China Petroleum & Chemical Corporation Results for the Year Ended December 31, 2002

1. China Petroleum & Chemical CorporationResults for the Year Ended December 31, 2002 March 31, 2003 Hong Kong

2. Forward Looking Statement 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. Agenda • 2002 Performance Highlights • 2002 Review of Operations • 2003 Plans and Objectives

4. 2002 Performance Highlights

5. Market Overview • Robust economic growth in China, GDP growth of 8.0% • Domestic consumption of refined products increased by 5.1% • Domestic consumption of chemicals increased by 11.1% • Government continues to rationalize market environment, significant improvement in refined oil market environment • WTO 1st year: reduced tariff, open market and increased competition; development in related industries provide new opportunities for Sinopec • Price of crude oil, refined oil products and chemicals bottomed in Jan. and Feb. 2002; gradually recovery since March, 2002

6. 2002/2001 yoy (%) 2002 2000 2001 RMB Bn Revenue 331.58 318.47 340.04 6.8 EBITDA 56.29 49.73 52.56 5.7 EBIT 35.51 27.30 28. 28 3.6 Net Profit 19.58 16.03 16.08 0.3 EPS (RMB) 0.27 0.19 0.19 0 DPS (RMB) 0.08 0.08 0.08 0 Continue to Deliver Good Operating Results Segmental EBIT Performance RMB Bn

7. 2002/2001 yoy(%) 2000 2001 2002 2002 Balance Sheet and Cash Flow Summary RMB Bn Short-term Debt 59.1 49.2 35.6 -27.6 Long-term Debt 71.0 67.0 75.2 12.2 Shareholders’ Equity 133.2 147.7 154.5 4.6 Cash from Operating Activities 29.2 55.3 53.9 -2.5 Cash from Investing Activities -64.3 -38.5 -42.7 10.9 Cash from Financing Activities 33.0 -15.4 -14.6 -5.4 Cash & Cash Equivalents - Ending Balance 19.6 21.0 17.7 -15.8

8. Stable Returns, Optimal Leverage Debt / Total Capital and EBITDA Interest Coverage ROCEChange ROCE % Debt / Total Capital % EBITDAInterest Coverage

9. Corporate Governance • Strictly comply with the regulatory requirements in the 4 listing locations; conduct comprehensive and systematic review and revision on corporate governance documents, including Article of Associations to maintain the highest standard of corporate governance and integrity • Strengthen decision making process and fully leverage the function of 3 committees (Strategic Com., Auditing Com., Compensation Com.,) under the Board of Directors • Ensure timely, accurate, complete disclosure and enhance transparency • 2nd in Emerging Market Corporate Governance (“Euro-money”) • Top ten Best Corporate Governance in China (“Assets” ) • Best Annual Report in China for 2 consecutive years (“CFO Asia”) • Showcase for the establishment of modern corporate governance by CSRC

10. Continued Reform and Restructuring • Improved business structure , more efficient management   • E&P — establish Southern E&P Sub., Shanghai Offshore Oil and Gas Sub. • Refining — establish lubricants subsidiary, implement specialized sales management • Refining, chemical and marketing — flatten management hierarchy and improve efficiency • Continued restructuring  • Swapped assets with parent company - focused on core assets and businesses • Commenced consolidation of A-share listed subsidiaries

11. 2002 Review of Operations

12. E&P — Expand Resources • East – significant exploration achievements in burial hills, new and subtle layers in Shengli Oil blocks etc. • West – Significant discoveries: industrial oil & gas flow at Zhuang # 1 in Jungar basins, good indications of oil & gas at Ku # 1 and Zhong # 1 in Tarim • South – Explore for new oil reserves Jungar Basin Ordos Basin Shengli Oilfield Zhongyuan Oilfield East China Sea Oil & Gas Field Tarim Basin Sichuan Basin South China Sea

13. E&P — Continued Production Growth in Oil & Gas 2000 2001 2002 2002/2001 yoy(%) Crude Oil Production (MM bbls) 247.4 269.2 269.8 0.2 Natural Gas Production (bcf) 80.3 162.8 178.8 9.8 Newly Added Recoverable Reserves of Crude Oil (MM bbls) 318 316 375 18.7 Newly Added Recoverable Reserves of Natural Gas (bcf) 297 309 20.2 -93.5 Year End Recoverable Oil & Gas Reserves (MM boe) 3,118 3,796 3,875 2.1 Lifting Cost (USD/bbl) 6.63 6.15 6.12 -0.5 Note：Data for 2001 and later Includes that of National Star Co.

14. WTI Brent Cinta E&P — Segment Performance International Crude Oil Price E&P Segment EBIT RMB MM USD/bbl Source: Platt's Crude Oil and Natural Gas Realized Price Crude OilUS$/bbl Natural GasUS$/cf.

15. Refining - Productions Adjustments in Line with Market.  Improved Product Structure 2000 2001 2002 2002/2001 yoy(%) 105.48 101.42 105.01 3.5 Crude Oil Processed (MM tonnes) 81.0 77.9 79.3 140bps Refining Utilization Rate (%) 13.82 19.25 20.01 3.9 Sour Crude Oil Processed (MM tonnes) Gasoline Production (MM tonnes) 20.15 18.74 19.62 4.7 Diesel Production (MM tonnes) 37.53 37.93 37.74 -0.5 Chemical Feedstock Production (MM tonnes) 11.98 12.36 15.04 21.7 4.90 4.47 5.06 13.2 Kerosene Production (MM tonnes) 71.57 72.33 73.22 89bps Light Yield (%) 92.25 92.23 92.50 27bps Refining Yield (%)

16. Refining — Segment Performance Refining Segment EBIT RMB MM Refining Margin / Cash Operating Cost(USD/bbl)

17. Marketing — Optimizing Marketing Network and Expanding Retail and Distribution Volume 2000 2001 2002 2002/2001 yoy(%) 67.69 67.74 70.09 3.5 Domestic Sales Volume of Refined Products(MM tonnes) 23.94 30.43 34.73 14.1 Retail (MM tonnes) NA 11.64 12.63 8.5 Distribution (MM tonnes) 43.75 25.67 22.73 -11.5 Wholesale (MM tonnes) 68 61 65 300bps Share in Principal Retail Markets (%) 25,493 28,246 28,127 -0.4 Total Gas Stations 20,259 24,062 24,000 -0.26 Owned and Operated Gas Stations 5,234 4,184 4,127 -1.4 Franchised Gas Stations 1,402 1,473 1,560 5.9 Throughput Per Station (tonne / station)

18. Marketing — Segment Performance RON 90# Gasoline Guidance PriceRMB/Tonne Marketing Segment EBIT AnalysisRMB MM 0# Diesel Guidance Price RMB/Tonne

19. Chemicals — Full-load Production in Line with Market ('000 tonnes ) 2000 2001 2002 2002/2001 yoy(%) Ethylene 2,165 2,153 2,716 26.2 Synthetic Resin 3,183 3,204 4,005 25.0 1,280 1,332 1,847 38.7 Incl. Performance Compound Synthetic Rubber 317 398 458 15.0 Monomers & Polymers for Synthetic Fiber 3,795 3,598 3,834 6.5 Synthetic Fiber 1,068 1,028 1,153 12.2 283 326 402 23.3 Incl. Differential Fiber B2B Sales (RMB Bn) 7.9 15.9 16.9 6.3

20. Chemicals — Segment Performance Chemicals Segment EBIT (RMB MM) Ethylene Capacity vs Cash Operating Cost ’000 Tonnes USD/Tonne Chemicals Price Spread(From 1993 to Jan 2003) USD/Tonne

21. Total RMB 2.525Bn Cost Reduction • Reduce procurement cost in large quantity purchase of raw materials • Reduce energy and materials consumption • Control expenses • Head count reduction of some 25 thousands. 2002 Cost Reduction Result RMB MM

22. Prudent Investment to Enhance Return Capex in the Past 3 Years (RMB Bn) 2002 Total Capex of Rmb41.6b.  Breakdown as Follows: • E & P –Rmb20.2b to increase in reserves and production • Refining – Rmb6.5b to increase clean fuel production capacity • Marketing – Rmb 7.0b to acquire, build and upgrade retail stations, storage and transport facilities • Chemicals – Rmb7.3b to increase production capacity, e.g. ethylene • Others–Rmb 545m to improve IT and other general construction

23. Retail JV Programs on Track Smooth Progress on JV Projects • 600 ktpa ethylene project JV commenced construction, expected completion in 2004 Nanjing • 900 ktpa ethylene project JV in Shanghai commenced construction, expected completion in 2005 Shanghai Fujian Dongting • Feasibility study for Fujian integrated petrochemical project approved • Dongting coal gasification JV commenced construction, expected completion in 2005

24. 2003 Plans and Objectives

25. 2003 Market Outlook Opportunities • The Chinese economy will continue to be robust with GDP growth forecasted at a minimum 7.0%, growth in refined oil products and chemical products at a minimum rates of 4.0% and 10.0% respectively. • International crude oil price remains at a relatively high level • Refining margin maintains relatively good level • Chemical prices rebound as the industry has bottomed out in the chemical cycle • The Chinese government continues to promote healthy competition in refined products market, leading to a better operating environment Challenges • Sluggish International GDP growth • Increasing volatility of crude oil, refined petroleum and chemicals • Reduced tariffs and increasing competition due to continued effects of China's entry into the WTO

26. 2003 Production Plan

27. 2003Capex Plan • Increase new oil and gas replacement resources • Further enhance quality of refined oil products • Improve marketing network • Construct crude oil pipeline and start to construct refined oil products pipeline • Expand and revamp chemicals capacity • Develop information system Goals: RMB Bn Total RMB 37.6Bn

28. Total RMB2.5Bn 2003Cost Reduction Plan 2003 Cost Reduction Plan RMB MM Note：Data for 2000 does not include that of National Star Co.

29. Generate Attractive Investment Return Conclusion • Healthy and stable growth of China’s economy provides a favorable environment for Sinopec’s development • Integrated business structure provides strong anti-risk capability for industrial cycles • Recovering refinery margins, an upturn in the petrochemical cycle and an improvement in the refined oil products market provide a positive environment for Sinopec's midstream and downstream activities • Active and practical development strategies and flexible operating tactics • Healthy financial structure; sovereign-capped credit rating of BBB by Standard and Poor's • Good corporate governance and stable dividends payout

30. For Further Information http://www.Sinopec.com Investor Relations Tel: (8610) 64990066 Fax: (8610) 64990067 Email: ir@Sinopec.com Media Inquiries Tel: (8610) 64990064 Fax: (8610) 64990093 Email: media@Sinopec.com