An additional capital reduction plan approved at the general shareholders’ meeting on June 18, 2010 was executed in 2011.  The last trading date for our old shares was January 6, 2011. Trading of our shares was suspended in the Taiwan Stock Exchange  from January 7 to January 24, 2011. Trading of our new shares commenced on January 25, 2011. The amount of the capital reduction  was NT$19,393,616,360, corresponding to 1,939,361,636 common shares of total listed common shares—a reduction ratio of 20%.  Every thousand shares were converted to 800 shares. For the fractional common shares resulting from the capital reduction, we paid  the stockholder cash based on the closing price on January 6, 2011, which was NT$73.1, rounded off to the nearest whole NT dollar.  After the capital reduction, the share price was restated in accordance with Article 67-1 of the Operating Rules of the Taiwan Stock  Exchange Corporation.  (1)  The historical prices and volumes of our common shares traded on the Taiwan Stock Exchange have been adjusted based on  prior cash dividend payments, capital increases and capital reductions.  Our ADSs have been listed on the New York Stock Exchange under the symbol “CHT” since July 17, 2003. The outstanding  ADSs are identified by the CUSIP number 17133Q502. The table below shows, for the periods indicated, the high and low closing  prices and the average daily volume of trading activity on the New York Stock Exchange for our ADSs. The closing price for our  ADSs on the New York Stock Exchange on April 13, 2012 was US$30.52 per ADS. Each of our ADSs represents the right to receive  ten shares.  P AR T I 104 Market Price Information for Our American Depositary Shares  Closing price per  common share(1) Average daily  trading volume High Low NT$ NT$ (in thousands) 2007  62.83 49.75 9,320 2008  73.84 54.98 23,035 2009  70.17 58.43 20,048 2010  88.57 64.37 13,142 First Quarter  70.05 64.37 10,824 Second Quarter  69.36 65.67 12,341 Third Quarter  80.83 69.69 14,825 Fourth Quarter  88.57 80.49 14,251 2011  104.48 82.35 14,355 First Quarter  87.00 82.35 12,209 Second Quarter  94.41 85.86 14,108 Third Quarter  104.48 94.70 18,535 Fourth Quarter  103.50 98.50 12,256 October  102.00 98.50 12,847 November  103.50 99.50 14,076 December  101.50 99.70 9,898 2012 (through April 13)  100.00 90.10 20,549 First Quarter  100.00  90.10 22,153 January  100.00 94.90 26,534 February  96.50 90.10 27,405 March   92.70  90.20 14,730 Second Quarter (through April 13)  90.90 90.40 10,214 April (through April 13)  90.90 90.40 10,214