**EXHIBIT 1**

----

**Articles  of Incorporation***

**of**

**Swisscom  AG**

| **1.** | **Name, Registered Office and      Duration** |
|--------|-----------------------------------------------|

Under the name

**Swisscom AG  Swisscom SA  Swisscom Ltd**

there exists a joint-stock corporation  pursuant to Art. 2 ff. of the TUG (Telecommu­nications Enterprise Act of  30 April 1997) and the Code of Obligations with registered office in 3063 Ittigen.

The duration of the Corporation  is unlimited.

| **2. ** | **Purpose** |
|--------------|-------------|

The purpose of the Corporation  is to provide telecommunications and radiocommuni­cation services in and  outside Switzerland, and to offer products and services related thereto.

The Corporation may enter into  all transactions which the business purpose entails, including the purchase  and sale of real estate, the procurement and investment of funds on the money  and capital markets, the establishment and purchase of interests in corpo­rations  and other means of co-operation with third parties.

| **3. **                                                                                                                                                                                                      | **Share capital and Shares**                                           |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------|
|                                                                                                                                                                                                              |                                                                   |
| **3.1**                                                                                                                                                                                                           | **Share Capital, Types      of Shares, Par Value and Amounts Paid in** |
|                                                                                                                                                                                                              |                                                                   |
| 3.1.1     The      share capital of the Corporation is CHF 595,829,349 divided into 66,203,261      registered shares with a par value of CHF 9 each. The shares are fully paid      in. |

|   |                                                                   |   |
|--------|------------------------------------------------------------------------|--------|
|   |                                                                   |   |
|   | ****Unofficial English translation      of the German original text*** | 1      |

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| 3.1.2     The      Corporation may at any time convert registered shares into bearer shares      and bearer shares into registered shares by changing the Articles of Incorporation.                                                                                                                                                                                                                                                                                                                                                               |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |
| **3.2**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | **Certification of Shares** |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |
| 3.2.1     The      shareholder may at any time request the Corporation to issue a confir­mation      of the number of shares held by such shareholder. The shareholder is not,      however, entitled to request the printing and delivery of certificates for      registered shares. The Corpora­tion may, on the other hand, at any      time print and deliver certificates for registered shares, and may, with      the consent of the shareholder, destroy without replacement issued certificates      that are delivered to it. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |
| 3.2.2     Uncertificated      registered shares, including any uncertificated rights arising there­from,      may only be transferred by assignment. The assignment must be notified to      the Corporation in order to be valid.                                                                                                                                                                                                                                                                                                            |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |
| 3.2.3     Uncertificated      registered shares and the pecuniary rights associated thereto may only be      pledged by a written agreement, and only in favor of the bank at which the      shareholder holds such shares in book-entry form. It is not necessary to      inform the Corporation of the pledge.                                                                                                                                                                                                                                   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |
| 3.2.4     In      the event that shares are printed, they shall bear the signatures of two      members of the Board of Directors. These signatures may be facsimile signatures.                                                                                                                                                                                                                                                                                                                                                                   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |
| 3.2.5     The      Corporation may in any event issue certificates pertaining to a number of      shares.                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |
| **3.3**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | **Share Register** |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |
| 3.3.1     The      Board of Directors shall maintain a Share Register for registered shares      in which the owners and usufructuaries shall be recorded with their name      and address or with their firm name and registered office.                                                                                                                                                                                                                                                                                                          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |
| 3.3.2     Only      persons who are registered in the Share Register shall be considered shareholders      or usufructuaries of shares vis-à-vis the Corporation.                                                                                                                                                                                                                                                                                                                                                                           |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |
| 3.3.3     The      Board of Directors shall regulate the responsibilities for maintaining the      Share Register as well as the conditions and competences for acknowledging      persons as shareholders or usufructuaries with or without voting rights,      as well as their entry in the Share Register.                                                                                                                                                                                                                                     |

|   |                                                                  |   |
|--------|-----------------------------------------------------------------------|--------|
|   |                                                                  |   |
|   | ***Unofficial English translation      of the German original text*** | 2      |

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| ****3.4**** | ****Shareholding      by the Swiss Government****                                                                                          |
|-------------|--------------------------------------------------------------------------------------------------------------------------------------------|
|        |                                                                                                                                       |
|        | According to Art. 6 para.        1 TUG, the Swiss Confederation holds the majority of voting rights and        capital of the Corporation. |
|        |                                                                                                                                       |
| **3.5**     | **Transfer Restrictions**                                                                                                                  |
|        |                                                                                                                                       |
| 3.5.1       | As long as the shares        of the Corporation are not listed on an exchange, there is no restriction        on their transferability.    |
|        |                                                                                                                                       |
| 3.5.2       | After listing of the        shares on the exchange, the following rules shall apply:                                                       |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| a.     | The Board of Directors      may refuse the approval of an acquirer of shares as a shareholder or usufructuary      with voting rights if the holding of this share­holder, together with      his shares already registered with voting rights in the Share Register,      exceeds the limit of 5 % of all registered shares recorded in the Commercial      Register. As to the excess shares, the acquirer will be registered in the      Share Register as a shareholder or usufructuary without voting rights. |

|   |                                                                                                                                                                                                                                 |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | The Board of Directors may      approve an acquirer of shares with more than 5 % of all registered      shares as a shareholder or usufructuary with voting rights in particu­lar      in the following exceptional cases: |

|   |   |                                                                                          |
|--------|--------|-----------------------------------------------------------------------------------------------|
|   | (1)    | in case of the acquisition of shares      due to a merger or combination of busi­nesses; |

|   |   |                                                                                               |
|--------|--------|----------------------------------------------------------------------------------------------------|
|   | (2)    | in case of the acquisition of shares      due to a contribution in kind or a share ex­change; |

|   |   |                                                                                                  |
|--------|--------|-------------------------------------------------------------------------------------------------------|
|   | (3)    | for the foundation of a long-term co-operation      or a stra­tegic alliance by equity interest. |

|   |                                                                                                                                                                                                                                                                                                                                                            |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Legal entities and business      associations that are linked together by capital, vot­ing power, management      or in another manner, as well as all persons, entities and partnerships      that are acting in concert by agreement, syndicate or in another manner      with a view to circumvent the percentage limit, shall be deemed as one person. |

|   |                                                                                                                                                                                                                                                                                                                                                               |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| b.     | The restriction of letter a) also applies,      subject to Art. 652b para. 3 and 653c para. 3 CO, in the case of acquisition      of registered shares by exercise of subscription, option and conversion      rights. The restriction shall not apply in an acquisition as a result of      inheritance, the apportionment of an estate or matrimo­nial law. |

|   |                                                                  |   |
|--------|-----------------------------------------------------------------------|--------|
|   |                                                                  |   |
|   | ***Unofficial English translation      of the German original text*** | 3      |

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| c.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | The Board        of Directors may refuse the recognition and registration as a shareholder        or usufructuary with voting rights if an acquirer of shares does not expressly        state on request that he has acquired the shares or the usufruct of the        shares in his own name and for his own account.                                                                   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                     |
| d.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | The Board of Directors      may delete the entry of a shareholder with voting rights in the Share Register      after hearing the concerned party if the acquirer has obtained said entry      by giving false information, in which case he shall be recorded as a shareholder      without voting rights. The acquirer must be immediately informed of the      deletion of the entry. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                     |
| **3.6**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | **Facilitation      of Exchange Trading of Shares**                                                                                                                                                                                                                                                                                                                                      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                     |
| In order        to facilitate the trading of the shares on the exchange, the Board of        Directors may, by means of regulations or by way of agreements, allow        the fiduciary registration of registered shares with voting rights exceeding        the limit mentioned in section 3.5 by fiduciaries who declare their status        as fiduciary (nominees, ADR-Depositary Banks). These parties must be subject        to supervision by a banking or financial market supervisory authority        or otherwise offer assurance of proper business conduct, must act for        the account of one or several parties unrelated to each other, and must        be able to disclose to the Corporation the names, addresses and the amount        of shareholdings of the beneficial owners of the shares. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                     |
| 4.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | **The Bodies of the Corporation**                                                                                                                                                                                                                                                                                                                                                        |

The bodies of the Corporation  are:

| a. | Shareholders' Meeting |
|----|-----------------------|

|   |               |
|--------|--------------------|
| b.     | Board of Directors |

|   |            |
|--------|-----------------|
| c.     | Executive Board |

|                                                                                                        |                                                                |
|-------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------|
| d.                                                                                                          | Auditors                                                            |
|                                                                                                        |                                                                |
| **5.**                                                                                                      | **Shareholders' Meeting**                                           |
|                                                                                                        |                                                                |
| **5.1**                                                                                                     | **Powers of the Shareholders'      Meeting**                        |
|                                                                                                        |                                                                |
| The Shareholders’        Meeting is the supreme body of the Corporation. It has the following powers: |
|                                                                                                        |                                                                |
| a.                                                                                                          | Establishment and alteration of the      Articles of Incorporation; |

|   |                                                                  |   |
|--------|-----------------------------------------------------------------------|--------|
|   |                                                                  |   |
|   | ***Unofficial English translation      of the German original text*** | 4      |

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| b. | Election and dismissal of      the members of the Board of Directors, the statutory auditors and the group      auditors; |
|----|---------------------------------------------------------------------------------------------------------------------------|

|   |                                                                          |
|--------|-------------------------------------------------------------------------------|
| c.     | Approval of the annual report and the      consolidated financial statements; |

|   |                                                                                                                                                                       |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| d.     | Approval of the annual financial statements      as well as resolutions on the allocation of the balance sheet profits, in      particular the determination of dividends; |

|   |                                                                           |
|--------|--------------------------------------------------------------------------------|
| e.     | Release of the members of the Board      of Directors and the Executive Board; |

|                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                        |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|
| f.                                                                                                                                                                                                                                                                                                                                                                                         | Resolutions on those matters which are      the prerogative of the Share­holders' Meeting by virtue of the law      and the Articles of Incorporation. |
|                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                        |
| **5.2**                                                                                                                                                                                                                                                                                                                                                                                    | **Meetings**                                                                                                                                                |
|                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                        |
| 5.2.1                                                                                                                                                                                                                                                                                                                                                                                      | The ordinary Shareholders'      Meeting shall take place annually within six months after the end of the      fiscal year.                                  |
|                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                        |
| 5.2.2                                                                                                                                                                                                                                                                                                                                                                                      | Extraordinary Shareholders’      Meetings shall be called as often as may be nec­essary, in particular      in the cases provided for by law.    |
|                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                        |
| 5.2.3     The      Board of Directors must convene extraordinary Shareholders' Meetings upon      request by shareholders who represent at least ten percent of the share      capital. Such request must be in writing and must state the items to be      put on the agenda as well as the corresponding motions.                                               |
|                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                        |
| **5.3**                                                                                                                                                                                                                                                                                                                                                                                    | **Convocation**                                                                                                                                             |
|                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                        |
| 5.3.1                                                                                                                                                                                                                                                                                                                                                                                      | The Shareholders’      Meeting is convened by the Board of Directors, if necessary by the auditors.                                                   |
|                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                        |
| 5.3.2     The      Shareholders’ Meeting is called at least 20 days before the date of      the meeting by communication in the means of publication of the Corporation.      The convocation may, in addition, be made by a letter (registered or ordinary      mail) to all registered shareholders at the addresses recorded in the Share      Register. |
|                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                        |

| 5.3.3     The      notice of the meeting shall set forth the items on the agenda as well as      the motions of the Board of Directors and of the shareholders who have requested      that a Shareholders’ Meeting be called or an item be placed on the      agenda. |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |                                                                  |   |
|--------|-----------------------------------------------------------------------|--------|
|   |                                                                  |   |
|   | ***Unofficial English translation      of the German original text*** | 5      |

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| ****5.4****                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | **Agenda, Right to        Put forward Motions**                         |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                    |
| 5.4.1     Resolutions      on matters which have not been announced in conformity with the procedures      outlined in section 5.3 may be not passed, except in a meeting where all      shareholders are present. This provision shall not apply to proposals to      convene an extraordinary Shareholders' Meeting or to initiate a special      audit.                                                                                                                                  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                    |
| 5.4.2     On      the other hand, no previous announcement is necessary to put forward motions      concerning items already on the agenda and to debate issues without passing      a resolution.                                                                                                                                                                                                                                                                                          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                    |
| 5.4.3     Shareholders      who represent shares with a par value of at least CHF 360,000 may request      that a motion is placed on the agenda. The request must be communi­cated      to the Board of Directors in writing, by stating the item on the agenda      and the corresponding motion, at least 45 days prior to the Shareholders’      Meeting.                                                                                                               |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                    |
| **5.5**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | **Presentation of the        Business Report and the Auditors' Report** |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                    |
| The business        report and the report of the auditors together with the auditors' report        on the consolidated financial statements must be presented at the headquarters        of the Corporation to the shareholders for inspection at least 20 days        before the ordinary Shareholders' Meeting. Reference must be made in the        invitation for the Shareholders' Meeting to this presentation as well        as to the right of the shareholders to request to be delivered these documents. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                    |
| **5.6**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | **Conduct of Shareholders'        Meetings**                            |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                    |
| 5.6.1     The      Chairman shall chair the Shareholders' Meeting. In the event that he is      unable to do so, another member of the Board of Directors or another person      elected by the Shareholders' Meeting shall be Chairman for the duration      of the Meeting.                                                                                                                                                                                                               |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                    |
| 5.6.2     The      Chairman shall designate the secretary and the vote counters, who need not      to be shareholders. He shall be responsible for the minutes, which shall      be signed by the Chairman and the secretary.                                                                                                                                                                                                                                                               |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                    |

|   |                                                                  |   |
|--------|-----------------------------------------------------------------------|--------|
|   |                                                                  |   |
|   | ***Unofficial English translation      of the German original text*** | 6      |

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| **5.7**                                                                                                                                                                                                                                                                                                                                                                                                                                                | **Resolutions**                                                                                                                       |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                  |
| 5.7.1                                                                                                                                                                                                                                                                                                                                                                                                                                                  | Every share registered        with voting rights in the Share Register of the Corpo­ration shall        be entitled to one vote. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                  |
| 5.7.2     Every      shareholder may be represented at the Shareholders' Meetings by another      shareholder with voting rights who has to present a written power of attorney.                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                  |
| 5.7.3     The      Shareholders' Meeting passes resolutions and conducts its elections with      an absolute majority of the votes validly cast, provided the law or the      Articles of Incorporation do not contain other provisions.                                                                                                                                                                                      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                  |
| 5.7.4     In      the case of elections, if in the first round of voting a majority is not      reached, then a second round of voting shall take place in which the relative      majority shall be decisive.                                                                                                                                                                                                                |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                  |
| 5.7.5                                                                                                                                                                                                                                                                                                                                                                                                                                                  | The Chairman does not        have a casting vote.                                                                                     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                  |
| 5.7.6     The      Chairman shall determine the voting procedure for holding elections and      passing resolutions. He may adopt an electronic voting procedure. If elections      and resolutions are not held or taken by using an electronic voting procedure,      shareholders with at least 10 % of the share capital or having shares with      a nominal value of at least CHF 360,000 may request a written ballot. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                  |
| **5.8**                                                                                                                                                                                                                                                                                                                                                                                                                                                | **Special Decision Quorums**                                                                                                          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| In addition to Art. 704        CO, a resolution of the Shareholders' Meeting must be passed by at least        two-thirds of the represented votes and the absolute majority of the represented        par values for:                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                   |

| a. | introduction of restrictions on voting      rights; |
|----|-----------------------------------------------------|

|   |                                                                    |
|--------|-------------------------------------------------------------------------|
| b.     | conversion of registered shares into      bearer shares and vice versa; |

|    |                                                                |
|---------|---------------------------------------------------------------------|
| c.      | modifications of this provision.                                    |
|    |                                                                |
| **6.**  | **Board of Directors**                                              |
|    |                                                                |
| **6.1** | **Composition, Election      and Constitution**                     |
|    |                                                                |
| 6.1.1   | The Board of Directors shall consist      of seven to nine members. |

|   |                                                                  |   |
|--------|-----------------------------------------------------------------------|--------|
|   |                                                                  |   |
|   | ***Unofficial English translation      of the German original text*** | 7      |

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| 6.1.2     It      shall, as a rule, be elected by the ordinary Shareholders' Meeting for a      period of two years of office, subject to prior resignation or removal.      The term of office of members of the board shall commence upon election.      A year of office is taken to be the period of time from one ordinary Shareholders'      Meeting until the closing of the next ordinary Shareholders' Meeting. Members      of the Board of Directors who have reached the age of 70 shall retire from      the Board of Directors upon the date of the next ordinary Shareholders’      Meeting. Members may serve a maximum of eight years of office on the Board      of Directors.                                                                                          |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |
| 6.1.3     The      Swiss Confederation has the right to delegate two members of the Board of      Directors and to remove them if necessary. The delegation shall be for a      period of two years of office and can be renewed. If a delegate has served      on the Board of Directors for eight years of office the delegation will      no longer be renewed, unless the Federal Council decides on an exceptional      renewal of term. A year of office is taken to be the period of time from      one ordinary Shareholders' Meeting until the closing of the next ordinary      Shareholders' Meeting. The members of the Board of Directors delegated by      the Swiss Confederation have the same rights and obligations as the members      elected by the Shareholders' Meeting. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |
| 6.1.4     The      Board of Directors of the Corporation shall also include two representatives      of the employees (appropriate representation according to Art. 9 para. 3      TUG). The employees of the Corporation have the right to propose candidates      for the election.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |
| 6.1.5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | The Shareholders’        Meeting appoints the Chairman of the Board of Directors. All further organizational        matters within the Board of Directors shall be decided by the Board of        Directors. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |
| **6.2**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | **Powers and Duties** |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |
| 6.2.1     The      Board of Directors is entrusted with the ultimate direction of the Corporation      and the supervision of the Executive Board. It represents the Corporation      toward third parties and attends to all matters which are not reserved to      another body of the Corporation by law, the Articles of Incorporation or      the regulations.                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |
| 6.2.2     The      Board of Directors delegates, in accordance with Art. 10 para. 1 TUG, the      executive management of the business of the Corporation to the Executive      Board. The Board of Directors shall enact Management and Board Regulations      to this effect and shall arrange for the appropriate contractual relationships.                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |
| 6.2.3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | The Board of Directors        has the following non-delegable and irrevocable duties: |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |

| a. | Ultimate direction of the Corporation      and issuance of the necessary directives; |
|----|--------------------------------------------------------------------------------------|

|   |                                                                  |   |
|--------|-----------------------------------------------------------------------|--------|
|   |                                                                  |   |
|   | ***Unofficial English translation      of the German original text*** | 8      |

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| b. | Determination of the organization; |
|----|------------------------------------|

|   |                                                                                           |
|--------|------------------------------------------------------------------------------------------------|
| c.     | Organization of the accounting, the      financial control, as well as the financial planning; |

|   |                                                                                                            |
|--------|-----------------------------------------------------------------------------------------------------------------|
| d.     | Appointment and dismissal of the persons      entrusted with management, and the persons with signatory powers; |

|   |                                                                                                                                                                                           |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| e.     | Ultimate supervision of the persons      entrusted with the management, in particular with respect to compliance      with the law, the Articles of Incorporation, regulations and directives; |

|   |                                                                                                                                    |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------|
| f.     | Preparation of the business report,      as well as the Shareholders’ Meeting and implementation of the latter's      resolution; |

|   |                                                                   |
|--------|------------------------------------------------------------------------|
| g.     | Notification of the court in the event      liabilities exceed assets; |

|   |                                      |
|--------|-------------------------------------------|
| h.     | Decision on authorized capital increases; |

|   |                                                                                                                                                                                                                                      |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| i.     | Passing of implementing resolutions      on ordinary, authorized and conditional capital increases, and resolution      on the amendments to the Articles of Incorporation and the reports on the      capital increases related thereto; |

|                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                         |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| j.                                                                                                                                                                                                                                                                                                                                                   | Examination of the professional qualifications      of the specially qualified Auditors.                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                         |
| **6.3**                                                                                                                                                                                                                                                                                                                                              | **Passing of Resolutions**                                                                                                                                                                   |
|                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                         |
| 6.3.1     The      organization of the meetings, the quorum and the passing of resolutions      of the Board of Directors shall be set forth in the Management and Board      Regulations of the Board of Directors.                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                         |
| 6.3.2                                                                                                                                                                                                                                                                                                                                                | The Chairman has the        casting vote.                                                                                                                                                    |
|                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                         |
| 6.3.3                                                                                                                                                                                                                                                                                                                                                | Minutes shall be kept        of the deliberations and resolutions of the Board of Directors. The minutes        shall be signed by the Chairman and the secretary of the Board of Directors. |
|                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                         |
| **6.4**                                                                                                                                                                                                                                                                                                                                              | Remuneration                                                                                                                                                                                 |
|                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                         |
| The members        of the Board of Directors are entitled to reimbursement of all expenses        incurred in the interests of the Corporation, as well as a remuneration        for their services that is adequate inview of theirfunction and responsibility.        The amount of the remuneration due shall be fixed by the Board of Directors. |

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|   | ***Unofficial English translation      of the German original text*** | 9      |

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**7.     Executive  Board**

According to Art. 10 para. 1  TUG, the Executive Board, whose members are elected by the Board of Directors,  is in charge of the executive management of the business of the Corporation.

The Executive Board shall consist  of one or several members who may not simultaneously be members of the Board  of Directors. Exceptions are permitted for a limited period of time in extraordinary  circumstances. The members of the Executive Board need not be shareholders.

| **8.     Auditors** |
|----------------------------------------------|

The Shareholders’ Meeting  shall elect annually one or several persons or entities as auditors who must  fulfill the particular professional requirements pursuant to Art. 727b CO. The  auditors shall have the powers and duties as provided for by law.

The Shareholders’ Meeting  shall elect annually one or several persons or entities as group auditors. The  group auditors may be the same persons who function as statutory auditors.

| **9.     Fiscal      Year** |
|------------------------------------------------------|

The fiscal year ends as per 31  December of each year, ending for the first time on 31 December 1998.

| **10.     Allocation      of Profits** |
|-----------------------------------------------------------------|

The Shareholders’ Meeting  shall decide on the allocation of the balance sheet profits taking into consideration  all statutory requirements (Art. 14 TUG and Art. 671 CO).

Dividends which have not been  paid within five years after falling due will be retained by the Corporation.

| **11.     Contribution      in kind** |
|----------------------------------------------------------------|

Pursuant to Art. 23 TUG, the  Corporation assumes and will continue assets in the amount of CHF 15,529,896,471  and liabilities in the amount of CHF 13,380,221,089 of the telecommunications  department of the PTT Services in accordance with the decision by the Federal  Council of 13 May 1998 (Art. 21 TUG) at a price of Fr. 2,149,675,382 as set  forth in the opening balance sheet as per 1.1.1998, for which 33,000,000 registered  shares have been issued.

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|--------|-----------------------------------------------------------------------|--------|
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|   | ***Unofficial English translation      of the German original text*** | 10     |

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**12.     Communications  and Notifications**

Communications to the shareholders  and notifications shall be made through publication in the Swiss Official Commercial  Gazette. The Board of Directors may determine further means of publication.  Communications to the registered shareholders may, subject to Article 5.3, instead  be validly made by letter (registered or ordinary mail) to the addresses shown  in the Share Register.

| **13.     Grammatical      gender** |
|--------------------------------------------------------------|

In these Articles of Incorporation,  each title and function designation in the generic masculine is equally applicable  to both sexes.

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These Articles of Incorporation  have been definitively approved by the Federal Council on 13 May 1998.

The present Articles of Incorporation  have been revised by the extraordinary Shareholders' Meeting on 26 August 1998.

Berne, 26 August 1998

For the Shareholders' Meeting  The Chairman:

signed Gygi

Article 3.1.1 of the present  Articles of Incorporation has been revised by the Board of Directors at its  meeting of 1 October 1998.

Berne, 1 October 1998

For the Board of Directors:  The Chairman of the meeting:

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|   |                                                                  |   |
|   | ***Unofficial English translation      of the German original text*** | 11     |

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signed Küpfer

Article 5.7.6 of the present  Articles of Incorporation has been revised by the ordinary Shareholder's Meeting  on 30 May 2000.

Zurich, 30 May 2000

for the Shareholder's Meeting:

The Chairman:

signed Rauh

The articles 3.1.1, 6.1.2 and  6.1.3 of the present Articles of Incorporation have been revised by the ordinary  Shareholder's Meeting on 29 May 2001.

Zurich, 29 May 2001

for the Shareholder's Meeting:

The Chairman:

signed Rauh

The articles 3.1.1, 5.4.3 and  5.7.6 of the present Articles of Incorporation have been revised by the ordinary  Shareholder's Meeting on 30 April 2002.

Zurich, 30 April 2002

For the Shareholder's Meeting:

The Chairman:  signed Rauh

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|   |                                                                  |   |
|   | ***Unofficial English translation      of the German original text*** | 12     |

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