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## • Investments for Growth 

The large portion of our capital expenditure has been on broadband, as we build out our fiber network and migrate customers from ADSL to fiber. We are excited for the increased access and capabilities that the completion of this project will bring. We also invested in our mobile business, improving our high-speed coverage and maintaining the high quality of the network. Moving forward, our investments will be in broadband infrastructure and in innovative services; we will build platforms upon which young generations can innovate, grow, build and realize their creative personal and professional dreams. Our goal is to set the stage for our customers’ future successes and as individuals and companies transform the way that they communicate and utilize technology, our focus will be on building our leading telecommunications market positions, while also developing a sustainable and profitable non-voice revenue stream. 

Our entire company is highly motivated to continually improve; we are motivated by each other’s successes and this kind of corporate culture continues to foster success. With our experience, leading market position and continued investment in technology, Chunghwa Telecom is well- positioned to further solidify our leading position as an information and communications service provider. I am extremely proud of our entire team for each accomplishment and achievement made during the year; it was truly a team effort. We remain dedicated to sharing our successes with our shareholders, and in that vein, we will continue our strong shareholder return policy with a total shareholder return of NT$ 49.1 billion in 2010. I want to thank our shareholders, customers, partners and vendors for their continued support, and am looking forward to reporting our future successes. 

Sincerely, 

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