Value Creation Management

9 OSAKA GAS Summary of financial forecasts (consolidated results) Number of subsidiaries: FY00-03 25 companies, FY01/E- 35, FY02/E- 42 Units: ¥1 billion, $/bbl and ven/$ FY00/R FY01 FY02 FY03 FY01/E FY02/E Gross sales 849 928 920 950 955 1,000 Operating income 63 60 70 80 62 75 Pre tax income 46 57 65 75- 57 72 Net income 27 32 35 40- 32 43 ROA 2.3% 2.4% 2.7% | 3.5%- 2.6% 3.2% ROE 6.8% 7.7% 8.2% 9.0%- 7.1% 8.7% SVA - - - - 4 11 FCF 19 4 31 38 34 45 Capex 106 126 100 99 96 110 Depreciation 81 95 93 91 95 90 Crude oil price ($/bbl) 20.9 22.0 22.0 22.0 29.0 28.0 Rate of exchange (yen/$) 111.6 103.0 103.0 103.0 108.6 118.0 9

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