Jungfraubahn Holding AG Jungfrau Railway Holding AG consists of eleven subsidiaries and is listed on the SIX Swiss Exchange. As its main activity, the Group operates excursion railways and winter sport facilities in the Jungfrau region. The customer is offered an adventure in the mountains and on the train. The Jungfrau Railway Group has three defined business segments: Jungfraujoch – Top of Europe, Winter Sports and Mountain Experience. It has formed a strategic alliance with Berner Oberland-Bahnen AG in order to exploit synergies. The Jungfrau Railway Group is a leading tourism company and the largest mountain railway company in Switzerland. It offers its customers an adventure in the mountains and on the train. The main offer is the journey to the Jungfraujoch – Top of Europe. Due to the long-term development of a distribution and agency network, it has achieved a leading position in the Asian markets. The Jungfrau Railway Group also operates its own hydroelectric plant and sells complete holiday packages on its website in cooperation with partner companies. It leases premises for restaurants to operate and, up to the end of 2019, will be gradually integrating its catering offer with the previously leased restaurants on Kleine Scheidegg and Jungfraujoch into the Top of Europe business segment. Jungfraujoch – Top of Europe The Jungfraujoch – Top of Europe is the most profitable segment of the Group. The core of this business is the highest railway station in Europe at 3,454 metres above sea level, situated within the UNESCO World Heritage Site SWISS ALPS Jungfrau‐Aletsch. The trip with the Wengernalp Railway and the Jungfrau Railway to the Jungfraujoch is also the strategic ‘heart’ of the company. The former record number of visitors was broken earlier than expected in 2015. The magical milestone of one million was exceeded with 1,007,000 visitors at the Top of Europe. The second best result in history was achieved with 916,500 visitors in 2016, despite challenging circumstances that included terrorist attacks in Europe. Winter Sport and Mountain Experience The segments of Winter Sports and Mountain Experience are important additions to the Jungfraujoch – Top of Europe. The winter sport facilities in the areas Kleine Scheidegg- Männlichen, Grindelwald-First and Mürren-Schilthorn are part of the Jungfrau Ski Region subscriber association, in which Jungfraubahn Holding AG holds a share of over 60%. Together with the partner companies, the Jungfrau Railway Group leads one of the most important ski resorts in Switzerland on behalf of the association. The Mountain Experience segment includes destinations in the surrounding area of the Jungfraujoch – Top of Europe. Grindelwald-First – Top of Adventure, Harder Kulm – Top of Interlaken and Winteregg-Mürren – Top of Family enhance the regional experience and allow for interesting combinations such as holiday passes or cross marketing. Strategy and objective The value of the Jungfrau Railway Group as a value stock should continuously increase for investors. The objective is to strengthen the Jungfraujoch – Top of Europe as the main source of revenue. By means of continuous modernisation of the railways, the shortened travel times demanded by the market should be realised. Internal growth is sought via better utilisation of the off-season. The Jungfraubahn Holding AG, within the alliance with Berner Oberland-Bahnen AG, thereby supports the ‘10-month high season’ initiative. The annual number of visitors should be consolidated at one million well into the year 2020. The principle is intended to initiate positive developments through visionary approaches and visitor- oriented project work. Projects Jungfrau Railways and the Grindelwald-Männlichen Gondola Cableway plan to jointly develop a V-Cableway that provides access to both the Männlichen, with an 10-seater gondola, and the Eigergletscher with a new tricable gondola. As a result, the travel times can be shortened and the quality can be improved. The V-Cableway with its eight integrated components secures the medium and long term successful future of tourism throughout the Jungfrau region as a top year-round destination in Swiss tourism. It strengthens the competitiveness of the Jungfraujoch as a beacon known worldwide, and it helps the winter sports destination reach the top position in international competition. The renewal of the rolling stock at Wengernalp Railway (WAB) in 2014/2015 as well as that of Jungfrau Railways in 2016, totalling approximately 90 million, is a component of the V-Project. .