- 1 -

- 2 -

Global Obligor Comparison

Business Risk:

Financial Risk:

Satisfactory

Intermediate

Local Obligor Comparison

Business Risk:

Financial Risk:

Strong

Modest

twaa- twaa-

twa+

Anchor Modifiers Group/Gov't

twAA-/Stable/twA-1+

CORPORATE CREDIT RATING

- 3 -

- 4 -

Company Main products

Formosa Plastics Corp. Vinyl chloride, polyvinylchloride (PVC), caustic soda, polyethylene (PE),

polypropylene (PP), ethylene vinyl acetate (EVA), acrylic fiber, acrylic

esters, acrylonitrile (AN), methyl methacrylate (MMA), epichlorohydrin

(ECH), methyl tert-butyl ether (MTBE), carbon fiber, super absorbent

polymer (SAP).Nan Ya Plastics Corp. Secondary plastics, polyesters, printed circuit board/electronic materials,

ethylene glycol (EG), 1,4-butanediol (1,4BG) and other alcohols, curing

agents, anti-oxidants and modifiers, Bisphenol A (BPA), Phthalic Anhydride

(PA), Plasticizer, epoxidized soybean oil (ESO), 2-Ethylhexanol (2EH),

Hydrogen Peroxide, engineering.

Formosa Chemicals & Fibre Corp. Aromatics and derivatives- benzene, ortho-xylene (OX), para-xylene (PX);

phenol, acetone, styrene monomer (SM), purified terephthalic acid (PTA),

polymers- acrylonitrile-butadiene-styrene (ABS) resins, polystyrene (PS),

polypropylene (PP), and polycarbonate (PC); textile & fiber, electricity

generation.

Formosa Petrochemical Corp. Oil refining, olefin, electricity generation.

- 5 -

- 6 -

-

Formosa Plastics Group -- Financial Summary

Industry Sector: Commodity Chemicals

(Mil. NT$) 2014 2013 2012 2011 2010

Revenues 1,439,399 1,449,370 1,276,292 1,292,664 1,224,474

EBITDA 97,602 141,753 95,887 193,328 238,531

Funds from operations (FFO) 93,522 126,242 92,599 186,283 224,408

Net income from continuing operations 66,962 78,354 27,100 99,797 148,381

Cash flow from operations 90,696 110,712 83,236 123,797 172,753

Capital expenditures 38,757 97,568 71,089 55,420 43,746

Free operating cash flow 51,940 13,144 12,147 68,377 129,007

Discretionary cash flow 5,036 (676) (55,731) (60,810) 53,306

Cash and short-term investments 42,123 18,359 19,149 20,719 20,115

Debt 574,369 627,715 612,438 513,890 428,429

Equity 816,512 725,995 633,416 680,671 706,558

Adjusted ratios

EBITDA margin (%) 6.8 9.8 7.5 15.0 19.5

Return on capital (%) 5.9 8.0 3.4 11.1 15.7

EBITDA interest coverage (x) 9.8 14.1 9.1 22.3 28.0

FFO cash interest coverage (x) 10.2 13.2 9.9 24.0 27.1

Debt/EBITDA (x) 5.9 4.4 6.4 2.7 1.8

FFO/debt (%) 16.3 20.1 15.1 36.2 52.4

Cash flow from operations/debt (%) 15.8 17.6 13.6 24.1 40.3

Free operating cash flow/debt (%) 9.0 2.1 2.0 13.3 30.1

Discretionary cash flow/debt (%) 0.9 (0.1) (9.1) (11.8) 12.4

--Fiscal year ended Dec. 31--

NT$--New Taiwan dollar. Note: Data shown are taken from the company's financial statements but might

include adjustments made by Taiwan Ratings' analysts.

- 7 -

- 8 -

Reconciliation Of Formosa Plastics Group Reported Amounts With Taiwan Ratings' Adjusted Amounts

(Mil. NT$) Debt EBITDAOperating

income

Interest

expenseEBITDA

Cash flow

from

operations

Capital

expenditures

Formosa Plastics Group reported amounts 633,000.3 91,099.8 20,377.3 9,220.6 91,099.8 91,412.8 39,473.1

Taiwan Ratings' adjustments

Interest expense (reported) -- -- -- -- (9,220.6) -- --

Interest income (reported) -- -- -- -- 10,398.0 -- --

Current tax expense (reported) -- -- -- -- (4,541.7) -- --

Surplus cash (126,367.7) -- -- -- -- -- --

Capitalized interest -- -- -- 716.4 (716.4) (716.4) (716.4)

Dividends received from equity investments -- 6,502.7 -- -- 6,502.7 -- --

Non-operating income (expense) -- -- 61,765.8 -- -- -- --

Debt - Guarantees 67,736.8 -- -- -- -- -- --

Total adjustments (58,630.9) 6,502.7 61,765.8 716.4 2,422.0 (716.4) (716.4)

Debt EBITDA EBITInterest

expense

Funds from

operations

Cash flow

from

operations

Capital

expenditures

Taiwan Ratings' adjusted amounts 574,369.3 97,602.5 82,143.1 9,937.0 93,521.8 90,696.4 38,756.7

NT$--New Taiwan dollar. Note: Data shown are taken from the company's financial statements but might include adjustments made by Taiwan Ratings'

analysts.

--Fiscal year ended Dec. 31, 2014--

- 9 -

twAA-/Stable/twA-1+

2014/10/29

2011/08/02

2009/05/06

twAA-/Stable/twA-1+

twAA-/Negative/twA-1+

twAA-/Stable/twA-1+

- 10 -