<SEC-DOCUMENT>0001309014-17-000353.txt : 20170427
<SEC-HEADER>0001309014-17-000353.hdr.sgml : 20170427
<ACCEPTANCE-DATETIME>20170427064522
ACCESSION NUMBER:		0001309014-17-000353
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170427
FILED AS OF DATE:		20170427
DATE AS OF CHANGE:		20170427

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:		17786140

	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
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<TYPE>6-K
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<FILENAME>htm_11079.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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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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April 27, 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;
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      <FONT FACE="Courier" SIZE="+0">Room 110, Finance Department of Headquarters, 21-3 Hsinyi Road, Sec. 1, Taipei, Taiwan</FONT>
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        <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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	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
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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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        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>]
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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
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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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       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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       Chunghwa Telecom Co., Ltd.
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       &nbsp;
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       Date: April 27, 2017
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       By:
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       /s/Bo Yung Chen<BR><HR WIDTH="30%" NOSHADE>
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       &nbsp;
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       Name:&nbsp;
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       Bo Yung Chen
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       Title:
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       Chief Financial Officer
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       &nbsp;
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      &nbsp;
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      <FONT SIZE="-1"><B>Description</B></FONT>
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      <FONT SIZE="-1">99.1<FONT>
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       &nbsp;
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      <FONT SIZE="2">Press Release to Report Un-audited Consolidated Operating Results for the First Quarter of 2017</FONT>
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<TYPE>EX-99.1
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<FILENAME>exhibit1.htm
<DESCRIPTION>EX-99.1
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Exhibit&nbsp;&nbsp;EX-99.1
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<P align="right" style="font-size: 10pt"><FONT style="font-size: 10pt">EXHIBIT&nbsp;99.1</FONT>



<P align="center" style="font-size: 10pt"><FONT style="font-size: 12pt"><B>Chunghwa Telecom Reports Un-Audited Consolidated Operating Results<BR>
for the First Quarter of 2017</B></FONT>



<P align="left" style="font-size: 12pt">TAIPEI, Taiwan, R.O.C. April&nbsp;27, 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 first quarter
of 2017. 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: 12pt"><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: 12pt"><B>First Quarter 2017 Financial Highlights</B>


<P align="left" style="font-size: 12pt; text-indent: 2%">**Total revenue decreased by 4.2% to NT$54.53&nbsp;billion.


<P align="left" style="font-size: 12pt; text-indent: 2%">**Mobile communications revenue decreased by 5.3% to NT$26.66&nbsp;billion.


<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="5%" 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 2.8% to NT$10.60
billion. In particular, mobile Internet revenue, the largest contributor to VAS
revenue, increased by 3.4%.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 12pt; text-indent: 5%"># Smart device sales revenue decreased by 7.6% to NT$7.29&nbsp;billion.


<P align="left" style="font-size: 12pt; text-indent: 2%">**Internet revenue increased by 3.8% to NT$6.90&nbsp;billion.


<P align="left" style="font-size: 12pt; text-indent: 2%">**Domestic fixed communications revenue decreased by 5.4% to NT$16.78&nbsp;billion.


<P align="left" style="font-size: 12pt; text-indent: 2%">**International fixed communications revenue decreased by 12.5% to NT$3.15&nbsp;billion.


<P align="left" style="font-size: 12pt; text-indent: 2%">**Total operating costs and expenses decreased by 0.4% to NT$42.99&nbsp;billion.


<P>
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<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">**</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Net income attributable to stockholders of the parent decreased by 17.7% to NT$9.61
billion.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 12pt; text-indent: 2%">**Basic earnings per share (EPS)&nbsp;was NT$1.24.


<P align="left" style="font-size: 12pt">Mr.&nbsp;Yu Cheng, Chairman and CEO of Chunghwa Telecom, stated, &#147;We continued to experience stable
financial and operating results in the first quarter of 2017. Our operating income, net income and
EPS, all outperformed our guidance during the quarter, primarily driven by our strong execution
upon our growth strategy of streamlining services and strengthening profitability. In particular,
in our mobile business, we maintained our leadership position with 37.3% market share in mobile
subscribers and 37.2% market share in mobile revenue. Going forward, we will focus more on heavy
data using customers by allocating more resources towards high-end bundled plans to strengthen our
subsidy efficiency and increase ARPU. In addition, for our ICT business, we are glad to see that
our recently launched IoT platform is enabling us to acquire additional enterprise customers by
leveraging its service application offering of information security, big data, cloud computing,
artificial intelligence and augmented reality. We will continue to capitalize on our competitive
advantages in this sector and further explore the enormous potential in 5G through continued
cooperation with our partners.&#148;


<P align="left" style="font-size: 12pt">Mr.&nbsp;Cheng continued, &#147;In the first quarter, we did experience certain customer turnover in mobile
and broadband businesses as a result of the intense market competition, but we are encouraged to
see that the loss rate is gradually declining as our new pricing plans gain traction. Looking
ahead, with our effective operational strategies and strong execution capabilities, as well as the
new initiatives in our major business lines, we are confident that we will continue to enhance our
business performance, solidify our market leadership position, and create incremental shareholder
value.&#148;


<P align="left" style="font-size: 12pt"><B>Revenue</B>
<BR>
Chunghwa Telecom&#146;s total revenues for the first quarter of 2017 decreased by 4.2% to NT$54.53
billion.


<P align="left" style="font-size: 12pt">Mobile communications revenue for the first quarter of 2017 decreased by 5.3% to NT$26.66&nbsp;billion.
This was mainly due to the decrease in mobile voice revenue and smart device sales, which was
partially offset by the continual growth of mobile VAS revenue. The decrease in mobile voice
revenue was mainly due to increased market competition and VoIP substitution.


<P align="left" style="font-size: 12pt">Internet business revenue for the first quarter of 2017 increased by 3.8% year over year to NT$6.90
billion. The increase was primarily attributable to higher data communications revenue and
application value-added service revenue.


<P align="left" style="font-size: 12pt">Domestic fixed revenue for the first quarter of 2017 decreased by 5.4% year over year to NT$16.78
billion, mainly due to lower local and DLD service revenue, which decreased by 7.2% and 8.8%,
respectively. The decrease in local and DLD service revenue was primarily driven by the increased
mobile and VoIP substitution. Broadband access revenue decreased by 2.0% to NT$4.73&nbsp;billion.&nbsp;


<P align="left" style="font-size: 12pt">International fixed revenue decreased by 12.5% to NT$3.15&nbsp;billion, mainly due to lower
international long distance revenue as a result of increased market competition.


<P align="left" style="font-size: 12pt"><B>Operating Costs and Expenses</B>
<BR>
Total operating costs and expenses for the first quarter of 2017 decreased by 0.4% year over year
to NT$42.99&nbsp;billion, mainly due to the lower interconnection expenses, ICT project costs, and
depreciation, which offset the higher marketing and commission expenses and amortization expense.


<P align="left" style="font-size: 12pt"><B>Operating Income and Net Income</B>
<BR>
Income from operations for the first quarter of 2017 decreased by 16.3% to NT$11.53&nbsp;billion. The
operating margin was 21.1%, as compared to 24.2% in the same period of 2016. Net income
attributable to stockholders of the parent increased by 17.7% to NT$9.61&nbsp;billion. Basic earnings
per share was NT$1.24.


<P align="left" style="font-size: 12pt"><B>Cash Flow and EBITDA</B>
<BR>
Cash flow from operating activities for the first quarter of 2017 increased by 64.1% to NT$10.65
billion, which was mainly due to the one-time cash contributions to the pension fund in the prior
year period in response to the update of the Labor Law in Taiwan.


<P align="left" style="font-size: 12pt">Cash and cash equivalents, as of March&nbsp;31<sup>st</sup>, 2017, increased by 10.0% to NT$38.02
billion as compared to that as of March&nbsp;31<sup>st</sup>, 2016.


<P align="left" style="font-size: 12pt">EBITDA for the first quarter of 2017 decreased by 10.5% to NT$19.61&nbsp;billion. EBITDA margin was
36.0%, as compared to 38.5% in the same period of 2016.


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


<P align="left" style="font-size: 12pt"><B>Broadband/HiNet</B>


<P align="left" style="font-size: 12pt">The Company continued to execute its strategy of encouraging FTTx migration. As of March
31<sup>st</sup>, 2017, the number of FTTx subscribers reached 3.51&nbsp;million, accounting for 78.5% of
the Company&#146;s total broadband users. Moreover, the number of subscribers signing up for speeds of
100Mbps or higher increased by 10.1% year over year, reaching more than 1.19&nbsp;million.&nbsp;


<P align="left" style="font-size: 12pt">HiNet broadband subscribers decreased by 0.3% year over year to 3.76&nbsp;million as of March
31<sup>st</sup>, 2017.


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


<P align="left" style="font-size: 12pt">As of March&nbsp;31<sup>st</sup>, 2017, Chunghwa Telecom had 10.76&nbsp;million mobile subscribers,
representing a 2.5% year-over-year decrease. The Company also had 7.00&nbsp;million mobile Internet
subscribers, representing an 11.5% year-over-year increase.


<P align="left" style="font-size: 12pt">As of March&nbsp;31<sup>st</sup>, 2017, the Company accumulated 7.12&nbsp;million 4G subscribers.


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


<P align="left" style="font-size: 12pt">As of March&nbsp;31<sup>st</sup>, 2017, the Company maintained its leading position in the fixed-line
market, with a total of 10.88&nbsp;million subscribers.


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


<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><BR>
<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><BR>
<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 our operating performance, (iii)&nbsp;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><BR>
<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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</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"><FONT style="font-size: 12pt"><B>About Chunghwa Telecom</B>
</FONT>

<P align="left" style="font-size: 12pt"><FONT 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. 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 our website at
http://www.cht.com.tw.
</FONT>
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    <TD width="62%">&nbsp;</TD>
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    <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>
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