Letter to Shareholders  2011 marked another year of continued execution across our core business segments and significant progress on our key  long-term growth drivers. Against a global backdrop of new technology advances and ongoing adoption of more intelligent,  integrated and innovative fixed-line and mobile broadband applications by both consumers and businesses, Chunghwa  Telecom solidified its position as the most trusted and reliable telecom company in Taiwan. Our key focus in 2011 remained on the expansion of our customer base for fixed-line and mobile broadband solutions, and  further development of our value-added service (VAS) offering. In addition, we made significant progress on the roll-out of  our Multimedia-on-Demand offering (MOD). We are proud to announce that we achieved significant milestones in many  of our key focus areas, having reached over 1 million customers for our MOD service and over 10 million subscribers in  our mobile business, representing a new record in Taiwan. Leveraging on the solid progress on our core business segments,  we also made further strides throughout the year on our new initiatives including our corporate ICT offering, convergence  services and cloud computing solutions. For 2011, our total consolidated revenue for the full year increased by 7.4% year-over-year to NT$217.49 billion, of which  42.8% was from the mobile business, 36.5% was from the domestic fixed business, 11.4% was from the internet business,  7.0% was from the international fixed business, and the remainder was from our other business segment. Our Company’s  revenue growth in 2011 was driven primarily by growth in mobile VAS revenue and handset sales relating to strong uptake  of smartphone devices as well as increase in fixed line revenue resulting from the shift in the pricing right of a fixed-to- mobile call from mobile operators to fixed network operators. EBITDA for 2011 decreased by 4.4% to NT$87.37 billion and  operating profit decreased by 4.0% to NT$55.08 billion, mainly as a result of the interconnection costs and transition fees  resulting from the shift in pricing right of fixed-to-mobile calls, the increase in costs of handset sold and the maintenance and  material expenses for mobile internet and broadband operation.  Customer demand for more robust and content-rich mobile access has reached a new high in Taiwan, as demonstrated  by increasing smartphone adoption. For the full year, the percentage of Smartphones among all handsets sold reached  over 48%. The surge in Smartphone adoption and overall healthy demand for mobile internet access supported our full  year results for this segment. Mobile internet customer growth of over 694 thousand subscribers in 2011 brought our  total subscriber count for the year to more than 1.5 million, representing over 86% growth over 2010. We expect to reach  2.2 million mobile internet customers by the end of 2012. Nevertheless, the surge of mobile internet usage resulted in  network congestion in some hotspots. To response to customers’ expectation of quality service, we offered discounts as  compensation to subscribers whose monthly data usage is no more than 1GB.  In order to keep pace with this high level of demand, we are constantly expanding our network coverage and the capacity  of our mobile network, including expanded development of WiFi hot spots in certain key geographic areas with especially  high traffic and usage levels. We have built about 20,000 WiFi APs by 2011 and will continue the development to 30,000  WiFi APs as needed to support our mobile network. Underpinned by our robust mobile platform, we have continued to  expand our rich content offering through the development of our Hami platform, our primary VAS brand in the mobile  space. On top of Hami platform, we offer Hami Apps, now totaling over 3,390. Moreover, Hami bookstore, Hami music  and Hami video services, which allow subscribers to download continuously enriched contents, are also available on Hami  platform. Mobile access to multi-media, applications and information has evolved into a near necessity of daily life, and  our robust Hami offering is proving to be a valuable asset and customer draw. In addition, we are working to expand our already comprehensive device line-up. In December 2011, we announced  the launch of iPhone 4S pre-registration, and the response has been nothing short of phenomenal, with over 200,000  customers pre-registering. That represents a record high for any single device launch in Taiwan, and it indicates the  2011 Highlights  ● Mobile To all of our shareholders, 