Mr. MAO Zefeng

Senior Assistant Secretary to the Board of Directors

And

Head of Investor Relations

Beijing，June 2013

A Presentation at JP Morgan

China Summit 2013

2

Disclaimer

This presentation contains forward-looking statements that involve

risks and uncertainties. These statements are generally indicated by the

use of forward-looking terminology such as believe, expect, anticipate,

estimate, plan, project, target, may, will or other similar words that express

an indication of actions or results of actions that may or are expected to

occur in the future. You should not place undue reliance on these forward-

looking statements, which apply only as of the date of this presentation.

These forward-looking statements are based on our own information and on

information from other sources we believe to be reliable. Our actual results

may be materially less favorable than those expressed or implied by these

forward-looking statements which could affect the market price of our

shares.

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Agenda

1. 2013 First Quarter Results

2. 2013 Business Outlook

3. Q&A

2013 First Quarter Results

5

First Quarter Financial Highlights

*Earnings per share in RMB

Financial highlights of the first three months ended March 31

RMB Million

2012 2013 Y-o-Y

Change

Q-o-Q

Change (except EPS)

Turnover 525,647 540,263 2.8% -9.5%

Profit from Operations 54,850 53,079 -3.2% 19.1%

Net Profit 39,153 36,017 -8.0% 27%

Basic EPS* 0.21 0.20 -0.01 0.05

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Exploration & Production Highlights

MM bbl Crude Output, Y-o-Y

1Q2013

+1.8% 227.0 231.0

1Q2012

Marketable Natural Gas , Y-o-Y Bln cf

+4.8%

1Q2012 1Q2013

710.9 745.3

MM bbl Crude Output, Q-o-Q

Marketable Natural Gas , Q-o-Q Bln cf

1Q2013 4Q2012

233.3 231.0

-0.99%

679.5 745.3

1Q2013 4Q2012

+9.68%

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Exploration & Production Highlights

Average Realized Crude Price

Average Realized Natural Gas Price

Oil & Gas Output

Operating Profit

Three months ended March 31

Three months ended March 31

Three months ended March 31

Three months ended March 31

MM bbl

RMB Million

USD/thousand cubic feet

USD/bbl

- 2.3%

105.48 103.08

2012 2013

4.87 5.07

+4.1%

+2.8%

345.5 355.3

60,376 56,983

- 5.6%

8

921

1,536

475

157

1,1921,071

1,762

366194

893

Refining & Chemicals Highlights

Production of Major Oil Products ‘000 tons Crude Processing Volume MM bbl

Production of Major Chemical Products ‘000 tons 2012

2013

RMB Million

Operating Profit

Three months ended March 31

2012 2013 Y-o-Y Change

Gasoline 6,869 7,556 +10.0%

Kerosene 771 854 +10.8%

Diesel 15,385 14,348 - 6.7%

Three months ended March 31

Three months ended March 31

257.1 253.5

2012 2013

- 1.4%

Ethylene Synthetic

Resin

Synthetic Rubber

Synthetic Fiber

Raw Materials Urea

2012 2013

-10,815

-4,743

+56.1%

Three months ended March 31

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Refining & Chemicals Highlights

1Q2012 2Q2012 3Q2012 4Q2012 1Q2013

1Q2012 2Q2012 3Q2012 4Q2012 1Q2013

Chemical Operating Profit

Refining Operating Profit

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Marketing Highlights

‘000 tons 2012 2013 Change

Sales of Oil Products 36,500 37,441 +2.6%

Including:

Gasoline 11,956 12,993 +8.7%

Kerosene 2,741 3,231 +17.9%

Diesel 21,803 21,217 -2.7%

Sales Volume of Major Oil Products

Three months ended March 31

‘000 tons 2012 2013 Change

Sales of Oil Products 22,542 21,577 -4.3%

Including:

Gasoline 6,790 7,316 +7.7%

Kerosene 2,741 3,231 +17.9%

Diesel 13,002 11,030 -15.2%

Sales Volume of Major Oil Products—Domestic Market

Three months ended March 31

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RMB Million

2013

- 65.0%

6,064

2,122

2012

Three months ended March 31

Operating Profit

Marketing Highlights

Factors Impacting the Operating Profit

Inventory increased - RMB 1.5 Billion Domestic Sales Volume Decreased - RMB0.5Billion Lower Price –RMB 0.9 Billion

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Natural Gas and Pipeline Highlights

RMB Million Operating Profit

2013

- 45.0%

1,999

1,100

2012

Three months ended March 31

Import Nature Gas 9.15bcm,including: Natural gas from Central Asia: 6.22 bcm, a loss of RMB 8.16 billion

LNG 2.93bcm, a loss of RMB 8.62billion

Total loss: RMB14.5billion, Vat rebate RMB2.3billion

Factors Impacting the Operating Profit

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International Business Highlights

2012 2013

Overseas Oil & Gas Net Production MM boe

31.2

35.7

+ 14.6%

Three months ended March 31

2012 2013

Overseas Oil Net Production MM boe

26.228.9

+ 10.3%

Three months ended March 31

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2013 Capex

RMB Million 2013 Capex 2012-2013 Y-o-Y Capex Comparison

67.49%

18.51%

9.13%4.03%

0.84%

Exploration & Production Natrual Gas & Pipeline Refining & Chemicals

Marketing Others

2013 Capex: RMB355 billion

2012 2013

352,516 355,000+0.7%

2013 Business Outlook

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World economy is slowly recovering while China’s economy is

growing steadily

World economy enters in-depth adjustment, countries

are facing lots of difficulties when adjusting economic

structures. IMF expects world economy growth of 3.4%

for 2013.

China’s macro-economy continued its momentum of a

stable growth, forecasting a 8% GDP growth rate for the

1H 2013 by China State Information Center.

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World oil supply is sufficient with oil price fluctuating at

moderate high level

IEA forecasts that the world oil demand will be at 89.5

million bbls/d for the 2Q, up 0.3 million bbls/d.

IEA estimates that oil price fluctuates at high level in the

2Q, with Brent oil price ranging among $ 108-113/bbl.

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A slight increase in domestic oil products demand, hoping for

an increase in chemicals demand

Affected by a sluggish economy, oil products demand

may grow at 3.7% in 2Q and 4.9% in 2013.

With the progress of China’s urbanization, there is a

hope for a slight increase in chemicals demand, with

ethylene consumption growth of 4.2% in 2013.

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Adhere to Resources Strategy, Maintain Dominance in Domestic

Upstream Business

Exploration &

Production

Oil and gas exploration: Strive for new discoveries in 10

key zones of 7 basins

Oil and gas production: Speed up capacity construction

of 24 oil and gas projects

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Focus on Efficiency Principle, Continue Adjustment for Refining

and Chemical Business

Refining &

Chemicals

Resource optimization

Layout adjustment, product structure optimization and

quality enhancement

Improve marketing efficiency for chemicals

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Adhere to Market Strategies, Improve Marketing Business

Marketing

Improve quality of marketing

Enhance inventory management

Strengthen oil & gas station development and construction

Maximize profitability of fuel oil, lube oil, jet fuel and non-oil

business

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Strengthen Natural Gas Market Development, Work for Price

Change

Natural Gas &

Pipeline

Actively develop Sichuan-Chongqing, Bohai Rim, Yangtze River

Delta, Pearl River Delta, and other key high-effective areas

Work for price change

Implement gas-for-oil projects

Accelerate the construction of key projects

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Further Enhance International Oil & Gas Cooperation to Become

More International

International

Business

Stabilize and increase production from existing overseas projects

Construction of the three oil and gas operating centers

Lay a solid resource foundation by

a) Mainly independent exploration

b) M & A

c) New Projects

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