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Message from the President & CEO

Representative Director, President & CEO INPEX CORPORATION Toshiaki Kitamura

We are committed to contributing to the creation of a brighter future for society through our efforts to develop, produce and deliver energy in a sustainable way.

Looking at future energy landscape, demand for primary energy sources is expected to continue to rise through the medium- to long-term future because of factors that include the uprising of global middle-class population and economic growth, especially in emerging countries. While there is a steady trend in demand for oil, it is also expected substantial long-term growth in the demand for natural gas, which emits less CO2 than other fossil fuels, and for renewable energy with small environmental footprints.

Japan’s priorities are in securing stable energy supplies, and improving the self-development ratio, which is defined as the percentage of oil and natural gas offtakes by Japanese enterprises out of the total of the import and domestic production. The government has set a target for self-development ratio of 40% or higher in 2030, rising from 27.4% in 2017.

As energy demand is anticipated to grow, the international community will need to work proactively to reduce greenhouse gas emissions and create a lowcarbon society to achieve the targets in the 2015 Paris Agreement.

Reflecting these perceptions of the business environment, we formulated Vision 2040, in May 2018. Beyond our core business of oil and natural gas exploration and production, we will deliver alternative energy solutions including renewable energy, to meet energy demand in Japan and around the world. Our goal is to become a leading energy company serving an essential role in global society.

To achieve our goal, we aim to become one of the top ten international oil companies through the continued growth of our oil and natural gas E&P activities. We will also build a global gas value chain to support our future to become a key player in natural gas development and supply in Japan, Asia, and Oceania. Another target, with a view to responding to climate change, is to expand our renewable energy initiatives to account for 10% of its project portfolio in the long term.

In 2011, we signed the United Nations Global Compact and declared our support for its ten principles relating to human rights, labor, environment and anticorruption. We are determined to contribute to the creation of a sustainable society by steadily fulfilling our social responsibilities across our entire supply chain, while building relationships of trust with our stakeholders through initiatives in such areas as safety management, environmental protection, job creation, respect for human rights, and contribution to local communities.

We strive to enhance its governance system, business strategies, risk & opportunity assessments and management of emissions in order to proactively contribute to a low-carbon society based on the long-term targets outlined in the Paris Agreement. We will continuously enhance our reporting in accordance with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

The Sustainable Development Goals (SDGs) define global sustainable development priorities and aspirations for 2030 and seek to mobilize global efforts around a universal set of goals and targets. A stable supply of energy remains essential as it is vital to the world’s economic and social development, and is a key enabler for multiple SDGs.

Vision 2040 clearly states our commitment to contribute through our business operations to the realization of a sustainable society, as defined in the SDGs. We aim to enhance our long-term corporate value by strengthening our CSR management, with particular focus on six material issues. At the same time, we will strive to ensure that we remain an indispensable member of society by managing our business activities responsibly.

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