Shareholders' Letter

The analysis of the comPlan’s pension assets by investment categories and investment strategy
is as follows:
Category Investment strategy 31.12.2010 31.12.2009
Third-party debt instruments 56.0% 53.3% 58.4%
Equity instruments 26.0% 27.5% 25.5%
Real estate 8.0% 8.5% 6.9%
Cash and cash equivalents and other investments 10.0% 10.7% 9.2%
Total plan assets 100.0% 100.0% 100.0%
Swisscom expects to make payments to pension funds for ordinary employee contributions in
2011 totalling CHF 216 million.
Actuarial assumptions
2010 2009
Funded Non-funded Funded Non-funded
Assumptions pension plans pension plans pension plans pension plans
Discount rate at December 31 2.74% 2.87% 3.46% 3.56%
Rate of increase in compensation levels 2.24% – 2.24% –
Long-term rate of return on plan assets 3.96% – 3.98% –
Pension increases 0.10% 0.10% 0.10% 0.10%
Life expectancy at age of 65 – men (number of years) 19.65 19.65 18.71 18.71
Life expectancy at age of 65 – women (number of years) 22.81 22.81 21.72 21.72
Additional disclosures on the defined benefit obligations and plan assets
The table below presents the carrying amounts of the recorded defined benefit obligations and
plan assets as well as experience adjustments made during the current year and the past four
years:
In CHF million 2010 2009 2008 2007 2006
Defined benefit obligations (8,414) (7,640) (7,110) (7,715) (8,342)
Plan assets 7,254 6,810 6,065 6,863 6,745
Underfunding (1,160) (830) (1,045) (852) (1,597)
Experience adjustments on
defined benefit obligations
Experience adjustments on
58 24 (7) (9) 15
plan assets (23) 378 (1,200) (272) 72
Consolidated financial statements 166 | 167
Notes to the consolidated financial statements