Sumitomo Corporation (Headquarters: Chiyoda-ku, Tokyo, Representative Director, President and Executive Officer, CEO: Shingo Ueno, hereinafter referred to as 'Sumitomo Corporation') is a subsidiary of Overseas Transport and Urban Development Corporation (Headquarters: Chiyoda-ku, Tokyo, Representative Director) A new SPC formed with President: Tatsuhiko Takesada (hereinafter referred to as 'JOIN') and OSAKA GAS SINGAPORE PTE, a subsidiary of Osaka Gas Co., Ltd. (Head office: Osaka City, Osaka Prefecture, President and Representative Director: Masataka Fujiwara, hereinafter referred to as 'Osaka Gas'). Ltd., will invest in AG&P LNG Marketing Pte. Ltd. (hereinafter referred to as the 'Target Company') and enter the city gas business in India.

In order to achieve carbon neutrality in 2070, the Indian government is promoting the spread of natural gas vehicles (hereinafter referred to as 'CNG vehicles') through the development of city gas infrastructure (Note 1) as a measure to reduce carbon emissions and air pollution while increasing energy demand due to economic growth. ), we are promoting the expansion of natural gas use (Note 2). City gas utilities can obtain gas sales rights and infrastructure occupancy rights for a certain period of time in each exclusive business area (hereinafter referred to as 'GA') determined through bidding.

The target companies consist of two companies: Think Gas, which owns 7 GAs mainly in north-central India, and AG&P Pratham, which owns 12 GAs mainly in the south, and their total business area covers approximately 90% of Japan's land area. The equivalent area is approximately 325,000 km2 (Note 3). Going forward, we will further develop city gas infrastructure, including CNG stations and pipelines, and expand city gas sales with a focus on CNG vehicles, which account for more than 65% of city gas demand in the country.

This project will be carried out under the following companies: I Squared Capital, a US infrastructure investment fund with a track record of projects in India; Osaka Gas, which operates a wide range of city gas businesses in Japan and other countries, including India and Japanese knowledge, technology, and experience. This project will be carried out jointly with JOIN, an infrastructure fund that supports Japanese companies undertaking infrastructure projects overseas. The Sumitomo Corporation Group leverages the knowledge it has accumulated through various businesses in Japan and overseas to contribute to LNG procurement, advanced inventory management, and sales expansion for commercial and industrial use.

The Sumitomo Corporation Group views natural gas and LNG as transition energy that plays an important role in promoting global decarbonization, and is engaged in various business development. Through this project, we aim to reduce our group's CO 2 emissions by more than 50% by 2035 (compared to 2019) and achieve carbon neutrality in our business activities by 2050. We will contribute to the low-carbon and decarbonization of the world and the stable supply of gas.

Sumitomo Corporation's materiality (important issues)

The Sumitomo Corporation Group positions the 'Six Material Issues for Sustainable Growth Together with Society' as important elements in the formulation of business strategies and the decision-making process of individual businesses, and strives to resolve issues through business activities. By doing so, we aim to achieve sustainable growth. This project specifically contributes to the following materiality.

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