Estimated Increase in Profit for the Nine Months ended 30 September 2018

1.   The estimated results for the period

(1) The period of estimated results

From 1 January 2018 to 30 September 2018.

(2) The estimated results

According to the preliminary calculation of the Financial Department of China Petroleum & Chemical Corporation (the "Company"), under the PRC Accounting Standards for Business Enterprises, the net profit attributable to equity shareholders of the Company for the nine months ended 30 September 2018 will increase by an amount between RMB21.0 billion and RMB21.7 billion, representing an increase between 54.7% and 56.6% as compared with the corresponding period of previous year. The net profit attributable to equity shareholders of the Company excluding extraordinary gains and losses for the nine months ended 30 September 2018 will increase by an amount between RMB19.8 billion and RMB20.5 billion, representing an increase between 53.9% and 55.8% as compared with the corresponding period of previous year.

(3) The above estimated results are not audited by the auditors.

2.   Results for the corresponding period of previous year

(1) Net profit attributable to equity shareholders of the Company: RMB38.373 billion; the net profit attributable to equity shareholders of the Company excluding extraordinary gains and losses: RMB 36.718 billion

(2) Basic earnings per share: RMB0.317

3.   Reasons for the estimated increase in profit for the period

In the first three quarters of 2018, with the year-on-year increase of the international crude oil price, the upstream business of the Company improved significantly. Meanwhile, the Company seized the market opportunity of the midstream and downstream business, strengthened structural adjustment and optimisation and maintained positive momentum. The profitability of the Company has showed a year-on-year improvement.

4.   Risk alert

There are no major uncertainties which will affect the accuracy of this estimated result of the Company.

5.   Other information

The above estimated data is only a preliminary calculation. Final financial information in the quarterly report for the nine months ended 30 September 2018 to be formally published by the Company shall prevail. Investors of the Company are advised to exercise caution when dealing in securities of the Company.

Beijing, the PRC,

16 October 2018

As of the date of this announcement, directors of the Company are: Dai Houliang^#, Li Yunpeng^* , Ma Yongsheng^# , Ling Yiqun^# , Liu Zhongyun^# , Li Yong^* , Tang Min⁺ , Fan Gang⁺, Cai Hongbin⁺, Ng, Kar Ling Johnny⁺

^# Executive Director

^* Non-executive Director

⁺ Independent Non-executive Director