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Press release

Swisscom to enter into negotiations with Vodafone

22 November 2006

The Swiss Federal Council decided today that were Swisscom to buy back Vodafone's 25% stake in Swisscom Mobile this would not be taken into account in the net-debt limit for Swisscom set out in the government's strategic goals. In the Federal Council's opinion, such a transaction would not alter the risks of the Swisscom Group. Were the transaction to go ahead, Swisscom's net-debt limit would remain unchanged at 1.5 times EBITDA, thus guaranteeing a high level of strategic flexibility.


Swisscom AG
Media Relations
3050 Bern