that also ensure effective deployment of our assets. Our third priority is to return cash to our shareholders through our stable  dividend policy, which has remained consistent throughout the years. With our sound balance sheet and zero debt, we are  quite confident that we have the necessary financial flexibility to meet all of our growth investment needs while also returning  the capital to our shareholders.  With our experience, leading market position and continued investment in technology, Chunghwa Telecom is well-positioned  to further solidify its position as a trusted 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. Continuing our firm  commitment to sharing our successes with our shareholders, we will continue our stable dividend policy. I want to thank our  shareholders, customers, partners and vendors for their continued support, and am looking forward to reporting our future  successes. Sincerely,  Shaio-Tung Chang President Shyue-Ching Lu  Chairman and Chief Executive Officer 