December 19, 2005

Name of the Company:

INPEX CORPORATIONName of the Representative:

Naoki Kuroda, President

Code No.:

1604, The First Section of the Tokyo
Stock Exchange

Contact:

Seiya Ito, General Manager, Public
Affairs Unit

Phone number:

81-3-5448-1205

Name of the Company:

Teikoku Oil Co., Ltd.

Name of the Representative:

Masatoshi Sugioka, President

Code No.:

1601, The First Section of the Tokyo
Stock Exchange/Osaka Stock
Exchange

Contact:

Shuhei Miyamoto, Senior General
Manager, Corporate Management
Department

Phone number:

81-3-3466-1233

Note of Prospective Board Members of the Joint-Holding Company “INPEX Holdings Inc.”INPEX CORPORATION (President Naoki Kuroda, hereinafter “INPEX”) and Teikoku OilCo., Ltd. (President Masatoshi Sugioka) have decided the following prospective members ofBoard of Directors and Statutory Auditors of INPEX Holdings Inc. to be established on April 3,
2006, subject to approval at respective extraordinary shareholders’ meeting and INPEX’s specialclass shareholder’s meeting to be held on January 31, 2006.

１． Members of Board of DirectorsTitle

Name

Current title

Representative
Director andChairman

Kunihiko MatsuoINPEX CORPORATION
Chairman

Representative
Director

Akira Isono

Teikoku Oil Co., Ltd.
Chairman

Representative
Director

Masatoshi Sugioka

Teikoku Oil Co., Ltd.
President

Representative
Director andPresident

Naoki Kuroda

INPEX CORPORATION
President
1Director

Hisatake Matsuno

Director

Katsujiro Kida

Director

Mutsuhisa Fujii

DirectorTakeshi Maki

Director

Seiji Yui

Director

Masaharu Sano

Director

Akinori Sakamoto

Director

Seiya Ito

Director

Kazuo Wakasugi

Director

Hisanori Yoshimura

Director

Junji Sato

Director

Shigeo Hirai

Teikoku Oil Co., Ltd.
Executive Vice President
INPEX CORPORATION
Executive Senior Vice President
INPEX CORPORATION
Executive Senior Vice President
Teikoku Oil Co., Ltd.
Executive Vice President
INPEX CORPORATIONManaging Director
Teikoku Oil Co., Ltd.
Managing Director
Teikoku Oil Co., Ltd.
Director
INPEX CORPORATION
Director
Japan Petroleum Exploration Co., Ltd.
Chairman
Mitsubishi Corporation
Executive Vice President, Group CEO,
Energy Business Group,
Mitsui Oil Exploration Co., Ltd.
Chairman
Nippon Oil Corporation
Director, Senior Vice President,
Executive Director of the Corporate
Management Division I

Note: 1. Kazuo Wakasugi, Hisanori Yoshimura, Junji Sato and Shigeo Hirai are prospective
outside directors as stipulated in Paragraph 2 (7)-2, Article 188 of the Commercial Codeof Japan.
2. Titles of Board of Directors excluding Kunihiko Matsuo, Akira Isono, Masatoshi Sugiokaand Naoki Kuroda are not decided at this moment.

2． Members of Statutory Auditors
Title

Name

Current title

Statutory Auditor

Nobuo Kawa

Statutory Auditor

Shigeru Hayashi

Statutory Auditor

Hiroshi Sato

Statutory Auditor

Tohru Tsuji

Statutory Auditor

Michihisa Shinagawa

INPEX CORPORATION
Statutory Auditor
Teikoku Oil Co., Ltd.
Managing Director
Japan Petroleum Exploration Co., Ltd.
Managing Executive Officer
Marubeni Corporation
Chairman
Sumitomo CorporationDirector, Managing Executive Officer,General Manager, Mineral Resources &Energy Business Unit

Note: 1. Nobuo Kawa, Hiroshi Sato and Toru Tsuji are prospective statutory auditor who meetsthe requirements as provided in Paragraph 1, Article 18 of the Law for Special Exceptions
to the Commercial Code Concerning Audit, etc. of Kabushiki-Gaisha.
2. Shigeru Hayashi will resign from the board of directors of Teikoku Oil Co., Ltd, andSaitama Gas Co., Ltd., prior to assumption of the statutory auditor.

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3. Michihisa Shinagawa will resign from the board of directors of INPEX CORPORATION,
prior to assumption of the statutory auditor.

3． Effective date (Expected)
April 3, 2006 (Date of establishment of INPEX Holdings Inc.)

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