REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Stockholders of  Chunghwa Telecom Co., Ltd.  We have audited the accompanying consolidated balance sheets of Chunghwa Telecom Co., Ltd. and subsidiaries (the “Company”) as  of December 31, 2010 and 2011, and the related consolidated statements of income, changes in stockholders’ equity, and cash flows  for the years ended December 31, 2009, 2010 and 2011, all expressed in New Taiwan dollars. These financial statements are the  responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our  audits.  We conducted our audits in accordance with auditing standards generally accepted in the Republic of China and the standards of the  Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain  reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test  basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting  principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We  believe that our audits provide a reasonable basis for our opinion.  In our opinion, such consolidated financial statements present fairly, in all material respects, the financial position of Chunghwa  Telecom Co., Ltd. and subsidiaries as of December 31, 2010 and 2011, and the results of their operations and their cash flows for  the years ended December 31, 2009, 2010 and 2011, in conformity with accounting principles generally accepted in the Republic of  China. Accounting principles generally accepted in the Republic of China vary in certain significant respects from accounting principles  generally accepted in the United States of America. Information relating to the nature and effect of such differences is presented in  Note 36 to the consolidated financial statements.  Our audits also comprehended the translation of New Taiwan dollar amounts into U.S. dollar amounts and, in our opinion, such  translation has been made in conformity with the basis stated in Note 3. Such U.S. dollar amounts are presented solely for the  convenience of the readers.  We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the  Company’s internal control over financial reporting as of December 31, 2011, based on the criteria established in Internal Control  Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated April  16, 2012 expressed an unqualified opinion on the Company’s internal control over financial reporting. PART III Deloitte & Touche Taipei, Taiwan The Republic of China April 16, 2012 F-1