President ofSoma Project & Power Business Division
June 2020
Director, Senior Managing Executive Officer, Presidentof Power Business Division
June 2021
Representative Director, Executive Vice President,
President of Power Business Division(up to the present date)<Significant positions concurrently held>
President at Fukushima Gas Power Co., Ltd.
[Attendance at the Board of Directors meetings held in the fiscal year ended March 31, 2022]
16 out of 16 meetings (100%)[Reasons for nomination as a candidate for Director]
In addition to specializing in drilling technology in the oil and mining industries, Yoshitaka Ishii has
extensive experience in and knowledge of our domestic project division. Currently assisting thePresident as Representative Director and Executive Vice President, while also being in charge of theSecretary Office, and serving as President of the Power Business Division and managing the carbon
neutral related business, he has significantly contributed to the Group’s business development; therefore,
we have continuously nominated him as a candidate for Director.
9Candidate
No.

Name
(Date of birth)

Brief history, Position and responsibilities in JAPEX
April 1982
June 2005
April 2010

4

5

JAPEX
sharesowned

Joined JAPEX
General Manager of Corporate Planning Dept.
Vice President of Environment and Innovative
Technology Projects Division
Michiro Yamashita June 2011
Vice President of Environment and Innovative
3,100(October 27, 1959)
Technology Projects Division
sharesJune 2013
Executive Officer
RenominatedJune 2016
Managing Executive Officer
June 2018
Director, Managing Executive Officer
April 2022 Director, Senior Managing Executive Officer(up to the present date)[Attendance at the Board of Directors meetings held in the fiscal year ended March 31, 2022]
16 out of 16 meetings (100%)[Reasons for nomination as a candidate for Director]
Michiro Yamashita has extensive experience in and knowledge of operations in the areas of our finance& accounting division. Currently serving as Director and Senior Managing Executive Officer in chargeof the Finance & Accounting Dept. and the Deal Execution/PMI Support Dept., he has significantly
contributed to appropriate administration and management of JAPEX; therefore, we have continuously
nominated him as a candidate for Director.
April 1981 Joined JAPEX
June 2005
President at Japan Canada Oil Sands Limited
June 2012
Executive Officer at JAPEXManaging Executive Officer
Toshiyuki Hirata June 2015
4,600
Managing Director(January 5, 1958) June 2017
sharesJune 2018
Director, Managing Executive Officer
RenominatedJune 2020
Director, Managing Executive Officer, President ofMiddle East, Asia & Europe Project Division
April 2022 Director, Managing Executive Officer, President ofOverseas Business Division I(up to the present date)[Attendance at the Board of Directors meetings held in the fiscal year ended March 31, 2022]
15 out of 16 meetings (94%)[Reasons for nomination as a candidate for Director]
In addition to specializing in oil and gas field development and production and operations managementin Japan and overseas, Toshiyuki Hirata has extensive experience in and knowledge of the oil sandbusiness. Currently serving as Director and Managing Executive Officer and President of the Overseas
Business Division I, he has significantly contributed to the Group’s business development; therefore,
we have continuously nominated him as a candidate for Director.

10Candidate
No.

Name
(Date of birth)

Brief history, Position and responsibilities in JAPEX

April 1986
Toshiaki Nakajima June 2010

6

7

JAPEX
sharesowned

Joined JAPEX
General Manager of Corporate Planning Dept.
1,100(May 1, 1962)
June 2011
General Manager of Corporate Strategy Dept.
sharesExecutive Officer
Newly nominated June 2019
June 2021
Managing Executive Officer(up to the present date)[Attendance at the Board of Directors meetings held in the fiscal year ended March 31, 2022]—[Reasons for nomination as a candidate for Director]
Toshiaki Nakajima has extensive experience in and knowledge of operations in the areas of our finance& accounting and corporate strategy divisions. Currently serving as Managing Executive Officer incharge of the Corporate Communication Office and the Corporate Strategy Dept., he has significantly
contributed to appropriate administration and management of JAPEX. We expect JAPEX management
will benefit from his experience and knowledge, and have therefore newly nominated him as a candidate
for Director.
April 1975 Appointed prosecutor
June 2001
Head of Special Investigation Force, Tokyo District
Public Prosecutors OfficeJan. 2009
Deputy Prosecutor-General, Supreme Public Prosecutors
OfficeApril 2011 Recorded attorney (Daiichi Tokyo Bar Association)
Tetsuo Ito(March 15, 1948)(up to the present date)—
April 2011 Of Counsel at Nishimura & Asahi
Renominated(up to the present date)June 2016
Director at JAPEX(up to the present date)<Significant positions concurrently held>
Of Counsel at Nishimura & Asahi
Outside Corporate Auditor at Takasago Thermal Engineering Co., Ltd.
Outside Corporate Auditor at Asahi Kasei Corp.
[Number of years served as Director]
Six years[Attendance at the Board of Directors meetings held in the fiscal year ended March 31, 2022]
15 out of 16 meetings (94%)[Reasons for nomination as a candidate for Outside Director and outline of expected roles]
Although Tetsuo Ito has no experience of being directly involved in corporate management, he has
extensive knowledge and experience as a legal specialist. Currently serving as an Outside Director, he
has supervised and provided wide-ranging proposals for JAPEX management. We continuously expect
him to accurately identify business challenges JAPEX faces, and pose questions that contribute toreasonable and appropriate decision-making; and therefore, have renominated him as a candidate for
Outside Director.
In addition, if Tetsuo Ito is appointed as an Outside Director, he is expected to assume responsibility forsupervising the process of selecting candidates for officer and determining officer compensation froman objective and neutral standpoint as a member of the Nomination and Compensation Advisory
Committee.

11Candidate
No.

Name
(Date of birth)

Brief history, Position and responsibilities in JAPEXOct. 1985
June 2011

8

9

JAPEX
sharesowned

Joined The Institute of Energy Economics, Japan
Board Member, Unit Manager of Global Environment &Sustainable Development Unit at The Institute of Energy
Economics, Japan
July 2011
Board Member, Director, Charge of Energy Data andModelling Center at The Institute of Energy Economics,
Yukari YamashitaJapan(October 23, 1959)
June 2019 Director at JAPEX(up to the present date)—
Managing
Director,
ChargeofEnergy
Data
and
June
2020
Renominated
Modelling Center at The Institute of Energy Economics,
Japan(up to the present date)<Significant positions concurrently held>
Managing Director, Charge of Energy Data and Modelling Center at
The Institute of Energy Economics, Japan
Past President at International Association for Energy Economics, Inc.
[Number of years served as Director]
Three years[Attendance at the Board of Directors meetings held in the fiscal year ended March 31, 2022]
16 out of 16 meetings (100%)[Reasons for nomination as a candidate for Outside Director and outline of expected roles]
Although Yukari Yamashita has no experience of being directly involved in corporate management, she
has extensive knowledge through her research activities in a research lab studying energy economics
and energy and environmental policy, etc. Currently serving as an Outside Director, she has supervised
and provided wide-ranging proposals for JAPEX management. We continuously expect her to provide
us with valuable proposals that will be beneficial for JAPEX to aim for its long-term development as anintegrated energy company; and therefore, have renominated her as a candidate for Outside Director.
In addition, if Yukari Yamashita is appointed as an Outside Director, she is expected to assume
responsibility for supervising the process of selecting candidates for officer and determining officer
compensation from an objective and neutral standpoint as a member of the Nomination andCompensation Advisory Committee.
April 1970 Joined Oki Electric Industry Co., Ltd.
April 2001 Executive Officer at Oki Electric Industry Co., Ltd.
April 2004 Senior Vice President at Oki Electric Industry Co., Ltd.
June 2005 Managing Director at Oki Electric Industry Co., Ltd.
Hideichi Kawasaki April 2009 Vice President, Representative Director at Oki Electric
1,000
Industry Co., Ltd.
(January 10, 1947)
sharesJune 2009 President, Representative Director at Oki Electric
RenominatedIndustry Co., Ltd.
April 2016 Chairman of the Board, Representative Director at Oki
Electric Industry Co., Ltd.
June 2018 Chairman of the Board at Oki Electric Industry Co., Ltd.
June 2020 Director at JAPEX(up to the present date)[Number of years served as Director]
Two years[Attendance at the Board of Directors meetings held in the fiscal year ended March 31, 2022]
16 out of 16 meetings (100%)[Reasons for nomination as a candidate for Outside Director and outline of expected roles]
Hideichi Kawasaki has distinguished insights regarding corporate management, in general, through his
extensive corporate management experience at an entity engaged in global operations intelecommunications and other fields. Currently serving as an Outside Director, he has supervised andprovided wide-ranging proposals for JAPEX management. We continuously expect him to provide us
with valuable proposals in addressing various business challenges JAPEX faces, based on his extensive
experience; and therefore, have renominated him as a candidate for Outside Director.

12

Candidate
No.

Name
(Date of birth)

Brief history, Position and responsibilities in JAPEX
April 1976
July 1999
Aug. 2005

10

JAPEX
sharesowned

Joined Ministry of Labor
Deputy Governor of Shizuoka Prefecture
Director General of Equal Employment, Children andFamilies Bureau, Ministry of Health, Labour andWelfareSept. 2006 Director General of Secretariat, Central Labour
Relations Commission
Kumiko Kitai
Aug. 2007 Executive Director of Japan Industrial Safety and Health(October 29, 1952)
Association—
April 2012 Recorded attorney (Daini Tokyo Bar Association)
Newly nominated(up to the present date)
Attorney at Kachidoki Law Office
July 2014(up to the present date)<Significant positions concurrently held>
Attorney at Kachidoki Law Office
Corporate Auditor (External auditor) at TAKARA HOLDINGS INC.
Independent Auditor at OSAKI ELECTRIC CO., LTD.
[Number of years served as Director]—[Attendance at the Board of Directors meetings held in the fiscal year ended March 31, 2022]—[Reasons for nomination as a candidate for Outside Director and outline of expected roles]
Although Kumiko Kitai has no experience of being directly involved in corporate management, she has
distinguished insights gained through her extensive administrative experience primarily in the areas oflabor administration in government positions, etc., as well as extensive knowledge of labor legislationand other laws. For these reasons, we expect her to supervise and provide wide-ranging proposals for
JAPEX management from the viewpoint of a legal expert, and have therefore newly nominated her as a
candidate for Outside Director.

13

Candidate
No.

Name
(Date of birth)

Brief history, Position and responsibilities in JAPEX
April 1978
June 2010
June 2011

11

JAPEX
sharesowned

Joined The Yomiuri Shimbun
Director at The Yomiuri Shimbun Tokyo Head OfficeDirector at The Yomiuri Shimbun Holdings(up to the present date)June 2011
Managing Director at The Yomiuri Shimbun Tokyo
Head Office
June 2012
Senior Managing Director at The Yomiuri Shimbun
Tokyo Head Office
June 2014
Representative Director, President at The Yomiuri
Yoshikuni
Shimbun Seibu Head OfficeSugiyama(October 11, 1954) June 2015
Representative Director, President at The Yomiuri—
Shimbun Osaka Head Office
Newly nominated June 2019
Board Director at Nippon Television Holdings, Inc.
Representative Director, President at Nippon Television
June 2020
Holdings, Inc.
(up to the present date)<Significant positions concurrently held>
Director at The Yomiuri Shimbun Holdings
Representative Director, President at Nippon Television Holdings, Inc.
Representative Director, President, Senior Executive Operating Officer
at NTV Network Corporation[Number of years served as Director]—[Attendance at the Board of Directors meetings held in the fiscal year ended March 31, 2022]—[Reasons for nomination as a candidate for Outside Director and outline of expected roles]
Yoshikuni Sugiyama has distinguished insights and extensive corporate management experience gained
at a newspaper company and other media businesses. We expect him to supervise JAPEX managementfrom an objective and neutral standpoint, and to provide wide-ranging proposals that contribute topromoting JAPEX’s sustainable growth and enhancing our medium- to long-term corporate value, andhave therefore newly nominated him as a candidate for Outside Director.

(Notes) 1. Candidate Masahiro Fujita is concurrently serving as the President of JAPEX Garraf Ltd., with which JAPEX isengaged in crude oil transactions. In addition, he is concurrently serving as the President of JAPEX Offshore,Ltd., with which JAPEX is entrusted funds via the cash management system. Candidate Yoshitaka Ishii isconcurrently serving as the President of Fukushima Gas Power Co., Ltd., to which JAPEX is providing collateral,
underwrites bonds issued, and has concluded an outsourcing agreement with.
No significant interest-based relationship exists between other candidates for Director and JAPEX.
2. Tetsuo Ito, Yukari Yamashita and Hideichi Kawasaki are candidates for Outside Director. These three candidates
have been registered with the Tokyo Stock Exchange as Independent Officers, pursuant to the rules of the
Exchange, and they are scheduled to continue to be Independent Officers, subject to the approval of theirreappointment under this proposal.
3. Kumiko Kitai and Yoshikuni Sugiyama are candidates for Outside Director. They are scheduled to be registeredwith the Tokyo Stock Exchange as Independent Officers, pursuant to the rules of the Exchange, subject to theapproval of their appointment under this proposal.
4. JAPEX has concluded a limited liability agreement with Candidates Tetsuo Ito, Yukari Yamashita and Hideichi
Kawasaki, to limit their liability as stipulated in Article 423, Paragraph 1, of the Companies Act. The amount ofliability under the agreement is limited to the amount provided by laws and regulations. JAPEX is scheduled torenew this agreement with them, subject to the approval of their reappointment under this proposal.
5. If the appointment of Candidates Kumiko Kitai and Yoshikuni Sugiyama is approved as proposed under this
proposal, JAPEX intends to conclude, pursuant to the provisions of Article 427, Paragraph 1 of the Companies
Act, a limited liability agreement with each candidate to limit their liability as stipulated in Article 423, Paragraph
1 of the same Act. The amount of liability under the agreement is limited to the amount provided by laws andregulations.
6. JAPEX has concluded a directors and officers liability insurance contract stipulated in Article 430-3, Paragraph
1 of the Companies Act with an insurance company, and JAPEX bears the entire premium. If the appointment ofeach candidate for Director is approved as proposed under this proposal, they shall be included as the insured
under the said insurance contract. JAPEX plans to renew this insurance contract under the same conditions, atthe next renewal.
7. The registered name of Yukari Yamashita is Yukari Niwa. This document adopts the name she uses in her
business duties.
14

Item 4: Election of Three (3) Corporate Auditors
Upon closing of this general meeting of shareholders, Corporate Auditors Koichi Shimomura and Hiroyasu
Watanabe are scheduled to resign from office, while the term of office of Corporate Auditor Norio Nakajima
will expire. We kindly ask our shareholders to elect three (3) Corporate Auditors.
The candidates for Corporate Auditor are as listed below.
As a candidate for Corporate Auditor, Yoshihiko Motoyama is to be elected as a substitute for Corporate
Auditor, Koichi Shimomura, his term of office shall, pursuant to the provisions of the Company’s Articles ofIncorporation, expire at the original expiry of the term of office of the retiring Corporate Auditor, Koichi
Shimomura.
The Board of Corporate Auditors consented to this proposal.
JAPEX
Name
Brief history, Position in JAPEX and Significant Positions
CandidatesharesNo.
(Date of birth)
Concurrently Held
ownedApril 1983 Joined JAPEX
Jan. 2007
General Manager of Accounting and Procurement Dept.,
Yoshihiko
Sapporo Division Office (later Hokkaido Division
Motoyama
2,900
Office)(April 23, 1960)
sharesJuly 2013
General Manager of Procurement Dept.
Executive Officer
Newly nominated June 2019
June 2021
Advisor to President(up to the present date)June 2021
Corporate Auditor at JAPEX Offshore, Ltd.
[Number of years served as Corporate Auditor]—[Attendance at the Board of Directors meetings held in the fiscal year ended March 31, 2022]
1—[Attendance at the Board of Corporate Auditors meetings held in the fiscal year ended March 31,
2022]—[Reasons for nomination as a candidate for Corporate Auditor]
Yoshihiko Motoyama has extensive experience in and knowledge of operations in the areas of our
procurement, internal control, administration, legal, and information technology divisions. Currently
serving as Corporate Auditor of JAPEX Offshore, Ltd., a subsidiary of JAPEX, he has adequately
performed his duties through auditing the execution of duties by the company’s Directors. We expect
JAPEX audit will benefit from his experience and knowledge, and have therefore newly nominated him
as a candidate for Corporate Auditor.

15

Candidate
No.

Name
(Date of birth)

Brief history, Position in JAPEX and Significant Positions
Concurrently Held
April 1977
July 2010
Oct. 2012

2

3

JAPEX
sharesowned

Joined The Ministry of FinanceCommissioner of the National Tax Agency
Professor at Graduate School of Law, Hitotsubashi
University
Outside Director at ITOCHU Corporation
Chikara Kawakita June 2013
Deputy Chairperson at General Insurance Rating(October 15, 1954) Oct. 2014—
Organization of Japan
Newly nominated June 2019
Outside Audit & Supervisory Board Member at
KONAMI HOLDINGS CORPORATION<Significant positions concurrently held>
Chairman at The Salt Science Research Foundation
Chairman at NOMURA INSTITUTE OF ESTATE PLANNING[Number of years served as Corporate Auditor]—[Attendance at the Board of Directors meetings held in the fiscal year ended March 31, 2022]—[Attendance at the Board of Corporate Auditors meetings held in the fiscal year ended March 31,
2022]—[Reasons for nomination as a candidate for Outside Corporate Auditor]
Although Chikara Kawakita has no experience of being directly involved in corporate management, hehas distinguished insights through his experience as an administrator at the Ministry of Finance and as
a professor of a graduate school. He also has experience guiding corporations in an appropriate direction
as an outside director or officer. For these reasons, we have judged that he is able to carry out audits ofthe execution of duties by Directors, and have therefore newly nominated him as a candidate for Outside
Corporate Auditor.
April 1977 Joined The Industrial Bank of Japan, Limited (later
Mizuho Bank, Ltd.)
General Manager of Head Office Sales Dept. No. 9 at
Dec. 2002
Mizuho Corporate Bank, Ltd.
April 2004 Executive Officer, General Manager of IT & System
Management Dept. at Mizuho Corporate Bank, Ltd.
Hiroshi Motoyama April 2007 Managing Executive Officer at Mizuho Financial Group,
Inc.
(June 15, 1954)—
Managing Director at Mizuho Financial Group, Inc.
June 2007
Newly nominated April 2009 Deputy President at Mizuho Corporate Bank, Ltd.
President & CEO, Representative Director at Mizuho
June 2011
Securities Co., Ltd.
President & CEO at IBJ Leasing Company, Limited
June 2016(later Mizuho Leasing Company, Limited)
Advisor at IBJ Leasing Company, Limited
June 2020(up to the present date)[Number of years served as Corporate Auditor]—[Attendance at the Board of Directors meetings held in the fiscal year ended March 31, 2022]—[Attendance at the Board of Corporate Auditors meetings held in the fiscal year ended March 31,
2022]—[Reasons for nomination as a candidate for Outside Corporate Auditor]
Hiroshi Motoyama has extensive corporate management experience at financial institutions and otherorganizations and distinguished insights, as well as considerable knowledge in finance, accounting,taxation, risk management and other areas. For these reasons, we have judged that he is able to carry out
audits of the execution of duties by Directors, and have therefore newly nominated him as a candidate
for Outside Corporate Auditor.

16

(Notes) 1. No significant interest-based relationship exists between each candidate for Corporate Auditor and JAPEX.
2. Chikara Kawakita and Hiroshi Motoyama are candidates for Outside Corporate Auditors. They are scheduled tobe registered with the Tokyo Stock Exchange as Independent Officers, pursuant to the rules of the Exchange,
subject to the approval of their appointment under this proposal.
3. If the appointment of Candidates Chikara Kawakita and Hiroshi Motoyama is approved as proposed under this
proposal, JAPEX intends to conclude, pursuant to the provisions of Article 427, Paragraph 1 of the Companies
Act, a limited liability agreement with each candidate to limit their liability as stipulated in Article 423, Paragraph
1 of the same Act. The amount of liability under the agreement is limited to the amount provided by laws andregulations.
4. ITOCHU Corporation, in which Candidate Chikara Kawakita served as Outside Director in the period between
June 2013 and June 2018, received in January 2018 and February 2018 cease and desist orders from the Japan
Fair Trade Commission concerning a violation of the Antimonopoly Act. Chikara Kawakita made a statement
regarding the importance of legal compliance at the Board of Directors of the company, and after the incident
was discovered, ensured the thorough enforcement of legal compliance and actively made recommendations forthe formulation of recurrence prevention measures, thereby fulfilling his duties.
5. JAPEX has concluded a directors and officers liability insurance contract stipulated in Article 430-3, Paragraph
1 of the Companies Act with an insurance company, and JAPEX bears the entire premium. If the appointment ofeach candidate for Corporate Auditor is approved as proposed under this proposal, they shall be included as theinsured under the said insurance contract. JAPEX plans to renew this insurance contract under the same
conditions, at the next renewal.

17

Item 5: Revision of the Amount of Compensation for Directors
The amount of compensation for Directors of JAPEX was resolved at the 46th Ordinary General Meetingof Shareholders held on June 24, 2016, to be up to 50 million yen monthly (including up to 4 million yen
monthly for Outside Directors), and has remained unrevised to date. However, as the number of Outside
Directors will increase if Item 3 is approved and adopted as originally proposed, we kindly ask ourshareholders to revise the portion for Outside Directors in the total amount of compensation for Directors to
be up to 5 million yen monthly.
Since this proposal is in line with the policy, etc. on determination of the amount of compensation, etc. for
Directors, which has already been decided at the Board of Directors following deliberations at the Nomination
and Compensation Advisory Committee, we believe that it is appropriate.
The amount of compensation for Directors (including compensation for Outside Directors) shall remain at
an amount up to 50 million yen monthly, and does not include the portion representing employee salaries for
Directors who serve concurrently as employees.
In addition, the number of Directors is currently 11 (including four (4) Outside Directors), and will remain
11 (including five (5) Outside Directors) if Item 3 is approved and adopted as originally proposed.
END

18

Consolidated Balance Sheet(As of March 31, 2022)(Unit: millions of yen)Accounting titles(Assets)
Current assets
Cash and deposits
Notes and accounts receivable-trade
Contract assets
Securities
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Non-current assets
Property, plant and equipment
Buildings and structures
Wells
Machinery, equipment and vehicles
Land
Construction in progress
Other
Intangible assets
Other
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Retirement benefit asset
Other
Allowance for doubtful accounts
Allowance for overseas investment loss

Total assets

Amount226,920
147,241
47,158
405
3,030
2,143
29
12,503
14,458(51)
245,02192,837
37,208
1,925
24,253
11,536
14,797
3,116
5,802
5,802
146,380
108,910
49
3,709
2,319
31,734(45)(297)

471,941(Amounts truncated to millions of yen)

19

Accounting titles(Liabilities)
Current liabilities
Notes and accounts payable-trade
Current portion of long-termborrowings
Contract liabilities
Provision for loss on disaster
Other
Non-current liabilities
Long-term borrowings
Deferred tax liabilities
Retirement benefit liability
Asset retirement obligations
Other
Total liabilities(Net assets)
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Accumulated other comprehensive
incomeValuation difference on availablefor-sale securities
Deferred gains or losses on hedges
Foreign currency translation
adjustment
Remeasurements of defined
benefit plans
Non-controlling interests
Total net assets
Total liabilities and net assets

Amount25,241
11,479
260
258
1,841
11,402
43,929510
16,867
3,376
19,5393,636
69,171
323,602
14,288
2,607
310,592(3,886)48,036
48,346(1,862)
89
1,464
31,131
402,770
471,941

Consolidated Statement of Income
From April 1, 2021
To March 31, 2022

(Unit: millions of yen)Accounting titles
Net sales
Cost of sales
Gross profit
Exploration expenses
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using
equity method
Foreign exchange gains
Other
Non-operating expenses
Interest expenses

Amount249,140
199,237
49,903359
29,73419,809266
4,049
14,226
10,002
1,535
1,187
3,335
1,693

Late charges

Other
Ordinary profit
Extraordinary income
Gain on sales of non-current assets
Gain on sale of investment securities
Gain on forgiveness of debts
Extraordinary losses
Loss on retirement of non-current assets
Loss on disaster
Loss on sale of shares of subsidiaries
Loss on transfer of interests
Loss on liquidation of subsidiaries
Other
Loss before income taxes
Income taxes-current
Income taxes-deferred
LossProfit attributable to non-controlling interests
Loss attributable to owners of parent

1,307
39,82642,462
46
1,416
94,37344,724
3,889
1,321
2,855
6,797

(Amount truncated to millions of yen)

20

30,0806,215
43,674

83,596

145,772
18,501
9,652
28,153
2,835
30,988

Consolidated Statement of Changes in Equity
From April 1, 2021
To March 31, 2022

(Unit: millions of yen)
Shareholders’ equity

Balance at beginningof current period

Accumulated other comprehensive income

SharecapitalCapitalsurplusRetainedearnings

TreasurysharesTotalshareholders’ equity

Valuationdifferenceonavailablefor-salesecurities

14,288－344,438(151)

358,575

44,228DeferredForeign
gains orcurrency
losses on translation
hedges adjustment(488)(3,810)RemeasureTotal
Nonments ofaccumu- controllingdefinedlated otherinterests
benefitcomprehenplans
sive income
1,667

41,59634,320Total
net assets

434,492

Changes in items
during period
Dividends ofsurplus(2,857)(2,857)(2,857)

Loss attributable toowners of parent(30,988)(30,988)(30,988)

2,607

2,607

Change inownership interestof parent due totransactions with
non-controllinginterests

2,607

Purchase of treasury
shares(3,737)(3,737)(3,737)

Disposal of treasury
shares222

Net changes in
items other thanshareholders’ equity
Total changes in
items during period
Balance at end ofcurrent period

4,117(1,374)

3,900

(202)

6,440

(3,189)

3,251

－

2,607

(33,846)(3,734)(34,973)

4,117(1,374)

3,900

(202)

6,440

(3,189)(31,721)

14,288

2,607

310,592(3,886)323,60248,346(1,862)

89

1,464

48,036

31,131

402,770(Amount truncated to millions of yen)21

Balance Sheet(As of March 31, 2022)(Unit: millions of yen)Accounting titles(Assets)
Current assets
Cash and deposits
Accounts receivable-trade
Merchandise and finished goods
Raw materials and supplies
Advance payments-trade
Prepaid expenses
Accrued income
Accounts receivable-otherAmount165,954
103,939
36,133
2,025
10,440
0
671
134
382

Advances paid
Other
Non-current assets
Property, plant and equipment
Buildings
Structures
Wells

817
11,409257,095
69,596
9,352
26,88485

Machinery and equipment
Vessels
VehiclesTools, furniture and fixtures
Land
Leased assets
Construction in progress

20,688
0
1
1,875
9,466
53
499

Well drilling in progress
Intangible assets
Leasehold interests in land
Software

687
1,005
151
702

Other

150

Investments and other assets

186,493

Investment securities
Shares of subsidiaries and associates
Long-term prepaid expenses

94,833
82,833
2,333

Prepaid pension costs
Other

114
12,929Allowance for doubtful accounts(17)

Allowance for overseas investment
loss(6,533)

Total assets

423,049(Amount truncated to millions of yen)

22

Accounting titles(Liabilities)
Current liabilities
Accounts payable-trade
Lease obligations
Accounts payable-otherAccrued expenses
Income taxes payable
Deposits received
Deposits received from subsidiaries
and associates
Provision for bonuses for directors(and other officers)
Provision for loss on disaster
Other
Non-current liabilities
Lease obligations
Deferred tax liabilities
Provision for retirement benefits
Provision for share-based
remuneration
Asset retirement obligations
Other
Total liabilities(Net assets)
Shareholders’ equity
Share capital
Retained earnings
Legal retained earnings
Other retained earnings
Reserve for overseas investment
loss
Reserve for mine prospecting
Reserve for tax purpose
reduction entry of non-current
assetsReserve for exploration
General reserve
Retained earnings brought
forwardTreasury shares
Valuation and translation
adjustments
Valuation difference on
available-for-sale securities
Deferred gains or losses onhedgesTotal net assets
Total liabilities and net assets

Amount51,985
18,424
197
1,002
5,352
378
566
23,95518
1,841
248
33,191
1,470
13,3152,098
47
15,182
1,076
85,176
290,945
14,288
280,543
3,572
276,971834
18,419518
47,246
171,600
38,353(3,886)46,927
48,340(1,413)337,872
423,049

Statement of Income
From April 1, 2021
To March 31, 2022

(Unit: millions of yen)Accounting titles
Net sales
Cost of sales
Gross profit
Exploration expenses
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Other
Non-operating expenses
Interest expenses
Loss on valuation of shares of subsidiaries andassociates
Inactive facility related expenses
Inactive mine administrative expenses
Commitment fee
OtherOrdinary profit
Extraordinary income
Gain on sales of non-current assets
Gain on sale of investment securities
Extraordinary losses
Loss on retirement of non-current assets
Loss on disaster
Bad debt expenses
Loss on valuation of shares of subsidiaries
Other
Loss before income taxes
Income taxes-current
Income taxes-deferred
Loss

Amount128
21,7817,022
1,611

133,642
98,35735,285512
21,365
13,40730,543

25
3,555
225
63
292
770
1,291
39,82632
1,416
12,76377,307
1,048
33
7,536

(Amount truncated to millions of yen)

23

4,932
39,018
41,11792,56812,432
7,570
20,003

Statement of Changes in Equity
From April 1, 2021
To March 31, 2022

(Unit: millions of yen)

Shareholders’ equity

47,246 171,600

(678)
3,500

(72)
(25)

－
3,572

(678) 3,500
834 18,419

(72)
－

(25)
518

－
－
47,246 171,600

Valuation and translation adjustments

Balance at beginning of current period
Changes in items during period
Reversal of reserve for overseas
investment loss
Provision of reserve formine prospecting
Reversal of reserve formine prospecting
Reversal of reserve for special
depreciation
Reversal of reserve for tax purpose
reduction entry of non-current
assetsDividends of surplus
Loss
Purchase of treasury shares
Disposal of treasury shares
Net changes in items other thanshareholders’ equity
Total changes in items during period
Balance at end of current period

Valuation difference on
available-for-sale securities
44,218(Amounts truncated to millions of yen)

Deferred gains or
Total valuation andlosses on hedges
translation adjustments
305
44,52463,938303,404(151) 317,540

678

－

－

(3,500)

－

－

－

－

72

－

－

25

－

－

(2,857) (2,857)(20,003) (20,003)(2,857)(20,003)(3,737) (3,737)
2
2(25,584) (22,860)
38,353 280,543(3,734) (26,595)(3,886) 290,945

Total net assets
362,065－－－－－(2,857)(20,003)(3,737)2

4,121(1,718)

2,402

2,402

4,121
48,340(1,718)(1,413)

2,402
46,927(24,192)
337,872

24

Total shareholders’equity543

Treasury shares

72

Total retained
earnings

Reserve for tax
purpose reduction
entry of noncurrent assets

14,919Retained earnings
brought forward

Reserve for
specialdepreciation

1,512

General reserve

Reserve for mineprospecting

3,572

Reserve for
exploration

Reserve foroverseas
investment loss

Balance at beginning of current
14,288
periodChanges in items during period
Reversal of reserve for overseas
investment loss
Provision of reserve formine prospecting
Reversal of reserve formine prospecting
Reversal of reserve for special
depreciation
Reversal of reserve for tax purpose
reduction entry of non-current
assetsDividends of surplus
Loss
Purchase of treasury shares
Disposal of treasury shares
Net changes in items other thanshareholders’ equity－
Total changes in items during period
14,288
Balance at end of current period

Legal retained
earnings

Share capital

Retained earnings
Other retained earnings