March 15, 2004
Notice of Completion of Share Buy-back Program

On March 12, 2004, Osaka Gas completed its share buy-back program based on the resolution made at the annual general shareholdersŐ meeting on June 27, 2003. The repurchasing was conducted in a series of transactions since the resolution until March 12, 2004.

Under the program, the total of over 65 million ordinary shares were repurchased amounting to approximately 20 billion yen. The resolution stated the total number of ordinary shares to be bought back should be the maximum of 67 million shares or the total value of not more than 20 billion yen.