INPEX Corporation Green Bond Eligibility for Post-Issuance Verification Report

VERIFICATION REPORTINPEX CORPORATIONGREEN BOND ELIGIBILITY FOR POST-ISSUANCE

Prepared by: DNV Business Assurance Japan K.K.
Location: Kobe, Japan
Date: June 29, 2022
Ref. Nr.: PRJN-252709-2021-AST-JPN-02

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INPEX Corporation Green Bond Eligibility for Post-Issuance Verification Report

Contents
I. Scope and Objectives

3

II. Responsibility of the Issuer and DNV

5Ⅲ. Basis of DNV’s Opinion

6

Ⅳ. Work Undertaken

7

Ⅴ. Findings and DNV’s Opinion

8

Schedule-1. List of Green Projects

14

Schedule-2. Green Bond Eligibility Assessment Protocol

15

Schedule-3. CBS v3.0 Requirement/Criteria

19

Revision history
RevisionIssue Date

Number(dd/mm/yyyy)

Rev.0

06/08/2021

Green Bond Eligibility for Pre-Issuance Verification Report

Rev.1

29/06/2022

Green Bond Eligibility for Post-Issuance Verification Report

Remarks

Disclaimer
Our assessment relies on the premise that the data and information provided by Issuer to us as part of our review procedures have been provided in good faith.
Because of the selected nature (sampling) and other inherent limitation of both procedures and systems of internal control, there remains the unavoidable riskthat errors or irregularities, possibly significant, may not have been detected. Limited depth of evidence gathering including inquiry and analytical procedures andlimited sampling at lower levels in the organization were applied as per scope of work. DNV expressly disclaims any liability or co-responsibility for any decision aperson or an entity may make based on this Statement.

Statement of Competence and Independence
DNV applies its own management standards and compliance policies for quality control, in accordance with ISO/IEC 17021:2011 - Conformity Assessment
Requirements for bodies providing audit and certification of management systems, and accordingly maintains a comprehensive system of quality control, including
documented policies and procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements. We
have complied with the DNV Code of Conduct1 during the assessment and maintain independence where required by relevant ethical requirements. This
engagement work was carried out by an independent team of sustainability assurance professionals. DNV was not involved in the preparation of statements ordata included in the Framework except for this Statement. DNV maintains complete impartiality toward stakeholders interviewed during the assessment process.

1 DNV Code of Conduct is available from DNV website (www.DNV.com)

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INPEX Corporation Green Bond Eligibility for Post-Issuance Verification Report

I. Scope and Objectives
The scope of this report is post-issuance verification for green bond that is “1st INPEX Green
Bond”, which INPEX Corporation (hereinafter, “INPEX” or “Issuer”) has issued on October 15,
2021 and has acquired the certification of Climate Bond Initiative*1.
This post-issuance verification of bonds complies with the certification process stipulated in
Climate Bonds Standard Version 3.0*2, and covers the above green bond.
*1: Climate Bonds Initiative (hereinafter, “CBI”)*2: Climate Bonds Standard Version 3.0 (hereinafter, “CBS v3.0”)

INPEX allocates the proceeds from the green bond to the projects and assets categorized into
the following categories.

・

Renewable Energy: Projects related to the development, construction, operation andrefurbishment of renewable energy such as offshore wind power and geothermal
power

DNV Business Assurance Japan K.K. (hereinafter, “DNV” or “we”) has been commissioned by
INPEX, to provide the Post Issuance verification of the green bond (hereinafter, “BOND”) as anindependent and CBI-certified verifier under the CBS v3.0.

DNV’s criteria and information covered to achieve this is described under ‘Work Undertaken’
below. The Post Issuance Verification was conducted on the provided information includinginterview with INPEX.
In this paper, no assurance is provided regarding the financial performance of the BOND, thevalue of any investments in the BOND, or the long-term environmental benefits of thetransaction.
Our objective has been to provide an assessment as to whether the BOND has met thecriteria set out in the CBS v3.0 and the associated Sector Technical Criteria on the basis set
out below. Therefore, the scope of DNV’s statement of opinion is the scope defined by CBS
v3.0.

・
・

Geothermal Energy and the Climate Bond Standard (Version 1.0)
The Marine Renewable Energy Sector Eligibility Criteria of the Climate Bonds
Standard (July 2020)

In addition, CBS v3.0 comprehensively includes the Green Bond Principles (ICMA 2021,
hereinafter, “GBP”) and Green Bond Guidelines (Ministry of Environment, 2020, hereinafter,“GBGLs”), which are widely recognized domestic and international standards. Therefore, thisPage 3 of 21

INPEX Corporation Green Bond Eligibility for Post-Issuance Verification Reportverification report includes the elements of the periodical review (required confirmation
items) defined by these.

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INPEX Corporation Green Bond Eligibility for Post-Issuance Verification Report

II. Responsibility of the Issuer and DNVINPEX has provided the information and data used by DNV during the delivery of this review.
DNV’s statement represents an independent opinion and is intended to inform INPEX andother interested stakeholders in the BOND as to whether the established criteria have beenmet, based on the information provided to us. In our verification results and statements ofopinion, we have relied on the information and the facts presented to us by INPEX.
DNV is not responsible for any aspect of the nominated projects and assets referred to inthis verification results and statements of opinion and cannot be held liable if estimates,
findings, opinions, or conclusions are incorrect. Thus, DNV shall not be held liable if any of
the information or data provided by INPEX’s management and used as a basis for thisassessment were not correct or complete.
DNV holds no other engagements with the Issuer, including its direct shareholders, for which
we foresee conflict of interest to carry out the Scope of Work as defined in the agreementagreed with the Issuer.

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INPEX Corporation Green Bond Eligibility for Post-Issuance Verification Report

Ⅲ. Basis of DNV’s Opinion
To provide as much flexibility as possible for the issuer, DNV has applied our green bondassessment methodologies, which incorporates the requirements of the GBP, GBGLs andCBS, to create the Issuer-specific Green Bond Eligibility Assessment Protocol (hereinafter,“DNV’s Protocol”).
The DNV’s Protocol has the capacity for potential application of green bonds under the GBP,
GBGLs and CBS. Schedule-2 of this report outlines the DNV’s Protocol and Findings.
DNV’s Protocol includes a set of suitable criteria that can be used to underpin DNV’s opinion.
The overarching principle and guidelines behind the criteria are that a green bond should“enable capital-raising and investment for new and existing projects with environmental andsocial benefits”.
As per DNV’s Protocol, the criteria against which the BOND has been reviewed are grouped
under the four Principles:Principle 1: Use of Proceeds: The Use of Proceeds criteria are guided by therequirement that an issuer of a green bond must use the proceeds by green bonds for
eligible projects. The eligible projects should produce clear environmental benefits.

Principle 2: Process for Project Evaluation and Selection: The Project Evaluationand Selection criteria are guided by the requirements that an issuer of a green bondshould outline the process it follows when determining eligibility of an investmentusing green bond proceeds, and outline any impact objectives it will consider.



Principle 3: Management of Proceeds: The Management of Proceeds criteria are
guided by the requirements that a green bond should be tracked within the issuingorganization, that separate portfolios should be created when necessary and that adeclaration of how unallocated funds will be handled should be made.



Principle 4: Reporting: The Reporting criteria are guided by the recommendationthat at least Sustainability Reporting to the bond investors should be made of the useof bond proceeds and that quantitative and/or qualitative performance indicators
should be used, where feasible.

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INPEX Corporation Green Bond Eligibility for Post-Issuance Verification Report

Ⅳ. Work Undertaken
Our work constituted a high level of review of the available information, based on theunderstanding that this information was provided to us by the Issuer in good faith.
We have not performed an audit or other tests to check the veracity of the information
provided to us.
The work undertaken to form our opinion included:i. Pre-Issuance verification (*implemented in August 2021 and is not includedin this report.)

Creation of the Issuer-specific DNV’s Protocol;Assessment of evidential documents provided by the Issuer before issuance of the
BOND, and supplemental assessment with desk review from a higher perspective;Interview with key personnel of the Issuer, and review of the relevant
documentation; and

Reporting of findings against each element of the eligibility criteria

ii. Post-Issuance verification (*this report)

Assessment of evidential documents provided by the Issuer after issuance of the BOND,
and supplemental assessment by desk review from a higher perspective;Interview with key personnel of the Issuer, and review of the relevant documentation;



Review of the candidate projects and assets at the time of the post-issuance verification,
including updating the list of them in Schedule-1; and

Reporting of findings against each element of the eligibility criteria at the postissuance verification

Our verification results and opinions are summarized in "Findings and DNV’s Opinion" below.

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INPEX Corporation Green Bond Eligibility for Post-Issuance Verification Report

Ⅴ. Findings and DNV’s Opinion
DNV conducted post-issuance verification of this green bond in accordance with ISAE3000(Assurance engagements other than audits or review of historical financial information).
The verification included:i) checking whether the provisions of the CBS were consistently and appropriately applied;andii) the collection of evidence supporting the verification.

DNV’s verification approach draws on an understanding of the risks associated with
conforming to the CBS v3.0 and the controls in place to mitigate these.
DNV planned and performed the verification by obtaining evidence and other informationand explanations that DNV considers necessary to give limited assurance that the BOND
meet the requirements of the CBS v3.0.
In addition, since the conformity to GBP and GBGLs of the BOND can be related to theconformity to CBS v3.0, the verification results are summarized in one form (from principle 1
to principle 4) as described below.
The findings and DNV’s opinion are as follows:

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INPEX Corporation Green Bond Eligibility for Post-Issuance Verification Report

Principle 1: Use of Proceeds
DNV has confirmed that the proceeds from this green bond have been allocated to theprojects related to the development, construction and operation of geothermal power andoffshore wind power that have been verified before the bond is issued.
Table-1: Allocation status of the proceeds (as of end of December 2021)
AmountItem(JPY billion yen)

Net proceeds

100

Allocated amount

96.7(of which refinancing)(52.3)

Unallocated amount

3.3

The current status of green projects is listed in Schedule-1 “List of Green Project” of thisreport.
It was confirmed that the geothermal power project and the offshore wind power project
which proceeds from this green bond were allocated, have been verified before bondissuance to meet the following CBS technical standards (sector eligibility criteria).
 Geothermal Energy and the Climate Bond Standard (Version 1.0)
 The Marine Renewable Energy Sector Eligibility Criteria of the Climate Bonds
Standard (July 2020)

Principle 2: Process for Project Evaluation and selection
DNV has verified that the process for evaluating and selection for eligible green projects wasestablished and implemented by the issuer before bond issuance. In addition, through thisverification activity, no new projects were added and no events that affected the project
evaluation and selection process were found after the pre-issuance verification.
Specifically:• DNV confirmed that Finance and Accounting Division selected the project candidates
based on the eligibility criteria and that the project was approved through theappropriate internal decision-making process in consultation with Renewable Energy
and New Business Division and Corporate Strategy and Planning Division.
• DNV confirmed that there were no changes to the issuer's climate-related objectives
related to the bond issuance and in the rationale for bond issuance.

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INPEX Corporation Green Bond Eligibility for Post-Issuance Verification Report

Principle 3: Management of Proceeds
DNV has reviewed how the issuer tracked and managed the allocation of the proceeds
since the issuance of green bonds.
The details are as follows:Management of net proceeds from the green bonds was performed by Finance andAccounting Division in accordance with regulations, using the SAP system and thegreen bond procurement management table. It was confirmed that unallocatedproceeds were managed in cash or cash equivalents, etc.

Finance and Accounting Division registered and managed the allocation status in theinternal management system for each eligible green project for fund procurement
management.



The allocation status for each project is managed by Finance and Accounting Division.
DNV also confirmed that the balance of unallocated amount was confirmed at least
quarterly and that the total amount of eligible projects was managed so that I would
not fall below the total amount of green bond issuance until the allocation wascompleted.

The allocation status was regularly reported to the officer in charge of Finance andAccounting Division.

As a result, DNV confirmed that the Issuer’s methodology to manage the total amount ofproceeds is appropriate and it is aligned with the CBS and the related requirements.

Principle 4: Reporting
DNV confirmed that information on the allocation status and environmental benefits requiredfor green bond reporting has been disclosed in the integrated report. The scope of reporting
includes the balance of the unallocated amount, the allocated amount, and the amount thathave been used for refinancing. Please refer to the “Table-1 Allocation status of theproceeds(as of end of December 2021)” in Principle 1 for the allocation status.
DNV confirmed that the Issuer has disclosed the following indicators as environmental
benefits from projects in operation:


Installed capacity (MW)Annual CO2 emission reduction (t-CO2)

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INPEX Corporation Green Bond Eligibility for Post-Issuance Verification Report

Table 2: Environmental benefits by the project to be allocatedInstalled capacity(INPEX equity)

Type
Renewable energy: geothermal power &offshore wind power

415MW(68.7MW)

Environmental benefits*1(CO2 emission
reduction)
58,547 t-CO2*1: Calculation method of environmental benefits: Actual power generation (MWh) ×
CO2 emission factor (t-CO2/MWh)
CO2 emission factor is the difference between the average CO2 emission factor for
the implementing country concerned and the CO2 emission factor upon implementing
the project.

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INPEX Corporation Green Bond Eligibility for Post-Issuance Verification Report

Post-issuance verification results and periodic review summary
As a result, based on the limited assurance procedures conducted by DNV, nothing has cometo our attention that causes us to believe that the green bonds are not, in all material
respects, in compliance with the requirements of the CBS v3.0 and the associated sector
technical criteria.
In this paper, no assurance is provided regarding the financial performance of the BOND, thevalue of any investments in the BOND, or the long-term environmental benefits of thetransaction.
In addition, DNV has confirmed that the requirements for periodical reviews set out in
GBP2021 and GBGLs are being properly implemented.
From the above, DNV confirmed through post-issuance verification and review that the 1st
INPEX Green Bond is implemented in accordance with CBSv3.0, GBP2021 and GBGLs2020.

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INPEX Corporation Green Bond Eligibility for Post-Issuance Verification Report

DNV Business Assurance Japan K.K.

June 29, 2022

Mark Robinson

Naoki Maeda

Manager, Sustainability Services

Managing Director

DNV Business Assurance, Australia

DNV Business Assurance Japan K.K.

Masato Kanedome

Jun Chokai

Project Leader

Assessor

DNV Business Assurance Japan K.K.

DNV Business Assurance Japan K.K.

About DNV
Driven by our purpose of safeguarding life, property and the environment, DNV enables organisations to advance thesafety and sustainability of their business. Combining leading technical and operational expertise, risk methodology andin-depth industry knowledge, we ENPOWER our customers’ decisions and actions with trust and confidence. We
continuously invest in research and collaborative innovation to provide customers and society with operational andtechnological foresight.
With our origins stretching back to 1864, our reach today is global. Operating in more than 100 countries, our 16,000
professionals are dedicated to helping customers make the world safer, smarter and greener.

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INPEX Corporation Green Bond Eligibility for Post-Issuance Verification Report

Schedule-1. List of Green Projects
Both Green projects already in operation and Green Project Candidates listed in the table are a list of Green Project Candidates that have beenverified at the time of pre-issuance verification (as of August 2021). The projects are disclosed in an aggregated form because they partiallycontain confidential information, but the information necessary for verification has been provided to DNV, the verifying agency.
No.

CategorySub
Category

FundedEligible Criteria

Project Summary

Amount*1
Multiple geothermal power plants in Japan and abroad.

Projects that have already started are operating as planned
and are showing environmental benefits.

1

Geothermal

Geothermal Energy and the

power

Climate Bond Standard

generation(Version 1.0)



originally planned, and there are no major changes to thestart-up schedule.
9.67 billion yen

accordance with the internal regulations and environmental
impact assessment system.

amount: 5.23
billion yen)power
generation

The nominated project meets the CBS technical standards
and the project risk assessment has been conducted inrefinancing

energy2(of whichRenewable

Offshore wind

Projects currently under construction is proceeding asOffshore wind farms in Japan.

Projects currently under construction are proceeding as

The Marine Renewable

originally planned, and there are no major changes to theEnergy Sector Eligibility

start-up schedule.

Criteria of the Climate Bonds
Standard (July 2020)



The nominated project meets the CBS technical standards
and the environmental impact assessment process isunderway in accordance with the project's environmental
impact assessment system.

*1

as of end of December 2021

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INPEX Corporation Green Bond Eligibility for Post-Issuance Verification Report

Schedule-2. Green Bond Eligibility Assessment Protocol
Following table of GBP-1 to GBP-4 are DNV green bond eligibility protocol set by DNV based on the requirements of CBS、GBP and GBGLs.
“Work Undertaken” in the verification activities includes issuer’s internal documents, and was provided as evidence of eligibility assessment
to DNV through the verification.

GBP-1 Use of Proceeds
Ref.

1a

Criteria

Type ofbond

Requirements/Contents

Work Undertaken

The bond must fall in one of the following categories, as definedby the Green Bond Principles:Green Use of Proceeds BondGreen Use of Proceeds Revenue BondGreen Project BondOther

DNV Findings• Interviews withstakeholders• Document review

The BOND falls into the category below:
 Green Use of Proceeds Bond

1b

Project
categories

The cornerstone of a Green Bond is the utilization of the proceedsof the bond which should be appropriately described in the legal
documentation for the security.

• Interviews withstakeholders• Document review

It was confirmed that it properly stated in thelegal documents related to the securities thatthe net proceeds are allocated to financing(new investment) or refinancing for “projects
related to development, construction,
operation, and refurbishment of renewableenergy such as offshore wind power andgeothermal power”.

1c

Environment
al benefits

All designated Green Project categories should provide clear
environmentally sustainable benefits, which, where feasible, will
be quantified or assessed by the issuer.

• Interviews withstakeholders• Document review

It was confirmed that the green project hasenvironmental benefits as a reduction of CO2
emissions, and its environmental impacts werereported annually.

Refinancing
share

In the event that a proportion of the proceeds may be used forrefinancing, it is recommended that issuers provide an estimateof the share of financing vs. re-financing, and where appropriate,
also clarify which investments or project portfolios may be
refinanced.

• Interviews withstakeholders• Document review

1dPage 15 of 21

It was confirmed that the INPEX clarified the“approximate amount (or ratio) of the proceedsthat was allocated to refinancing” through thereporting of the allocation status.

INPEX Corporation Green Bond Eligibility for Post-Issuance Verification Report

GBP-2 Process for Project Evaluation and Selection
Ref.

2a

2b

Criteria

Requirements/Contents

Investmentdecision
process

The issuer of a Green Bond should outline the decision-making
process it follows to determine the eligibility of projects using
Green Bond proceeds. This includes, without limitation:• A process to determine how the projects fit within the eligible
Green Projects categories identified in the Green Bond Principles;• The criteria making the projects eligible for using the Green
Bond proceeds; and• The environmental green objectives

Issuer’s
environment
algovernanceframework

Work Undertaken

In addition to information disclosed by an issuer on its Green Bond
process, criteria and assurances, Green Bond investors may also
take into consideration the quality of the issuer’s overall
framework and performance regarding environmental
sustainability.

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DNV Findings• Interviews withstakeholders• Document review

It was confirmed that the INPEX has a process todetermine the eligibility of the project that use theproceeds from the green bond, and that theprocess is in fact working effectively.

• Interviews withstakeholders• Document review

It was confirmed that the green project
implemented by the INPEX is fully considered forthe environmental aspect based on the legal
system of each country, and is in the process of
being released in sequence.
This project is in line with the long-term
management policy of the 2050 net zero-carbon
society, which is one of the INPEX's long-term
strategies.

INPEX Corporation Green Bond Eligibility for Post-Issuance Verification Report

GBP-3 Management of Proceeds
Ref.

Criteria

Requirements/Contents

Work Undertaken

3aTracking
procedure-1

The net proceeds of Green Bonds should be credited to a subaccount, moved to a sub- portfolio or otherwise tracked by theissuer in an appropriate manner and attested to by a formalinternal process that will be linked to the issuer’s lending andinvestment operations for Green Projects.

3bTracking
procedure-2

So long as the Green Bonds are outstanding, the balance of the
tracked proceeds should be periodically reduced by amounts
matching eligible green investments or loan disbursements madeduring that period.

Temporaryholdings

Pending such investments or disbursements to eligible Green
Projects, the issuer should make known to investors the intended
types of temporary investment instruments for the balance of
unallocated proceeds.

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DNV Findings
It was confirmed that the net proceeds wastracked by the INPEX’s internal system andproved in the confirmation process based on theinternal regulations.

• Interviews withstakeholders• Document review• Interviews withstakeholders• Document review

DNV confirmed that INPEX reviewed the balancesof unallocated amount on a regular basis (at least
quarterly) during the period from bond issuanceto redemption of green bond.

• Interviews withstakeholders• Document review

It was confirmed that the balance of unallocatedamount was recognized successively through the
INPEX's internal system and confirmation
process. It was also confirmed that the balanceof unallocated proceeds was identified throughthe reporting of allocation status.

INPEX Corporation Green Bond Eligibility for Post-Issuance Verification Report

GBP-4 Reporting
Ref.

4a

Criteria

Requirements/Contents

Work Undertaken

Periodical
reportingIn addition to reporting on the use of proceeds and the temporary
investment of unallocated proceeds, issuers should provide at least
annually a list of projects to which Green Bond proceeds havebeen allocated including- when possible, with regards to confidentiality and/or competitive
considerations- a brief description of the projects and the amounts disbursed, as
well as the expected environmentally sustainable impact.

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DNV Findings

It was confirmed that the INPEX carried out anannual report on green bonds and disclosed thestatus of the allocated projects as necessary until
the proceeds were allocated.

INPEX Corporation Green Bond Eligibility for Post-Issuance Verification Report

Schedule-3. CBS v3.0 Requirement/Criteria
Summary criteria for assertions of compliance with the CBS v3.0
Prior to incorporating eligible projects and assets into green bonds, the criteria for reviewing related projects and assets are
categorized based on CBSv3.0 and related technical standards. The main requirements of CBSv3.0 and technical standards arebroadly classified into Part A to Part C in the table below.
As a result, based on the limited assurance procedures conducted by DNV, nothing has come to our attention that causes us tobelieve that the green bond is not, in all material respects, in compliance with the requirements of the CBS and the related
requirements and the associated sector technical criteria.

Part A: Pre-Issuance Requirements *This section is not included in this report.
Scope

Requirements

1.Use of Proceeds

Net proceeds of the bond must be allocated to nominated projects and assets.

2. Process for Evaluation and Selection

A decision-making process shall be maintained to determine the continuing eligibility of theof Projects & Assets

nominated projects and assets.

3. Management of Proceeds

4. Reporting Prior to Issuance

The net proceeds of the bond shall be credited to a sub-account, moved to a sub-portfolio orotherwise identified in an appropriate manner, and documented.
There are specific requirements in respect of reporting on use of proceeds and list of nominatedprojects and assets, finance/refinance plan, management process of unallocated proceeds,
selected criteria, information related to Update report (annual report), and Framework which shallbe disclosed.

Part B: Post-Issuance Requirements ＊This report(post-issuance verification)
Scope

Requirements
Net proceeds of the bond must be allocated to nominated projects and assets. Nominated

5.Use of Proceeds

Projects & Assets shall not be nominated to other Certified Climate Bonds and Loans. The Net
Proceeds of the Bond shall be no greater than the Issuer’s total investment exposure or debt
obligation to the Nominated Projects & Assets.

6. Process for Evaluation and Selectionof Projects & Assets

A decision-making process shall be maintained to determine the continuing eligibility of thenominated projects and assets.

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INPEX Corporation Green Bond Eligibility for Post-Issuance Verification Report

7. Management of Proceeds

The net proceeds of the bond shall be credited to a sub-account, moved to a sub-portfolio orotherwise identified in an appropriate manner, and documented.
The Issuer shall prepare an Update Report at least annually while the Bond remains outstanding.
The Update report shall include amounts allocated, impact reporting of environmental aspects,
information of the projects and assets. This information shall be provided to the verifier and to

8. Reporting

the CBS board to support the assessment of conformance with the CBS.

Part C: Eligibility of Projects & Assets
Scope
9.Climate Bonds Taxonomy

Requirements
Nominated projects and assets shall fall into one or more of the investment areas listed as included in
the Climate Bonds Taxonomy
Nominated Projects & Assets shall meet the specific eligibility requirements provided in the relevant
Sector Eligibility Criteria documents.
Followings are outline of the sector criteria against the verification.
(1) Geothermal power
Criterion:Assets whose eligibility is confirmed
according to the assessment flow chart shown on theright

10. Sector Eligibility Criteria

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INPEX Corporation Green Bond Eligibility for Post-Issuance Verification Report(2) Offshore wind power (wind energy)
Criterion:Projects and assets that meet the requirements listed below
・Offshore wind power assets under construction or in operation・Information disclosurecomponent・Mitigation component・Adaptation and resilience assessment

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