Value Creation Management

❤OSAKA GAS Setting group-wide investment standards 1. 2. 3. 4. 1. 2. 3. 4. Background and aims Maximize shareholder value (creation of shareholder premium) Optimum resource allocation to all business fields (selectivity and centralization) Improve efficiency of gas business investment (more competitive in energy field) Increase in M&A activity and overseas Joint Ventures New standards Awareness of costs of capital/business risk (including investor expectations) Cash flow base Introduction of PDC cycle Setting yearly unit gross investment targets (micro) and profit targets (macro) 26 26

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