China Petroleum & Chemical Corporation 2008 Annual Results Announcement March 30, 2009 Hong Kong

Disclaimer This presentation and the presentation materials distributed herein include forward-looking statements. All statements, other than statements of historical facts, that address activities, events or developments that Sinopec Corp. expects or anticipates will or may occur in the future (including but not limited to projections, targets, estimates and business plans) are forward-looking statements. Sinopec Corp.'s actual results or developments may differ materially from those indicated by these forward-looking statements as a result of various factors and uncertainties, including but not limited to price fluctuations, actual demand, exchange rate fluctuations, exploration and development outcomes, estimates of proven reserves, market shares, competition, environmental risks, changes in legal, financial and regulatory frameworks, international economic and financial market conditions, political risks, project delay, project approval, cost estimates and other risks and factors beyond our control. In addition, Sinopec Corp. makes the forward-looking statements referred to herein as of today and undertakes no obligation to update these statements.

Agenda 2008 Overview 2008 Operational Results 2009 Operational Plan

2008 Overview

Review of Market Environment Chinese GDP increased by 9% Crude oil price surged to historical high and then declined sharply Domestic refined oil product prices remained tightly controlled and refining industry suffered severe loss Domestic refined oil product market changed drastically and domestic consumption of refined oil products grew by 10.2% Demand for chemical products declined, and domestic consumption of ethylene-equivalent dropped by 0.3% 4

Operational Summary 2006 2007 2008 yoy% Crude oil production (mm bbls) 285.2 291.7 296.8 1.7 Natural gas production (bcf) 256.5 282.6 293.1 3.7 Refinery throughput (kbpd) 3,069.1 3,253.0 3399.0 4.5 Domestic sales of refined oil products (mm tonnes) 111.68 119.39 122.98 3.0 Ethylene production * (‘000 tonnes) 6,163 6,534 6,289 (3.7) Segment EBIT (RMB million) E&P 63,182 48,766 66,569 36.5 Refining (25,710) (10,452) (61,538) N/A Marketing 30,234 35,727 38,209 6.9 Chemicals 14,458 13,306 (13,102) Note: * Includes 100% production from BASF-YPC and Shanghai-Secco 5

Financial Performance RMB million 2006 2007 2008 yoy% Turnover, other operating revenues and other income 1,066,902 1,209,706 1,502,443 24.2 EBITDA 114,186 129,179 73,946 (42.8) EBIT 80,632 85,864 28,123 (67.2) Net profit attributable to equity shareholders of the Company 53,603 56,533 29,769 (47.3) EPS (RMB) 0.618 0.652 0.343 6

Financial Position RMB million 31 Dec. 2006 31 Dec. 2007 31 Dec. 2008 Short-term debts 56,467 44,654 74,896 Long-term debts 61,617 83,134 90,254 Total equity attributable to equity shareholders of the Company 264,334 307,433 328,669 Debt/Capital Ratio 27.6% 28.1% 27.9% 2006 2007 2008 Net cash generated from operating activities 92,507 119,594 67,712 Net cash used in investing activities (103,385) (113,587) (110,158) Net cash (used in)/generated from financing activities 2,878 (5,310) 41,777

Maintained a relatively stable dividend payout level RMB 8 8

Capital Expenditure 2008 Capex: RMB107.3 billion E&P Refining Expanded key production facilities and increased reserve utilization Sichuan-Eastern China Gas Project Refining Qingdao Refinery Project commenced production Refining upgrading for processing lower quality crude and producing higher quality products Caofeidian Crude Oil Jetty Project put into operation Marketing and Distribution Upgraded the existing service stations Added 720 new service stations over the year Chemicals Major ethylene projects progressed smoothly Some chemical products upgrading projects commenced production 9

2008 Cost Saving: RMB3.96 billion RMB million 52%

Technological Innovation Driving corporate development through technological innovation E&P: developed technological system such as Puguang gas field development Refining: commercialized clean fuel technologies such as S-Zorb and diesel desulfurization Took lead in producing Guo IV spec fuel for cities hosting 2008 Beijing Olympic Games Strengthen R&D in alternative energy Developed a series of new products to meet the market needs Patents 11

2008 Operational Results

E&P－Operational Summary 2006 2007 2008 yoy% Crude oil production (mm bbls) 285.2 291.7 296.8 1.7 Natural gas production (bcf) 256.5 282.6 293.1 3.7 Lifting cost (RMB/tonne) 520 601 630 4.8 Newly added proved reserves of crude oil (mm bbls) 286 21 114 442.9 Newly added proved reserves of natural gas (bcf) 161.5 3,756.7 921.6 (75.5) 31 Dec. 2006 31 Dec. 2007 31 Dec. 2008 yoy% Proved reserves of crude oil (mm bbls) 3,295 3,024 2,841 (6.1) Proved reserves of natural gas (bcf) 2,857 6,331 6,959 9.9 Proved reserves of oil and gas (mm boe) 3,771 4,079 4,001 (1.9)

E&P－Segment Performance Realized prices of Crude Oil and Natural Gas EBIT of E&P Segment RMB million

Refining－Operational Summary 2006 2007 2008 yoy% Refinery throughput (kbpd) 3,069.1 3,253.0 3,399.0 4.5 Gasoline production (mm tonnes) 24.47 25.98 29.09 12.0 Diesel production (mm tonnes) 60.19 62.46 68.78 10.1 Kerosene production (mm tonnes) 6.35 8.32 7.99 (4.0) Light chemical feedstock production (mm tonnes) 23.07 23.84 22.99 (3.6) Light yield (%) 74.75 74.48 74.80 32bps Refining yield (%) 93.47 93.95 94.07 12bps

Refining－Segment Performance Refining Margin/ Cash Operating Cost EBIT of Refining Segment RMB million

Marketing－Operational Summary 2006 2007 2008 yoy% Domestic sales of refined oil products (mm tonnes) 111.68 119.39 122.98 3.0 Incl. Retail (mm tonnes) 72.16 76.62 84.10 9.8 Distribution (mm tonnes) 18.95 20.17 19.63 (2.7) Wholesales (mm tonnes) 20.57 22.60 19.25 (14.8) Total number of service stations 28,801 29,062 29,279 0.7 Incl. Company-operated 28,001 28,405 28,647 0.9 Franchised 800 657 632 (3.8) Annualized throughput of company-operated stations (tonnes/station) 2,577 2,697 2,935 8.8

Marketing－Segment Performance RON #90 Gasoline Guidance Price EBIT of Marketing Segment RMB/ tonne RMB million 0# Diesel Guidance Price RMB/ tonne RMB/ tonne 2006 2007 2008 Marketing cash operating cost 130 139 153 Note: The State has adopted maximum retail price since December 2008

Chemicals－Operational Summary Unit: 1,000 tonnes 2006 2007 2008 yoy% Ethylene 6,163 6,534 6,289 (3.7) Synthetic resins 8,619 9,660 9,590 (0.7) Monomers & polymers for synthetic fibers 7,242 8,018 7,264 (9.4) Synthetic fibers 1,502 1,417 1,260 (11.1) Synthetic rubbers 668 800 834 4.3 Urea 1,609 1,565 1,649 5.4 Note: The above data includes 100% production from BASF-YPC and Shanghai-Secco

Chemicals－Segment Performance Chemicals Price Spread EBIT of Chemicals Segment USD/tonne RMB million RMB/ tonne 2006 2007 2008 Ethylene cash operating cost 1,282 1,329 1,328 20

2009 Operational Plan

Expected to Become Profitable Prospect for 2009 Challenges Oil price expected to fluctuate at low level Oil product demand may experience lower growth rate Challenging situation for chemicals business Opportunities New gasoline and diesel pricing policy Chinese government’s stimulus package VAT Reform and moderately easy monetary policies Refining Business Expected to Become Profitable Not to scale

2009 Operation Estimates 2008 Actual 2009 Estimates Change% Crude oil production (mm bbls) 297 301 1.3 Natural gas production (bcf) 293 353 20.5 Refinery throughput (mm tonnes)* 169 184 8.9 Total domestic sales of refined oil products (mm tonnes) 123 125 1.6 Ethylene production (mm tonnes) ** 629 683 8.6 Note: *Including 100% production from BASF-YPC and Shanghai-Secco 2009-3 23

Capital Expenditure Plan 2009 Capex Plan: RMB111.8 billion E&P Start-up of Sichuan-Eastern China Gas Project Development of oil in Tahe, Shengli, and gas in Puguang and Ordos Refining Refined oil products quality upgrading projects Improve logistic system incl. pipeline and storage facilities Marketing and Distribution Improve marketing networks Construction and acquisitions of service stations along expressways and in strategic areas Chemicals Progress in major ethylene projects Accelerate construction of logistic facilities for chemical products RMB billion

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