February 9th, 2023

Green Finance Framework
1. Introduction
ENEOS Holdings, Inc. (hereinafter “ENEOSHD”) has established the GreenFinance Framework (hereinafter “the Framework”). Proceeds of green bonds andgreen loans (hereinafter, collectively “the Green Finance”) issued under theFramework will be allocated to develop, construct, operate and renovate renewableenergy projects. ENEOSHD will advance its renewable energy initiatives with theGreen Finance for the achievement of carbon neutrality.
1.1 ENEOS Group Overview
The ENEOS Group (formerly the JXTG Group) was established as a result of themerger of the JX Group and the TonenGeneral Group in April 2017. In June 2020, withthe change in trade names of JXTG Holdings, Inc. and JXTG Nippon Oil & Energy
Corporation to "ENEOS Holdings, Inc." and "ENEOS Corporation", respectively, the JXTGGroup changed its name to the "ENEOS Group".
Under the management of ENEOSHD, three principal operating companies areengaged separately in the energy business; the oil and natural gas exploration andproduction business; and the metals business.

1.2 Policy for Environmental Initiatives
One of the ENEOS Group’s envisioned goals stated in its Long-Term Vision to2040 is contributing to the achievement of a low-carbon, recycling-oriented society.
In May 2020, we also stated our intent to achieve carbon neutrality in our own
emissions by 2040. ENEOSHD established a new carbon neutrality plan in May
2022 in consideration of changes in domestic and international circumstances,including the Japanese government's CO2 reduction targets and international
discussions regarding carbon neutrality standards.
In this new plan, while maintaining its domestic business, which is essential to astable energy supply, the Group has set a target for a 46% reduction compared with

FY2013 in Scope 1 and 2 net CO2 emissions by FY2030, as well as a target for net
zero Scope 1 and 2 CO2 emissions by FY2040.
Furthermore, the Group will work together with the government and othercompanies toward the realization of carbon neutrality in Scope 3 CO2 emissions byFY2050. Under this initiative, ENEOSHD intends to drive the energy transition bystrengthening renewable energy and also by realizing practical application of CO2free energy such as hydrogen, sustainable aviation fuel (SAF) and synthetic fuels inthe near future.
【Carbon Neutrality Plan (Announced on May 13, 2022)】

2. Green Finance Framework
In order to raise funds with the Green Finance, ENEOSHD developed theFramework based on ICMA’s 2021 Green Bond Principles, LMA’s 2021 Green
Loan Principles, and Japanese Environment Ministry’s Green Bond and Sustainability
Linked Bond Guidelines 2022 and Green Loan and Sustainability Linked Loan
Guidelines 2022. It follows the four core components of the Principles -- Use ofProceeds, Process for Project Evaluation and Selection, Management of Proceeds,and Reporting.

2.1 Use of Proceeds
Proceeds from the Green Finance will be used to finance or refinance development,construction, operation, and renovation of eligible projects selected by ENEOSHD
among renewable solar and biomass power generation activities.
2.2 Process for Project Evaluation and Selection
Projects eligible for the proceeds will be evaluated and selected among renewablesolar and biomass power generation activities, which contribute to the developmentof a low-carbon, recycling-oriented society, through discussions by ENEOSHD’sFinance Dept. and other related sections based on the Group’s “Basic Policy for ESG
Management”.
In case where the target project is implemented by a subsidiary of the Group, theevaluation and selection process will involve discussions by the Finance Dept. andother related sections of ENEOSHD and the subsidiary.
Potentially negative environmental impacts and countermeasures
Eligible projects are supposed to be constructed and operated after giving due
environmental / social consideration, obtaining necessary approvals and local
community’s understanding, and completing an environmental impact assessment
process.
2.3 Management of Proceeds
Allocation of the Green Finance proceeds is managed by the Finance Dept. in its
accounting system on a quarterly basis, until all the proceeds have been fully
allocated. Unallocated proceeds will be held in cash or cash equivalents.
In case where the target project is implemented by a subsidiary of the Group, thesubsidiary’s Finance Dept. will report the allocation of the proceeds to ENEOSHD’sFinance Dept. on a quarterly basis.

2.4 Reporting【Allocation of the proceeds】
After issuing Green Finance Instruments until the full allocation of the proceeds,ENEOSHD plans to annually disclose its internally designated information related to theallocation of the proceeds on its website. ENEOSHD will publish a report as necessary in
the event of material changes in the completed allocation.

【Environmental benefits】
After issuing Green Finance Instruments until the full allocation of the proceeds,
ENEOSHD plans to annually disclose environmental benefits of the projects on its website,using the installed capacity and CO2 reduction as indicators, as long as such information
is disclosable in light of confidentiality and non-disclosure obligation.

End of the Framework