Shareholders' Letter

Changes to the Board of Directors
The Board of Directors will also see major changes in 2011: The Swisscom Board of Directors will
propose Hansueli Loosli as its new Chairman at the forthcoming Annual General Meeting on 20
April 2011. Mr Loosli will assume his new role following the handover of his executive responsibilities
at Coop on 1 September 2011. At the Annual General Meeting the current Chairman of the
Swisscom Board of Directors, Dr Anton Scherrer, will stand for election as Chairman until 31 August
2011. Also at the Annual General Meeting, Theophil Schlatter will be proposed as a new member
of the Board of Directors. Dr Hans Werder, current General Secretary of the Department of Environment,
Transport, Energy and Communication, has been elected by the Federal Council as its
new representative on the Swisscom Board of Directors. Hans Werder will succeed Felix Rosenberg
as of 20 April 2011. We wish to express our warm thanks to Felix Rosenberg for his many years of
untiring service and dedication to Swisscom.
Financial outlook 2011
Swisscom expects to close 2011 with net revenue of at least CHF 11.8 billion, EBITDA in excess of
CHF 4.6 billion and capital expenditure below CHF 2.0 billion. Swisscom expects marketing initiatives
and efficiency enhancements at Fastweb to generate strong revenue and cash flow growth
in the years following the transition year of 2011, which is expected to end with stable revenue
but slightly higher EBITDA. The capital expenditure outlook does not include expenses in connection
with the mobile frequency auction planned for 2011, since it is not possible at this point in
time to reliably estimate the outcome and the prices that will ultimately be paid. For the same
reason, Swisscom is also not making any projections concerning operating free cash flow. The outlook
is also associated with uncertainty regarding currency movements. Fastweb's financial results
are based on an assumed exchange rate for the euro of CHF 1.30 (prior year: CHF 1.37). If all targets
are met, Swisscom will propose a minimum dividend of CHF 21 per share for the 2011 financial
year.
Thank you
All in all, we can look back on a successful and eventful year. We owe our achievements in 2010 to
the trust of our customers, the loyalty of our shareholders and the tireless dedication and commitment
of our employees. A warm thank you to you all.
Yours faithfully
Dr Anton Scherrer Carsten Schloter
Chairman of the Board of Directors CEO Swisscom Ltd
Swisscom Ltd
Introduction 8|9
Shareholders’ Letter