Supplementary Information ～ ENEOS Group ～ Contents

Security Code Tokyo 5020 August 12, 2020

Overview of ENEOS Group 2

Financial Results

Financial Results Data 4 Business Environment and Data Energy Segment Metals Segment Petroleum Products and Petrochemicals Business 11 Functional Materials / Thin Film Materials / Tantalum Overseas Business Projects 24 and Niobium Business Principal Products and Applications 48 Electric Power Business Copper Business 50 – Electricity and City Gas 25 Overseas Copper Mine Development 51 – Renewable Energy 26 1 Worldwide Copper Cathodes Supply & Demand 52 Material Business 16 Earnings Structure of Copper Smelting and Refining Business 53 – High Performance Materials 27 17 Recycling and Environmental Services 54 – Lubricants 28 Metal Group Affiliates 18 55 Oil and Natural Gas E&P Segment Business Area 30 Business Activities 31 Sales Volume and Reserves of Principal Oil and Natural Gas E&P Projects 32 Production Schedule of Principal E&P Projects 33 Principal Individual E&P Project Overview 35 ENEOS Group’s Reserve Standards 46

Aiming to develop into one of the most prominent and comprehensive energy, resources and materials company groups in Asia

JX Nippon Oil & Gas Exploration

Crude oil and natural gas production (a project company basis) thousand 110 barrels/day Crude oil equivalent (FY2019 actual) Market Share of domestic sales of petroleum products JX Nippon Mining & Metals

47％ Equity entitled copper mine production FY2019 actual: No. 1 in Japan thousand 210 tons/year contained in copper concentrate (FY2019 actual) Petrochemicals Supplying Capacity ※1 Paraxylene million Refined copper production capacity No. 1 in Asia 3.62 tons/year thousand 450 tons/year Propylene million No. 1 in Asia 1.7 tons/year Electronic Materials Power Generating Capacity Products with world No.1 market shares Renewable Energy

1.62 mW 123 thousand kW Listed subsidiaries (as of June 30, 2020) ※1 External sales basis NIPPO

FY2019 FY2020

1Q Full Year 1Q Full Year

Forecast (JPY billion) Actual Actual Actual (May 2020) Net Sales 2,514.8 10,011.8 1,546.2 7,340.0 Energy 2,129.9 8,419.4 1,195.8 6,070.0 Oil and Natural Gas E&P 31.7 133.4 22.7 103.0 Metals 247.6 1,004.4 221.7 813.0 Others 105.6 454.6 106.0 354.0 Operating Income (Loss) 49.3 (113.1) 21.0 110.0 Energy 13.0 (162.8) (18.4) 35.0 Oil and Natural Gas E&P 13.2 (38.8) 0.7 0.0 Metals 15.3 44.6 19.2 29.0 Others 7.8 43.9 19.5 46.0 Finance Income (Loss) (6.8) (22.7) (6.4) (25.0) Energy (1.4) (4.0) (0.8) (5.0) Oil and Natural Gas E&P (0.5) (5.8) (2.4) (9.0) Metals (5.3) (15.7) (2.9) (13.0) Others 0.4 2.8 (0.3) 2.0 Profit attributable to owners of parent 17.4 (187.9) (4.9) 40.0 Energy 4.5 (162.6) (20.6) 20.0 Oil and Natural Gas E&P 6.9 (62.4) (4.6) (11.0) Metals 4.0 16.6 12.8 11.0 Others 2.0 20.5 7.5 20.0

Capex 69.5 371.3 59.1 426.0 Depreciation and Amortization 78.3 266.5 79.7 271.0

FY2019 FY2020

1Q Full Year 1Q Full Year Forecast (JPY billion) Actual Actual Actual (May 2020)

Operating Income (Loss) 49.3 (113.1) 21.0 110.0

Energy Segment 13.0 (162.8) (18.4) 35.0

Petroleum Products 7.3 7.5 33.5 40.0 Petrochemicals 1.7 (19.0) (2.7) 20.0 Electric power 3.1 10.8 6.2 5.0 Materials 19.6 44.4 6.8 25.0 Inventory Valuation (18.7) (206.5) (62.2) (55.0)

Oil and Natural Gas E&P Segment 13.2 (38.8) 0.7 0.0

Metals Segment 15.3 44.6 19.2 29.0 Functional Matls, Thin Film Matls and others 5.1 14.5 8.5 21.0 Mineral Resources 3.9 14.7 7.0 10.0 Smelting and Recycling 6.0 22.9 6.8 8.0 Non-allocated corporate expenses and others 1.3 (4.2) (3.1) (10.0) Inventory Valuation (1.0) (3.3) - -

Others 7.8 43.9 19.5 46.0

Mar. 2020 Jun. 2020

(JPY billion) Actual Actual Assets 8,011.3 7,694.9 Current assets 2,878.6 2,574.4 - Cash and deposits 402.0 468.3 Non-current assets 5,132.7 5,120.5 Property, plant and equipment 3,724.9 3,707.9 Goodwill 185.7 185.5 Intangible assets 345.4 341.2 Others 876.7 885.9 Liabilities 5,303.4 5,064.0 Interest-bearing debt 2,300.8 2,318.6 Other liabilities 3,002.6 2,745.4 Equity 2,707.9 2,630.9 Total equity attributable to owners of the parent 2,311.0 2,235.9 Non-controlling interests 396.9 395.0

($/bbl) FY2019 FY2020 Average Price FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 1Q 2Q 3Q 4Q FY 1Q Dubai Crude Oil 105 83 46 47 56 69 67 61 62 51 60 31

（＄/bbl)

120

100

0 Apr. 2013 Apr. 2014 Apr. 2015 Apr. 2016 Apr. 2017 Apr. 2018 Apr. 2019 Apr. 2020

Copyright © ENEOS Holdings, Inc. All Rights Reserved. 7 Financial Results Data Copper Price and Inventory Level (￠/lb) FY2019 FY2020 Average Price FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 1Q 2Q 3Q 4Q FY 1Q Copper 322 297 237 234 292 288 277 263 267 256 266 242

Inventory Level Copper price (1,000t) (￠/lb) 700 350

600 300

500 250

400 200

300 150

200 100

100 50

0 0 Apr. 2013 Apr. 2014 Apr. 2015 Apr. 2016 Apr. 2017 Apr. 2018 Apr. 2019 Apr. 2020

LME Copper inventory level LME Copper price (end of month) (monthly average)

Copyright © ENEOS Holdings, Inc. All Rights Reserved. 8 Financial Results Data Exchange Rate (Yen/$) FY2019 FY2020 Average Price FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 1Q 2Q 3Q 4Q FY 1Q Exchange Rate 100 110 120 108 111 111 110 107 109 109 109 108

(Yen/$)

130

120

110

100

70 Apr. 2013 Apr. 2014 Apr. 2015 Apr. 2016 Apr. 2017 Apr. 2018 Apr. 2019 Apr. 2020

Note: Excluding Crude Oil for electric power plants. Source: Petroleum Association of Japan and Company data

Domestic Market Share Domestic Demand (KKL)

Changes 1Q19 1Q20 1Q19 1Q20 vs. 1Q 19

a) Gasoline 49.6% 49.4% a) Gasoline 11,997 9,996 83.3%

b) Kerosene 45.9% 39.5% b) Kerosene 2,032 2,227 109.6%

c) Diesel Fuel 41.8% 42.9% c) Diesel Fuel 8,265 7,514 90.9%

d) Fuel Oil A 46.9% 47.5% d) Fuel Oil A 2,392 2,310 96.6%

a+b+c+d 46.4% 46.0% a+b+c+d 24,686 22,047 89.3%

2 2 Total Domestic Fuel 2 47.4% 46.0% Total Domestic Fuel2 37,881 33,072 87.3%

1 CDU Utilization Rate (Excluding the impact of periodic repair) FY2018 1Q19 2Q19 3Q19 4Q19 1Q20

3 ENEOS Group 3 91% 92% 91% 88% 82% 68%

NOTES: 1 Crude Distillation Unit 2 Excluding crude oil for electric power plants 3 Excluding condensate splitters of Mizushima and Kashima Source: Petroleum Association of Japan and Company data

(ten thousand KL) ENEOS Group

Changes vs. 1Q19 1Q20 1Q19 Gasoline 627 494 -21.2% Premium ( 66) ( 52) -21.2% Regular ( 558) ( 440) -21.1% Naphtha 107 87 -18.7% Jet 42 15 -64.3% Kerosene 89 85 -4.5% Diesel Fuel 360 322 -10.6% Fuel Oil A 119 110 -7.6% Heavy Fuel Oil C 77 73 -5.2% For Electric Power (23) (17) -26.1% For General Use (54) (56) +3.7% Total Domestic Fuel 1,421 1,186 -16.5% Crude Oil 0 0 - Lubricants & Specialties 70 66 -5.7% Petrochemicals (ten thousand tons) 238 168 -29.4% Exported Fuel 509 226 -55.6% LPG (ten thousand tons) 16 9 -43.8% Coal (ten thousand tons) 87 110 +26.4% Total Excluding Barter Trade & Other 2,341 1,765 -24.6% Barter Trade & Other 565 517 -8.5% Total 2,906 2,282 -21.5%

End of End of End of FY2020 FY2017 FY2018 FY2019 Jun. 30 Number of Company-Owned Service Stations End of End of End of FY2020 ENEOS 13,304 12,961 12,757 12,711 FY2017 FY2018 FY2019 Jun.30 Idemitsu Kosan 6,573 6,465 6,384 6,354 ENEOS 3,010 2,954 2,905 2,887

Cosmo Oil 2,858 2,791 2,755 2,760

Other 1 795 792 775 774 Number of Self-Service Stations End of End of End of FY2020 23,530 23,009 22,671 22,599 Oil Companies FY2017 FY2018 FY2019 Jun.30 (76.5%) (76.5%) (76.5%) (76.5%) Private Brands and 7,217 7,061 6,966 6,931 2 ENEOS 4,318 4,361 4,429 4,440 Other (23.5%) (23.5%) (23.5%) (23.5%) 3 Total in Japan 7,920 8,068 8,278 8,316 Total 30,747 30,070 29,637 29,530 2

Notes: 1 Figures are total of Taiyo Oil and Kygnus Sekiyu 2 Estimated by ENEOS 3 Figures include only self-service retail outlets that are affiliated with oil companies

(Yen/L) Yen/L 20

2 The bar graph indicates average margins for the year. 0 Apr. 2010 Apr. 2011 Apr. 2012 Apr. 2013 Apr. 2014 Apr. 2015 Apr. 2016 Apr. 2017 Apr. 2018 Apr. 2019 Apr. 2020

Margin = Spot Price – All Japan Crude Oil CIF (including petroleum tax and interest)

（Yen/L） 90 25

20 70

15 50

40 10

20 5

0 0 Apr. 2014 Oct. 2014 Apr. 2015 Oct. 2015 Apr. 2016 Oct. 2016 Apr. 2017 Oct. 2017 Apr. 2018 Oct. 2018 Apr. 2019 Oct. 2019 Margin (Right axis) Spot price (Left axis) Crude oil CIF Price (Left axis)

Margin = Spot Price – All Japan Crude Oil CIF (including petroleum tax and interest) Source : Trade statistics (Ministry of Finance, Japan)

（Yen/L） 90 25

20 70

15 50

40 10

20 5

0 0 Apr. 2014 Oct. 2014 Apr. 2015 Oct. 2015 Apr. 2016 Oct. 2016 Apr. 2017 Oct. 2017 Apr. 2018 Oct. 2018 Apr. 2019 Oct. 2019 Margin (Right axis) Spot price (Left axis) Crude oil CIF Price (Left axis)

Margin = Spot Price – All Japan Crude Oil CIF (including petroleum tax and interest) Source : Trade statistics (Ministry of Finance, Japan)

（Yen/L） 90 25

20 70

15 50

40 10

20 5

0 0 Apr. 2014 Oct. 2014 Apr. 2015 Oct. 2015 Apr. 2016 Oct. 2016 Apr. 2017 Oct. 2017 Apr. 2018 Oct. 2018 Apr. 2019 Oct. 2019 Margin (Right axis) Spot price (Left axis) Crude oil CIF Price (Left axis)

Margin = Spot Price – All Japan Crude Oil CIF (including petroleum tax and interest) Source : Trade statistics (Ministry of Finance, Japan)

（Yen/L） 90 25

20 70

15 50

40 10

20 5

0 0 Apr. 2014 Oct. 2014 Apr. 2015 Oct. 2015 Apr. 2016 Oct. 2016 Apr. 2017 Oct. 2017 Apr. 2018 Oct. 2018 Apr. 2019 Oct. 2019 Margin (Right axis) Spot price (Left axis) Crude oil CIF Price (Left axis) Margin = Spot Price – All Japan Crude Oil CIF (including petroleum tax and interest) Source : Trade statistics (Ministry of Finance, Japan)

Copyright © ENEOS Holdings, Inc. All Rights Reserved. 19 Paraxylene Price and Margin Energy Segment (vs. Dubai Crude Oil) (Petroleum Products and Petrochemicals) ($/ton) FY2019 FY2020 Average Price FY2014 FY2015 FY2016 FY2017 FY2018 1Q 2Q 3Q 4Q FY 1Q Asian Contract Price 1,105 813 817 863 1,081 910 808 801 708 807 494 Margin (vs. Dubai Crude Oil) 498 482 477 456 579 423 365 350 341 369 271

($/ton) 1,800

1,600

1,400

1,200

1,000

800

600

400

200

0 Apr. 2014 Apr. 2015 Apr. 2016 Apr. 2017 Apr. 2018 Apr. 2019 Apr. 2020

Paraxylene (ACP) Paraxylene Margin (vs. Dubai Crude Oil)

If ACP is undecided, average price of spot market is used

($/ton) FY2019 FY2020 Average Price FY2014 FY2015 FY2016 FY2017 FY2018 1Q 2Q 3Q 4Q FY 1Q Asian Contract Price 1,090 668 723 826 764 618 662 680 703 666 358 Margin (vs. Dubai Crude Oil) 483 337 383 406 262 131 219 229 337 229 136

($/ton) 1,800

1,600

1,400

1,200

1,000

800

600

400

200

0 Apr. 2014 Apr. 2015 Apr. 2016 Apr. 2017 Apr. 2018 Apr. 2019 Apr. 2020

Benzen (ACP) Benzen Margin (vs. Dubai Crude Oil)

If ACP is undecided, average price of spot market is used

($/ton) FY2019 FY2020 Average Price FY2014 FY2015 FY2016 FY2017 FY2018 1Q 2Q 3Q 4Q FY 1Q Far East Spot Price 1,202 767 825 951 1,035 891 947 860 790 872 710 Margin (vs. Naphtha) 451 314 388 435 436 350 454 320 349 368 436

($/ton) 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 Apr. 2014 Apr. 2015 Apr. 2016 Apr. 2017 Apr. 2018 Apr. 2019 Apr. 2020

Propylene Price (Far East Spot) Propylene Margin (vs. Naphtha)

Refineries : 11 Crude capacity：Total 1,929.8 KBD (As of Mar. 2020) Plants : 3

Chita Sendai 145KBD

Sakai 135KBD Kashima(Kashima Oil) 197.1KBD Osaka (OIREC) 115KBD ※ Chiba 129KBD Mizushima 320.2KBD Kawasaki 235KBD

Marifu 120KBD Kawasaki Yokohama (Tonen Chemical)

Oita 136KBD Wakayama Negishi 270KBD 127.5KBD

※Scheduled to terminate operation of refinery functions（Oct. 2020）

Vietnam ➢ Signed a Share Subscription Agreement with Vietnam National Petroleum Group (Petrolimex) in 2016, becoming an 8.0% shareholder, and signed a Strategic Cooperation Agreement to evaluate ways to enhance corporate value of both companies ➢ Exploring measures to increase the corporate value of Petrolimex and various business opportunities in petroleum supply chain from refining to marketing, utilizing our expertise gained through long business experience in Japan • Signed a memorandum of understanding to carry out a feasibility study on the cooperative project utilizing JXTG’s Marifu Refinery in April 2018, and aim to establish the joint venture • Signed a memorandum of understanding to carry out a feasibility study on the cooperative project for establishing LNG business in Vietnam, in the presence of government officials from Japan and Vietnam, in July 2019 ➢ Vietnam’s petroleum product demand is approximately 430KBD (as of 2019)*, which is expected to grow to 560KBD along with economic growth *Gasoline, Kerosene, Diesel Fuel, Fuel Oil, Jet Fuel

Australia ➢ Entered into the petroleum downstream business in Australia in 2015 ・ Demand fundamentals in Australia boosted by population growth and resource development ・ Logistics costs from Japan to Australia are favorable ➢ Founded a 50/50 joint venture company, TQ Holdings Australia Pty Limited, with Qube Holdings Ltd, a leading Australian nationwide logistics company, in 2015 ➢ Further expansion of sales network mainly through acquisition of petroleum product sales company • Acquisition of Petro National Pty Ltd and Oilsplus Holdings Australia Pty Ltd in 2017 • Acquisition of South West Fuel Centre Pty Ltd in 2019

✓ Structure of electric power source (As of Jun. 2020) ✓ Expansion of Electricity Business Supply Thermal Power source utilizing petroleum fuel / LNG Biomass ➢ Started commercial operation of power generation facilities (60 thousand kW) Hydropower at Mizushima Refinery (Jun. 2018) Solar PV Wind Power source utilizing recyclable energy ➢ Started commercial operation of solar photovoltaic (PV) generation facilities (1.4 thousand kW) in Saitama (Mar. 2019) ➢ Started operation of biomass power generation facilities (68 thousand kW) at Muroran Biomass Power Generation G.K. (May 2020)

Marketing For extra-high-voltage, high-voltage (Industrial use) ➢ Completed nationwide expansion (excluding Okinawa Electric Power and remote islands) (Apr.2020) For low-voltage power customers (Household) (Logo) ➢ Completed nationwide expansion (excluding Okinawa Electric Power and remote islands) (Jun.2020) ✓ Power generating capacity of each business

PPS 11 stations 1,571 thousand kW ✓ Further development of City Gas Business (Logo) Thermal power generation 10 stations 1,498 thousand kW Supply (Refinery capacity excluding private use) Biomass 1 station 68 thousand kW Power source utilizing LNG Hydropower 1 station 5 thousand kW (Contract with JX Nippon Mining & Metals) ➢ Started commercial operation of gas supply (270 t/h) Solar PV generation 18 stations 46 thousand kW in Kanagawa (Apr. 2020) Wind generation 2 stations 4 thousand kW Marketing Total (equity basis) 1,621 thousand kW ➢ Started city gas retail business (Feb. 2019) Sales area “Tokyo area” of Tokyo Gas supply. Propane gas is not applicable

Aiming for the Realization of a Sustainable Society Conversion to clean energy Global initiatives for rapid CO2 reduction for lower environmental impact ✓ Renewable Energy Business • Aiming for wide range of renewable power generation such as solar, wind, geothermal, hydro, biomass, etc.

Mega Solar Hydropower Generation Onshore Wind Power Farm ✓ Launched the Renewable Energy Association for Sustainable Power supply • Aim to promote renewable energy as a long-term stable main power source ✓ Investment in Renewable Japan (RJ) • Concluded a business and capital alliance with the company in December 2019 ✓ Launched Sustainable Power Supply Fund • Working with RJ, Tokyu Land Corporation and Kansai Electric Power to expand power

sources Generation Capacity： ✓ Joined Taiwan’s Offshore Wind Power Project 640MW (bottom-fixed type） • Acquired a 6.75% stake in Yunlin Offshore Wind Farm from wpd group, a leading Yunlin Offshore Wind Farm German wind farm developer, in April 2019 • Intend to acquire expertise in the offshore wind power business, which has great potential throughout the world

26 Energy Segment High Performance Materials Business (High Performance Materials)

✓ Locations of Overseas Lubricants Business (As of Jun. 2020) ✓ Expansion of Overseas Lubricants Business ➢ Established a lubricants marketing company in Dubai (Jul. 2011) ➢ Lubricants manufacturing plant started operation in Indonesia (Apr. 2012) ➢ Started joint venture business for lubricants base oil with SK Group of South Korea (Oct. 2012) ➢ Lubricants manufacturing plant started operation in Vietnam (Feb. 2014) ➢ Established a marketing office in Johannesburg (Apr. 2014) ➢ Established a lubricants marketing company in India (Aug. 2014) ➢ Established a lubricants marketing company in Mexico (Jan. 2015) ➢ Established a lubricants marketing company in the Philippines (Oct. 2019) Sales and marketing offices ✓ Overseas Lubricants Sales (Actual, Target) Own manufacturing plants (Unit: KKL) 800 630 570 560 600 ➢ Expanding overseas business, especially in Asia 400 Sales and marketing offices 28 Manufacturing plants 10★ 200 (★Own manufacturing plants, Contractors: 60) 0 2018 Act 2019 Act 2020 Target

01 08 09 02

04 03 06 05 07

▼ Project Company In Production ● Under Development ● Under Exploration ● 01 Japan JX Nippon Oil & Gas Exploration Corp. ● ● ● 02 U.S.A. JX Nippon Oil Exploration (U.S.A.) Ltd. ● JX Nippon Oil Exploration (EOR) Ltd. / Petra Nova Parish Holdings LLC ● 03 Vietnam Japan Vietnam Petroleum Co., Ltd. ● ● ● 04 Myanmar Nippon Oil Exploration (Myanmar) Ltd. ● ● 05 Malaysia JX Nippon Oil & Gas Exploration (Malaysia) Ltd. ● ● ● 06 Indonesia Nippon Oil Exploration (Berau) Ltd. ● ● ● KG Berau Petroleum Ltd. ● ● ● 07 Papua New Guinea Merlin Petroleum Company ● ● ● Nippon Oil Exploration (Niugini) Ltd. ●

Nippon Papua New Guinea LNG LLC ● 08 09 UAE・Qatar Abu Dhabi Oil Co., Ltd. ● United Petroleum Development Co., Ltd. ● 10 The North Sea JX Nippon Exploration and Production (U.K.) Ltd. ● ●

（1,000boed）（million boe） Sales Volume Reserves* 1Q20 Country/Area Mar.-'18 end Mar.-'19 end Mar.-'20 end Total Oil Gas (FY2017) (FY2018) (FY2019) U.S.A. 4 3 1 26 16 14 Vietnam 4 3 1 8 6 6 Myanmar 2 0 2 5 7 2 Malaysia 30 4 26 58 86 84 Indonesia 23 1 22 146 139 140 Papua New Guinea 14 4 10 86 81 71 United Arab Emirates, Qatar and other 18 18 0 81 60 72 North Sea, U.K. 25 10 15 109 116 107

Total 120 43 77 519 511 496

Sales Volume & Reserves：JX Nippon Oil & Gas Exploration’s project companies including the equity-method affiliates ＊ Please refer P.46 about our Reserves Evaluation Standards

Projects Schedule

In 2017:Layang Field - Gas Production Commenced In 2018 : Beryl Gas Field In 2019:Layang Field - Oil Production Commenceed Gas Production Commenced

Helang・Layang Gas Field In 2014 (Malaysia, Sarawak, Block SK10) In 2003 Made FID for Layang Oil/Gas Field In 2017 : Beryl Gas Field Production of Helang Gas Acquired Interest and Field Commenced In 2016 Development Commenced Made FID for LNG Expansion Tangguh LNG Project (Indonesia, Berau) In 2009 In 2014 In 2020 Production Commenced HCG-EOR production Construction for LNG commenced expansion project underway

Rang Dong､Phuong Dong Oil Field (Vietnam, Block 15-2) In 1998 In 2008 In 2013 In 2019 Rang Dong Oil Field Phuong Dong Oil Field Extended Rang Dong PSC Term Extended Phuong Dong Production Commenced Production Commenced PSC Term

PNG LNG Project

(Papua New Guinie) In 2007 In 2009 In 2014 Commencement Made FID Production Commenced of the Project

Mariner Oil Field In 2012 (U.K. North Sea) In 2013 In 2019 Acquired Interest Made FID Production Commenced

Culzean Gas Field (U.K. North Sea) Exploration In 1994 In 2015 In 2019 Acquired Interest Made FID Production Commenced Development

2000 Production 2010 2020

Principal Individual E&P Project Overview

Production

K2 Cooley MP140 （offshore）（onshore）（offshore） Project Company JX Nippon Oil Exploration (U.S.A.) Ltd. Shareholders JX Holdings (U.S.A.) Inc.（100％） (Holding Percentages) Project Status Production Production Production Interest 11.6% 50.0% 35.0% Occidental (41.8%) EcoPetrol (20.8%) Hilcorp Fieldwood Partners ENI (13.4%) (50.0%) (65.0%) ConocoPhillips (12.4%) Operator Occidental * Hilcorp Fieldwood Sales Volumes 3,900 boed 2020FY 1Q (Oil 3,400b/d, Gas 3.1mmcf/d) * taken over from Anadarko from 2019/Aug

Production

●In 1990, began exploration, development, and production operations at an onshore field in Texas and offshore blocks in both deep and shallow water in the Gulf of Mexico. ●In 2007, acquired 11.6% interest in K2 from Anadarko.

Production

CO2-EOR Project

Project Company JX Nippon Oil Exploration (EOR) Ltd.

1 Shareholders JX Nippon Oil & Gas Exploration Corporation （100％） (Holding Percentages:Common Stocks)

Project Status Production Interest 50.0％ Project Company Petra Nova Parish Holdings LLC 2 1 JBIC holds preferred stocks issued by JX Nippon Oil Exploration (EOR) Ltd. 2 JX Nippon Oil Exploration (EOR) Limited and a subsidiary of NRG Energy Inc. respectively hold 50% interest of Petra Nova Parish Holdings LLC. Petra Nova Parish Holdings LLC holds 50% interest of the West Ranch Oil Field through its subsidiary. (JX Nippon Oil Exploration (EOR) Limited indirectly holds 25% interest of the West Ranch Oil Field.)

Production

●In 2014, participated in CO2-EOR business. Constructing carbon capture system that captures 90% ●In 2016, carbon capture system began operation. of carbon dioxide (CO2) in the processed flue gas from ●In 2017, began production. an existing unit at the WA Parish power plant, and by injecting the captured carbon dioxide in the West Ranch oil field, trying to increase crude oil production.

Production Development Exploration

Block 15-2

Rang Dong Oil Field Phuong Dong Oil Field

Project Company Japan Vietnam Petroleum Company Shareholders JX Nippon Oil & Gas Exploration (100%) (Holding Percentages) Project Status Production/Development/Exploration Interest 39.5% 64.5% Partners PVEP (30.0%) PVEP (35.5%) (Interest) Perenco(30.5%) Operator Japan Vietnam Petroleum Company Sales Volumes 4,200 boed Oil Fields Gas Fields 2020FY 1Q (Oil 3,200b/d, Gas 6.4mmcf/d) Oil Pipelines Gas Pipelines Production Development Exploration Since the acquisition in 1992, the project has been one of our key operations. JVPC, our subsidiary, acts as ●In 1992, JVPC acquired a working interest in block 15-2 operator in the block. ●In 1994, JVPC discovered the Rang Dong Oil Field within block 15-2, and began The Rang Dong Oil Field and The Phuong Dong Oil Field production in that field from 1998. feature an unconventional fractured granite basement ●In July 2008, Rang Dong Oil Field achieved a cumulative production volume of 150 rock reservoir that is unique in the world. Our fracture million barrels. evaluation technology is highly valued and is receiving ●In August 2008, JVPC began production in the Phuong Dong Oil Field. worldwide recognition. ●In November 2013, determined term extension of the Rang Dong Oil Field (5 years). As part of our corporate activities, we have been ●In July 2014, block 15-2 achieved a cumulative production volume of 200 million barrels. promoting social welfare activities in Vietnam to improve ●In October 2014, JVPC began HCG-EOR project the lives of the people of Vietnam. ●In November 2019, determined term extension of Phuong Dong Oil Field (5 years).

Production Exploration

Block M-12, 13, 14

Project Company Nippon Oil Exploration (Myanmar) JX Nippon Oil & Gas Exploration (40.0%) Shareholders Mitsubishi Corporation (10.0%) (Holding Percentages) Government of Japan (50.0%) Project Status Production/Exploration Interest 19.3% Petronas Carigali (40.9%) Partners MOGE (20.5%) (Interest) PTTEP International (19.3%) Operator Petronas Carigali Sales Volumes 1,500boed 2020FY 1Q (Oil 0b/d, Gas 9.1mmcf/d）

Production

●In 1991, NOEX Myanmar acquired a working interest in blocks M-13/14 offshore Myanmar. ●In 1992, acquired a working interest in block M-12 and discovered the We have been participating in the Yetagun project in Yetagun Gas Field in that block. Myanmar since the exploration stage. After the appraisal activities and the construction of the ●In 2000, production at the Yetagun Gas Field commenced, with the produced production and shipping facilities, the project is now gas supplied to the Ratchaburi power plants in Thailand. at a stable production stage. ●In October 2014, began production in the Yetagun North Gas Field.

Production Development Exploration

SK10 （Herang Gas Field, Other） Project Company JX Nippon Oil & Gas Exploration (Malaysia) JX Nippon Oil & Gas Exploration (78.7%) Shareholders Inpex (15.0%) (Holding Percentages) Mitsubishi Corporation (6.3%)

Project Status Production/Development/Exploration Interest 75.0％ Partners Petronas Carigali (25.0%) (Interest)

Operator JX Nippon Oil & Gas Exploration (Malaysia) Sales Volumes 30,300boed 2020FY 1Q (Oil 4,400b/d､Gas 155.4mmcf/d)

Production Development Exploration

● In 1987, acquired a working interest in Block SK10 offshore Sarawak, Malaysia. ● In 1990, discovered the Helang Gas Field, where production commenced in 2003. ● In 1991, discovered the Layang Oil and Gas Field. Since the acquisition of Block SK10 in 1987, the project ● In 2014, decided to develop the Layang Oil and Gas Field. ● has been one of our key operations. We act as the In 2017, gas production commenced in the Layang Oil and Gas Field. ● In 2017, acquired a working interest in the Beryl Gas Field and development operator in the block. The natural gas from the block is commenced. exported in the form of liquefied natural gas (LNG) to ● In 2018, production commenced in the Beryl Gas Field. various countries including Japan. ● In 2019, oil production commenced in the Layang Oil and Gas Field

Production Development Exploration

Tangguh LNG Project

Project Company Nippon Oil Exploration (Berau)

Shareholders JX Nippon Oil & Gas Exploration (51.0%) (Holding Percentages) JOGMEC (49.0%) Project Status Production/Development/Exploration Interest 12.2% (After Unitization) Partners BP (40.3%) KG Berau/KG Wiriagar (10.0%) (Interest) MI Berau (16.3%) LNG Japan (7.3%) CNOOC (13.9%) Operator BP Sales Volumes * 23,000 boed 2020FY 1Q (Oil 500b/d, Gas 135.1mmcf/d) * Volumes attributable to the equity method affiliate are included

Production Development Exploration

Gas Fields ● From 1990, excavated three test wells, and natural gas was discovered in the area. Subsequently, discovered natural gas in the Vorwata Gas Field, Wiriagar Deep structure, and other gas fields. ● From December 2002, those with interests in the Berau, Wiriagar, and Muturi We have participated in the Tangguh LNG Project since the blocks agreed to become partners in unitizing the blocks and undertake development work cooperatively. exploration stage and started LNG production in 2009. This is the second LNG project we have participated in, following the ● LNG production commenced in June 2009, and the first cargo was shipped in July LNG Tiga project in Malaysia, and we are working to attain long- 2009. term and stable LNG production and revenue. ● In July 2016, decided to expand Tangguh LNG Facility. ● Construction for LNG expansion project underway

Production Development Exploration

Kutubu Oil Field, Moran Oil Field, Gobe Oil Field, etc Merlin Petroleum Co (79.6%) Project Company Nippon Oil Exploration Niugini Pty Ltd (30.7%) Project Status Production/Development/Exploration Interest 8.6％～73.5％ Partners ExxonMobil Oil Search Santos (Interest) PNG Government, Landowners Operator Oil Search､ExxonMobil Sales Volumes * 13,800 boed 2020FY 1Q (Oil 3,800b/d, Gas 60.4mmcf/d) * Including sales volume of PNG LNG

PNG LNG Project

Project Company Nippon Papua New Guinia LNG LLC (79.6%)

Project Status Production Interest 4.68% Partners ExxonMobil(33.2%) Oil Search (29.0%) (Interest) Santos(13.5%) PNG Government･Landowners(19.6%) Operator ExxonMobil

Production Development Exploration

Kutubu, Moran, Gobe oil fields and other PNG LNG Project

Production We have been involved in the PNG LNG Project since the beginning of the project. In December 2009, we made a Final Investment Decision on the Project, and the development work is ● In 1990, Japan Papua New Guinea Petroleum acquired in progress with the goal of starting shipments in 2014. PNG LNG Merlin in Papua New Guinea. Project has the full support of the PNG government, and we Subsequently, development, and production activities have expect it to contribute to our revenues in the future. been undertaken in the Kutubu, Moran, Gobe, SE Gobe, and SE Mananda oil fields.

● In 2008, acquired additional equity of oil field from Production AGL Energy. ● In December 2009, PNG LNG Project participants made a final investment decision to proceed with development.

Exploration ● In May 2014, the PNG LNG Project shipped its first LNG cargo. ● In April 2011, discovered oil at excavating test well Mananda-5 in Block PPL219.

● In January 2018, received independent certification of gas reserves of 4.36tcf in Block PRL3 (currently Block APDL13) of the P’nyang Gas Field.

Production

El Bunduq

United Petroleum Development Project Company (Bunduq Company Limited)

Partners JX Nippon Oil & Gas Exploration (50%) El Bunduq (Interest) Cosmo Energy Exploration & Production Co., Ltd. (50%) Umm Al Anbar Project Status Production Interest 100% Operator Bunduq Company Limited Neewat Al Ghalan Mubarraz Hail Production

● In 1970, United Petroleum Development acquired a working interest in El Bunduq Oil Field. ● In 1975, oil production commenced in El Bunduq Oil Field. ● In 1983, oil production was resumed by a secondary recovery scheme using water injection. ● In 2006, El Bunduq achieved a cumulative production volume of 200 million barrels. ● In 2018, effectuation of New Concession Agreement.

Oil Fields Abu Dhabi Oil Bunduq

Mubaraz, Umm Al-Anbar, Neewat Al-Ghalan, Hail Production Project Company Abu Dhabi Oil

JX Nippon Oil & Gas Exploration (32.2%) ● In 1967, acquired a working interest in block of Mubarraz. Partners Cosmo Abu Dhabi Energy Exploration & Production Co., Ltd. (64.4%) ● In 1973, oil production commenced in Mubarraz Oil Field. (Interest) Chubu Electric Power Co., Inc. (1.7%) ● In 1989, oil production commenced in Umm Al Anbar Oil Field. Kansai Electric Power Co., Inc. (1.7%) ● In 1995, oil production commenced in Neewat Al Ghalan Oil Field. ● In 2009, 3 fields achieved cumulative production volume of 300 million barrels. Project Status Production ● In 2012, effectuation of New Concession Agreement. Interest 100% ● In November 2017, oil production commenced in Hail Oil Field. Operator Abu Dhabi Oil

Production Exploration

Brea, Andrew, Culzean gas field Kinnoull and other fields Project Company JX Nippon Exploration and Production (U.K.) Ltd. Shareholders JX Nippon Oil & Gas Exploration (100％) Project Status Production Production/Exploration Interest 4.0%-27.39％ 18.01% U.K. BP, Repsol Sinopec, Total (49.99％) Partners RockRose and others BP (32.00％) Operator BP, RockRose, and others Total

Sales Volumes * 25,100 boed 2020FY 1Q (Oil 10,400b/d, Gas 88.2mmcf/d)

*including the production from Mariner Oil Field

Production

● From 1994 to 2002, acquired a working interest in individual blocks Oil Fields Oil Pipelines Gas Fields Gas Pipelines ● In December 2012, acquired some interest in production of plural assets from ENI ● In December 2014, Kinnoull started production ● In October 2017, sold entire working interest in the Blane Oil Field ● In July 2018, sold entire working interest in the Ninian Oil Field. We have 8 fields currently producing oil and gas, and we have projects ● In December 2018, sold entire working interest in the Merganser Gas Field such as the Culzean Gas Field and Mariner Oil Field underway. ● In June 2019, Culzean started production

Production Exploration

Shetland Islands Mariner Fields Mariner Field Mariner East Field

Orkney Islands Project Company JX Nippon Exploration and Production (U.K.) Ltd.

Shareholders (Holding JX Nippon Oil & Gas Exploration (100％) Percentages) Project Status Development Exploration Oil Fields Interest 20.00% 20.00% Equinor 1 (65.11%) Equinor (65.11%)

Oil Fields Blocks of JX Nippon Exploration and Partners Siccar Point (8.89%) Siccar Point (8.89%) Production (U .K. )Ltd. U.K. ONE-Dyas 2 (6.00%) ONE-Dyas (6.00%) Operators Equinor Equinor 1 In 2018 May, Statoil changed its name to "Equinor". 2 In 2019 Apr, changed its name to "ONE-Days" due to merjer of ONE and Days.

Production New blocks acquired in 2014 by 28th round of Exploration governmental open tender . ●In December 2012, acquired the explorational interest in These areas are next to the developed Mariner oil field. Mariner Oil Field from ENI. When oil and gas field are found, we expect reduction in ●In February 2013, decided to develop. development costs through the use of facilities in this oil ●In August 2016, sold part of the working interest. field. ●In August 2019, started production.

The ENEOS Group’s criteria for evaluating reserves conforms to the PRMS (Petroleum Resources Management System) Standards, drafted by the SPE (Society of Petroleum Engineers), WPC (World Petroleum Congress), AAPG (American Association of Petroleum Geologists), and SPEE (Society of Petroleum Evaluation Engineers). The ENEOS Group’s reported reserves are in line with reserves as defined by PRMS Standards. The degree of certainty of the reserve values is categorized, in order, as either Proved, Probable, or Possible. Following trends common at other industry firms, the JXTG Group has used Proven and Probable reserves to arrive at its total reserves.

Definition of Proved Reserves Reserves judged to have a high level of certainty from analysis of geoscience and production/petroleum engineering data, based on economic conditions, operational methods and laws and regulations assumed by the ENEOS Group in light of discovered reservoirs—there is at least a 90% probability that actual recovered volume will equal or exceed estimates of oil and natural gas deposits reasonably evaluated as commercially recoverable.

Definition of Probable Reserves There is at least a 50% probability that additional oil and natural gas reserves will equal or exceed actual recovered volume of the total of estimated proved and probable reserves. While these additional reserves are evaluated in the same manner as proved reserves, the probability of recoverability of probable reserves is lower than proved reserves, but higher than possible reserves.

Product lines Targets for Treated Rolled High Purity Primary applications End-use applications Semiconductors Corson Alloys Copper Foil Tantalum Capacitors Powders Smartphones

Titanium Copper Targets for Phosphor Bronze Auto-focus camera Alloys Magnetic modules Devices PCs

PCBs

Targets for InP Compound Connectors FPDs Semiconductors Recording media

FPC

Communications Laser diodes LSI infrastructure

CT scans Further demand growth Electric vehicles in the age of IoT and AI

Global market End-use applications share Product Primary applications Communications As of FY19 Mobile phones, Digital PCs infrastructure and Automobiles smartphones appliances, AV Our estimate data centers

Sputtering Targets for 60% CPUs, memory chips, etc. ✔ ✔ ✔ ✔ ✔ Semiconductors No.1

Sputtering Targets for 60% Hard disks, etc. ✔ ✔ ✔ Magnetic Devices No.1 InP Compound 50% Optical communication devices, ✔ ✔ ✔ Semiconductors No.1 ultra fast ICs

Treated Rolled Copper Foil 80% Flexible printed circuit boards ✔ ✔ ✔ ✔ No.1

Phosphor Bronze Foil 65% Connectors, ✔ ✔ ✔ ✔ (thickness less than 0.1 mm) No.1 Springs for electronic parts

High Strength / High Conductivity 60% Lead frames, Connectors, ✔ ✔ ✔ ✔ ✔ Corson Alloys No.1

Titanium Copper Alloys 70% High-end connectors, etc. ✔ ✔ ✔ ✔ No.1

High Purity Tantalum Powders 30% Capacitors, etc. ✔ ✔ ✔ for Electronic Materials No.1

Overseas mines Alliance

Caserones Pan Pacific Copper (Japan) (Chile) Stable (Raw material procurement and product sales) procurement 67.8% 32.2% Consignment of Return of 1 52% smelting and refining resulting product

2019 2020 1Q Smelting & Mining Mitsui JX JX Nippon Mining & Metals Copper concentrate 126KT 29KT Investment JX Metals Smelting Hibi Smelting SE-EW copper cathode 26KT 6KT 450KT 200KT Saganoseki Smelter & Tamano Smelter, Los Pelambres Gain from Refinery Hibi Kyodo Smelting 3 (Chile) investment Hitachi Works 100% 100%

16%1 ENEOS ENEOS Holdings 2019 2020 1Q Copper concentrate2 368KT 90KT Escondida LS-Nikko Copper (Korea) (Chile) 270KT 4 Onsan Plant 3%1 5.0% 2019 2020 1Q 39.9% Copper concentrate2 906KT 220KT SE-EW copper cathode 250KT 70KT

1 Shares indirectly owned by JX Nippon Mining & Metals (as of Mar. 2020) 2 Payable copper contained in concentrate. 3 Hibi Smelting equity share is 63.51%. 4 Total Capacity is 680KT. JX Nippon Mining & Metals has 39.9% equity.

Caserones Copper Mine (Chile)

Acquisition date May 2006 Mine life From 2013 to 2040 (28 years )

Acquisition price $137 million Total production (28 years) Copper : 3,550kt From copper concentrate 3,140kt Initial investment $4.2 billion From SX-EW process 410kt Ownership (As of Mar. 2019) Molybdenum : 87kt JX Nippon Mining & Metals 51.50% Production plan Mitsui Mining & Smelting 25.87% In Mar. 2013, started SX-EW copper cathode production Mitsui & Co., Ltd. 22.63% In May 2014, started copper concentrate production

Average Total First 10 years (28 years) (28 years) Copper Concentrate 150 kt/year 110 kt/year 3,140 kt Copper SX-EW Process 30 kt/year 10 kt/year 410 kt Total 180 kt/year 120 kt/year 3,550 kt Molybdenum 3 kt/year 3 kt/year 87 kt

SAG (semi-autogenous grinding) Flotation Plant Mill (facility for recovering copper concentrate from crude ore)

* * * *

*Forecasts by PAN PACIFIC COPPER

Earning Structure of Copper Smelter & Refinery Trends of Base TC/RC (negotiation each year-end)

LME copper Cost of copper Copper cathode cathode price concentrate sales price TC/RC 120/12.0 Sales premiums ($ denominated) Share of 100/10.0 copper TC/RC smelter 80/8.0 ($ denominated)

60/6.0

40/4.0 Cost of Unit copper Share of -TC: Dollar per dry metric ton of copper concentrate mining 20/2.0 -RC: Cent per pound of copper in copper concentrate concentrate company ($ denominated) 0/0.0

Note: For 2010 year-end, several types of agreement were made Cost of copper concentrate depending on negotiating parties, contractual period, etc. The price of copper concentrate, which custom smelters pay to mining companies, is the LME copper cathode price less TC/RC, which is smelting and refining margins. TC/RC under long-term contracts is normally determined through annual negotiation between copper smelters and mining companies.

Copper cathode sales price The actual sales price of copper cathode produced by copper smelters is the LME price plus sales premium, which is established by reference to various factors, including importation costs and quality.

Non-ferrous metal scraps Industrial waste materials

Printed circuit Plating Mobile Lithium-ion Waste oil Waste liquid Shredder dust Sludge boards products phones batteries

Pre-treatment 5 affiliates Rendering materials harmless

JX Nippon Tsuruga JX Nippon Mikkaichi JX Nippon Tomakomai JX Nippon Environmental JX Nippon Takasho Recycle Co., Ltd. Recycle Co., Ltd Chemical Co. Ltd. Services Co., Ltd. CO., LTD. Metal content of valuable metals after pre-treatment

Saganoseki Smelter & Refinery HMC Dept. of the Hitachi Works Tsuruga Plant Copper concentrate Recycled raw materials Intermediate products Recycled raw materials Waste LIB Waste cathode

Physical sorting process

Copper smelting & refining process Solvent extraction refining Pyro- & hydro-metallurgical process

Copper/Gold/Silver/Platinum/ Gold/Silver/Platinum/Palladium Nickel/Cobalt/Lithium Palladium/Selenium/Tellurium Lead/Bismuth/Antimony etc.

TANIOBIS GmbH

TANIOBIS GmbH is one of the world’s top suppliers of tantalum and niobium products, including high-purity metal powders and oxide powders. These are used in capacitors, sputtering targets for semiconductors, SAW devices, and other electronic devices essential to the advancement of the IoT society. Taking advantage of its outstanding technological capabilities, marketing capacity, and expertise, TANIOBIS has been actively developing new businesses targeting areas such as the medical field. Toho Titanium Co., Ltd. Goslar(Germany) Tantalum powders The Toho Titanium Group manufactures titanium sponge and titanium ingots for aerospace and general industrial applications, as well as high-purity titanium for electronic materials, and fabricated titanium products. In its catalysts and chemicals business, Toho Titanium is utilizing materials produced in the titanium production process and its titanium production technologies to expand into other fields, which include production of catalysts for polypropylene production, high- purity titanium dioxide for electronic materials, and ultra-fine nickel powder for multi-layer ceramic capacitors (MLCC). Headquarters & ultra-fine nickel powders TATSUTA Electric Wire and Cable Co., Ltd. Chigasaki Plant

The TATSUTA Electric Wire and Cable Group has manufactured electric wires and cables. The technical knowhow from this business is applied to such diverse range of fields as EMI shielding film, conductive paste, water leakage detection sensor, and medical equipment products. The EMI shielding film, a product developed independently by TATSUTA, is widely used as an indispensable component of smartphones and tablets. HeadOffice＆Osaka works EMI shielding film