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China Petroleum & Chemical Corporation Q1 2004 Results Announcement

China Petroleum & Chemical Corporation Q1 2004 Results Announcement. April 30,2004. Agenda. Performance Review of Q1 2004 Operation Estimates for Q2 2004. Performance Review of Q1 2004. Market Environment in Q1 2004. GDP growth rate of 9.7%

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China Petroleum & Chemical Corporation Q1 2004 Results Announcement

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  1. China Petroleum & Chemical CorporationQ1 2004 Results Announcement April 30,2004

  2. Agenda • Performance Review of Q1 2004 • Operation Estimates for Q2 2004

  3. Performance Review of Q1 2004

  4. Market Environment in Q1 2004 • GDP growth rate of 9.7% • Prices of crude oil and refined oil products fluctuate at relatively high level • Significant increase in chemical prices on yoy basis

  5. Q1 03 Q1 04 Change(%) Results of Operation-Significant Earnings Growth (RMB billion) Revenue 104.20 128.36 23.19 EBITDA 17.37 20.59 18.54 EBIT 11.02 13.78 25.05 Profit Attributable to Shareholders 6.42 8.01 24.77 EPS (RMB/Share) 0.074 0.092 24.77

  6. As of Mar. 31, 2004 Change(%) As of Dec. 31, 2003 Q1 04 Sound Financial Position (RMB billion) Short-term Debt 29.1 28.9 -0.69 Long-term Debt 43.6 50.8 16.51 Shareholders’ Equity 167.90 175.91 4.77 Net Cash Flow from Operating Activities 10.073 Net Cash Flow for Investing Activities 12.257 Net Cash Flow from Financing Activities 5.297 Cash and Cash Equivalent – Ending Balance 18.334

  7. Q1 03 Q1 04 Change(%) E & P —Production Continue to Grow 9,287.2 9,538.3 2.70 Crude Production (‘000 tonne) 1,260 1,395 10.71 Gas Production (million cubic meter) 1,762.00 1,678.63 -4.73 Crude Realized Price (RMB / tonne) 619.00 606.47 -2.02 Gas Realized Price (RMB / ’000 cubic meter) Lifting Cost (USD / bbl) 6.14 6.37 3.75 EBIT (RMB million) 5,617 4,545 -19.08 Note: 1 tonne = 7.1 barrel ，1 cubic meter = 35.31 cubic feet

  8. Q1 03 Q1 04 Change(%) Refining -Adjust Product Mix, Increase Throughput Unit: ‘000 tonne 17.15 32,369 27,631 Crude Oil Throughput 15.25 6,483 5,625 Of which: Sour-Crude Throughput 11.76 5,731 5,128 Gasoline Production 21.46 12,043 9,915 Diesel Production 7.67 4,534 4,211 Chemical Feedstock Production 4.83 1,477 1,409 Kerosene Production 73.85 -45bps 74.30 Light Yield (%) Refining Yield (%) 18bps 92.82 92.64

  9. Refining – Earnings Increased Yoy Refining Segment EBIT Refining Margin (RMB million) (USD/bbl)

  10. Q1 03 Q1 04 Change(%) Maketing –Increased Volume, Optimized Structure Domestic Sale of Refined Product (‘000 tonne) 17,814 21.84 21,705 8,952 33.79 11,977 Retail (‘000 tonne) Distribution (‘000 tonne) 3,283 34.05 4,401 Wholesale (‘000 tonne) 5,580 -4.55 5,326 Total No. of Gas Stations 5.27 28,894 30,416 Owned and Operated 2.56 24,065 24,680 Franchised 18.78 4,829 5,736 Annual Throughput Per Station (tonne/site) 4.21 1,686 1,757

  11. 4000 3000 2000 Jan Mar May Jul Sep Nov 2003 2004 4000 3000 2000 Jan Mar May Jul Sep Nov 2003 2004 Marketing –Sustainable Earnings Growth Domestic RON 90# Gasoline Guidance Price Marketing Segment EBIT (RMB MM) (RMB/Tonne) Domestic 0# Diesel Guidance Price (RMB/Tonne)

  12. Q1 03 Q1 04 Change(%) Chemical – Increased Volume Unit: ‘000 tonne Ethylene 931.3 8.32 859.8 Synthetic Resins 1,393.4 10.45 1,261.6 152.1 18.00 Synthetic Rubber 128.9 Synthetic Fiber Monomer & Polymer 1,220.4 18.39 1,030.8 313.2 Synthetic Fiber 4.71 299.1 Urea 541.5 38.74 390.3

  13. 1200 1000 800 600 400 200 LDPE-Naphtha PP-Naphtha 0 Jan-90 Jan-92 Jan-94 Jan-96 Jan-98 Jan-00 Jan-02 Jan-04 Chemical –Increased Profitability Chemical Segment EBIT Chemicals Price Spread (1990 through Apr 2004) (RMB MM) USD/tonne

  14. Capital Expenditure • E & P – RMB4,856MM， breakthroughs in exploration of consealed reserves in eastern china. Newly added crude capacity of 820 thousand tonnes/year • Refining – RMB 1,452MM，Ningbo-Shanghai-Nanjing crude pipeline will be put into operation soon, some revamped projects were progressing • Marketing – RMB3,447MM，construction of South-West oil pipeline and upgrading retail networks progressed smoothly • Chemical – RMB995MM，Qilu ethylene upgrading project and other chemical revamping projects progressed smoothly • Corporate and Others – RMB407MM，IT projects including ERP progressed smoothly • In addition, Capex for JV projects including Shanghai-Secco project was RMB 1,549MM Total：RMB11.157 billion

  15. Operational Estimates for Q2 2004

  16. Market Outlook for Q2 • Chinese economy will continue to maintain relatively high growth rate providing a favorable external environment for the Company’s operations • International prices of crude oil and refined products are expected to maintain at high level • Chemicals continue to experience cyclical upturn

  17. Q1 04A Q2 04E Operational Estimates for 2Q Crude Production million tonne 9.62 9.54 Gas Production billion cubic meter 1.44 1.40 Refining Throughput million tonne 33.00 32.37 Domestic Sale of Refined Products million tonne 22.30 21.70 Retail million tonne 12.50 11.98 Distribution million tonne 4.40 4.40 Ethylene Production ‘000 tonne 915 931

  18. For Further Information http://www.sinopec.com.cn 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

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