1. China Petroleum & Chemical Corporation 1H 2004 Results Announcement 30 August 2004 Hong Kong

2. 30 August 2004 2 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 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. Disclaimer

3. 30 August 2004 3 Agenda Performance Highlights 1H 2004 Performance Review 2H 2004 Business Prospects

4. Performance Highlights

5. 30 August 2004 5 Profit Kept Growing - Asset Structure Further Optimized EBIT Analysis 1H20031H2004 Refining Profit Growth Chemicals Profit Growth Impairment Losses on Fixed Assets E&P Profit Growth Marketing Profit Growth Employee Reduction Expenses Corporate & Others Profit growth in business segments = EBIT of 1H2004 excluding impairment losses of fixed assets and employee reduction expenses – EBIT of 1H2003 Note: Data shown in this presentation includes that of Maoming Ethylene, Xi’an Petrochemical and Tahe Petrochemical which were acquired in 2H 2003. Unit: RMB million

6. 30 August 2004 6 Profit Kept Growing - Leveraging Integrated Business EBIT Contribution by Segment (RMB million ） Unit: RMB million Turnover and Other Operating Revenues EBITDA EPS (RMB) 50.56 34.14 33.62 Net Profit 0.19 275,442 42,112 16,151 0.12 205,335 31,516 10,72750.56 1H 041H 03 Change (%) EBIT47.23 27,339 18,569

7. 30 August 2004 7 Financial Highlights Short-term Debt Long-term Debt Shareholders’ Fund Unit: RMB million Cash flow from Operating Activities Cash flow from Investing Activities Cash flow from Financing Activities 14,273 19,291 -30,659 10,421 Debt / Total Capital EBITDA Interest Coverage 29,079 43,660 167,899 24.08% 17.2x 37,340 49,977 178,409 26.56% 21.2x 28.41 14.47 6.26 248 bps 4.0x Unit: RMB million Cash & Cash Equivalent - Ending Balance 1H 04FY 03 Change (%) 1H 04

8. 30 August 2004 8 Returns and Dividend ROCE ImprovementDividend RMB Yuan

9. 30 August 2004 9 As a Result of Good Market Environment Oil prices remained high and volatile Refining margin improved and chemical businesses entered into upturn cycle Macro economic control measures by the Chinese government have achieved good results; Chinese economy has maintained stable growth momentum Domestic demand for petroleum and chemical products increased steadily –Refined oil products consumption increased by 24.6 ％ yoy –Chemical products (ethylene equivalent) consumption increased by 15.59 ％ yoy Good market environment for Company’s earnings growth

10. 30 August 2004 10 As a Result of Continuous Delivery of Corporate Strategies Operation volumes expanded as demand grew –E & P: improved reserve profile and increased production capacity, maintained modest growth in crude and gas production –Refining and Chemicals: increased capacity and efficiency, improved product quality –Marketing: enhanced marketing network and improved marketing structure Continued to rationalize asset structure Reduced cost and headcounts to improve efficiency Improved corporate governance

11. 30 August 2004 11 Visions Corporate reform governs business activities to achieve effective growth Continue to pursue a strategy founded on “resource and market expansion; cost reduction and prudent investment” Continue to rationalize assets portfolio Enhance internal control procedures Realize Sustainable Effective Growth

12. 1H 2004 Performance Review

13. 30 August 2004 13 E & P – Oil and Gas Production Continued to Grow Crude Oil Production (mm bbls) Natural Gas Production (bcf) Period-end Proved Oil & Gas Reserves (mm boe) Lifting Cost (USD/bbl) Newly Added Proved Oil Reserves (mm bbls) 135.85 100.06 3,855 6.28 124.40 Newly Added Proved Gas Reserves (bcf) 872.74 133.72 90.71 3,887 6.26 115.80 276.80 1.59 10.31 -0.82 0.32 7.43 215.30 1H 041H 03 Change (%)

14. 30 August 2004 14 E&P – Segment Performance Crude Oil and Natural Gas Realized Price RMB million EBIT of E&P Segment Crude Oil USD/bbl Natural Gas USD/mcf

15. 30 August 2004 15 Refining – Increased Throughput to Meet Market Demand Crude Oil Processed (mm tonnes) 64.98 Refining Utilization Rate (%) Chemical Feedstock Production (mm tonnes) Refining Yield (%) Gasoline Production (mm tonnes) Diesel Production (mm tonnes) Kerosene Production (mm tonnes) Light Stream Yield (%) - Sour Crude Oil Processed (mm tonnes) 91.57 8.92 93.10 11.42 24.72 3.03 74.06 13.39 54.70 83.30 8.23 93.07 10.25 19.89 2.45 73.97 10.64 18.79 827 bps 8.38 3 bps 11.41 24.28 23.67 9 bps 25.85 1H 041H 03 Change (%)

16. 30 August 2004 16 Refining — Segment Performance EBIT of Refining Segment RMB million Refining Margin / Cash Operating Cost USD/bbl

17. 30 August 2004 17 Marketing — Optimized Marketing Network, Expanded Retail and Distribution Franchised Gas Stations Domestic Sales of Refined Oil Products (mm tonnes) Incl. Retail (mm tonnes) Distribution (mm tonnes) Wholesale (mm tonnes) Owned or Operated Gas Stations Annual Average Throughput Per Station (tonnes/station) 5,297 10.49 24,128 1,612 1H 04 Marketing Cash Operating Cost (RMB/tonne) 163.2 5,376 10.81 25,306 1,986 1.49 3.05 4.88 23.20 153.4-6.00 35.24 17.83 6.92 45.49 25.12 9.56 29.09 40.89 38.15 1H 03 Change (%)

18. 30 August 2004 18 Marketing – Segment Performance EBIT of Marketing Segment RON #90 Gasoline Guidance Price RMB/Tonne #0 Diesel Guidance Price RMB/Tonne RMB million

19. 30 August 2004 19 Chemicals — Fully Loaded to Meet Market Demand Unit: 1,000 tonnes Ethylene Synthetic Resins Synthetic Rubbers Monomers & Polymers for Synthetic Fibers Synthetic Fibers Ratio of Differential Fibers Ratio of Performance Compound Ethylene Cash Operating Costs (USD/tonne) 1,863 2,806 297 2,443 641 45.11% 57.11% 143.67 1,724 2,529 261 2,133 598 40.26% 55.43% 147.46 8.06 10.95 13.79 14.53 7.19 485 bps 168 bps -2.57 1H 041H 03 Change (%)

20. 30 August 2004 20 Chemicals – Segment Performance EBIT of Chemicals Segment RMB million Chemicals Price Spreads (1990 - Jul. 2004) USD/tonne

21. 30 August 2004 21 Cost Reduction Cost Reduction in 1H 2004 was RMB1.43 bn Optimized resource allocation and logistics to reduce transportation costs Further increased sour crude throughput to reduce crude oil procurement costs Optimized operation of facilities to reduce energy and material consumption RMB million In addition, headcount reduction in 1H 2004 was about 8,000

22. 30 August 2004 22 Capital Expenditure 1H 2004 Capex: RMB25.82 bn E & P –10.07 bn, improved reserve profile and increased production capacity of oil and gas Refining – 4.10 bn, Ningbo-Shanghai- Nanjing pipeline was put into operation, and a number of revamping projects are progressing smoothly Chemicals – 2.94 bn, revamping of Qilu ethylene expected to complete in 2H 2004 Marketing – 8.61 bn, smooth progress in south-west pipeline, good results from construction and acquisition of petrol stations 1H 2004 Capex Breakdown In addition RMB3.37 bn invested in Secco and other JV projects

23. 2H 2004 Business Prospects

24. 30 August 2004 24 Market Environment in 2H 2004 Global economy expected to keep its recovery momentum Global oil demand continue to grow Refining margin is to remain at relatively good level, and chemical businesses continue upturn cycle Chinese economic growth expected to maintain relative fast pace, resulting in increasing demand for petroleum and chemical products

25. 30 August 2004 25 E & P Pursue expand resource strategy and speed up exploration and development Accelerate construction of production capacities Enhance production management to reduce cost 2H 2004 Production Projection Crude Oil19.466 mm tonnes Natural Gas 2.966 bn cubic meters

26. 30 August 2004 26 Optimize resources and reduce crude oil procurement cost Optimize crude oil transportation to reduce cost Adjust product mix according to market demand Implement reform of marketing system for products other than gasoline, diesel and jet fuel Refining 2H 2004 Production Projection Refining Throughput67.46 mm tonnes

27. 30 August 2004 27 Accelerate expansion of marketing network for refined oil products Promote reform of marketing system for refined oil products Improve quality of service and increase sales volume Marketing 2H 2004 Production Projection Total domestic sales volume 45.50 mm tonnes Incl.: Retail Volume25.37 mm tonnes Direct Sales Volume9.50 mm tonnes

28. 30 August 2004 28 Chemicals 2H 2004 Production Projection Ethylene1.70 mm tonnes Maintain a stable full-load operation at major facilities and ensure smooth progress of revamping projects Optimize allocation of raw material and resources Increase production of high value-added products Continue reform of marketing system for chemical products

29. 30 August 2004 29 Seize Market Opportunities to Accelerate Development E&P-Added 1.24 bn to construct natural gas and oil pipelines Refining – Added RMB1.68 bn to speed up revamping of a number of projects Chemicals – Added RMB1.15 bn to revamp petrochemical facilities Marketing – Added RMB1.95 bn to acquire, construct and revamp petrol stations and terminals, speed up construction of south-west pipeline 2004 Capex Plan Adjustment RMB billion 2004 Capex 50.2 56.3

30. 30 August 2004 30 Adhere to key operating guidance featuring “reform, rationalization, innovation and development” Seize market opportunities and adopt flexible operating tactics to increase production volumes Conclusion Maintain Sound Operating Results

31. 30 August 2004 31 http://www.sinopec.com.cn For Further Information Investor Relations Beijing:Tel: (8610) 64990060 Fax: (8610) 64990489 Email: ir@sinopec.com.cn Hong Kong:Tel: (852) 28242638 Fax: (852) 28243669 Email: ir@sinopechk.com New York:Tel: (212) 759 5085 Fax: (212) 759 6882 Email: fangzq@sinopecusa.com Media Relations Tel: (8610) 64990092 Fax: (8610) 64990093 Email: media@sinopec.com.cn