Value Creation Management

99 OSAKA GAS Our approach to the energy business Setting up a complete natural gas value chain and a one-stop service Making overseas investment judgments based on business risk/ exchange risk/ country risk Results of new investment in energy business (year ending March 2001) TI Profit from the acquisition of overseas off-shore gas fields in Australia's Northern Territory Ownership of LNG tanker, “Jamal”, commissioned in September 2000 Capital participation in the Nissho Iwai Petroleum Gas Group Bid for the Guandong LNG project Start of an electrical retailing business, “Ennet" 6

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