China Petroleum & Chemical : Indicative Announcement on the Restructuring of Oil and Gas Pipeline Network Assets

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibilities for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

(a joint stock limited company incorporated in the People's Republic of China with limited liability)

(Stock Code: 00386)

Indicative Announcement on the Restructuring of Oil and Gas

Pipeline Network Assets

This announcement is made pursuant to the Inside Information Provision under Part XIVA of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

The Board and all directors of the Company warrant that there are no false representations, misleading statements or material omissions contained in this announcement and severally and jointly accept full responsibility for the authenticity, accuracy and completeness of the information contained herein.

China Oil & Gas Pipeline Network Corporation ("PipeChina") has been established recently. China Petroleum & Chemical Corporation ("Sinopec Corp." or the "Company") is in a negotiation with PipeChina on the restructuring which may involve the relevant pipeline network assets of crude oil, natural gas and refined oil products of the Company (the "Subject Assets"). As at the date of this announcement, the Company has not come to any agreement with PipeChina with respect to the restructuring of the Subject Assets.

The Company will comply with the disclosure requirements under the applicable securities regulations both domestically and overseas in a timely manner and will adhere to the principles of fairness and market-orientation, so as to protect the interests of the Company and the shareholders. As such matters are still in the planning stage with uncertainty, investors are reminded to exercise caution when investing in or dealing in the securities of the Company.

1

By Order of the Board

China Petroleum & Chemical Corporation

Huang Wensheng

Vice President and Secretary to the Board of Directors

Beijing, the PRC,

10 December 2019

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

• Executive Director

• Non-executiveDirector

• Independent Non-executive Director

2