Mark Grammer China Petroleum & Chemical Corp. SNP-N TOP PICK Apr 25, 2006

There is risk with China, but this is a company that is well positioned for the future. It is the biggest oil/gas downstream play so they have a lot of retail with a 70% market share. They have the upstream oil as well. A good long-term profile.

Mark Grammer

Owned

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$65.350

Stock price when the opinion was issued

integrated oils

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PAST TOP PICK

(A Top Pick August 16/05. Up 25%.) This stock should do very well once there is de-regulation in the refinery business in China which is due in the next year or two.

PAST TOP PICK

(A Top Pick (A year ago?) Up 21%.) Long term prospects are very good. Earnings are coming out in March and he feels they will be better than expected.

BUY

2nd largest distributor and manufacturer of petroleum products in China. Have the biggest market share on the retail side. Had a major find in China. 3% dividend.

DON'T BUY

When you are in the refinery business in China, you are losing out because they are unable to pass price increases down.

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Mark Grammer China Petroleum & Chemical Corp. SNP-N TOP PICK Apr 25, 2006

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