1 China Petroleum & Chemical Corporation 2002 First Quarter Results Announcement April 29, 2002

2 Disclaimer This presentation and the presentation materials are prepared in accordance with the PRC Accounting Rules and Regulations as required by the PRC CSRC. Sinopec has adjusted part of materials to reflect the International Accounting Standards as a reference for international investors first quarter financial figures provided herewith are unaudited. This presentation and the presentation materials distributed herewith 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 proved 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.

3 Table of Contents  First Quarter Results Overview  Review of First Quarter Operations  Second Quarter Production Plan

4 First Quarter Results Overview

5 Market Environment Overview January and February: a) realized crude oil price remained low, lower ex- work price of refined products made refining margins compressed; b) refined oil products realized in wholesale market remained low; c) part of the high cost inventory was written-down; and d) petrochemical market still at cyclical low March: a) significant recovery in crude oil price; b) increased ex-work price of refined products make refining margin improved; c) refined oil prices significantly improved; and d) petrochemical product prices began to recover

6 International Crude Oil Price — Significant Recovery in March International Crude Oil Price

7 International Refined Oil Products Price Significantly Lower than 2001Q1 Singapore Refined Oil Products Price

8 Crude Oil Realized Price, Prices of Refined products Crude oil realized price Ex-work price of gasoline Ex-work price of diesel Change （ % ） Unit: RMB Yuan/t Gasoline benchmark retail price Diesel benchmark retail price Note: all the prices above excludes taxes Q Q

9 Domestic Petrochemical Market Still at Cyclical Low

10 Financial Highlights PRC Accounting Rules & Regulations International Accounting Standards Income from 630 principal operations Profit from principal operations Net profit 1.02 Turnover & other 660 operating revenues Operating profit Profit attributable to5.42 to shareholders (RMB 100MM)

11 Review of First Quarter Operations

12 Crude Oil Production Natural Gas Production Crude Oil Realized Price Natural Gas Realized Price 10,000 tonnes MM m 3 RMB / tonne RMB / ’000 m 3 1,183 1, ,083 1, E & P QUnit2001 1Q YoY  (%)

13 Crude Oil Processed Gasoline Production Diesel Production 10,000 tonne , , Fuel Oil Production Yield for Light Stream % bps Refining Yield% bps Refining QUnit2001 1Q YoY  (%) 10,000 tonne

14 Domestic Sale of Refined Oil Products Wholesale Distribution Retail , , Total Number of Gas Stations unit28,29125, Marketing QUnit2001 1Q YoY  (%) 10,000 tonne Note ： Total Number of Gas Stations Includes Franchised Stations

15 Ethylene Synthetic Resin Monomers & Polymers for Synthetic Fiber Synthetic Fiber Q Unit: 10,000 tonne Q YoY  (%) 0.21 Synthetic Rubber Urea Petrochemicals

16 Second Quarter Production Plan

17 Market Environment Expected in 2Q China’s GDP reached 7.6% in 1Q, expected sustained development in 2Q; Significant increase expected in crude oil price, refined products price; Marketing order getting better; Chemical price continue to improve.

18 Second Quarter Production Plan Crude Oil Production Natural gas production Crude processed volume Domestic sales volume for refined oil products MM tonne Bn m 3 MM tonne Q2 Plan Unit Ethylene Production1,000 tonne Q1 Actual

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