(Excerpt from presentation material of financial results for the six months ended June 30, on August 9, 2023. )INPEX CORPORATION

Sustainable Growth of Corporate Value
August 9, 2023

Analysis of Current Situation
On the other hand, in view of thecurrent global energy situation, weacknowledge there are growing
expectations for the roles we play insociety. Thus, we aim to thoroughly
make our oil & gas business cleaner
and more resilient to strengthen ourstable supply of energy.

Based on sound financial performanceand improved shareholder returns,PBR is on the rise although it iscurrently in the 0.5 to 0.6 range. Our
share price also remains at a
discounted level. We believe thisreflects the uncertainty over thesustainability of the oil & gas business,the risk of assets being stranded andthe uncertainty concerning our future
shareholder returns.
PBR

Financial Results
Share Price (LHA)(yen per share)(times)BPS (LHA)

3,500

3,269

PBR (RHA)PBR x1.0

3,000
2,500

2,880

Approx.
895.0

586.8

0.48
1,3960.49
1,598

461.0

0.60

318.9

4000.40349.2

320.0
223.0

200

123.5

1,002

1,137

0.20

00.00

-200

5560

2019/12

1,061.6

1,000

600

0.30

500

Cash flow from operations before exploration
Investment including Ichthys Downstream IJV

800

0.44

1,500

Net income attributable to owners of parent(billion yen)
1,200

0.80

1,874

0.55

1,000

1.20

1.00

2,253

2,082
2,000

We are steadfastly pursuing ourenergy transformation through our 5net zero businesses by implementing
renewableenergybusinesses,
including wind power and geothermal
power projects in our core regions,and making sound progress onhydrogen and methanation initiatives.

2020/122021/122022/122023/6*(111.6)
2019/12*INPEX’s PBR is 0.56 when calculated with the share price of 1,833 yen as of 31 July 2023, and BPS of 3,269 yen as of 30 June 2023.

Copyright © 2023 INPEX CORPORATION. All rights reserved.

2020/122021/122022/122023/12(Forecast)1

Our Initiatives Going Forward
In INPEX Vision @2022, we outlined ourstrategy to sustainably provide a stablesupply of diverse energy over the longterm, and to contribute to the energy
transformation as an industry pioneer.
This strategy continues to be valid in viewof the current global energy situation.

We will aim to sustainably grow ourcorporate value by investing in sources ofbusiness growth, while
givingconsiderable weight to the long-term
improvement of capital efficiency. Basedon such accomplishments, we will
strengthen shareholder returns.

Growth Initiatives toGain Market Confidence
ROE, ROIC Improvement

Improving Capital Efficiency
 Steady growth in net income
through portfolio enhancement,
cost reduction
 Introducing ROIC as a newmanagement KPI to more precisely
manage capital efficiency. WithROE and COE in mind, will aim torealize ROIC to stably exceed WACC
(approx. 6% on CAPM basis) aimingfor further enhancement
 Appropriate control of financial
leverage

PBR
Improving
Capital Improvement
Efficiency

Gaining Market Confidencein Our Future Growth
INPEX
PBR x0.5
Optimization of Cost of Capital

Action to improve Capital
Efficiency

Stronger Shareholder Returns
and Deeper Dialogue with Investors
Copyright © 2023 INPEX CORPORATION. All rights reserved.

Wewillpromotesustainability
management and strategically allocate
management resources to developing
technology and human resources. We will
also continue to provide a stable supply ofenergy, promote climate change responseand pioneer energy transformation.

Gaining market confidence to ourfuture business growth throughfollowing initiatives:
 Oil and Gas (Ichthys, Abadi) growth Turning our renewable energy
business into a contributor to stableincome Through CCS, reducing stranded
asset risks in oil and gas
 Capturing growth opportunities inhydrogen and ammonia

Confidence inFuture BusinessGrowth2

Initiatives to Improve Capital Efficiency
Following the start-up of Ichthys, INPEX isin the next phase of growing its businessfoundations. By continuing even higher
quality growth investments, we aim toenlarge our portfolio and improve capitalefficiency through strengthening ourenergy business foundations.

We aim to achieve a ROIC above WACC ineach of our business areas.
 To appropriately reflect our businesscharacteristics, for the numerator of ROIC, weutilize adjusted net income (before interest
expenses, extraordinary profit/loss and net
income/loss attributable to non‐controllinginterests), which includes equity in earnings ofaffiliates such as the Ichthys Downstream IJV.

Increasing ROE through continuationof quality growth investments

ROE、ROICROIC

ROE

Cost of Equity Approx. 8%(CAPM basis)

Majors model

7.6%

10%

8.5%

4.1%

5%

5.0%
1.6%

WACC Approx. 6%(CAPM basis)

Continuation ofquality growthinvestments

ShrinkingInvestment
Model-5%

2021/122022/12

Copyright © 2023 INPEX CORPORATION. All rights reserved.

2023/12(Forecast)Sustainable
Investment
Model0%-3.9%
2020/12ROE

7.7%2019/12(Illustrative)

15%

13.5%

9.4%

3.0%

Backed by strong cashflow throughfactors such as stable production atIchthys, reduction of interest-bearing
debt has progressed ahead of schedule
further securing our financial soundness.
Going forward, we will appropriately
control leverage so that the net D/E ratio
remains largely within the range of 30%
to 50%.

2024/12(Illustrative)

time3

Highlights of Our Growth Initiatives
We will aim to gain the market’s confidence in our future business growth, positioning Ichthys & Abadi, renewableenergy and CCS & hydrogen as pillars of our future business strategy.

Source of earnings
Oil & Gas

Aiming to establish as
future source of stable earnings

Renewable
EnergyAdvance investment
in emerging markets

CCS,
Hydrogenetc.

 Throughallocation
ofmanagement resources toour core business regions,will pursue synergies byleveraging our existing assets,
networks and technologies toimprove efficiency in ourbusiness.

 At Ichthys, we will leverage
our existing assets to explore,
acquireanddevelop
discovered reserves in thevicinity of the Ichthys Field toensure sustained, long-term
stable production as well as
pursue high profitability
through increased production.

 Abadi is an important pillar for
our future growth. We will
progress discussion with ournew partners, Pertamina andPetronas, to materially restart
the project this year. We aim
to achieve an IRR in the mid10% range and a ROIC well
above the WACC.

 As a strategic investment for energy
diversification, we will aim to pursue projects
that can achieve a ROIC above the WACC.

 We entered a strategic partnership in Australia withENEL, a leading renewable energy company. We aim
to make it the center of our renewable energy
business by applying efficient business models to awide-ranging business portfolio including project
development, power generation, storage and retail.

 CCS is the key to reducing the risk of oil & gas
assets being stranded by making them cleaner.
We will progressively implement theBonaparte CCS in Australia, Abadi CCS and theadvanced CCS projects in Japan.

 In our hydrogen-associated business, we will capture
future growth opportunities by conducting surveys anddemonstrations. Japan’s first integrated hydrogen andammonia production and usage demonstration project inKashiwazaki, Niigata and a methanation demonstration
projectin Nagaoka,Niigata are in the developmentstage.

Copyright © 2023 INPEX CORPORATION. All rights reserved.

4

Stronger Shareholder Returns and Deeper Dialogue with Investors
Based on our confidence in securing
future business growth and as an action
to improve capital efficiency, we willcontinue to strengthen shareholder
returns.

With reduction of net interest-bearing
debt steadily progressing, keeping in
mind the balance with growthinvestments, we will expand allocation
to shareholder returns and conduct thefollowing measures.

As a result, shareholder returns in FY2023
will amount to approximately 200.0billion yen. Dividend payout ratio andtotal payout ratio (including buyback) is
forecasted to be approximately 30% and61%, respectively.

① Annual DPS forecast increased to 74 yen per share from 62 yen in FY2022 (37 yen interim & 37 yen at year-end)② Best efforts will be made for FY2024 DPS to be equal to or greater than FY2023 DPS③ To conduct share buybacks amounting 100.0 billion yen in FY2023④ To cancel own shares acquired in FY2022 and FY2023 (120.0 billion yen in FY2022, 100.0 billion yen in FY2023)
Increasing DPS

Share Buybacks and Cancellation(yen per share)
10090
80

2023/12100.0billion
yen

To be boughtback andcancelled

2022/12120.0billion
yen

To becancelled

About 80
million shares

2021/1270.0billion
yenCancelled

About 76
million shares

70
60
50
40
30
20
10018
2018/33024
2019/3

2019/12

Deeper Dialogue withInvestors

48

62

74

24
2020/122021/122022/122023/122024/12(Forecast) (Illustrative)

 Institutional investors and analysts: To hold inaugural Investor Day and enhance one-on-one meetings, small meetings,
conferences organized by securities companies, overseas road shows, overseas site visits
 Individual investors: To enhance presentation sessions and domestic site visits

Copyright © 2023 INPEX CORPORATION. All rights reserved.

5