Check those drop-outs, that's pre-97 as is the cable routing. 97 Explosif's were made in Hodaka and stamped H, I can't see that on the BB. And there's something off with the paint, compared with the 97. Clearly there are some touch ups, but the colouration (and there's green showing through on the chainstay braces like 95/96s) looks more 96 Kula than 97 Explosif.
It's an Explosif, possibly a resprayed/modded 96 or early 97 production model, a trade-show piece...or something else. And who's the dude's signature on the top tube?