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## E. Share Ownership 

As of March 31, 2011, our directors, supervisors and executive officers personally held an aggregate 677,196 shares of our common shares, representing around 0.01% of our outstanding common shares. The following table sets forth information with respect to the beneficial ownership of our common shares as of March 31, 2011 by each of our directors, supervisors and executive officers. 

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* Stockholder beneficially owns less than 1.0% of our outstanding common shares. 

## Employee Stock Subscription Program 

Under the Statute of Chunghwa Telecom Co., Ltd. and our articles of incorporation, whenever we issue new shares for cash, we must reserve up to 10% of the new shares for subscription by our employees. 

Our consolidated subsidiary, Senao, is publicly traded on the Taiwan Stock Exchange and maintains a stock incentive plan that grants to its employees options to purchase common stock of Senao. As of December 31, 2009 and 2010, participants in Senao’s stock incentive plan had outstanding stock options to purchase 9.3 million and 5.1 million common shares of Senao, respectively. 

## ITEM 7. MAJOR STOCKHOLDERS AND RELATED PARTY TRANSACTIONS 

## A. Major Stockholders 

The following table sets forth information known to us with respect to the beneficial ownership of our shares (i) as of April 1, 2011, the most recent practicable date and (ii) as of certain record dates in each of the preceding three years, for the stockholders known by us to own at least 5.0% of our outstanding common shares. Beneficial ownership is determined in accordance with Securities and Exchange Commission’s rules. 

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(1) Includes shares held through the Ministry of Transportation and Communications and other government- controlled entities 

