PART I 16 In addition, under the current laws of the Republic of China, you will be required to be registered as a  foreign investor with the Taiwan Stock Exchange for making investments in the Republic of China securities  market prior to your withdrawal and holding of common shares represented by the ADSs. You will be required to  appoint a local agent in Taiwan to, among other things, open a securities trading account with a local securities  brokerage firm and a bank account to remit funds, exercise stockholders’ rights and perform other functions as  holders of ADSs may designate. You must also appoint a local bank to act as custodian for handling confirmation  and settlement of trades, safekeeping of securities and cash proceeds and reporting and declaration of  information. Without the relevant registration and appointment of the local agent and custodian and the opening  of a securities trading account and bank account, you will not be able to hold, subsequently sell or otherwise  transfer our common shares withdrawn from the ADSs facilities on the Taiwan Stock Exchange.  Before 2009, we voluntarily published operating results guidance for the current fiscal year prepared  in accordance with R.O.C. GAAP. In 2009 and 2010, we published operating results guidance on a quarterly  basis. Beginning in 2011, we reverted to publishing our operating results guidance on an annual basis again and  no longer publish operating results guidance on a quarterly basis. These projections are based on a number of  estimates and assumptions and are inherently subject to significant uncertainties and contingencies, including  the risks factors described in this annual report. In particular, projections are forward-looking statements that  are necessarily speculative in nature, and it can be expected that one or more of the estimates on which the  projections were based will not materialize or will vary significantly from actual results, and such variances will  likely increase over time.  Our legal and commercial name is Chunghwa Telecom Co., Ltd. We were officially established on July 1,  1996 as part of the Republic of China government privatization efforts. Prior to our formation, we were operating  as a business unit of the Directorate General of Telecommunications. The common shares of the Company have  been listed on the Taiwan Stock Exchange under the number “2412” since October 2000 and its ADSs have been  listed on the New York Stock Exchange under the symbol “CHT” since July 2003. In August 2005, we became  a privatized company as the ownership of the Taiwan government was reduced to less than 50%. Today, we are  the largest full telecommunication service provider in Taiwan. Our principal executive offices are located at 21-3  Hsinyi Road, Section 1, Taipei, Taiwan, Republic of China, and our telephone number is (886) 2-2344-5488. Our  website address is  http://www.cht.com.tw.  The information on our website does not form a part of this annual  report.  We are the largest telecommunications service provider in Taiwan and one of the largest in Asia in terms of  revenues. As an integrated telecommunications service provider, our principal services include:  •  domestic fixed communications services, including local and domestic long distance telephone  services, broadband access services, local and domestic long distance leased line services,  multimedia on demand, or MOD, services, domestic data services and domestic other services;  •  mobile communications services, including mobile and paging services, sales of mobile handsets and  data cards and mobile other services;  •  internet services, including HiNet, our internet service provider, internet value-added services, data  communication services, internet data center services, and internet other services  ITEM 4.  INFORMATION ON THE COMPANY  A. History and Development of the Company  Our actual financial results may differ materially from our published yearly guidance. 