1. Formosa Petrochemical 2007Q1 Results Presentation For the Three Months Ended in March 31, 2007

2. 2 Index 1 Our Company Financials Refinery Division Olefins Division Capital Expansion 2 3 4 5

3. 3 Our Company: Leading Private Integrated Producer in Asia Formosa Plastics 29.4% Formosa Plastics 29.4% Nan Ya Plastics 23.8% Nan Ya Plastics 23.8% Formosa Chemicals & Fibre 25.2% Formosa Chemicals & Fibre 25.2% Formosa Taffeta 4.0% Formosa Petrochemical RefineryRefinery OlefinsOlefins UtilitiesUtilities Formosa Petrochemical Transportation Formosa Oil (Asia Pacific) 100%88 % Source: Company data. Principal Shareholders Note 1: Shareholding percentage as of December 2006. Note 2: Taiwan Ratings on FPCC as of January 2005.OUTLOOKRATINGS Long term credittwAA- Short term credittwA-1 Long term outlookStable Taiwan Ratings on FPCC Taiwan Stock Exchange IPO on December 26, 2003. Founded by Formosa Plastics Group companies in 1992 One refinery, two naphtha cracker plants and three co-generation plants vertically integrated in No.6 Naphtha Cracker Complex site As of Dec 2006, total refining capacity is 510,000 bpd, ethylene capacity is 1.735 million MTY and electricity generation is 2,720 MW Source: Company data. 1 2

4. 4 Co-GenII-UPB(600) Plant II (900,000) Our Company: Our Track Record Sales Revenue (NT$ billion) Start-UpStart-Up Rapid Growth Consolidating the Lead CDU I (150,000) CDU II (150,000) CDU III (150,00) De-bottleneck(180,00) CDU I De-bottleneck(180,00) CDU II De-bottleneck(180,00) Plant I (450,000) Plant I De- bottleneck bottleneck (700,000) Refinery(bpd)Refinery(bpd) Cracker(tpa)Cracker(tpa) Co-Gen(MW)Co-Gen(MW) Co-Gen I (300) Co-GenIII(320)Co-GenII-UPA(600) CFB (300) Co-GenII-UPC(600) Source: Company data.

5. 5 Financials Sales Revenue by Division Operating Profit by Division Historical Operating Profit by Division Sales Revenue by Products Note 1: “Other Products” includes Butadiene, LPG, MTBE, Asphalt, Sulfur and etc. Source: Company data. 11 1 (NT$ billion) Unit: NT$ billion06Q1(%)07Q1(%)ChangeGrowth Refinery81.074%104.278%23.129% Olefins32.830%35.627%2.88% Utilities6.16%8.26%2.134% Others-10.5-10%-14.7-11%-4.240% TOTAL109.5100%133.3100%2422% Unit: NT$ billion06Q1(%)07Q1(%)ChangeGrowth Refinery2.6839%10.6766%8.0298% Olefins3.7654%4.2026%0.412% Utilities0.355%1.127%0.8223% Others0.142%0.101%0.0-31% TOTAL6.93100%16.08100%9.2132% 1

6. 6 Financials Source: Company data. CategoryUnits2006Q12007Q1Differential Total AssetsNT$ billion405,822441,8868.9% Shareholders’ EquityNT$ billion217,389233,0697.2% Basic EPSNT$/share0.51.340.84 Expense/Revenue%2.111.96(0.15) Interest Coverage%12.0320.138.1 Debt Gearing%87903

7. 7 Refining Division: Macro Environment Crude Price Index Dubai Crude/Oil Product Differentials Singapore Refining Margin Source: Reuters, industry sources. (US$/bbl)

8. 8 Refining Division: Operations CDU (180kbpd): March ~ April CDU (150kbpd): revamped 120% RDS (70kbpd): revamped 117~130% RCC (73kbpd): revamped 110% Refinery Sales and Utilization Rate 2006 Upgraded Facilities 2007 Schedule Maintenance (NT$ million) Source: Company data.

9. 9 Refining Division: Product Market 44% GasolineGasoil 56% 50% 50% 14% 86% 14% 86% Gasoline and Gasoil Cracks FPCC Gasoil Production Yield Rate Source: Company data. (‘000 KL) Domestic vs. Export Sales Volume (‘000 KL) (US$/bbl)

10. 10 Olefins Division: Macro Environment Global Ethylene Utilization Estimates Naphtha vs. Ethylene Spread Source: CMAI, Reuters, industry sources,. (US$/MT)

11. 11 Olefins Division: Macro Environment Downstream Spreads Regional Petrochemical Prices Source:, Reuters, industry sources,. (US$/MT)

12. 12 Olefins Division: Plant Operation OL#2 (1.035m tpa): undeclared OL#1 (700ktpa): Sep ~ Oct Quarterly Sales and Utilization Rate 2006 Schedule Maintenance 2007 Schedule Maintenance Source: Company data. (NT$ million)

13. 13 Change in FPCC Refinery Capacity and Yield Rate Expansion Plan: Refinery FPCC Refinery Expan- sion Project Major Products Current Capacity (bpd) Expansion (bpd) Aggregated Capacity (bpd) Completion Date Base-oil PlantBaseoil, Whiteoil New10,000 2008Q2 OCTPropylene830 KTY250 KTY1,080 KTY2007Q2 Capacity Revamping Gasoil, Naphtha 450,00090,000540,0002008Q2 1 Note 1: Schedule subject to change without prior notice. Source: Company data. (bpd) 1 CDU capacity

14. 14 Expansion Plan: Olefins FPCC Olefins Expan- sion Project Major Products Current Capacity (KTY) Expansion (KTY) Aggregated Capacity (KTY) Completion Date Olefins No.3 Ethylene1,7351,2002,9352007Q2 PropylenePropylene from Olefins No.3 867.56001,467.52007Q2 Formosa Group Down- stream Expan- sion CompanyProject Major Products Current Capacity Expansion (KTY) Raw Material (KTY) Completion Date FPCAE#2AE108 KTY160Propylene 120 2008Q1 Butanol New250Propylene 158 2007Q4 PP (Ningbo) PPNew450Propylene 468 2007Q3 AE (Ningbo) AENew160Propylene 112 2006Q1 NYPEG#4EG1,044 KTY720Ethylene 432 2007Q2 PO New100 Propylene 80 2009 1.4BG#2BG40 KTY80Butadiene 80 2007Q2 FCFCSM#3SM600 KTY720Ethylene 207 2006Q4 1 Note 1: Schedule subject to change without prior notice. Source: Company data. 1

15. 15 Disclaimer This document has been prepared by Formosa Petrochemical Corporation (“FPCC” or the “Company”) solely for meetings with potential investors The information contained in this document has not been independently verified. No representation or warranty express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such information or opinions contained herein. None of the Company nor any of its respective affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document This document does not constitute an offer or invitation to purchase or subscribe for any securities in the Company and neither any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Any decision to purchase securities in the offering should be made solely on the basis of the information contained in the Offering Circular included in this document contain forward-looking statements and information relating to the Company. The Company has generally identified forward-looking statements by the use of terms such as “may”, “might”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe” or similar words or phrases. The Company bases these statements and financial information on its beliefs as well as its assumptions made using information currently available to it. Because these statements and financial information reflect the Company’s current views concerning future events, these statements and financial information necessarily involve risks, uncertainties and assumptions. Actual future performance could differ materially from these forward-looking statements and financial information. The Company does not undertake to release the results of any revisions of forward-looking statements and financial information to reflect future events or circumstances. The Company cautions investors not to place undue reliance on these forward-looking statements. All written and oral forward-looking statements attributable to the Company or persons acting on the Company’s behalf are qualified in their entirety by these cautionary statements No part of this document may be distributed, reproduced or transmitted to any third party