Exhibit 99.4

Chunghwa Telecom Co., Ltd. and

Subsidiaries

Consolidated Financial Statements for the

Nine Months Ended September 30, 2013 and 2012

1

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In Thousands of New Taiwan Dollars)

	September 30, 2013				December 31, 2012				September 30, 2012				January 1, 2012
ASSETS	Amount		%		Amount		%		Amount		%		Amount		%
	(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)
CURRENT ASSETS
Cash and cash equivalents	$	34,749,913		8	$	30,938,472		7	$	31,488,277		7	$	26,407,196		6
Financial assets at fair value through profit or loss		363		—		2,994		—		32,678		—		45,750		—
Available-for-sale financial assets		16,880		—		2,250,260		—		2,390,784		1		2,498,712		1
Held-to-maturity financial assets		4,689,694		1		4,250,146		1		2,981,338		1		1,201,301		—
Trade notes and accounts receivable, net		24,344,606		6		24,354,817		6		24,400,896		6		22,396,071		5
Accounts receivable from related parties, net		48,365		—		43,937		—		28,215		—		34,064		—
Inventories		8,087,099		2		7,196,101		2		4,059,109		1		4,822,154		1
Prepayment		5,071,640		1		1,985,706		—		4,942,974		1		1,888,643		—
Other current monetary assets		4,775,749		1		24,449,195		6		9,103,345		2		43,050,748		10
Other current assets		3,987,212		1		4,474,595		1		4,641,999		1		3,039,836		1
Total current assets		85,771,521		20		99,946,223		23		84,069,615		20		105,384,475		24
NONCURRENT ASSETS
Available-for-sale financial assets		5,497,309		1		5,746,176		1		5,877,955		1		2,817,964		1
Held-to-maturity financial assets		8,923,153		2		11,796,144		3		14,005,461		3		13,494,891		3
Investments accounted for using equity method		2,328,385		1		2,191,836		—		2,645,841		1		2,519,741		—
Property, plant and equipment		296,810,800		70		297,342,349		68		293,482,780		70		295,031,831		67
Investment properties		7,776,464		2		7,788,898		2		7,812,704		2		9,060,081		2
Intangible assets		5,361,802		1		5,781,803		1		5,844,043		1		6,278,175		1
Deferred income tax assets		1,377,499		1		1,311,363		—		996,989		—		1,062,042		—
Prepayments		3,555,222		1		3,554,235		1		3,517,822		1		3,546,976		1
Other noncurrent assets		5,505,429		1		4,596,529		1		3,996,637		1		3,858,165		1
Total noncurrent assets		337,136,063		80		340,109,333		77		338,180,232		80		337,669,866		76
TOTAL	$	422,907,584		100	$	440,055,556		100	$	422,249,847		100	$	443,054,341		100

2

	September 30, 2013					December 31, 2012				September 30, 2012				January 1, 2012
LIABILITIES AND STOCKHOLDERS’ EQUITY	Amount			%		Amount		%		Amount		%		Amount		%
	(Unaudited)					(Unaudited)				(Unaudited)				(Unaudited)
CURRENT LIABILITIES
Short-term loans	$	1,075,222			—	$	111,473		—	$	130,000		—	$	75,000		—
Financial liabilities at fair value through profit or loss		671			—		1,959		—		222		—		3,987		—
Trade notes and accounts payable		12,376,159			3		13,513,437		3		12,346,431		3		14,264,769		3
Payables to related parties		466,268			—		837,330		—		477,043		—		788,147		—
Current tax liabilities		5,073,998			1		7,139,382		2		4,438,208		1		8,043,530		2
Other payables		22,664,934			5		26,101,780		6		21,977,541		5		26,302,261		6
Provisions		114,242			—		221,245		—		128,800		—		148,050		—
Advance receipts		9,748,057			2		10,193,988		2		10,030,294		2		11,501,721		3
Current portion of long-term loans		—			—		8,372		—		33,489		—		701,887		—
Other current liabilities		1,577,680			1		1,597,476		—		1,799,254		1		1,954,963		1
Total current liabilities		53,097,231			12		59,726,442		13		51,361,282		12		63,784,315		15
NONCURRENT LIABILITIES
Long-term loans		1,700,000			1		2,050,000		1		1,650,000		1		1,058,372		—
Deferred income taxes liabilities		99,069			—		102,396		—		134,413		—		115,068		—
Provisions		135,301			—		44,909		—		39,810		—		34,002		—
Customers’ deposits		4,831,012			1		4,911,010		1		4,870,073		1		5,013,981		1
Accrued pension liabilities		4,799,621			1		4,583,148		1		3,011,873		1		2,956,402		1
Deferred revenue		3,767,384			1		3,838,854		1		3,538,846		1		3,887,813		1
Other noncurrent liabilities		1,315,382			—		1,312,630		—		1,257,487		—		865,644		—
Total noncurrent liabilities		16,647,769			4		16,842,947		4		14,502,502		4		13,931,282		3
Total liabilities		69,745,000			16		76,569,389		17		65,863,784		16		77,715,597		18
EQUITY ATTRIBUTABLE TO STOCKHOLDERS OF THE PARENT
Common stock		77,574,465			18		77,574,465		18		77,574,465		18		77,574,465		17
Additional paid-in capital		163,291,679			39		168,877,280		38		168,876,018		40		168,872,387		38
Retained earnings
Legal reserve		74,819,380			18		70,828,983		16		70,828,983		17		66,122,145		15
Special reserve		2,675,894			1		2,675,894		1		2,675,894		1		2,675,894		1
Unappropriated earnings		30,512,286			7		39,036,204		9		32,103,414		7		45,888,588		10
Total retained earnings		108,007,560			26		112,541,081		26		105,608,291		25		114,686,627		26
Other adjustments		(245,168	)		—		161,061		—		239,707		—		28,756		—
Total equity attributable to stockholders of the parent		348,628,536			83		359,153,887		82		352,298,481		83		361,162,235		81
NONCONTROLLING INTERESTS		4,534,048			1		4,332,280		1		4,087,582		1		4,176,509		1
Total stockholders’ equity		353,162,584			84		363,486,167		83		356,386,063		84		365,338,744		82
TOTAL	$	422,907,584			100	$	440,055,556		100	$	422,249,847		100	$	443,054,341		100

The accompanying note is an integral part of the consolidated financial statements.

3

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In Thousands of New Taiwan Dollars, Except Earnings Per Share)

	For the Three Months Ended September 30											For the Nine Months Ended September 30
	2013					2012						2013					2012
	Amount			%		Amount			%			Amount			%		Amount			%
	(Unaudited)					(Unaudited)						(Unaudited)					(Unaudited)
REVENUES	$	56,723,304			100	$	55,284,607			100		$	169,178,253			100	$	165,168,978			100
OPERATING COSTS		35,789,479			63		34,607,909			63			108,519,223			64		104,702,702			63
GROSS PROFIT		20,933,825			37		20,676,698			37			60,659,030			36		60,466,276			37
OPERATING EXPENSES
Marketing		6,374,607			11		6,120,239			11			18,326,589			11		15,947,355			9
General and administrative		1,039,520			2		945,695			1			3,099,503			2		2,969,952			2
Research and development		922,176			2		957,458			2			2,724,972			2		2,743,066			2
Total operating expenses		8,336,303			15		8,023,392			14			24,151,064			15		21,660,373			13
OTHER INCOME AND EXPENSE		(12,005	)		—		(9,457	)		—			(24,176	)		—		(1,266,280	)		(1	)
INCOME FROM OPERATIONS		12,585,517			22		12,643,849			23			36,483,790			21		37,539,623			23
NON-OPERATING INCOME AND EXPENSES
Interest income		146,630			—		183,333			1			471,040			—		586,191			1
Other revenue		127,762			—		108,662			—			266,637			—		281,351			—
Other gains and losses		(3,497	)		—		(42,038	)		—			(52,208	)		—		(38,048	)		—
Finance costs		(9,573	)		—		(5,204	)		—			(23,920	)		—		(16,030	)		—
Share of the profit of associates and jointly controlled entities accounted for using the equity method		208,900			1		165,287			—			541,417			1		465,718			—
Total non-operating income and expenses		470,222			1		410,040			1			1,202,966			1		1,279,182			1
INCOME BEFORE INCOME TAX		13,055,739			23		13,053,889			24			37,686,756			22		38,818,805			24
INCOME TAX EXPENSE		3,174,885			6		3,052,853			6			5,339,152			3		4,659,242			3
NET INCOME		9,880,854			17		10,001,036			18			32,347,604			19		34,159,563			21
OTHER COMPREHENSIVE INCOME (LOSS), NET
Items that will not be reclassified to profit or loss:
Share of remeasurements of defined benefit pension plans of associates		—			—		—			—			(39,598	)		—		—			—
Items that may be reclassified subsequently to profit or loss:
Unrealized gain (loss) on available-for-sale financial assets		(70,853	)		—		(306,033	)		(1	)		(404,170	)		—		246,505			—
Exchange differences arising from the translation of the foreign operations		(72,259	)		—		(21,253	)		—			17,553			—		(41,282	)		—

(Continued)

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CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In Thousands of New Taiwan Dollars, Except Earnings Per Share)

	For the Three Months Ended September 30											For the Nine Months Ended September 30
	2013					2012						2013					2012
	Amount			%		Amount			%			Amount			%		Amount		%
	(Unaudited)					(Unaudited)						(Unaudited)					(Unaudited)
Share of exchange differences arising from the translation of the foreign operations of associates	$	(305	)		—	$	(1,886	)		—		$	2,993			—	$	13		—
Income tax relating to each component of other comprehensive income		(3,493	)		—		—			—			(3,382	)		—		—		—
		(146,910	)		—		(329,172	)		(1	)		(387,006	)		—		205,236		—
Total other comprehensive income (loss), net		(146,910	)		—		(329,172	)		(1	)		(426,604	)		—		205,236		—
TOTAL COMPREHENSIVE INCOME	$	9,733,944			17	$	9,671,864			17		$	31,921,000			19	$	34,364,799		21
NET INCOME ATTRIBUTABLE TO
Stockholders of the parent	$	9,661,538			17	$	9,754,208			18		$	31,419,176			19	$	33,283,528		20
Noncontrolling interests		219,316			—		246,828			—			928,428			—		876,035		1
	$	9,880,854			17	$	10,001,036			18		$	32,347,604			19	$	34,159,563		21
COMPREHENSIVE INCOME ATTRIBUTABLE TO
Stockholders of the parent	$	9,519,368			17	$	9,432,025			17		$	30,973,349			18	$	33,494,479		20
Noncontrolling interests		214,576			—		239,839			—			947,651			1		870,320		1
	$	9,733,944			17	$	9,671,864			17		$	31,921,000			19	$	34,364,799		21
EARNINGS PER SHARE
Basic	$	1.25				$	1.26					$	4.05				$	4.29
Diluted	$	1.25				$	1.26					$	4.04				$	4.28

The accompanying note is an integral part of the consolidated financial statements. (Concluded)

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CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(In Thousands of New Taiwan Dollars)

	Equity Attributable to Stockholders of the Parent
	Common Stock		Additional Paid-in Capital									Other Adjustments								Noncontrolling Interests			Total Stockholders’ Equity
												Exchange Differences Arising from the Translation of the Foreign Operations			Unrealized Gain (Loss) on Available-for-sale Financial Assets		Total Equity Attributable to Stockholders’ Equity
					Retained Earnings
					Legal Reserve		Special Reserve		Unappropriated Earnings
BALANCE, JANUARY 1, 2012 (UNAUDITED)	$	77,574,465	$	168,872,387	$	66,122,145	$	2,675,894	$	45,888,588		$	(38,918	)	$	67,674	$	361,162,235		$	4,176,509		$	365,338,744
Appropriation of 2011 earnings
Legal reserve (unaudited)		—		—		4,706,838		—		(4,706,838	)		—			—		—			—			—
Cash dividends paid by Chunghwa (unaudited)		—		—		—		—		(42,361,864	)		—			—		(42,361,864	)		—			(42,361,864	)
Cash dividends paid by subsidiaries to noncontrolling interests (unaudited)		—		—		—		—		—			—			—		—			(887,457	)		(887,457	)
Net income for the nine months ended September 30, 2012 (unaudited)		—		—		—		—		33,283,528			—			—		33,283,528			876,035			34,159,563
Other comprehensive income for the nine months ended September 30, 2012 (unaudited)		—		—		—		—		—			(33,254	)		244,205		210,951			(5,715	)		205,236
Total comprehensive income for the nine months ended September 30, 2012 (unaudited)		—		—		—		—		33,283,528			(33,254	)		244,205		33,494,479			870,320			34,364,799
Exercise of employee stock option of subsidiaries (unaudited)		—		3,631		—		—		—			—			—		3,631			35,481			39,112
Decrease in noncontrolling interests (unaudited)		—		—		—		—		—			—			—		—			(107,271	)		(107,271	)
BALANCE, SEPTEMBER 30, 2012 (UNAUDITED)	$	77,574,465	$	168,876,018	$	70,828,983	$	2,675,894	$	32,103,414		$	(72,172	)	$	311,879	$	352,298,481		$	4,087,582		$	356,386,063

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	Equity Attributable to Stockholders of the Parent
	Common Stock		Additional Paid-in Capital										Other Adjustments									Noncontrolling Interests			Total Stockholders’ Equity
													Exchange Differences Arising from the Translation of the Foreign Operations			Unrealized Gain (Loss) on Available-for-sale Financial Assets			Total Equity Attributable to Stockholders’ Equity
						Retained Earnings
						Legal Reserve		Special Reserve		Unappropriated Earnings
BALANCE, JANUARY 1, 2013 (UNAUDITED)	$	77,574,465	$	168,877,280		$	70,828,983	$	2,675,894	$	39,036,204		$	(96,930	)	$	257,991		$	359,153,887		$	4,332,280		$	363,486,167
Appropriation of 2012 earnings
Legal reserve (unaudited)		—		—			3,990,397		—		(3,990,397	)		—			—			—			—			—
Cash dividends paid by Chunghwa (unaudited)		—		—			—		—		(35,913,099	)		—			—			(35,913,099	)		—			(35,913,099	)
Cash dividends paid by subsidiaries to noncontrolling interests (unaudited)		—		—			—		—		—			—			—			—			(811,296	)		(811,296	)
Cash distributed from capital surplus (unaudited)		—		(5,589,240	)		—		—		—			—			—			(5,589,240	)		—			(5,589,240	)
Net income for the nine months ended September 30, 2013 (unaudited)		—		—			—		—		31,419,176			—			—			31,419,176			928,428			32,347,604
Other comprehensive income for the nine months ended September 30, 2013 (unaudited)		—		—			—		—		(39,598	)		3,305			(409,534	)		(445,827	)		19,223			(426,604	)
Total comprehensive income for the nine months ended September 30, 2013 (unaudited)		—		—			—		—		31,379,578			3,305			(409,534	)		30,973,349			947,651			31,921,000
Exercise of employee stock option of subsidiaries (unaudited)		—		3,658			—		—		—			—			—			3,658			32,878			36,536
Compensation cost of employee stock options of a subsidiary (unaudited)		—		—			—		—		—			—			—			—			45,303			45,303
Employee stock bonus issued by a subsidiary (unaudited)		—		(19	)		—		—		—			—			—			(19	)		2,468			2,449
Decrease in noncontrolling interests (unaudited)		—		—			—		—		—			—			—			—			(15,236	)		(15,236	)
BALANCE, SEPTEMBER 30, 2013 (UNAUDITED)	$	77,574,465	$	163,291,679		$	74,819,380	$	2,675,894	$	30,512,286		$	(93,625	)	$	(151,543	)	$	348,628,536		$	4,534,048		$	353,162,584

The accompanying note is an integral part of the consolidated financial statements.

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CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands of New Taiwan Dollars)

	For the Nine Months Ended September 30
	2013			2012
	(Unaudited)			(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Income before income tax	$	37,686,756		$	38,818,805
Adjustments to reconcile income before income tax to net cash provided by operating activities:
Depreciation		23,110,206			23,338,746
Amortization		914,917			833,504
Provision for (reversal of) doubtful accounts		173,374			(1,450,406	)
Interest expenses		23,920			16,030
Interest income		(471,040	)		(586,191	)
Dividend income		(43,989	)		(18,883	)
Compensation cost of employee share options		45,303			—
Share of the profit of associates and jointly controlled entities accounted for using equity method		(541,417	)		(465,718	)
Impairment loss on available-for-sale financial assets		28,692			138,393
Impairment loss on goodwill		18,055			—
Provision for inventory and obsolescence		133,054			14,455
Impairment loss on property, plant and equipment		2,262			—
Impairment loss on investment properties		—			1,261,365
Gain on disposal of financial instruments		(76,291	)		(65,343	)
Loss on disposal or abandonment of property, plant and equipment		21,914			4,915
Valuation loss (gain) on financial assets and liabilities at fair value through profit or loss, net		1,075			(31,282	)
Gain on foreign exchange		(7,881	)		(18,491	)
Changes in operating assets and liabilities:
Decrease (increase) in:
Financial assets held for trading		9,361			27,689
Trade notes and accounts receivable		(155,459	)		(540,259	)
Receivables from related parties		(4,428	)		5,849
Inventories		(1,024,052	)		748,590
Other current monetary assets		(216,867	)		299,217
Prepayments		(3,086,921	)		(3,025,177	)
Other current assets		517,357			(1,588,255	)
Increase (decrease) in:
Trade notes and accounts payable		(1,137,278	)		(1,837,280	)
Payables to related parties		(371,062	)		(311,104	)
Other payables		(2,750,149	)		(4,332,435	)
Provisions		(16,611	)		(73,498	)
Advance receipts		(366,646	)		(1,097,699	)
Other current liabilities		(29,394	)		(89,872	)
Deferred revenue		(71,470	)		(348,967	)
Accrued pension liabilities		216,473			55,471
Cash generated from operations		52,531,764			49,682,169

(Continued)

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CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands of New Taiwan Dollars)

	For the Nine Months Ended September 30
	2013			2012
	(Unaudited)			(Unaudited)
Interest paid	$	(24,004	)	$	(22,988	)
Income tax paid		(7,503,973	)		(8,170,675	)
Net cash provided by operating activities		45,003,787			41,488,506
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of designated financial assets at fair value through profit or loss		—			(29,548	)
Proceeds from disposal of designated financial assets at fair value through profit or loss		—			81,997
Acquisition of available-for-sale financial assets		(1,797,917	)		(4,488,250	)
Proceeds from disposal of available-for-sale financial assets		3,989,443			1,646,648
Acquisition of time deposits and negotiable certificate of deposit with maturities of more than three months		(17,845,775	)		(13,890,427	)
Proceeds from disposal of time deposits and negotiable certificate of deposit with maturities of more than three months		37,724,255			47,537,609
Acquisition of held-to-maturity financial assets		—			(3,865,172	)
Proceeds from disposal of held-to-maturity financial assets		2,396,950			1,525,895
Capital reduction of available-for-sale financial assets		18,000			20,000
Proceeds from disposal of hedging derivative assets		15,288			—
Derecognition of hedging derivative liabilities		(108,433	)		—
Acquisition of investments accounted for using equity method		(60,000	)		(25,912	)
Capital reduction of associates		16,387			—
Acquisition of property, plant and equipment		(23,307,270	)		(22,556,002	)
Proceeds from disposal of property, plant and equipment		35,847			33,025
Acquisition of intangible assets		(511,871	)		(399,376	)
Decrease (increase) in noncurrent assets		(910,676	)		241,724
Interest received		539,364			618,459
Cash dividends received		424,437			313,741
Net cash provided by investing activities		618,029			6,764,411
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term loans		1,238,522			615,000
Repayment of short-term loans		(274,773	)		(560,000	)
Repayment of long-term loans		(358,372	)		(76,770	)
Customers’ deposits refunded		(70,400	)		(82,888	)
Increase (decrease) in other noncurrent liabilities		(76,533	)		70,516
Cash dividends and cash distributed from additional paid-in capital		(41,502,339	)		(42,361,864	)
Proceeds from exercise of employee stock option granted by subsidiary		36,536			39,112

(Continued)

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CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands of New Taiwan Dollars)

	For the Nine Months Ended September 30
	2013			2012
	(Unaudited)			(Unaudited)
Cash dividends paid by subsidiaries to noncontrolling interests	$	(811,296	)	$	(887,457	)
Change in other noncontrolling interests		(14,850	)		—
Net cash used in financing activities		(41,833,505	)		(43,244,351	)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS		23,130			72,515
NET INCREASE IN CASH AND CASH EQUIVALENTS		3,811,441			5,081,081
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		30,938,472			26,407,196
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	34,749,913		$	31,488,277

The accompanying note is an integral part of the consolidated financial statements. (Concluded)

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CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

NOTE TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 AND 2012

(In Thousands of New Taiwan Dollars)

1. DISCLOSURE FOR FIRST-TIME ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS

a. Basis of the preparation of financial information under International Financial Reporting Standards

The consolidated financial statements for the nine months ended September 30, 2013 are reported under International Financial Reporting Standards (“IFRSs”) as issued by International Accounting Standards Board (“IASB”). As the basis of the preparation, the Company complied with IFRS 1 “First-time adoption of International Financial Reporting Standards”.

b. Based on IFRS 1 “First-time adoption of International Financial Reporting Standards”, when the Company first adopts IFRSs, the Company should apply the IFRSs to establish its accounting policies, to prepare its financial statements and make required adjustments retroactively to the transition date (January 1, 2012). IFRS 1 provided several optional exemptions. The main exemptions adopted by the Company were discussed as follows:

1) Business combination

The Company elected not to apply IFRS 3 retrospectively to business combinations which occurred on or before December 31, 2011.

2) Share-based payment transactions

The Company elected not to apply IFRS 2 retrospectively to the share-based payment transactions which were granted and vested on or before December 31, 2011.

3) Deemed costs

The Company elected to measure its revalued land at the date of transition to IFRSs at its revalued amount determined under accounting principles generally accepted in the Republic of China (“ROC GAAP”) as its deemed cost. The other property, plant and equipment, investment properties and intangible assets were measured under a cost model under IFRSs.

4) Employee benefits

The Company elected to recognize all unrecognized cumulative actuarial gains and losses as retained earnings as of January 1, 2012.

The impacts of the aforementioned optional exemptions were included in the following part d of “explanation for the adjustments of IFRSs transition”.

c. Impacts after transition to IFRSs

Except for the following tables, please refer to Note 1 to the consolidated financial statement as of and for the three months ended March 31, 2013 for impacts on the consolidated financial statements after transition to IFRSs.

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The impacts on the consolidated balance sheet and the consolidated statements of comprehensive income after transition to IFRSs are as follows:

1) Reconciliation of consolidated balance sheet as of September 30, 2012

			Adjustments						IFRSs			Notes
ROC GAAP			Differences in Recognitions and			Differences in
Items	Amount		Measurements			Presentations			Amount		Items
Current assets	$	84,992,991	$	—		$	(923,376	)	$	84,069,615	Current assets	4), 15)
Investments accounted for using equity method		2,687,936		(42,095	)		—			2,645,841	Investments accounted for using equity method	10),12), 14)
Financial assets carried at cost		2,616,087		—			(2,616,087	)		—	Financial assets carried at cost	15)
Available-for-sale financial assets		3,261,868		—			2,616,087			5,877,955	Available-for-sale financial assets	15)
Held-to-maturity financial assets		14,005,461		—			—			14,005,461	Held-to-maturity financial assets
Other monetary assets		1,000,000		—			(1,000,000	)		—		15)
Property, plant and equipment		299,809,041		—			(6,326,261	)		293,482,780	Property, plant and equipment	1), 2), 15)
		—		—			7,812,704			7,812,704	Investment properties	1), 2)
Intangible assets		5,872,131		(64,553	)		36,465			5,844,043	Intangible assets	15)
Other assets		7,605,886		465,633			439,929			8,511,448	Other noncurrent assets	1), 2), 4), 5), 6), 15)
Total	$	421,851,401	$	358,985		$	39,461		$	422,249,847	Total
Current liabilities	$	48,936,714	$	3,366,984		$	(942,416	)	$	51,361,282	Current liabilities	7), 8), 14)
Noncurrent liabilities		11,068,608		2,357,031			1,076,863			14,502,502	Noncurrent liabilities	4), 5), 6), 7), 8)
Reserve for land value incremental tax		94,986		—			(94,986	)		—		4)
Total liabilities		60,100,308		5,724,015			39,461			65,863,784	Total liabilities
Common stock		77,574,465		—			—			77,574,465	Common stock
Additional paid-in capital		169,542,532		(666,514	)		—			168,876,018	Additional paid-in capital	6), 8), 11), 12), 13)
Retained earnings		104,462,712		1,145,579			—			105,608,291	Retained earnings	3), 5), 6), 7), 8), 10), 11), 12), 13), 14)
Other adjustments		5,964,503		(5,724,796	)		—			239,707	Other adjustments	3), 6), 10)
Total equity attributable to stockholders of the parent		357,544,212		(5,245,731	)		—			352,298,481	Total equity attributable to shareholders of the parent
Minority interests in subsidiaries		4,206,881		(119,299	)		—			4,087,582	Noncontrolling interests	5), 6), 10), 11), 14)
Total stockholders’ equity		361,751,093		(5,365,030	)		—			356,386,063	Total shareholders’ equity
Total	$	421,851,401	$	358,985		$	39,461		$	422,249,847	Total

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2) Reconciliation of consolidated statement of comprehensive income for the nine months ended September 30, 2012

				Adjustments						IFRSs				Notes
ROC GAAP				Differences in Recognitions and			Differences in
Items	Amount			Measurements			Presentations			Amount			Items
Net revenues	$	164,008,760		$	1,160,218		$	—		$	165,168,978		Revenues	7), 8), 9)
Operating costs		(104,375,603	)		(326,247	)		(852	)		(104,702,702	)	Operating costs	6), 7), 9), 16)
Gross profits		59,633,157			833,971			(852	)		60,466,276		Gross profit
Operating expenses		(21,759,339	)		70,194			28,772			(21,660,373	)	Operating expenses	6), 7), 9), 11), 16)
		—			—			(1,266,280	)		(1,266,280	)	Other income and expense	16)
Income from operations		37,873,818			904,165			(1,238,360	)		37,539,623		Income from operations
Non-operating income and losses		9,421			3,330			1,266,431			1,279,182		Non-operating income and expenses	3), 10), 12), 14), 16)
Income before income tax		37,883,239			907,495			28,071			38,818,805		Income before income tax
Income tax expense		(6,066,681	)		1,435,510			(28,071	)		(4,659,242	)	Income tax expenses	5), 14), 16)
Consolidated net income	$	31,816,558		$	2,343,005		$	—			34,159,563		Net income
													Items that may be reclassified subsequently to profit or loss:
											246,505		Unrealized gain on available-for-sale financial assets
											(41,282	)	Exchange differences arising from the translation of the foreign operations
											13		Share of exchange differences arising from the translation of the foreign operations of associates
											205,236		Total other comprehensive income
										$	34,364,799		Total comprehensive income

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3) Reconciliation of consolidated statement of comprehensive income for three months ended September 30, 2012

				Adjustments						IFRSs				Notes
ROC GAAP				Differences in Recognitions and			Differences in
Items	Amount			Measurements			Presentations			Amount			Items
Net revenues	$	54,402,889		$	881,718		$	—		$	55,284,607		Revenues	7), 8), 9)
Operating costs		(34,280,725	)		(326,889	)		(295	)		(34,607,909	)	Operating costs	6), 7), 9), 16)
Gross profits		20,122,164			554,829			(295	)		20,676,698		Gross profit
Operating expenses		(8,023,223	)		(8,732	)		8,563			(8,023,392	)	Operating expenses	6), 7), 9), 11), 16)
		—			—			(9,457	)		(9,457	)	Other income and expense	16)
Income from operations		12,098,941			546,097			(1,189	)		12,643,849		Income from operations
Non-operating income and losses		412,720			(12,137	)		9,457			410,040		Non-operating income and expenses	3), 10), 12), 14), 16)
Income before income tax		12,511,661			533,960			8,268			13,053,889		Income before income tax
Income tax expense		(2,042,946	)		(1,001,639	)		(8,268	)		(3,052,853	)	Income tax benefit	5), 14), 16)
Consolidated net income	$	10,468,715		$	(467,679	)	$	—			10,001,036		Net income
													Items that may be reclassified subsequently to profit or loss:
											(306,033	)	Unrealized loss on available-for-sale financial assets
											(21,253	)	Exchange differences arising from the translation of the foreign operations
											(1,886	)	Share of exchange differences arising from the translation of the foreign operations of associates
											(329,172	)	Total other comprehensive income
										$	9,671,864		Total comprehensive income

d. Explanation for the adjustments of IFRSs transition:

1) Classification of investment properties

Under ROC GAAP, properties for lease were classified as property, plant and equipment and other assets; after transitions to IFRSs, owned-property for either rental revenue or capital appreciation should be classified as investment properties.

On September 30, 2012, the assets that met definitions of investment properties under IAS 40 “Investment Property” were reclassified from property, plant and equipment of $7,353,602 thousand, and other assets - idle assets of $459,102 thousand, to investment properties. The total amount of reclassification was $7,812,704 thousand.

2) Classification of leased assets and idle assets

Under ROC GAAP, leased and idle assets were classified as other assets; after the transition to IFRSs, leased and idle assets were reclassified to property, plant and equipment or investment properties based on the nature of these assets.

The Company reclassified leased assets to property, plant and equipment and the amounts were $392,253 thousand as of September 30, 2012. Except for the abovementioned Item 1) which discussed the reclassification from idle assets to investment properties, the Company reclassified the remaining idle assets to property, plant and equipment amounting to $422,168 thousand as of September 30, 2012.

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3) Deemed costs of property, plant and equipment

The Company elected to apply the optional exemption in IFRS 1. The management measured land (classified as property, plant and equipment and investment properties under IFRSs) at its revalued amount, which was the carrying value under ROC GAAP, as deemed costs. As such, on January 1, 2012, the Company reclassified the unrealized revaluation increment (classified as stockholders’ equity) to retained earnings at the amount of $5,762,753 thousand. This reclassification did not affect total equity amount. The unrealized revaluation increment costs reclassified to retained earnings decreased by nil and $117 thousand, due to the partial disposal on revalued land; and decreased by nil and $2,054 thousand due to impairment loss, for the three months and nine months ended September 30, 2012, respectively. As a result, the carrying value of property, plant and equipment was $5,760,582 thousand as of September 30, 2012. Gain on disposal decreased by nil and $117 thousand, and impairment loss increased by nil and $2,054 thousand, for the three months and nine months ended September 30, 2012, respectively.

4) Classification of deferred income tax asset and liability, and valuation allowance

Under ROC GAAP, a deferred income tax asset and liability should be classified as current and noncurrent in accordance with the classification of its related asset or liability. When a deferred income tax asset and liability does not relate to an asset or liability, then it is classified as either current or noncurrent based on the expected length of time before it is realized or settled. However, under IFRSs, a deferred income tax asset and liability should be classified as noncurrent, and could not be offset. Deferred income tax assets and liabilities are offset on the balance sheet when the entity has the legally enforceable right to offset current tax assets against current tax liabilities and they are levied by the same taxation authority on the same entity.

Under ROC GAAP, if it is more likely than not that deferred income tax assets will not be realized, the valuation allowances are provided to the extent. However, under IFRSs, deferred income tax assets are only recognized when it is more likely than not to be realized, and the valuation allowance is not used under IFRSs.

Based on the Guidelines Governing the Preparation of Financial Reports by Securities Issuers, the reserve for land value incremental tax caused by revaluation of land is classified as long-term liabilities. Under IFRSs, if the Company elects to apply the IFRS 1 exemption and measure the revalued land using the carrying amount determined under ROC GAAP as its deemed cost, the related reserve for land value incremental tax should be classified as deferred income tax liabilities.

The Company reclassified its deferred income tax assets - current to noncurrent assets and the amounts was $106,808 thousand as of September 30, 2012. Further, deferred income tax liabilities, which were netted with deferred income tax assets under ROC GAAP, were reversed. As a result of such reversal, deferred income tax liabilities - noncurrent and deferred income tax assets - noncurrent increased by $39,461 thousand and reserve for land value incremental tax of $94,986 thousand was also reclassified as deferred income tax liabilities - noncurrent under IFRSs.

5) Income tax

Based on IAS 12 “Income Taxes”, the income tax adjustments as a result of the transition to IFRSs are as follows: Deferred income tax assets increased by $481,507 thousand as of September 30, 2012; retained earnings increased by $472,926 thousand as of September 30, 2012; noncontrolling interests increased by $8,615 thousand as of September 30, 2012. Deferred income tax liabilities decreased by $34 thousand as of September 30, 2012. For the three months ended September 30, 2012, due to the adjustment of deferred income tax assets and deferred income tax liabilities (decreased by $36,932 thousand in deferred tax assets and decreased by $205 thousand in deferred income tax liabilities), income tax expense increased by $36,727 thousand. For the nine months ended September 30, 2012, due to the adjustment of deferred income tax assets and deferred income tax liabilities (decreased by $105,232 thousand in deferred tax assets and decreased $34 thousand in deferred income tax liabilities), income tax expense increased by $105,198 thousand.

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6) Employee benefits

Under ROC GAAP, net transaction obligation that was resulted from the first time adoption of SFAS No. 18, “Pension” should be amortized on a straight-line basis over the average remaining service life of active plan participants and recognized as net periodic pension cost. After the transition to IFRSs, the transitional rules in IAS 19, “Employee Benefits” was not applicable, thus the related amounts of net transaction obligation should be recognized at once and adjusted in retain earnings.

Under ROC GAAP, actuarial gains (losses) are recognized based on the corridor approach and the amounts are amortized over the average remaining service life of active plan participants. Under IFRSs, the Company elected to recognize pension gains (losses) arising from defined benefit plans as other comprehensive income immediately and subsequent reclassification to earnings is not permitted.

Furthermore, under ROC GAAP, the prior service costs should be recognized as an expense on a straight-line basis over the average remaining service life of active plan participants until the benefits become vested.

Under IFRSs, the newly-revised International Accounting Standard 19, “Employee Benefits” (“IAS 19”) required entities to accelerate the recognition of past service costs in profit or loss immediately. The Company earlier adopted the newly-revised IAS 19 from January 1, 2012

As a result of the aforementioned adjustments, other liabilities increased by $1,479,611 thousand as of September 30, 2012; other noncurrent assets decreased by $15,874 thousand as of September 30, 2012; retained earnings decreased by $1,445,195 thousand as of September 30, 2012; unrecognized net losses of pension decreased by $215 thousand as of September 30, 2012; noncontrolling interests decreased by $50,505 thousand as of September 30, 2012. For the three months ended September 30, 2012, pension cost decreased by $10,189 thousand which increased $42 thousand in operating costs and decreased $10,231 thousand in operating expenses. For the nine months ended September 30, 2012, pension cost decreased by $30,567 thousand which increased $127 thousand in operating costs and decreased $30,694 thousand in operating expenses.

In addition, prior to Chunghwa’s privatization in 2005, the pension contributions were made according to the relevant regulations. After privatization, the pension obligations of retained employees that were civil employees and retired employees entitled to receive future monthly pension payments prior to privatization based on the “Labor Pension Act”, “Act of Privatization of Government-Owned Enterprises”, and “Enforcement Rules of Statute of Privatization of Government-Owned Enterprises” were borne by the government. The settlement impact upon privatization of $20,648,078 thousand derived according to the actuarial report under IAS 19 shall be retroactively adjusted from retained earnings to additional paid-in capital - privatization at the date of transition to IFRSs.

7) Award credits (often known as “points”)

Under ROC GAAP, there’s no relevant guidance regarding award credits. After the transition to IFRSs, Chunghwa applied IFRIC 13, “Customer Royalty Program” retroactively. The award credit should be measured at its fair value and defer the recognition of revenue. When the customers redeem the points, the related revenues and costs shall be recognized. Such guidance replaced Chunghwa’s accounting policy that Chunghwa used to accrue expenses when the award credits were granted.

- 16 -

Accrued award credits liabilities (classified as other current liabilities) decreased by $130,340 thousand as of September 30, 2012; deferred award credits revenue (classified as noncurrent liabilities - deferred revenue) increased by $67,471 thousand as of September 30, 2012; retained earnings increased by $62,869 thousand as of September 30, 2012. The revenue decreased by $14,514 thousand, the marketing expenses decreased by $27,647 thousand and the operating cost increased by $7,372 thousand for the three months ended September 30, 2012. The revenue decreased by $43,229 thousand, the marketing expenses decreased by $81,415 thousand and the operating cost increased by $21,111 thousand for the nine months ended September 30, 2012.

8) Recognition of revenue from providing fixed line connection service

Prior to incorporation and privatization, Chunghwa was subject to the laws and regulations applicable to state-owned enterprises in Taiwan which differed from ROC GAAP as applicable to commercial companies. As such, Chunghwa recorded revenue from providing fixed line connection service upon the receipt of connection fees. Upon incorporation, net assets greater than capital stock was credited as additional paid-in-capital. Part of additional paid-in-capital was from unearned revenues relating to connection fees as of that date. Upon privatization, unearned revenue generated from one-time connection fees was deferred at the time of service performed and recognized as revenue over time as the service is continuously performed in accordance with ROC GAAP.

Under IFRSs, following the revenue recognition guidance, the above service revenue should be treated as deferred income and recognized over the time when the service is continuously provided.

Chunghwa retrospectively adjusted the deferred income of $1,419,419 thousand as of September 30, 2012, by decreasing retained earnings and increasing the deferred revenue from providing fixed line connection service ($533,244 thousand was classified as other current liabilities; $886,175 thousand was classified as noncurrent liabilities - deferred revenue as of September 30, 2012). Unappropriated earnings increased and the additional paid-in-capital decreased by $18,486,974 thousand as of September 30, 2012. For the three months ended September 30, 2012, revenue from providing fixed line connection service increased by $133,311 thousand. For the nine months ended September 30, 2012, revenue from providing fixed line connection service increased by $506,397 thousand.

9) Recognition of construction contract revenue

The construction contracts did not meet the criteria in IFRIC 15 “Agreements for the Construction of Real Estate”; therefore IAS 11 “Construction Contracts” does not apply. The Company could only recognize the revenues when the projects are completed and sold out based on IAS 18, “Revenue”. Due to the reasons mentioned above, the Company reversed the revenue that was recognized based on percentage completion method, and recognize the related revenue, cost and expense when the project is completed in 2012.

The construction revenue increased by $762,921 thousand, the construction cost increased by $319,475 thousand and the marketing expenses increased by $48,153 thousand for the three months ended September 30, 2012. The construction revenue increased by $697,050 thousand, the construction cost increased by $305,009 thousand and the marketing expenses increased by $44,516 thousand for the nine months ended September 30, 2012.

- 17 -

10) Equity method investments

Associates and jointly controlled entities are accounted for using equity method upon the Company’s transition to IFRSs, the main adjustment includes employee benefit and share-based payments, etc. As a result, long-term investments decreased by $9,330 thousand as of September 30, 2012; retained earnings decreased by $39,858 thousand as of September 30, 2012; unrecognized net loss of pension decreased by $35,571 thousand as of September 30, 2012; noncontrolling interests decreased by $5,043 thousand as of September 30, 2012. Investment income from associates and jointly controlled entities that accounted for using equity method increased by $1,232 thousand for the three months ended September 30, 2012 and $609 thousand for the nine months ended September 30, 2012, respectively.

11) Share-based payment transactions

Part of the employee stock options granted by a subsidiary was not vested on the transition date. Therefore, the subsidiary should apply IFRS 2, “Share-based Payment” retroactively. Under IFRSs, paid-in capital - employee stock option recognized by subsidiary does not belong to the equity attributable to parent company, instead it should be accounted as noncontrolling interests. As of September 30, 2012, retained earnings decreased by $426 thousand, additional paid-in capital reported by equity-method investees decreased by $1,231 thousand and noncontrolling interests increased by $1,657 thousand. For the three months and nine months ended September 30, 2012, the compensation cost under general and administrative expense both decreased by $1,543 thousand and $2,601 thousand.

12) Subscription of associates/subsidiaries new shares and adjustments of paid-in capital reported related to equity-method investees

When an investee issues new shares and existing shareholders do not subscribe to the new shares at their respective proportion in share holdings, this would result in changes in the investor’s shareholdings of the equity method investee. According to the Statements of Financial Accounting Standards (“SFAS”) No. 5 “Long-term Investments under Equity Method” under ROC GAAP, as there are changes in the net assets value of the equity method investee attributable to the investor, the investor shall reflect such changes by adjusting additional paid-in capital and long-term investments. However, under IFRSs, if the changes do not cause the investor to lose significant influence over associates, the change shall be treated as a deemed disposal with the related gain or loss recognized in earnings. If the changes do not cause the investor to lose control over subsidiaries, the change shall be treated as equity transactions. In addition, the Company complied with the IFRSs FAQs published by the Taiwan Stock Exchange, and reclassified the paid-in capital which did not meet the definitions under IFRSs or the Company Act and Regulations of Ministry of Economic Affairs to retained earnings. The Company reclassified such paid-in capital of $28,211 thousand to retained earnings, retained earnings increased by $27,942 thousand and long-term investment decreased by $269 thousand as of September 30, 2012. Gain on disposal of financial instruments increased by nil and $1,112 thousand for the three months and nine months ended September 30, 2012.

13) Prepaid cards

Prior to incorporation and privatization, Chunghwa was subject to the laws and regulations applicable to state-owned enterprises in Taiwan which differed from ROC GAAP as applicable to commercial companies. As such, revenue from selling prepaid phone cards was recognized at the time of sale by Chunghwa. Upon incorporation, net assets greater than the capital stock was credited as additional paid-in-capital and part of the additional paid-in-capital was from the unearned revenues generated from prepaid cards as of that day. Upon privatization, unearned revenue generated from prepaid cards was deferred at the time of sale and recognized as revenue as consumed in accordance with ROC GAAP.

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Under IFRSs, revenue from prepaid cards is deferred at the time of sale and recognized as revenue as consumed.

The amount of reclassification from additional paid-in capital to unappropriated earnings was $2,798,176 thousand as of September 30, 2012.

14) 10% tax on unappropriated earnings

In the Republic of China (“ROC”), a 10% tax is imposed on unappropriated earnings (excluding earnings from foreign consolidated subsidiaries). Under ROC GAAP, the Company records the 10% tax on unappropriated earnings upon the resolution of the following stockholders’ meeting.

Under IFRSs, the 10% tax on unappropriated earnings is accrued during the period the earnings arise and adjusted to the extent that distributions are approved by the stockholders in the following year.

Current tax liabilities increased by $2,964,080 thousand as of September 30, 2012; retained earnings decreased by $2,884,612 thousand as of September 30, 2012; noncontrolling interests decreased by $79,468 thousand as of September 30, 2012. Income tax expenses increased by $964,912 thousand for the three months ended September 30, 2012 and decreased by $1,540,708 thousand for the nine months ended September 30, 2012.

The aforementioned 10% tax on un-appropriate earnings is also applicable to the underlying investees whom the company invested and accounted for using equity method. And, as a result, investments accounted for using equity method decreased by $32,496 thousand as of September 30, 2012; retained earnings decreased by $26,302 thousand as of September 30, 2012; noncontrolling interests decreased by $6,194 thousand as of September 30, 2012. Share of the profit of associates and jointly controlled entities accounted for using the equity method decreased by $13,369 thousand for the three months ended September 30, 2012 and increased $3,780 thousand for the nine months ended September 30, 2012.

15) Presentation of consolidated balance sheets

a) Piping fund

As part of the government’s effort to upgrade the existing telecommunications infrastructure project, Chunghwa and other public utility companies were required by the ROC government to contribute a total of $1,000,000 thousand to a Piping Fund administered by the Taipei City Government. Based on the terms of Construction Funding Agreement, if the Piping Fund project is considered to be no longer necessary by the ROC government, Chunghwa will receive back its proportionate share of the net equity of the Piping Fund upon its dissolution. In order to conform to the presentation of the financial statements under IFRSs, the fund was reclassified as other noncurrent assets.

b) Time deposits with maturities of more than three months

Under ROC GAAP, cash and cash equivalents includes time deposits that are cancellable but without any loss of principal. Under IFRSs, cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Therefore, an investment normally qualifies as a cash equivalent only when it has a short maturity of three months or less from the date of acquisition.

Time deposits and negotiable certificate of deposits with maturities of more than three months held by the Company were $7,314,945 thousand as of September 30, 2012. In order to conform to the presentation of the financial statements under IFRSs, such amounts were reclassified from cash to other monetary assets - current.

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c) Deferred expense

The deferred expense, which was classified as other assets under ROC GAAP, was reclassified based on its nature under IFRSs. Deferred expenses relating to decoration construction projects and advertisement signboard, etc. were reclassified as property, plant and equipment of $185,340 thousand as of September 30, 2012. Deferred expenses relating to computer software were reclassified as intangible assets of $36,465 thousand as of September 30, 2012.

d) Assets held for disposal

The property, plant and equipment classified as held for disposal (included in other assets - others) under ROC GAAP, was reclassified based on its nature under IFRSs. Assets held for disposal were reclassified as property, plant and equipment of $27,580 thousand as of September 30, 2012.

e) Reclassification of financial assets carried at cost

Based on the Guidelines Governing the Preparation of Financial Reports by Securities Issuers, stocks held by the Company which were not listed in Taiwan Stock Exchange or were not trading in the GreTai Securities Market and the Company did not have significant influence over these investees were classified as financial assets carried at cost. After transition to IFRSs, financial assets carried at cost were designated as available-for-sale financial assets. Financial assets carried at cost were reclassified as available-for-sale financial assets of $2,616,087 thousand as of September 30, 2012.

16) Presentation of consolidated statements of comprehensive income

After the transition to IFRSs, the consolidated statement of comprehensive income includes net income and other comprehensive income. Further, certain accounts were reclassified to conform to the presentation of the financial statements under IFRSs.

17) Summary of material adjustments of cash flow statements

Under ROC GAAP, collection and payment of interest and collection of dividends were classified as operating activity; payment of dividends was classified as financing activity. Further, for cash flow statement prepared using the indirect method, cash payment of interest expense is required for supplemental disclosure. Based on IAS 7 “Cash Flow Statement”, collection and payment of interest and dividends were disclosed separately with consistency for each period and classified as operating activity, investing activity or financing activity.

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