China Petroleum & Chemical Corporation 1H 2008 Results Announcement August 26, 2008 Hong Kong

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Agenda 1H 2008 Business Overview 1H 2008 Operational Results 2H 2008 Operational Plan

1H 2008 Business Overview

Review of Market Environment Chinas economy maintained steady and rapid growth, GDP increased by 10.4% Domestic consumption of refined oil products grew by 13.9% Domestic ethylene-equivalent consumption grew by 2.5% International crude oil prices surged Domestic refined oil product prices remained tightly controlled Chemical product prices kept rising, driven by the surge of feedstock price

RMB million 1H H 2008Change % Turnover, other revenues and other income 563,870768, EBITDA73,05429,657(59.4) EBIT53,5847,222(86.5) Net profit attributable to shareholders of the Company 36,3758,255(77.3) EPS (RMB) (77.3) Profitability

RMB million 1H 20071H 2008 Net cash flow from operating activities 62,2952,640 Net cash flow used in investing activities(46,465)(46,901) Net cash flow (used in)/ generated from financing activities (12,960)45,072 RMB million As of 31 Dec As of 30 Jun Short-term debts44,65464,758 Long-term debts83,134101,529 Equity attributable to shareholders of the Company 307,433310,871 Financial Position

Capital Expenditure E&P: RMB billion. Newly added production capacity of crude oil was 2.79 million tonnes per year and that of natural gas was 480 million cubic meters per year Refining: RMB billion. Qingdao project and upgrades of Gaoqiao, Wuhan and Luoyang completed. A new crude terminal has achieved mechanical completion at Caofeidian port in Bohai Bay Marketing and Distribution: RMB billion. Improved marketing network; newly built 195 service stations Chemicals: RMB 5.907billion. YPC 100 ktpa butadiene commenced production; Tianjin, Zhenhai ethylene projects and Jinling PX project progressed on schedule Corporate and others: RMB billion RMB Million

ROCE Note: ROCE for 1H 2008 is not annualized Dividend Per Share RMB Yuan Return and Dividend

1H 2008 Operational Results

H H 2008Change % Crude oil production (mm bbls) Natural gas production (bcf) Lifting cost (RMB/tonne) Newly added proved reserves of crude oil (mm bbls) Newly added proved reserves of natural gas (bcf) As of 31 Dec As of 30 Jun Change % Proved reserves of crude oil (mm bbls) 3,0243, Proved reserves of natural gas (bcf) 6,330.86, Proved reserves of oil and gas (mm boe) 4,0794, E&P Operational Summary

E&P Segment Performance Crude Oil and Natural Gas Realized prices EBIT of E&P Segment Crude Oil RMB/tonne Natural Gas RMB/000 cubic meter RMB million

H 20071H 2008Change % Refinery throughput (mm tonnes) Gasoline production (mm tonnes) Diesel production (mm tonnes) Kerosene production (mm tonnes) (3.9) Light chemical feedstock production (mm tonnes) (1.5) Light yield (%) bps Refining yield (%) bps Refining Operational Summary

Refining Segment Performance EBIT of Refining Segment Refining Margin / Cash Operating Cost Refining Margin (RMB/tonne) Cash Operating Cost (RMB/tonne) RMB million

H H 2008 Change % Domestic sales of refined oil products (mm tonnes) Incl. Retail (mm tonnes) Distribution (mm tonnes) Wholesale (mm tonnes) (17.3) Total gas stations 28,89829, Incl. self-operated stations 28,15328, Franchised stations (14.5) Annualized average throughput of self-operated stations (tonnes/station) 2,5583, Marketing Operational Summary

RMB/tonne 1H 20071H 2008 Marketing cash operating cost Marketing Segment Performance RON #90 Gasoline Guidance PriceEBIT of Marketing Segment #0 Diesel Guidance Price RMB/Tonne RMB million RMB/Tonne

Unit: 1,000 tonnes 1H H 2008Change % Ethylene* 3,2733, Synthetic resin* 4,7744, Monomers & polymers for synthetic fiber 3,9383,768(4.3) Synthetic fiber (5.5) Synthetic rubber Urea (15.7) Chemicals Operational Summary * 100% production from YPC-BASF and Shanghai-Secco included.

RMB/tonne 1H H 2008 Ethylene cash operating cost 1,3201,288 Chemicals Segment Performance Chemicals Price Spread (2002 – Jul. 2008) EBIT of Chemicals Segment USD/tonne RMB million

2H 2008 Operational Plan

Market Environment for 2H 2008 Chinas economy is expected to maintain growth momentum Demand for oil products and petrochemicals will increase steadily International crude oil prices will remain high Domestic refining business will still be under pressure Demand growth for chemical products may slow down

H 2008 EFY 2008 E Crude oil production (mm tonnes) Natural gas production (bcm) Refinery throughput (mm tonnes) Total domestic sales of refined oil products (mm tonnes) Ethylene production (mm tonnes) H 2008 Operational Plan

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