1.1 The board of directors and the supervisory committee of China Petroleum & Chemical Corporation (“Sinopec Corp.”) together with the directors, supervisors thereof and the senior management guarantee that the information contained in this report does not contain any false statements, misleading representations or material omissions. All of them jointly and severally accept responsibility as to the truthfulness, accuracy and completeness of the content of this results announcement.

1.2 This report was considered and approved at the 25th meeting of the third session of the board of directors of Sinopec Corp..

1.3 The financial statements in this results announcement have not been audited.

1.4 Mr. Su Shulin, Chairman of the board of directors of Sinopec Corp., Mr. Wang Tianpu, Director and President, Mr. Dai Houliang, Director, Senior Vice-President and Chief Financial Officer, and Mr. Liu Yun, head of the Accounting Department warrant the truthfulness and completeness of the financial statements under this quarterly results announcement.

2.1.1 Major financial data and indicators prepared in accordance with the PRC Accounting Standards for Business Enterprises (“ASBE”).

Total assets (RMB millions) 813,757 718,572 13.2

Shareholders’ equity attributable

to equity shareholders of the

Company (excluding minority

interests) (RMB millions) 310,822 300,949 3.3

Net assets per share attributable to

equity shareholders of the

Company (RMB) 3.585 3.471 3.3

Net cash flow from operating

activities (RMB millions) (3,427) 101,687 (103.4)

Net cash flow from operating

activities per share (RMB) (0.040) 1.173 (103.4)

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Amount for Nine-month period ended 30 September 2008

Loss on disposal of fixed assets 47

Employee reduction expenses 207

Donations 137

Gain on disposal of investments (304)

Other non-operating incomes and expenses (56)

Written back of provisions for impairment losses made

in previous years (454)

Grants (45,106)

Tax effect 8,590

Attributable to:

Equity shareholders of the Company (35,064)

Minority interests (1,875)

2.1.2 Major financial data and indicators prepared in accordance with International

Financial Reporting Standards (“IFRS”)

Total assets (RMB millions) 836,898 732,725 14.2

Total equity attributable to equity

shareholders (excluding minority

interests)

(RMB millions) 316,087 307,433 2.8

Net assets per share (RMB) 3.646 3.546 2.8

Adjusted net assets per share

(RMB) 3.556 3.466 2.6

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2.2.1 Analysis of the effects of the major differences between the net profit under

ASBE and the profit of the period under IFRS

Depreciation of oil and gas properties (1,494) (39)

Reduced amortisation on revaluation of

land use rights 23 23

Effects of the above adjustments on

taxation and effects of tax rate changes

on deferred taxes 254 1,154

2.2.2 Analysis of effects of major differences between the shareholders’ equity under

ASBE and total equity under IFRS

Depreciation of oil and gas properties 9,845 11,339

Revaluation of land use rights (1,019) (1,042)

Effects of the above adjustment on taxation

and effects of tax rate changes on

deferred taxes (3,632) (3,886)

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List of total number of shareholders and shareholding of the top ten shareholders

of shares without selling restrictions at the end of the reporting period:

Total number of shareholders at the end of

the reporting period 1,096,182

Shareholding of the top ten shareholders of shares without selling restrictions

HKSCC (Nominees) Limited 1,669,711.9 H

China Petrochemical Corporation 433,512.2 A

Guotai Junan Securities Co., Ltd. 38,127.0 A

Bosera Thematic Sector Stock Investment

Fund 8,214.2 A

E Fund 50 Stock Index Investment Fund 7,083.4 A

Shanghai Stock Exchange 50 Tradable

Open-ended Securities Index Investment

Fund 6,159.0 A

Huabao Xingye Selected Sector Stock

Investment Fund 5,400.0 A

CCB Fund’s Optimized Placement

Combinatorial Securities Investment Fund 4,894.0 A

Tongde Securities Investment Fund 4,350.6 A

Shanghai Stock Exchange Dividend Tradable

Open-ended Securities Index Investment

Fund 4,214.9 A

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The first three quarters of 2008 saw vehement wobbles of the crude oil prices in

the world market, which plunged dramatically after reaching a new record high.

Meanwhile, the domestic prices of refined oil products were kept under tight

control, and those of chemical products also slid down after an upsurge. Having

faced with such complicated market environment, the Company improved its

production and operational practices, intensified its lean management efforts,

strove for an increase in its production outputs of both oil and gas products, and

put into force multiple measures with an aim at ensuring its supply of refined oil

products to the domestic market. Oil and gas production outputs, crude oil

processing volume and sales volume of refined oil products each maintained a

stable growth due to these efforts.

petroleum exploration in western China, natural gas exploration in the

northeastern part of Sichuan Province and the hidden oil and gas exploration in

certain time-honored industrial zones in East China. As to its production and

development aspects, the Company intensified its input in overall adjustments

within certain time-honored industrial zones, scaled up its endeavors in

developing and utilizing the reserves of lower grade resources, while quickening

its pace in increasing the recovery ratios of oil and gas resources and increasing

its efforts in building up production capacities in newly established zones. Apart

from that, the Sichuan-to-East China gas project has fared rather well. In the first

three quarters, the production output of crude oil and natural gas of the Company

rose by 2.09% and 2.16%, respectively, compared to those recorded in the same

period of last year.

operating at full load in a safe way, and thus enhanced its production output of

refined oil products. It also rearranged its crude oil resources, endeavored to

reduce the crude oil purchasing costs, made greater efforts in re-adjusting its

product mix, and increased the production output of those products with higher

added values such as gasoline of higher octene levels. Having been recognized

as a partner of the Beijing Olympic Games 2008, the Company took a nationwide

lead to supply clean oil products which met the National Standard IV, and

satisfied the demands for refined oil products of major cities hosting Olympic

events in the country. In the first three quarters, the Company’s crude oil

products rose by 11.76%, compared to those recorded in the same period of last

year.

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snow disaster, Wenchuan of Sichuan Province sustained a devastating

earthquake, and the domestic prices of refined oil products failed to co-relate

with the changes of crude oil prices in the world market over a long period of

time, the Company still exerted itself to pool up resources and ensured its stable

supply of refined oil products to disaster-hit regions, especially during the

Olympic Games. Meanwhile, it continued to improve its distribution network

and increased its employees’ service awareness, skills and quality, as well as

improving its allocation and transportation of refined oil products and reducing

transportation costs. In the first three quarters of 2008, the Company’s domestic

sales and retail volume of refined oil products increased by 7.05% and 13.94%,

respectively, compared to those recorded in the same period last year.

operating performance of its facilities. It also strengthen the linkage among

production, sales and research, and timely adjusted the production capacities of

its chemical facilities in line with the market demands. It also made greater

efforts in implementing energy saving and waste reduction measures,

implemented new techniques on its own initiative, and strove for an increase in

its production outputs of products with higher added values. In the first three

quarters of 2008, the output of ethylene and synthetic resins reached 4.85 million

and 7.29 million tonnes, respectively.

Summary of Major Operating Results for the First Three Quarters

Crude oil production Million tonnes 31.33 30.69 2.09

Nature gas production

Hundred

million cubic

meters 61.05 59.76 2.16

Crude oil price realised RMB / tonne 4,698.73 2,955.57 58.98

Natural gas price

realised

RMB /

thousand cubic

meters 934.38 809.94 15.36

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Refinery throughput Million tonnes 128.77 120.07 7.25

Gasoline, diesel oil and

kerosene production Million tonnes 79.82 71.42 11.76

Of which: Gasoline Million tonnes 21.35 19.36 10.28

Diesel oil Million tonnes 52.51 45.75 14.78

Kerosene Million tonnes 5.95 6.31 (5.71)

Light chemical

feedstock Million tonnes 18.09 18.10 (0.06)

Light products yield % 74.64% 73.93%

0.71

percentage

point

Refinery yield % 93.76% 93.80%

(0.04)

percentage

point

Total domestic sales

volume of refined oil

products Million tonnes 94.81 88.57 7.05

Of which: Retail

volume Million tonnes 63.60 55.82 13.94

Direct sales Million tonnes 15.17 15.46 (1.88)

Wholesale volume Million tonnes 16.04 17.28 (7.18)

Total number of service

stations Stations 29,220 28,976 0.84

Of which: Number of

company-operated

service stations Stations 28,578 28,280 1.05

Franchised service

stations Stations 642 696 (7.76)

Average annual

throughput per station

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Ethylene Million tonnes 4.85 4.89 (0.76)

Synthetic resins Million tonnes 7.29 7.22 1.05

Synthetic rubber Million tonnes 0.65 0.55 19.60

Synthetic fiber

monomer and

polymer Million tonnes 5.69 5.92 (3.88)

Synthetic fiber Million tonnes 0.98 1.08 (8.88)

Urea Million tonnes 1.20 1.23 (2.52)

In the first three quarters of 2008, the Company’s accumulative capital expenditure

was RMB 58.812 billion, of which the capital expenditure of Exploration and

Production Segment was RMB 32.059 billion. As to its oil and gas prospecting and

exploration work, the Company continued to intensify its exploration efforts in the

northeastern part of Sichuan Province and other key zones as Ta He, and took

proactive measures to emancipate the potentialities and further increase the recovery

ratios of its developed oil and gas fields. Newly-built production capacity of crude

oil reached 3.68 million tonnes/year, and newly-built production capacity of natural

gas reached 0.699 billion cubic meters per year. The capital expenditure of the

Refining Segment was RMB 5.503 billion. A galaxy of oil refining projects, which

are located in Qingdao, Wuhan, Luoyang (with regard to improvement and upgrading

of oil quality) and the Crude Oil Wharf at Caofeidian were all put into operation

without a hitch. Capital expenditure of the Chemical Segment was RMB 12.36

billion. Yangtze Petrochemical’s butadiene project with an annual production

capacity of 100,000 tonnes also commenced operation successfully. The ethylene

projects located in Tianjin and Zhenhai, each with an annual production capacity of

1 million tonnes, are under construction according to schedule. The capital

expenditure of the Marketing & Distribution Segment was RMB 7.535 billion.

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urban areas and key spots such as expressways. 369 new petrol stations were erected

which further extended the distribution network of the Company. Capital expenditure

of headquarters and others was RMB 1.355 billion.

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3.2.1 Interim distribution of dividends for the six-month period ended 30 June 2008

Pursuant to the authorization of the 2007 Annual General Meeting and approved

by the third session of the board of directors at its 23rd meeting, the dividends

for the first half of 2008 ended 30 June 2008 were distributed in cash. Calculated

on the basis of 86,702,439,000 shares as of 30 June 2008, the dividends were

approximately RMB 2.601 billion in total, and RMB 0.03 (inclusive of tax) per

share. The dividends for the first half of 2008 were distributed on 29 September

2008 to the shareholders whose names appeared on the Sinopec Corp.’s register

of shareholders as of 19 September 2008.

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3.2.2 Subsidies

In recent years, the international crude oil prices rose sharply and the prices of

domestic oil products were tightly controlled. This caused oil products and crude

oil prices to be inverted. To ensure stable supply to the oil products market, the

Company proactively adopted various measures to increase the supply of oil

products in the market, which has achieved remarkable effect but has led to the

significant loss in the Company’s refining segment. In March 2008, the Company

received subsidies of RMB 12.3 billion, of which RMB 4.9 billion was recorded

as income of 2007, and RMB 7.4 billion was recorded in the income of the first

quarter of 2008.

From 1 April 2008, the government began to subsidise the Company for losses

suffered from processing of imported crude oil, and put into effect the VAT

refund policy for the Company for imported refined oil products. In the second

quarter, the Company received a total subsidy of RMB 22.93 billion, and RMB

3.07 billion of VAT refund for imported refined oil products. In the third quarter,

the Company was confirmed a total subsidy of RMB 11.7 billion.

3.2.3 Reorganization of Wuhan Petroleum

Pursuant to the Shares Transfer Agreement signed on 27 December 2006 and the

Supplemental Agreement on 29 January 2008 between Sinopec Corp. and

Shengshida Investment Co., Ltd. (Shengshida), as well as the Assets Sales

Agreement signed on 19 January 2008 between Sinopec Corp. and its affiliates

and Sinopec Wuhan Petroleum Co., Ltd. (“Wuhan Petroleum”), (currently

renamed as Rongfeng Holding Group Co., Ltd), Sinopec Corp. transferred

67,912,000 state-owned legal person shares to Shengshida, and purchased back

the entire assets of Wuhan Petroleum. The reorganization of Wuhan Petroleum

was approved at the 2008 2nd extraordinary general meeting of Wuhan

Petroleum held on 12 May 2008, and was also approved by securities authorities.

In September 2008, Sinopec Corp. completed the transfer registration and the

handover of the Wuhan Petroleum’s assets.

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3.5.1 Ownership of stocks of other listed company

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