Dear Shareholders, Staff, Ladies and Gentlemen: Happy New Year! 
On behalf of Sinopec Corp., I would like to extend my best wishes and regards to you and your families as we welcome the arrival of 2002 New Year.
Year 2001 was the very beginning of the 21st century.  Sinopec Corp. achieved good performance in production and business operation. The production and reserve of oil and gas increased stably, the product quality and grade of refining and chemicals were further upgraded, competence and control ability in oil product market were enhanced; fixed assets investment of the company progressed smoothly, a number of new oil wells acquired high yield, a number of innovative projects were completed, and a number of gas stations put on the company's logo. We made remarkable achievements in foreign co-operation, for example, joint ventures were established for Yangzi-Basf integration project, Sinopec-Shell gasification project and Shanghai-bp ethylene project. Foreign negotiation preparation has begun for the prospecting of oil and gas resources in East Sea jointly with CNOOC. After being listed overseas, Sinopec Corp. smoothly landed on domestic capital market by issuing A shares. Since National Star Petroleum Company entered Sinopec Corp. after reorganization, the equity structure of Sinopec Corp. is more multiplex, and upstream competence further strengthened. Our Sci-Tech progress is remarkable, staff-cutting and efficiency lifting plan has breakthrough, corporate culture and moral civilization better constructed.
Looking back to 2001, market competition tended more fierce. The staff of Sinopec Corp. turned pressure to driving force, fulfilling responsibilities at each post, forging ahead with coherence.
The year of 2002 is full of challenges. World economy situation will be more serious, oil fluctuation and going down will have big influence on our production and business. New challenges are from WTO tariff reduction, market admission etc. While Year 2002 is also pregnant with opportunities. National economy keeps sustainable growth, providing space for us to enlarge market share; China's entry to WTO is helpful to developing overseas resources and tapping internal market; the reform of the company is deepened and plays a better role in lifting efficiency.
When facing various challenges and opportunities, the most important is unity under unanimous thought, and to do work with creativity, pursue profit and share-holder return maximization, strengthen creativity, competence and profitability. In the new year, we'll expand resources and market share, reduce cost and lift efficiency; increase investment return; deepen internal reform, transform business mechanism, excite enterprise vigor; strengthen Sci-Tech innovation and market competence; follow market change, improve external environment, adjust development and business strategy, stand up to arduous market test and WTO challenge.
On the road we're marching along, challenge and opportunity co-exist. The more difficulty exists, the more courage we should pluck up, the stronger will we should have. Let's carry forward the enterprise mission of " loving China, vigorously developing petrochemical" and the corporate culture of "competition, openness, standardization and integrity", going all out to work hard and make new contributions for achieving the target of Year 2002.
Wish all of you good health and all the best.