?Press Release?Sinopec FY2023 Annual Results -5-

DJ ?Press Release?Sinopec FY2023 Annual Results EQS Newswire / 24/03/2024 / 19:25 UTC+8 Press release (For immediate release) Sinopec Achieved Solid 2023 Operating Results Focus on

Press releaseFocus on Shareholders' Returns, Dividend Payout Exceeded 70%

-- Taking into account the Company's profitability, shareholders' returns and sustainable development, theboard of directors proposed a final cash dividend of RMB0.2 per share . Together with the interimcash dividend of RMB0.145 per share already paid, the total dividend for the year amounted toRMB0.345 per share , and the total distribution ratio for 2023 reaches 75% including sharerepurchase.In 2023, global economy recorded slow growth.

-- Marketing and Distribution segment: by seizing the opportunity of rebounded market demand, the Companybrought the advantages in integrated business into full play to expand the market and improve profit. Domesticrefined oil products sales volume realized a record high. The sales volume of gasoline rose by 15.9% and the retailvolume of vehicle LNG was up by 85%.

In 2023, the Company actively addressed the challenges brought by the wide fluctuation of oil prices and the significant narrowing of margins for some refining products, and insisted on optimisation and integration of production and marketing. Annual crude throughput hit new high. We enhanced coordination among procurement, storage and transportation as well as production to reduce procurement cost. Closely following the market demand, we flexibly adjusted the utilisation rate and product slate.

E&P: The Company will strengthen risk exploration, intensify efforts in the"Deep Earth Project", shale oil and gas, and other fields to increase high-quality and large-scale reserves; enhance profitable development and stabilize oil production while increasing gas production and reducing costs.

Capital Expenditure: In 2024, the planned capital expenditure for the Company is RMB173 billion, of which RMB77.8 billion will be spent in E&P, mainly for the crude capacity building in Jiyang and Tahe, natural gas production capacity build-up in western Sichuan, and the construction of oil and gas storage and transportation facilities; RMB24.8 billion will be spent in refining, mainly for the Zhenhai refining expansion, the technological upgrading of Guangzhou and Maoming companies; RMB18.

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