<SEC-DOCUMENT>0001309014-17-000061.txt : 20170125
<SEC-HEADER>0001309014-17-000061.hdr.sgml : 20170125
<ACCEPTANCE-DATETIME>20170125061033
ACCESSION NUMBER:		0001309014-17-000061
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170125
FILED AS OF DATE:		20170125
DATE AS OF CHANGE:		20170125

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHUNGHWA TELECOM CO LTD
		CENTRAL INDEX KEY:			0001132924
		STANDARD INDUSTRIAL CLASSIFICATION:	RADIO TELEPHONE COMMUNICATIONS [4812]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31731
		FILM NUMBER:		17544964

	BUSINESS ADDRESS:	
		STREET 1:		21 3 HSINYI RD SECTION 1
		STREET 2:		TAIPEI TAIWAN REPUBLIC OF CHINAA
		CITY:			TAIPEI TAIWAN
		STATE:			XX
		ZIP:			10048
		BUSINESS PHONE:		886223445488

	MAIL ADDRESS:	
		STREET 1:		21 3 HSINYI RD SECTION 1
		STREET 2:		TAIPEI TAIWAN REPUBLIC OF CHINA
		CITY:			TAIPEI TAIWAN
		STATE:			XX
		ZIP:			10048
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>htm_10768.htm
<DESCRIPTION>LIVE FILING
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Chunghwa Telecom Co., Ltd.&nbsp;-&nbsp;Form&nbsp;6-K
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UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B>
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<FONT SIZE="+2" FACE="Arial"><B>FORM 6-K</B></FONT><BR>

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<FONT size="+1">
REPORT OF FOREIGN PRIVATE ISSUER<BR>PURSUANT TO RULE 13a-16 OR 15d-16<BR>UNDER THE SECURITIES EXCHANGE ACT OF 1934
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January 25, 2017
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	<FONT SIZE="+2"><B>Chunghwa Telecom Co., Ltd.</B></FONT><BR>
	<FONT SIZE="-7">&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT>
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	<FONT SIZE="-1">(Translation of registrant&#146;s name into English)</FONT>
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	&nbsp;
    </TD>
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      <FONT FACE="Courier" SIZE="+0">Room 110, Finance Department of Headquarters, 21-3 Hsinyi Road, Sec. 1, Taipei, Taiwan</FONT>
    </TD>
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    <TD VALIGN="BOTTOM" ALIGN="CENTER" WIDTH="100%" COLSPAN="5">
        <FONT SIZE="-7">&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT><BR>
	    <FONT SIZE="-1">(Address of principal executive office)</FONT>
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	&nbsp;
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	Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:&nbsp;&nbsp;[<FONT FACE="Courier">x</FONT>]&nbsp;Form 20-F&nbsp;&nbsp;&nbsp;&nbsp;[<FONT FACE="Courier">&nbsp;</FONT>]&nbsp;Form 40-F
    </TD>
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        &nbsp;
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        Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):&nbsp;&nbsp;[<FONT FACE="Courier">&nbsp;</FONT>]
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        &nbsp;
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        Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):&nbsp;&nbsp;[<FONT FACE="Courier">&nbsp;</FONT>]
    </TD>
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        &nbsp;
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        Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:&nbsp;&nbsp;[<FONT FACE="Courier">&nbsp;</FONT>]&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;[<FONT FACE="Courier">x</FONT>]&nbsp;No
    </TD>
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        &nbsp;
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        If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):&nbsp;&nbsp;&nbsp;<FONT FACE="Courier"><U>&nbsp;n/a&nbsp;</U></FONT>
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        &nbsp;
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<B>SIGNATURES</B>
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       Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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       &nbsp;
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       &nbsp;
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    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="4%%">
       &nbsp;
    </TD>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="56%">
       Chunghwa Telecom Co., Ltd.
    </TD>
  </TR>

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       &nbsp;
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       &nbsp;
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       &nbsp;
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    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="40%">
       Date: January 25, 2017
    </TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="4%%">
       By:
    </TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="56%">
       /s/Bo Yung Chen<BR><HR WIDTH="30%" NOSHADE>
    </TD>
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       &nbsp;
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    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="4%%">
       Name:&nbsp;
    </TD>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="56%">
       Bo Yung Chen
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       &nbsp;
    </TD>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="4%%">
       Title:
    </TD>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="56%">
       Chief Financial Officer
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       &nbsp;
    </TD>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="4%%">
       &nbsp;
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    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="56%">
       &nbsp;
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EXHIBIT&nbsp;INDEX
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      <FONT SIZE="-1"><B>Exhibit No.</B></FONT>
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      &nbsp;
    </TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="77%">
      <FONT SIZE="-1"><B>Description</B></FONT>
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      <HR SIZE="1" NOSHADE>
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      &nbsp;
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      <FONT SIZE="-1">99.01<FONT>
    </TD>
    <TD WIDTH="15%">
       &nbsp;
    </TD>
    <TD ALIGN="LEFT" VALIGN="TOP" WIDTH="77%">
      <FONT SIZE="2">Press release on 2017/01/25: Chunghwa Telecom Reports Un-Audited Consolidated Operating Results for the Fourth Quarter and Full Year of 2016</FONT>
    </TD>
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      &nbsp;
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       &nbsp;
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      &nbsp;
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<DOCUMENT>
<TYPE>EX-99.01
<SEQUENCE>2
<FILENAME>exhibit1.htm
<DESCRIPTION>EX-99.01
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Exhibit&nbsp;&nbsp;EX-99.01
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<P align="left" style="margin-left:4%; font-size: 10pt; text-indent: 1%"><FONT style="font-size: 5pt">&nbsp;
</FONT>

<P align="right" style="font-size: 5pt"><FONT style="font-size: 10pt">&nbsp;EXHIBIT&nbsp;99.01</FONT>


&nbsp;

<P align="center" style="font-size: 10pt"><FONT style="font-size: 11pt"><B>Chunghwa Telecom Reports Un-Audited Consolidated Operating Results<BR>
for the Fourth Quarter and Full Year of 2016</B></FONT>



<P align="left" style="font-size: 11pt">TAIPEI, Taiwan, January&nbsp;25, 2017 &#151; Chunghwa Telecom Co., Ltd. (TAIEX: 2412, NYSE: CHT) (&#147;Chunghwa&#148;
or &#147;the Company&#148;) today reported its un-audited operating results for the fourth quarter and full
year of 2016. All figures were prepared in accordance with Taiwan-International Financial Reporting
Standards (&#147;T-IFRSs&#148;) on a consolidated basis.


<P align="left" style="font-size: 11pt"><I>(Comparisons throughout the press release, unless otherwise stated, are made with regard to the
prior year period.)</I>


<P align="left" style="font-size: 11pt"><B>Fourth Quarter 2016 Financial Highlights</B>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Total revenue decreased by 6.2% to NT$58.35&nbsp;billion</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mobile communications revenue decreased by 8.7% to NT$28.39&nbsp;billion</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">**</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mobile value-added services (VAS)&nbsp;revenue increased by 3.4% to NT$10.47
billion, with mobile Internet revenue, the largest contributor to VAS revenue,
increasing by 4.8%</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">**</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mobile voice revenue decreased by 12.3% to NT$8.90&nbsp;billion</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">**</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Smart device sales revenue decreased by 17.6% to NT$8.72&nbsp;billion</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Internet revenue increased by 9.4% to NT$7.61&nbsp;billion</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Domestic fixed communications revenue decreased by 8.1% to NT$17.76&nbsp;billion</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>International fixed communications revenue decreased by 8.8% to NT$3.45&nbsp;billion</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Total operating costs and expenses decreased by 5.7% to NT$47.98&nbsp;billion</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Net income attributable to stockholders of the parent decreased by 18.3% to NT$7.72
billion</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Basic earnings per share (EPS)&nbsp;was NT$1.00</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 11pt"><B>Full Year 2016 Financial Highlights</B>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Total revenue decreased by 0.8% to NT$230.01&nbsp;billion&nbsp;&nbsp;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mobile communications revenue decreased by 3.5% to NT$110.82&nbsp;billion</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">**</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mobile VAS revenue increased by 4.8% to NT$41.50&nbsp;billion</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">**</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mobile voice revenue decreased by 9.7% to NT$37.3&nbsp;billion</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">**</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Smart device sales revenue decreased by 7.0% to NT$30.85&nbsp;billion</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Internet revenue increased by 6.5% to NT$28.10&nbsp;billion</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">**</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Application VAS revenue increased by 25.9% to NT$5.01&nbsp;billion</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Domestic fixed communications revenue increased by 0.3% to NT$72.78&nbsp;billion</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>International fixed communications revenue decreased by 2.9% to NT$14.43&nbsp;billion</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Total operating costs and expenses increased by 0.1% to NT$181.46&nbsp;billion</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Net income attributable to stockholders of the parent decreased by 6.5% to NT$40.03
billion</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Basic EPS was NT$5.16</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 11pt">Mr.&nbsp;Yu Cheng, Chairman and CEO of Chunghwa Telecom, stated, &#147;We continued to see stable financial
and operating performance in the fourth quarter and full year of 2016. In our mobile business, we
defended our market leading position with 10.8&nbsp;million mobile subscribers as of the end of 2016, or
37.3% market share, despite the fierce competition in this arena. We managed to maintain the lowest
customer churn rate, primarily attributable to our entire team&#146;s streamlined marketing efforts.
Furthermore, our ICT business witnessed strong growth momentum with a 42% year-over-year increase
in revenue for information security and cloud service as well as a 43% increase in IoT service
revenue for the full year 2016.&#148;


<P align="left" style="font-size: 11pt">Mr.&nbsp;Cheng continued, &#147;Looking ahead, we expect total revenues for the full year of 2017 to increase
to NT$231.16&nbsp;billion, mainly driven by growth in mobile value-added services, smart device sales
and our enterprise ICT business. As the intense competition in the industry is expected to
continue, we will further streamline our marketing activities, strengthen diversified digital
convergence services, as well as develop new opportunities in innovative business lines, including
ICT, IoT and MOD/OTT. We believe we are on the right track to fortify our market leading position
and drive further growth and value to our stakeholders.&#148;


<P align="left" style="font-size: 11pt"><FONT style="font-size: 12pt"><B>Revenue</B>
</FONT><BR>
<FONT style="font-size: 11pt">Chunghwa Telecom&#146;s total revenues for the fourth quarter of 2016 decreased by 6.2% to NT$58.35
billion, which was comprised of 48.7% mobile, 13.0% internet, 30.4% domestic fixed, 5.9%
international fixed, and 2.0% from other businesses.
</FONT>

<P align="left" style="font-size: 11pt">Mobile communications revenue for the fourth quarter of 2016 decreased by 8.7% to NT$28.39&nbsp;billion.
This was mainly due to the decrease in smart device sales and mobile voice revenue, but partially
offset by the continued growth of mobile VAS revenue. The decline of mobile voice revenue was
mainly owing to increased market competition and VoIP substitution.


<P align="left" style="font-size: 11pt">Internet business revenue for the fourth quarter of 2016 increased by 9.4% year over year to
NT$7.61&nbsp;billion. The increase was primarily attributable to higher application VAS revenue.


<P align="left" style="font-size: 11pt">Domestic fixed revenue for the fourth quarter of 2016 decreased by 8.1% year over year to NT$17.76
billion, primarily reflected by the decrease of local and ICT project revenue. Local and DLD
service revenue decreased by 5.9% and 6.9%, respectively, mainly due to increased mobile and VoIP
substitution. Broadband access revenue decreased by 2.6% to NT$4.75&nbsp;billion as a result of intense
market competition.&nbsp;


<P align="left" style="font-size: 11pt">International fixed revenue decreased by 8.8% to NT$3.45&nbsp;billion, mainly due to the decline of
international long distance revenue, which resulted from increased market competition.


<P align="left" style="font-size: 11pt">Total revenue for the full year of 2016 decreased by 0.8% year over year to NT$230.01&nbsp;billion,
which was comprised of 48.2% mobile, 12.2% Internet, 31.6% domestic fixed, 6.3% international
fixed, and 1.7% other.


<P align="left" style="font-size: 11pt"><B>Operating Costs and Expenses</B>


<P align="left" style="font-size: 11pt"><FONT style="font-size: 12pt">Total operating costs and expenses for the fourth quarter of 2016 decreased by 5.7% year over
year to NT$47.98&nbsp;billion.
</FONT>

<P align="left" style="font-size: 12pt">Total operating costs and expenses for 2016 increased by 0.1% year over year to NT$181.46&nbsp;billion,
which was mainly driven by the increase in ICT project costs and marketing expenses, but partially
offset by the decreased costs of goods sold and interconnection expenses.


<P align="left" style="font-size: 12pt"><FONT style="font-size: 11pt"><B>Operating Income and Net Income</B>
</FONT>

<P align="left" style="font-size: 11pt">Income from operations for the fourth quarter of 2016 decreased by 12.7% to NT$9.90&nbsp;billion. The
operating margin was 17.0%, compared to 18.2% in the same period of 2015. Net income attributable
to stockholders of the parent decreased by 18.3% to NT$7.72&nbsp;billion. Basic earnings per share was
NT$1.00.


<P align="left" style="font-size: 11pt">Income from operations for 2016 decreased by 4.6% to NT$48.05&nbsp;billion. The operation margin was
20.9%, compared to 21.7% for 2015. Net income attributable to stockholders of the parent decreased
by 6.5% to NT$40.03&nbsp;billion. Basic earnings per share was NT$5.16.


<P align="left" style="font-size: 11pt"><FONT style="font-size: 12pt"><B>Cash Flow and EBITDA</B>
<BR>
Cash flow from operating activities for the fourth quarter of 2016 increased by 15.7% to NT$33.55
billion. As of December&nbsp;31<sup>st</sup>, 2016, the Company had cash and cash equivalents of
NT$32.09&nbsp;billion, representing a 6.0% year-over-year increase.&nbsp;
</FONT>

<P align="left" style="font-size: 12pt">EBITDA for the fourth quarter of 2016 decreased by 7.9% to NT$18.04&nbsp;billion, and EBITDA margin was
30.9%, compared to 31.5% in the same period of 2015. EBITDA for 2016 decreased by 3.9% to NT$80.53
billion, and EBITDA margin was 35.0%, compared to 36.2% for 2015.


<P align="left" style="font-size: 12pt"><FONT style="font-size: 11pt"><B>Capital Expenditure (&#147;Capex&#148;)</B>
</FONT>

<P align="left" style="font-size: 11pt">Total Capex for the fourth quarter of 2016 increased by 16.2% to NT$11.17&nbsp;billion, which was
comprised of 45.1% domestic fixed communications, 38.8% mobile communications, 6.9% internet, 5.7%
international fixed communications, and 3.5% from others.


<P align="left" style="font-size: 11pt"><FONT style="font-size: 12pt"><B>Business and Operational Highlights</B>
<BR>
<B>Broadband/HiNet</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 11pt">1.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 11pt">The Company continued to execute its strategy of encouraging FTTx migration. As of
December&nbsp;31<sup>st</sup>, 2016, the number of FTTx subscribers reached 3.48&nbsp;million,
accounting for 77.8% of the Company&#146;s total broadband users. Moreover, the number of
subscribers signing up for speeds of 100Mbps or higher increased by 11.1% to over 1.17
million.&nbsp;&nbsp;</FONT></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>HiNet broadband subscribers decreased by 0.3% year over year, totaling 3.76&nbsp;million
as of December&nbsp;31<sup>st</sup>, 2016.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 11pt"><FONT style="font-size: 12pt"><B>Mobile</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 11pt">1.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 11pt">As of December&nbsp;31<sup>st</sup>, 2016, Chunghwa had 10.79&nbsp;million mobile subscribers,
representing a 3.5% year-over-year decrease. However, the Company&#146;s mobile Internet
subscribers increased by 14.8% year over year to 6.85&nbsp;million.</FONT></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As of December&nbsp;31<sup>st</sup>, 2016, the company accumulated 6.71&nbsp;million 4G
subscribers.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 11pt"><FONT style="font-size: 12pt"><B>Fixed-line</B>
</FONT>


<P align="left" style="margin-left:2%; font-size: 12pt"><FONT style="font-size: 11pt">The Company maintained its leading position in the fixed-line market, with a total of
10.94&nbsp;million subscribers as of December&nbsp;31<sup>st</sup>, 2016.
</FONT>

<P align="left" style="font-size: 11pt"><U><B>2017 Guidance </B></U>


<P align="left" style="font-size: 11pt"><FONT style="font-size: 12pt">For 2017, the Company expects total revenue to increase by NT$1.15&nbsp;billion, or 0.5%, to
NT$231.16&nbsp;billion as compared to the un-audited consolidated revenue of 2016. Operating costs and
expenses are expected to increase by NT$5.00&nbsp;billion, or 2.8%, to NT$186.46&nbsp;billion as compared to
the prior year.&nbsp;</FONT><FONT style="font-size: 14pt"> </FONT><FONT style="font-size: 12pt">Income from operations is expected to decrease by NT$ 3.40&nbsp;billion, or
7.1%, year over year. Non-operating income is expected to decrease by NT$0.25&nbsp;billion year over
year</FONT><FONT style="font-size: 14pt"><B>. </B></FONT><FONT style="font-size: 12pt">Income before income tax and net income attributable to stockholders of the parent
are expected to be NT$45.69&nbsp;billion and NT$36.89&nbsp;billion, respectively</FONT><FONT style="font-size: 14pt"><B>. </B></FONT><FONT style="font-size: 12pt">Basic earnings
per share is expected to decrease by NT$0.41 to NT$4.75, as compared to the prior year. CAPEX
including the deferred projects from 2016 is expected to increase by NT$6.80&nbsp;billion to NT$30.28
billion as compared to the prior year.
</FONT>

<P align="left" style="font-size: 12pt"><FONT style="font-size: 11pt">
</FONT>
<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2017</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2016</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">(NT$&nbsp;billion except EPS)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">( F )</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">(un-audited)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">change</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">YoY(%)</TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">231.16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">230.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Operating Costs and Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">186.46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">181.46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.8</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other Income and Expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(0.04</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(0.49</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">91.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Income from Operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44.66</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3.40</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-7.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Non-operating Income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(0.25</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-19.8</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Income before Income Tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45.69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49.34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3.65</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-7.4</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net Income Attributable to
Stockholders of The Parent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36.89</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3.14</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-7.8</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">EPS(NT$)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(0.41</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-7.8</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">EBITDA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77.91</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80.53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2.62</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-3.3</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">EBITDA Margin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">33.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">35.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Acquisition of Material Assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23.53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">28.7</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Acquisition of Property,
Plant and Equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23.48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">29.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Others</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.05</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(0.05</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Disposal of Material Assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.05</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.27</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(0.22</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-80.3</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 11pt"><FONT style="font-size: 12pt"><B>Financial Statements</B>
</FONT>

<P align="left" style="font-size: 12pt">Financial statements and additional operational data can be found on the Company&#146;s website at
<U>http://www.cht.com.tw/en/ir/stockit-earningsit.html</U>.


<P align="left" style="font-size: 12pt"><FONT style="font-size: 10pt"><B>NOTE CONCERNING FORWARD-LOOKING STATEMENTS</B>
</FONT>

<P align="left" style="font-size: 10pt"><FONT style="font-size: 11pt">This press release contains forward-looking statements. These statements constitute
&#147;forward-looking&#148; statements within the meaning of Section&nbsp;27A of the Securities Act of 1933, as
amended, and Section&nbsp;21E of the Securities Exchange Act of 1934, as amended, and as defined in the
U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be
identified by terminology such as &#147;will,&#148; &#147;expects,&#148; &#147;anticipates,&#148; &#147;future,&#148; &#147;intends,&#148; &#147;plans,&#148;
&#147;believes,&#148; &#147;estimates&#148; and similar statements. Statements that are not historical facts, including
statements about Chunghwa&#146;s beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties that could cause actual results
to differ materially from the forward-looking statements. A number of important factors could cause
actual results to differ materially from those contained in any forward-looking statement.
Investors are cautioned that actual events and results could differ materially from those
statements as a result of a number of factors including, but not limited to the risks outlined in
Chunghwa&#146;s filings with the U.S. Securities and Exchange Commission on Forms F-1, F-3, 6-K and
20-F, in each case as amended. The forward-looking statements in this press release reflect the
current belief of Chunghwa as of the date of this press release and Chunghwa undertakes no
obligation to update these forward-looking statements for events or circumstances that occur
subsequent to such date, except as required under applicable law.
</FONT>

<P align="left" style="font-size: 11pt">This press release is not an offer of securities for sale in the United States. Securities may not
be offered or sold in the United States absent registration or an exemption from registration. Any
public offering of securities to be made in the United States will be made by means of a prospectus
that may be obtained from the issuer or selling security holder and that will contain detailed
information about the company and management, as well as financial statements.


<P align="left" style="font-size: 11pt"><FONT style="font-size: 10pt"><B>NON-GAAP FINANCIAL MEASURES</B>
</FONT>

<P align="left" style="font-size: 10pt"><FONT style="font-size: 11pt">To supplement the Company&#146;s consolidated financial statements presented in accordance with
International Financial Reporting Standards pursuant to the requirements of the Financial
Supervisory Commission, or T-IFRSs, Chunghwa Telecom also provides EBITDA, which is a &#147;non-GAAP
financial measure&#148;. EBITDA is defined as consolidated net income (loss)&nbsp;excluding (i)&nbsp;depreciation
and amortization, (ii)&nbsp;total net comprehensive financing cost (which is comprised of net interest
expense, exchange gain or loss, monetary position gain or loss and other financing costs and
derivative transactions), (iii)&nbsp;other income, net, (iv)&nbsp;income tax, (v) (income)&nbsp;loss from
discontinued operations.
</FONT>

<P align="left" style="font-size: 11pt">In managing the Company&#146;s business, Chunghwa Telecom relies on EBITDA as a means of assessing its
operating performance because it excludes the effect of (i)&nbsp;depreciation and amortization, which
represents a non-cash charge to earnings, (ii)&nbsp;certain financing costs, which are significantly
affected by external factors, including interest rates, foreign currency exchange rates and
inflation rates, which have little or no bearing on the Company&#146;s operating performance, (iii)
income tax (iv)&nbsp;other expenses or income not related to the operation of the business.


<P align="left" style="font-size: 11pt"><FONT style="font-size: 10pt"><B>CAUTIONS ON USE OF NON-GAAP FINANCIAL MEASURES</B>
</FONT>

<P align="left" style="font-size: 10pt"><FONT style="font-size: 11pt">In addition to the consolidated financial results prepared under T-IFRSs, Chunghwa Telecom
also provide non-GAAP financial measures, including &#147;EBITDA&#148;. The Company believes that the
non-GAAP financial measures provide investors with another method for assessing its operating
results in a manner that is focused on the performance of its ongoing operations.
</FONT>

<P align="left" style="font-size: 11pt">Chunghwa Telecom&#146;s management believes investors will benefit from greater transparency in
referring to these non-GAAP financial measures when assessing the Company&#146;s operating results, as
well as when forecasting and analyzing future periods. However, the Company recognizes that:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">**</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>these non-GAAP financial measures are limited in their usefulness and should be
considered only as a supplement to the Company&#146;s T-IFRSs financial measures;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">**</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>these non-GAAP financial measures should not be considered in isolation from, or as a
substitute for, the Company&#146;s T-IFRSs financial measures;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">**</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>these non-GAAP financial measures should not be considered to be superior to the
Company&#146;s T-IFRSs financial measures; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">**</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>these non-GAAP financial measures were not prepared in accordance with T-IFRSs and
investors should not assume that the non-GAAP financial measures presented in this earnings
release were prepared under a comprehensive set of rules or principle.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 11pt">Further, these non-GAAP financial measures may be unique to Chunghwa Telecom, as they may be
different from non-GAAP financial measures used by other companies. As such, this presentation of
non-GAAP financial measures may not enhance the comparability of the Company&#146;s results to the
results of other companies. Readers are cautioned not to view non-GAAP results as a substitute for
results under T-IFRSs, or as being comparable to results reported or forecasted by other companies.


<P align="left" style="font-size: 11pt"><B>About Chunghwa Telecom</B>


<P align="left" style="font-size: 11pt">Chunghwa Telecom (TAIEX 2412, NYSE: CHT) is Taiwan&#146;s largest integrated telecommunications services
company that provides fixed-line, mobile, broadband, and internet services. The Company also
provides information and communication technology services to corporate customers and is expanding
its cloud computing services. In recent years, Chunghwa has been actively involved in corporate
social responsibility and has won domestic and international awards and recognition. For more
information, please visit the Company&#146;s website at http://www.cht.com.tw.

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="33%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="62%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 12pt">Contact:<BR>
Phone:<BR>
Email:</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 12pt">Fu-fu Shen<BR>
&#043;886 2 2344 5488<BR>
chtir@cht.com.tw</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt; display: none">


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