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Message from the President & CEO

Representative Director, President & CEO INPEX CORPORATION Toshiaki Kitamura

INPEX is committed to contributing to the creation of a prosperous society through efforts to provide a stable and efficient energy supply.

As the leading Japanese oil and natural gas exploration and production company, INPEX fulfills its social duty of maintaining a stable and efficient supply of energy through the global exploration, development and production of oil and natural gas. Our employees work diligently as one to sustainably increase our corporate value through the upkeep and expansion of reserves and production volume over the medium to long-term.

As part of our initiatives to ensure responsible management, we support the Ten Principles of the United Nations Global Compact in the areas of human rights, labor, environment and anti-corruption. We strive to fulfill our social responsibilities across our entire value chain and contribute to creating a better and more sustainable society while building trust among stakeholders including the local communities in which we operate. Our responsibilities include ensuring safe business practices, conserving the environment, creating jobs, respecting human rights and contributing to the communities that host us.

Although the energy industry is expected to continue facing an unpredictable business environment due to factors including fluctuations in crude oil price levels and changes in the energy supply and demand structure, energy demand is expected to steadily increase over the medium to long-term as a result of economic growth spurred by a growing population mainly in developing countries. At the same time, the industry must address the critical issue of reducing greenhouse gas (GHG) emissions, which are expected to increase in proportion to energy demand. With the Paris Agreement taking effect in November 2016 and post-2020 GHG emissions regulations being developed in earnest, the focus on climate change response is about to become even greater.

INPEX is acutely aware of the necessity and importance of measures to reduce GHG emissions and has prepared and published a Position Paper summarizing its basic stance on climate change as well as measures addressing the issue. The Position Paper articulates our key policies, including reducing GHG emissions in oil and natural gas development; expanding supplies of natural gas—the cleanest burning fossil fuel— to respond to increasing energy demand; and strengthening renewable energy initiatives. As an example, in March 2017, INPEX and its partners started commercial operations of the first unit of the Sarulla Geothermal Independent Power Producer (IPP) Project, the world’s largest single-contract geothermal power project located in Indonesia. Meanwhile, the INPEX-led Ichthys LNG Project in Australia is scheduled to begin production during the fiscal year ending March 2018.

As the international community in recent years has grown increasingly aware of the impact of corporate activities on human rights, INPEX strives to ensure the thorough implementation of human rights management. In addition to publishing a statement in September 2016 pursuant to the UK Modern Slavery Act 2015, we formulated and published the INPEX Group Human Rights Policy in May 2017 to comprehensively manifest our stance on upholding human rights.

INPEX has participated in the United Nations Global Compact since 2011, and will contribute to the realization of sustainable development as laid out in the Sustainable Development Goals (SDGs) adopted by the United Nations. To that end, we will strive to contribute to local communities through our business, implement sustainability practices focused on our six Material Issues and their respective Key Tasks, and engage in responsible management to ensure that we remain an indispensable member of society.

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