Letter to Shareholders February 2011

To the
Shareholders of
Jungfraubahn Holding AG
15 February 2011



2010 business year – traffic revenue increased


Ladies and Gentlemen

In 2010, the Jungfrau Railway Group achieved a traffic revenue of 104.2 million francs, an increase of 2 per cent compared to the previous year. We are pleased to present several points which have led to this result.

Jungfraujoch–Top of Europe
In 2010, some 672,000 visitors travelled to our key excursion destination, the Jungfraujoch–Top of Europe. This equates to 21,000 more guests than the previous year. Whilst in 2009 the travel business was dampened by fears of swine flu and the economic crisis, the situation in most of the company’s markets recovered in 2010. Intensive marketing activity in Asia was effective and boosted the group-travel business. We were able to increase the revenue resulting from partnerships with international tour operators by 29 per cent in comparison to the previous year. A large number of people visited the Jungfraujoch–Top of Europe, especially in the months of June and July, which fall in the high season. Thanks to wonderful autumn weather, in September, October and November we were also able to record guest numbers exceeding those of last year.

Experience mountains

In addition to the Jungfraujoch–Top of Europe, the excursion destinations Kleine Scheidegg, First, Harder Kulm and Winteregg-Mürren were also well frequented.

RailwayPassenger frequency 2010Passenger frequency 2009Variation in per cent
Jungfrau Railway (Joch arr.)672’000651'000+3,2%
Wengernalp Railway (total)2'488’0002'444'000+1,8%
Grindelwald-First (from valley)467’000484'000 -3,5%
Mürren rail & cableway (total)  546’000541'000+0,9%
Harder Railway (total)148’700145'900+1,9%


Winter sport
In 2010, the Jungfrau Ski Region increased the number of skier visits by 1.3 per cent and recorded 1.2 million guest admissions. It achieved a revenue of 44.7 million francs, equal to an increase of 6.5 per cent over the previous year. Excellent conditions on the pistes led to this pleasing result, whereby the winter-sport business was particularly good in the high-season month of February 2010. In contrast, the current winter season began in sluggish fashion. The low value of the Euro against the franc and the unfavourable way in which public holidays fell had a negative effect on guest numbers. After Christmas however, the Jungfrau Ski Region was able to make up the deficit compared to the previous year.
Looking at the current winter from 27 November 2010 to 31 January 2011, the Jungfrau Ski Region has achieved a revenue of 22.7 million francs, which is 2.9 per cent higher than that achieved during the same period last year.

2011 Annual General Meeting (AGM)
The annual result will be announced at the financial statement media conference on 20 April 2011. We will be sending the business report and invitation to the AGM on the same day. The AGM will take place at 14.00 h, 16 May 2011 at the Kursaal in Interlaken. Access and voting rights are contingent to shares held on 11 April 2011, 12.00 hrs. No further inscriptions will be made in the share register from this date up to the day of the AGM. Those selling shares during this blocking period will lose their affiliated voting rights. Shareholders who individually or collectively represent shares to a nominal value of a minimum of 1 million francs may request the inclusion of an agenda item in the AGM. Such a request must be submitted by 31 March 2011.
We look forward to welcoming you at the Annual General Meeting.
With best wishes

Prof. Dr. Thomas Bieger         Urs Kessler
Chairman of the Executive     Board Chief Executive Officer