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

2. 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.

3. Agenda
2008 Overview
2008 Operational Results
2009 Operational Plan

4. 2008 Overview

5. 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

6. 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

7. 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

8. 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

9. Maintained a relatively stable dividend payout level
RMB 8 8

10. 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

11. 2008 Cost Saving: RMB3.96 billion
RMB million
52%

12. 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

13. 2008 Operational Results

14. 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)

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

16. 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

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

18. 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

19. 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

20. 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

21. 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

22. 2009 Operational Plan

23. 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

24. 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

25. 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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