XHIBIT 5.2 ECONOMIES OF INTEGRATION (1) : COMBINING CABLE TV NETWORK WITH MAIN TELECOMMUNICATIONS NETWORK

Net Present Value (in 1988) of costs to the year 2007; service commencing in 1991 and connecting 930,000 lines by 2007.

HK$ 2,470

million

Hub Sites

46

35%

4

Fibre Network

62

124%

HK$2,025

million

Economies of integration= HK$495m (18%)

Billing System

528

35%

16

77

187

Service Centre

219

59%

130

270

Marketing

270

Billing Operations

260

Fixed Cost per

Customer Premise

98

260

98

Technical Staff

987

100%

987

Costs of separate cable TV

network (Scenario 2)

Costs of cable TV network integrated with main telecoms network (Scenario 1)

109

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