TNAG-1779-FCO40-2539-Hong-Kong-international-telecommunications-1988 — Page 183

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EXHIBIT 3.4

PENETRATION FORECASTS COMPARED AGAINST THOSE ACHIEVED IN OTHER CITIES

AFTER 1, 2, AND 5 YEARS

50

40

30

20

10

12.8

0

21.7

10

Hong Kong

Aberdeer

Hong Kong

Boston

After 1 year

Source: Subscription Television

After 2 years

% Penetration rates actually achieved

forecast

penetration rates

After 5 years

26.2

Hong Kong

ཟ་པ་་ ་་་་

Source: Subscription Television

Anler 63 years

After 5 years