Shareholders' Letter

Environment,
strategy and organisation
13 Business activities
16 General conditions
24 Group structure and organisation
26 Guiding principles
27 Corporate Strategy
28 Value-driven corporate steering
Capital market 30 Swisscom share
32 Indebtedness
Employees 33 Introduction
33 Management approach and objectives in Switzerland
34 Headcount
35 Collective employment agreement and social plan
36 Employee representation and union relations
36 Pension plans
37 Staff development
38 Employee remuneration
39 Employee satisfaction
39 Health and safety in the workplace
40 Diversity
41 Staff recruitment
42 Personnel statistics
Financial review Group 43 Key financial figures
44 Summary
45 Results of operations
48 Impact of exchange rate fluctuations
Operating segment
results
50 Segment revenues and results
59 Quarterly review 2009 and 2010
Group financial position 62 Financial position
63 Net asset position
65 Net debt
66 Capital expenditure
Supplement and outlook
Risks
Corporate Responsibility
68 Events after the balance sheet date
68 Outlook
69 General statement on the risk situation
70 Organisation of risk and opportunity management
70 Internal control and risk management system
71 Opportunity and risk management
71 Risk factors
74 Corporate responsibility strategy
76 Sustainability management
84 Sustainable products and services
88 Responsibility in the supply chain
89 Social and cultural commitments
92 Responsibility for the environment and climate
97 Innovation and development
98 GRI-Targets
100 Certification by SGS