Value Creation Management

❤OSAKA GAS Main factors behind the increase in free cash flow (billion yen) FY00/R FY01/E FY02 FY03 FY04 FY05 FY06 Free cash flow 18.9 34.4 45.0 50.0 50.0 68.9 71.0 FCF increase/decrease compared with previous year Breakdown +15.5 +10.6 +5.0 0 +18.9 +2.1 1. Influence of increase in gas sales +5.1 +6.2 +8.4 +7.9 +7.7 +8.8 2. Increase/decrease in depreciation +14.4(*) -4.9 -0.6 +3.2 +2.6 -1.5 3. Increase/decrease in capital expenditure (offset accounted in +3.0 +4.3 -7.5 +10.5 -9.5 -2.5 incidental facilities) * Included accelerated depreciation 5.7 billion yen of Senboku #18 tank 30 30

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