Code No. 1662
June 3, 2021
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 51st Ordinary General Meeting of the Shareholders
The 51st 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., Thursday, June 24, 2021.
Thank you very much for your attention and cooperation.
Details:
1. Date and Time:
2. Location:
3. Agenda:
Announcements:

10:00 a.m., June 25, 2021 (Friday)
Station Conference Tokyo “Sapia Hall” (Sapia Tower 5F)
1-7-12 Marunouchi, Chiyoda-ku, Tokyo
1) Business report and consolidated financial report of the 51st Term (from April 1,2020 to March 31, 2021), and audit reports from the accounting auditor andBoard of Corporate Auditors on the consolidated financial report2) Financial report of the 51st Term (from April 1, 2020 to March 31, 2021)

Resolution items:
Item 1:
Appropriation of Surplus
Item 2:
Election of Eleven (11) Directors
Item 3:
Election of Two (2) Corporate Auditors

NOTE: This document is an abridged translation of the Japanese “Notification of the Convocation to the 51st
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., Thursday, June 24, 2021.
[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., Thursday, June 24, 2021.
(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” shown on page 3 of this notice forthe 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 notification of resolutions at the ordinary general meeting of the shareholders will no longer be delivered by mail. The
results of this general meeting of shareholders will be posted on the JAPEX website (https://www.japex.co.jp/) after the
meeting.

2

Guidance on the Exercise of Voting Rights via the Internet
1. Exercising voting rights via the Internet(1) You may, in lieu of exercising voting rights by a written ballot, exercise your voting rights via the Internetby accessing the website (see URL shown below) designated by the Company. If you intend to exercise
your voting rights via the Internet, you are required to login the page entering a code for the exercise of
voting rights and a password provided on the right-hand side of the enclosed Voting Rights Exercise Form.
Then, please follow instructions on the screen. For security reasons, it is necessary to change the password
at the first time of logging in.

https://soukai.mizuho-tb.co.jp/(2) Voting via internet must be completed no later than 5:35 pm on Thursday, June 24, 2021. The Company
kindly requests for voting to be carries out promptly.
(3) If you exercise your voting rights both in writing and via the Internet, the Company will only accept theexercise of your voting rights via the Internet as valid. If you exercise your voting rights more than once via
the Internet, the Company will only accept the last exercise of your voting rights as valid.
(4) The cord and the password sent to you are valid only for this General Meeting of Shareholders. For the next
General Meeting of Shareholders, a new code and a password will be issued.
(5) Any access charges or costs related to the Internet shall be borne by shareholders.
(Note)- Password is important data to verify whether the person voting is a legitimate shareholder. The Company
never asks for a password of shareholders for any purpose.
- If you enter your password incorrectly several times, your password is automatically locked out and you
won’t be able to login the page afterwards. Should that happen, please follow the instructions on the screen
and follow the procedures.
- Operationality of the website for exercising voting rights is checked under the normal
equipment/requirements for internet access. However, the website may not be available depending on yourusage environment of the internet or device model you use.
2. Inquiries
If you have any questions about the exercise of voting rights via the Internet, please contact the transfer agent,
Stock Transfer Agency Department of Mizuho Trust & Banking Co., Ltd. (see below)[For inquiries about how to exercise your voting rights via the Internet]
Phone: 0120-768-524 (toll free)
Hours: 9:00 a.m. to 9:00 p.m., excluding Saturdays, Sundays and national holidays[To Institutional Investors]
Institutional investors may use the electronic platform for the exercise of voting rights operated by ICJ Inc.
if you apply in advance.

3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 51st term will be as follows:
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: 1,428,809,850 yen(3) Effective date of distribution of surplus: June 28, 2021
Item 2: 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, Yosuke Higai, Kazuhiko Ozeki, Yoshitaka Ishii, Hajime Ito, Toshiyuki Hirata,
Michiro Yamashita, Akira Kojima, Tetsuo Ito, Yukari Yamashita and Hideichi Kawasaki will expire. We kindly
ask our shareholders to elect a total of eleven (11) Directors, decreasing by one (1) Director, in order tostreamline the management structure.
The candidates for Director are as listed below:
JAPEX
Name
Brief history, Position and responsibilities in JAPEX or
CandidatesharesNo.
(Date of birth)
Significant positions concurrently held
owned
April 1964 Joined Ministry of International Trade and Industry(hereinafter referred to as the “MITI”)
July 1997
Vice Minister of International Trade and Industry
July
2002
Chairman at Japan External Trade Organization
Osamu Watanabe
Executive Vice President at JAPEX
50,900(December 6, 1940) June 2007
June 2008
President
sharesRenominatedJune 2016
Chairman(up to the present date)<Significant positions concurrently held>
Director at Canada Oil Sands Co., Ltd.
1
Director at JAPEX Offshore, Ltd.
[Attendance at the Board of Directors meetings held in the fiscal year ended March 31, 2021]
14 out of 14 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.

4Candidate
No.

Name
(Date of birth)

Brief history, Position and responsibilities in JAPEX or
Significant positions concurrently held
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
at SUMITOMO CORPORATION
3,900(November 12, 1954)
June 2019
Representative Director, Executive Vice President atsharesRenominated
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.
Chairman at JAPEX Montney Ltd.
[Attendance at the Board of Directors meetings held in the fiscal year ended March 31, 2021]
14 out of 14 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 1980 Joined JAPEX
June 2005
General Manager of Iraq Project Dept., International Oil& Gas Division
Vice President of Iraq Project DivisionFeb. 2010
Executive Officer, Vice President of Iraq Project
June 2010
Division
Executive Officer, Advisor to President of Middle East,
June 2011
Africa & Europe Project Division
Managing Executive Officer, Advisor to President ofJune 2013
Middle East, Africa & Europe Project Division
Aug. 2013 Managing Executive Officer, Vice President of Middle
Kazuhiko Ozeki
East, Africa & Europe Project Division
6,500(January 19, 1957)
Managing Executive Officer
Jan. 2014
sharesManaging Director, President of Environment andJune 2015
Renominated
Innovative Technology Projects Division
Managing Director
June 2016
Director, Managing Executive Officer
June 2018
Aug. 2019 Director, Managing Executive Officer, President of Asia
& Oceania Project Division
Director, Managing Executive Officer
Oct. 2019
Director, Managing Executive Officer, President of Asia
Feb. 2020& Oceania Project Division
Director, Senior Managing Executive Officer, President
June 2020of Overseas Project Management Division(up to the present date)[Attendance at the Board of Directors meetings held in the fiscal year ended March 31, 2021]
14 out of 14 meetings (100%)[Reasons for nomination as a candidate for Director]
Kazuhiko Ozeki has extensive experience in and knowledge of operations in the areas of our overseas
project, and environment and innovative technology projects divisions. Currently serving as Director
and Senior Managing Executive Officer in charge of managing overall overseas business, he hassignificantly contributed to the Group’s business development; therefore, we have continuously
nominated him as a candidate for Director.
5Candidate
No.

Name
(Date of birth)

Brief history, Position and responsibilities in JAPEX or
Significant positions concurrently held
April 1981
April 2010

4

5

JAPEX
sharesowned

Joined JAPEX
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 Office
Nov.
2017
Managing Executive Officer, Vice President of InterYoshitaka Ishii
regional Gas Supply Division and Vice President of
2,700(April 3, 1957)
Soma Project Division
sharesRenominatedJune 2018
Director, Managing Executive Officer, President ofInter-regional Gas Supply Division and President ofSoma Project Division
Oct. 2018
Director, Managing Executive Officer, President ofInter-regional Gas Supply Division and President ofSoma Project & Power Business Division
Director, Senior Managing Executive Officer, President
June 2020of 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, 2021]
14 out of 14 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 serving as Director
and Senior Managing Executive Officer and President of Power Business Division, he has significantly
contributed to the Group’s business development; therefore, we have continuously nominated him as a
candidate for Director.
April 1980 Joined MITI
July 2006
Deputy Director-General, METI
Oct. 2010
Advisor to President at JAPEX
June 2012
Executive Officer, Vice President of Americas & Russia
Project Division
June 2015
Managing Executive Officer, Vice President of Americas
Hajime Ito& Russia Project Division
4,500(May 27, 1957)
June 2016
Managing Director, Vice President of Americas &sharesRussia Project Division
RenominatedJune 2018
Director, Managing Executive Officer, President ofAmericas & Russia Project Division(up to the present date)<Significant positions concurrently held>
President at JAPEX Montney Ltd.
Director at Sakhalin Oil and Gas Development Co., Ltd.
[Attendance at the Board of Directors meetings held in the fiscal year ended March 31, 2021]
14 out of 14 meetings (100%)[Reasons for nomination as a candidate for Director]
Hajime Ito has international experience in government positions, as well as extensive experience andknowledge of energy administration in government offices and our overseas project divisions. Currently
serving as Director, Managing Executive Officer and President of the Americas & Russia Project
Division, he has significantly contributed to the Group’s business development; therefore, we havecontinuously nominated him as a candidate for Director.

6

Candidate
No.

Name
(Date of birth)

Brief history, Position and responsibilities in JAPEX or
Significant positions concurrently held
April 1981
June 2005
June 2012
June 2015
June 2017
June 2018
June 2020

6

7

JAPEX
sharesowned

Joined JAPEX
President at Japan Canada Oil Sands Limited
Executive Officer at JAPEXManaging Executive Officer
Managing Director
Toshiyuki Hirata
Director, Managing Executive Officer
3,500(January 5, 1958)
Director, Managing Executive Officer, President ofsharesMiddle East, Asia & Europe Project Division
Renominated(up to the present date)<Significant positions concurrently held>
President at JAPEX UK E&P Ltd.
Director at JAPEX Garraf Ltd.
Director at Energi Mega Pratama Inc.
[Attendance at the Board of Directors meetings held in the fiscal year ended March 31, 2021]
14 out of 14 meetings (100%)[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 Middle
East, Asia & Europe Project Division, he has significantly contributed to the Group’s businessdevelopment; therefore, we have continuously nominated him as a candidate for Director.
April 1982 Joined JAPEX
June 2005
General Manager of Corporate Planning Dept.
April 2010 Vice President of Environment and Innovative
Technology Projects Division
June 2011
Vice President of Environment and Innovative
Michiro Yamashita
Technology Projects Division
2,700(October 27, 1959)
June 2013
Executive Officer
sharesJune 2016
Managing Executive Officer
RenominatedJune 2018
Director, Managing Executive Officer(up to the present date)<Significant positions concurrently held>
Director at Japan Canada Oil Sands Limited
Director at Canada Oil Sands Co., Ltd.
[Attendance at the Board of Directors meetings held in the fiscal year ended March 31, 2021]
14 out of 14 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 Managing Executive Officer in charge of the
Finance & Accounting Dept., he has significantly contributed to appropriate administration andmanagement of JAPEX; therefore, we have continuously nominated him as a candidate for Director.

7

Candidate
No.

Name
(Date of birth)

Brief history, Position and responsibilities in JAPEX or
Significant positions concurrently held
April 1965
May 1997
May 2000
May 2003
May 2004
July 2009

8

9

JAPEX
sharesowned

Joined Nikkei Inc.
Director and Chief Editor at Nikkei Inc.
Managing Director and Chief Editor at Nikkei Inc.
Senior Managing Director at Nikkei Inc.
Chairman at Japan Center for Economic Research
Adjunct Professor at National Graduate Institute for
Akira Kojima
Policy Studies(July 18, 1942)
April 2011 Member, Board of Trustees and Adjunct Professor at—
National
Graduate
Institutefor
PolicyStudiesRenominated(up to the present date)June 2015
Director at JAPEX(up to the present date)<Significant positions concurrently held>
Member, Board of Trustees and Adjunct Professor at National
Graduate Institute for Policy Studies
President, Center for International Economic Collaboration[Number of years served as Director]
Six years[Attendance at the Board of Directors meetings held in the fiscal year ended March 31, 2021]
14 out of 14 meetings (100%)[Reasons for nomination as a candidate for Outside Director and outline of expected roles]
Akira Kojima has extensive experience and distinguished insights gained through his career in a
newspaper company, etc. Currently serving as an Outside Director, he has supervised and provided
wide-ranging proposals for JAPEX management. We continuously expect him to provide us withproposals that contribute to JAPEX’s further growth from a global and long-term perspective; andtherefore, have renominated him as a candidate for Outside Director.
In addition, if Akira Kojima is appointed as an Outside Director, he is expected to assume responsibility
for supervising the process of selecting candidates for officer and determining officer compensationfrom an objective and neutral standpoint as a member of the Nomination and Compensation Advisory
Committee.
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(up to the present date)(March 15, 1948)—
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]
Five years[Attendance at the Board of Directors meetings held in the fiscal year ended March 31, 2021]
13 out of 14 meetings (93%)[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.
8Candidate
No.

Name
(Date of birth)

Brief history, Position and responsibilities in JAPEX or
Significant positions concurrently held
Oct. 1985
June 2011

10

11

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,
Japan
Yukari Yamashita(October 23, 1959) June 2019
Director at JAPEX(up to the present date)—
Managing Director, Charge of Energy Data andJune 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
Executive Vice President at International Association for Energy
Economics, Inc.
[Number of years served as Director]
Two years[Attendance at the Board of Directors meetings held in the fiscal year ended March 31, 2021]
14 out of 14 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.
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.
April 2009 Senior Executive Vice President, Representative
Director at Oki Electric Industry Co., Ltd.
Hideichi Kawasaki June 2009
President, Representative Director at Oki Electric(January 10, 1947)
1,000
Industry Co., Ltd.
sharesApril 2016 Chairman of the Board, Representative Director at Oki
RenominatedElectric Industry Co., Ltd.
June 2018
Chairman of the Board at Oki Electric Industry Co., Ltd.
(up to the present date)June 2020
Director at JAPEX(up to the present date)<Significant positions concurrently held>
Chairman of the Board at Oki Electric Industry Co., Ltd.
[Number of years served as Director]
One year[Attendance at the Board of Directors meetings held in the period between his appointment on June
26, 2020 and March 31, 2021]
11 out of 12 meetings (92%)[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.

(Notes) 1. Candidates Masahiro Fujita and Hajime Ito are concurrently serving as the Chairman and President of JAPEXMontney Ltd., respectively, to which JAPEX is providing loans and debt guarantee. Candidate Masahiro Fujita
is concurrently serving as the President of JAPEX Garraf Ltd., with which JAPEX is engaged in crude oiltransactions. In addition, he is concurrently serving as the President of JAPEX Offshore, Ltd., with which JAPEX
9

is entrusted funds via the cash management system. Candidate Yoshitaka Ishii is concurrently 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. Akira Kojima, Tetsuo Ito, Yukari Yamashita and Hideichi Kawasaki are candidates for Outside Director. Thesefour candidates have been registered with the Tokyo Stock Exchange as Independent Officers, pursuant to therules of the Exchange, and they are scheduled to continue to be Independent Officers, subject to the approval of
their reappointment under this proposal.
3. JAPEX has concluded a limited liability agreement with Candidates Akira Kojima, Tetsuo Ito, Yukari Yamashita
and Hideichi Kawasaki, to limit their liability as stipulated in Article 423, Paragraph 1, of the Companies Act.
The amount of liability under the agreement is limited to the amount provided by laws and regulations. JAPEX
is scheduled to renew this agreement with them, subject to the approval of their reappointment under this proposal.
4. 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.
5. Candidate Hideichi Kawasaki is scheduled to retire from the post of Chairman of the Board at Oki ElectricIndustry Co., Ltd. as of the date on which the ordinary general meeting of shareholders thereof to be held in June
2021.
6. The registered name of Yukari Yamashita is Yukari Niwa. This document adopts the name she uses in her businessduties.

Item 3: Election of Two (2) Corporate Auditors
Upon closing of this general meeting of shareholders, the terms of office of Corporate Auditors Kenji
Uchida and Koichi Shimomura will expire. We kindly ask our shareholders to elect two (2) Corporate Auditors.
The candidates for Corporate Auditor are as listed below.
The Board of Corporate Auditors consented to this proposal.
JAPEX
Name
Brief history, Position and responsibilities in JAPEX or
CandidatesharesNo.
(Date of birth)
Significant positions concurrently held
owned
April 1982 Joined JAPEX
July 2006
General Manager of Media & Investor Relations Dept.
July 2008
General Manager of International Planning Dept.,
International Oil & Gas Division
June 2009
General Manager of First Project Dept., International Oil
Koichi Shimomura& Gas Division300(September 18, 1958)
June 2011
General Manager of Canada Oil Sands Project Dept.,
sharesAmericas & Russia Project Division
RenominatedJune 2012
Advisor to President of America & Russia Project
Division
June 2017
Advisor to President of Middle East, Africa & Europe
Project Division
June 2018
Corporate Auditor(up to the present date)1[Number of years served as Corporate Auditor]
Three years[Attendance at the Board of Directors meetings held in the fiscal year ended March 31, 2021]
14 out of 14 meetings (100%)[Attendance at the Board of Corporate Auditors meetings held in the fiscal year ended March 31,
2021]
9 out of 9 meetings (100%)[Reasons for nomination as a candidate for Corporate Auditor]
Koichi Shimomura has extensive experience in and knowledge of project management in our overseas
project division. Since assuming the position of Corporate Auditor in 2018, he has adequately performed
his duties through auditing the execution of duties by Directors; therefore, we have continuously
nominated him as a candidate for Corporate Auditor.

10

Candidate
No.

Name
(Date of birth)

Brief history, Position and responsibilities in JAPEX or
Significant positions concurrently held
April 1982
July 2012

2

JAPEX
sharesowned

Joined JAPEX
General Manager of Iraq Project Dept., Middle East,
Africa & Europe Project Division
July 2013
Advisor to President of Middle East, Africa & Europe
Project Division
MitsuyoshiAug. 2014 Vice President of Middle East, Africa & Europe Project
Nakamura
300
Division(August 18, 1958)
sharesSept. 2015 President of HSE Dept.
Advisor to President of Middle East, Africa & Europe
Newly nominated July 2018
Project Division and General Manager of Dubai
Representative Office, Middle East, Africa & Europe
June 2020
Project Division
Assistant of the executive in charge of HSE Dept.
(up to the present date)[Reasons for nomination as a candidate for Corporate Auditor]
In addition to specializing in management of oil and gas field production facilities in Japan and overseas,
including pipelines, Mitsuyoshi Nakamura has extensive experience in and knowledge of our overseas
project divisions and the areas of safety, health and the environment. We expect JAPEX audit will benefit
from his experience and knowledge, and have therefore newly nominated him as a candidate for
Corporate Auditor.

(Notes) 1. No significant interest-based relationship exists between each candidate for Corporate Auditor and JAPEX.
2. 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.
END

11

Consolidated Balance Sheet(As of March 31, 2021)(Unit: millions of yen)Accounting titles(Assets)
Current assets
Cash and deposits
Notes and accounts receivable-trade

Amount221,034
162,368
39,519Securities
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

3,030
4,297
140
8,001
3,715
(38)
403,752
266,745
157,841
24,96527,834
12,38534,537
9,180
6,129
6,129
130,877
105,070
48
7,940
2,384
15,850(44)(373)

Total assets

624,786(Amounts truncated to millions of yen)

12

Accounting titles(Liabilities)
Current liabilities
Notes and accounts payable-trade
Current portion of long-termborrowings
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
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

Amount103,776
21,546
62,175913
19,14286,51750,1807,919
3,545
21,262
3,609
190,294358,575
14,288344,438(151)
41,59644,228(488)(3,810)1,667
34,320434,492
624,786

Consolidated Statement of Income
From April 1, 2020
To March 31, 2021

(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
Other
Non-operating expenses
Interest expenses
Foreign exchange losses
Other
Ordinary profit
Extraordinary income
Gain on sales of non-current assets
Extraordinary losses
Loss on retirement of non-current assets
Impairment loss
Loss on disaster
Other
Loss before income taxes
Income taxes-current
Income taxes-deferred
Loss
Loss attributable to non-controlling interests
Loss attributable to owners of parent

Amount240,078
203,543
36,534989
31,352
4,192

412
2,823
5,808
846
2,529
639
912
11
30
16,351948
5
4,941(6,864)(Amount truncated to millions of yen)

13

9,891

4,081
10,001
11

17,335
7,322(1,923)
5,399
2,673
2,725

Consolidated Statement of Changes in Equity
From April 1, 2020
To March 31, 2021

(Unit: millions of yen)
Shareholders’ equity

Balance at beginningof current period

Accumulated other comprehensive income

SharecapitalRetainedearnings

TreasurysharesTotalshareholders’ equity

Valuationdifferenceonavailablefor-salesecurities

14,288350,934(11)

365,21233,061

Deferred
gains orlosses onhedgesForeigncurrencytranslation
adjustment

181

3,494

RemeasureTotal
Nonments ofaccumu- controlling
lated otherdefinedinterests
comprehenbenefitsive income
plans
756

37,49437,450Total
net assets

440,157

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

Loss attributable toowners of parent(2,725)(2,725)(2,725)

Change in scope of
consolidation

(0)

(0)

(0)

Change in scope ofequity method

(911)

(911)

(911)

(140)

(140)

Purchase of treasury
shares(140)

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

11,167(670)(7,305)

910

4,101

(3,130)971－(6,495)(140)(6,636)

11,167(670)(7,305)

910

4,101

(3,130)(5,665)

14,288344,438(151)

358,575

44,228(488)(3,810)1,667

41,59634,320434,492(Amount truncated to millions of yen)

14

Balance Sheet(As of March 31, 2021)(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-other
Advances paid

Amount149,148
108,323
28,596
3,826
6,381
4
495
20
340
462

Other
Non-current assets
Property, plant and equipment
Buildings
Structures
Wells
Machinery and equipment
Vessels

695
318,11374,634
9,488
27,715
113
24,613
1

VehiclesTools, furniture and fixtures
Land
Leased assets
Construction in progress
Intangible assets
Leasehold interests in land
Software
Other
Investments and other assets
Investment securities
Shares of subsidiaries and associates

3
1,902
10,315
52
427
1,075
151
766
157
242,403
93,025
154,241

Long-term loans receivable fromsubsidiaries and associates
Long-term prepaid expenses

23,951

Other

1,543

Allowance for doubtful accounts
Allowance for overseas investment
loss

Total assets

2,169(22,956)(9,572)

467,262(Amount truncated to millions of yen)
15

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
Unearned revenue
Provision for bonuses for directors(and other officers)
Provision for loss on disaster
Asset retirement obligations
Other
Non-current liabilities
Lease obligations
Deferred tax liabilities
Provision for retirement benefits
Provision for share-based
remuneration
Provision for loss on guarantees
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 special depreciation
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

Amount58,26322,033
211
3,529
5,246
1,748
136
24,013
16
40
913
173
200
46,933
1,640
4,631
2,396
23
22,811
15,060369
105,196
317,540
14,288303,404
3,572
299,8311,512
14,91972
543
47,246
171,600
63,938(151)
44,524
44,218305
362,065
467,262

Statement of Income
From April 1, 2020
To March 31, 2021

(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
Other
Non-operating expenses
Interest expenses
Inactive facility related expenses
Inactive mine administrative expenses
Commitment fee
OtherOrdinary profit
Extraordinary income
Gain on sales of non-current assets
Extraordinary losses
Loss on retirement of non-current assets
Impairment loss
Loss on disaster
Provision of allowance for doubtful accounts for
subsidiaries and associates
Provision for loss on guarantees
Loss before income taxes
Income taxes-current
Income taxes-deferred
Loss(Amount truncated to millions of yen)

16

Amount366
11,295
1,423
216
280
59
344
111
0

169,195
134,883
34,312815
21,021
12,475

13,085

1,011
24,5490

1913,366948
17,112
22,811
3,585(6,629)54,25829,709(3,044)
26,664

Statement of Changes in Equity
From April 1, 2020
To March 31, 2021

(Unit: millions of yen)

Shareholders’ equity(1,800)

－

－

(580)

580

－

－

72

－

－

25

－

－

(2,857) (2,857)(26,664) (26,664)(2,857)(26,664)
(140)
(140)

(29,616) (29,521)
63,938 303,404(140) (29,662)(151) 317,540

144

568

47,246 171,600(1,027)

(72)
(25)

－
3,572

(1,027) 1,219
1,512 14,919

(72)
72

(25)
543

－
－
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
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
33,057(Amounts truncated to millions of yen)

Total shareholders’equityTotal retained
earnings

1,800

13,700

Deferred gains or
Total valuation andlosses on hedges
translation adjustments
181
33,239Treasury shares

Retained earnings
brought forward

－

2,540

General reserve

－

3,572

Reserve for
exploration

1,027

Reserve for tax
purpose reduction
entry of noncurrent assets(11) 347,203

Reserve for
specialdepreciation

332,926

Reserve for mineprospecting

93,554

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
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

Total net assets
380,442－－－－－(2,857)(26,664)(140)

11,160124

11,284

11,284

11,16044,218124
305

11,28444,524(18,377)
362,06517