Value Creation Management

99 OSAKA GAS Share buy-backs ♦ Thinking on share buy-backs This is one way of rewarding our financial position We did and will select from a number of methods of shareholder return, including increase dividends, building up internal reserves, new investment etc, and use buy-backs if the situation on the capital market seems suitable Results to date In the past 2 years we have had 3 share buy-backs. Our board has authorized a further 151 million shares. Period Shares bought back Value of purchases Price per share 99.2-3 27.7 million 10 billion yen 361 yen per share 00.2-4 38.6 million 9.6 billion yen 00.11-12 32.3 million 10 billion yen 248 310 41

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