Page CHUNGHWATELECOM CO., LTD.  FORM 20-FANNUAL REPORT FISCALYEAR ENDED DECEMBER 31, 2011  TABLE OF CONTENTS  SUPPLEMENTAL INFORMATION .................................................................................................................................................. 2 FORWARD-LOOKING STATEMENTS IN THIS ANNUAL REPORT MAY NOT BE REALIZED .............................................. 2 PART I .................................................................................................................................................................................................. 4 ITEM 1.  IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS............................................. 5 ITEM 2.  OFFER STATISTICS AND EXPECTED TIMETABLE ................................................................................ 5 ITEM 3.  KEY INFORMATION .................................................................................................................................... 5 ITEM 4.  INFORMATION ON THE COMPANY ....................................................................................................... 20 ITEM 4A.  UNRESOLVED STAFF COMMENTS ........................................................................................................ 68 ITEM 5.  OPERATING AND FINANCIAL REVIEW AND PROSPECTS................................................................ 68 ITEM 6.  DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES ................................................................ 94 ITEM 7.  MAJOR STOCKHOLDERS AND RELATED PARTY TRANSACTIONS.............................................. 103 ITEM 8.  FINANCIAL INFORMATION ................................................................................................................... 104 ITEM 9.  THE OFFER AND LISTING ..................................................................................................................... 105 ITEM 10.  ADDITIONAL INFORMATION ............................................................................................................... 108 ITEM 11.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK ............................. 123 ITEM 12.  DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES ........................................... 125 PART II ............................................................................................................................................................................................ 128 ITEM 13.  DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES...................................................... 129 ITEM 14.  MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND  USE OF PROCEEDS.................................................................................................................................... 129 ITEM 15.  CONTROLS AND PROCEDURES ........................................................................................................... 129 ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT ......................................................................................... 131 ITEM 16B. CODE OF ETHICS ..................................................................................................................................... 131 ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES ............................................................................. 131