1. China Petroleum & Chemical Corporation 1H 2008 Results Announcement
August 26, 2008
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 1H 2008 Business Overview 1H 2008 Operational Results
2H 2008 Operational Plan

4. 1H 2008 Business Overview

5. Review of Market Environment
China’s 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

6. Profitability 1H 2007 1H 2008 Change %
RMB million
1H 2007
1H 2008
Change %
Turnover, other revenues and other income
563,870
768,185
36.2
EBITDA
73,054
29,657
(59.4)
EBIT
53,584
7,222
(86.5)
Net profit attributable to shareholders of the Company
36,375
8,255
(77.3)
EPS (RMB)
0.420
0.095

7. Financial Position
RMB million
1H 2007
1H 2008
Net cash flow from operating activities
62,295
2,640
Net cash flow used in investing activities
(46,465)
(46,901)
Net cash flow (used in)/ generated from financing activities
(12,960)
45,072
As of 31 Dec. 2007
As of 30 Jun. 2008
Short-term debts
44,654
64,758
Long-term debts
83,134
101,529
Equity attributable to shareholders of the
Company
307,433
310,871

8. 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

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

10. 1H 2008 Operational Results

11. E&P－Operational Summary
1H 2007
1H 2008
Change %
Crude oil production (mm bbls)
143.88
147.38
2.4
Natural gas production (bcf)
139.55
144.15
3.3
Lifting cost (RMB/tonne)
550
604
9.8
Newly added proved reserves of crude oil
(mm bbls)
147.88
159
7.3
Newly added proved reserves of natural gas (bcf)
158.63
186.92
17.8
As of 31 Dec. 2007
As of 30 Jun
Change %
Proved reserves of crude oil (mm bbls)
3,024
3,035
0.4
Proved reserves of natural gas (bcf)
6,330.8
6,373.6
0.7
Proved reserves of oil and gas (mm boe)
4,079
4,097

12. 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

13. Refining－Operational Summary
1H 2007
1H 2008
Change %
Refinery throughput (mm tonnes)
78.94
84.25
6.7
Gasoline production (mm tonnes)
12.79
13.78
7.7
Diesel production (mm tonnes)
29.91
33.80
13.0
Kerosene production (mm tonnes)
4.10
3.94
(3.9)
Light chemical feedstock production
(mm tonnes)
12.26
12.07
(1.5)
Light yield (%)
73.93
74.68
75bps
Refining yield (%)
93.73
93.87
14bps

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

15. Marketing－Operational Summary
1H 2007
1H 2008
Change %
Domestic sales of refined oil products
(mm tonnes)
57.92
63.02
8.8
Incl. Retail (mm tonnes)
36.01
42.91
19.2
Distribution (mm tonnes)
10.15
10.37
2.2
Wholesale (mm tonnes)
11.77
9.73
(17.3)
Total gas stations
28,898
29,188
1.0
Incl. self-operated stations
28,153
28,551
1.4
Franchised stations
745
637
(14.5)
Annualized average throughput of self-operated stations (tonnes/station)
2,558
3,006
17.5

16. Marketing Segment Performance
RON #90 Gasoline Guidance Price
EBIT of Marketing Segment
RMB/Tonne
RMB million
#0 Diesel Guidance Price
RMB/Tonne
RMB/tonne
1H 2007
1H 2008
Marketing cash operating cost
133.80
152.91

17. Chemicals－Operational Summary
Unit: 1,000 tonnes
1H 2007
1H 2008
Change %
Ethylene*
3,273
3,307
1.0
Synthetic resin*
4,774
4,923
3.1
Monomers & polymers for synthetic fiber
3,938
3,768
(4.3)
Synthetic fiber
721
681
(5.5)
Synthetic rubber
360
460
27.8
Urea
813
685
(15.7)
* 100% production from YPC-BASF and Shanghai-Secco included.

18. Chemicals Segment Performance
Chemicals Price Spread
(2002 – Jul. 2008)
EBIT of Chemicals Segment
RMB million
USD/tonne
RMB/tonne
1H 2007
1H 2008
Ethylene cash operating cost
1,320
1,288

19. 2H 2008 Operational Plan

20. Market Environment for 2H 2008
China’s 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

21. 2H 2008 Operational Plan 2H 2008 E FY 2008 E
Crude oil production (mm tonnes)
21.24
42.00
Natural gas production (bcm)
4.20
8.28
Refinery throughput (mm tonnes)
89.75
174.00
Total domestic sales of refined oil products (mm tonnes)
64.00
127.02
Ethylene production (mm tonnes)
3.26
6.57

22. For Further Information
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