TNAG-1779-FCO40-2539-Hong-Kong-international-telecommunications-1988 — Page 137

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EXHIBIT 2.3 GROWTH IN EXCHANGE LINES AND TELEPHONES COMPARED WITH REAL GDP GROWTH

14

12

10

8

% annual

increase

6

2

-2

1977

1978

1979

1980

1981

1982

1983

1984

1985

1986

1987

Source: Hong Kong Telephone Company Limited Review of Operations 1986-87

Hong Kong Annual Digest of Statistics

Annual % growth

GDP index (1980 - 100) Annual % growth in telephones in service Annual % growth in exchange lines in service

Source:

hong kong Tereprone Company Limiteu Review of Operations 1700-07 Hong Kong Annual Digest of Statistics