Investing in Swiss Equities

May 25, 2016

Stefan Frischknecht, CFA Fund Manager of The Swiss Helvetia Fund, Inc.

The Fund is listed on the New York Stock Exchange under the symbol “SWZ”.

Agenda

Case for Swiss equities

Attractiveness of Swiss vs. European equities

Brexit

Outlook

Portfolio positioning and changes

Why consider The Swiss Helvetia Fund, Inc. (the “Fund”)

Appendix:

The Adviser: Schroders

Investment Philosophy and Process

Performance

1

Source: Schroders. The Fund is managed by Schroder Investment Management North America Inc. (“SIMNA Inc.”). The Fund’s sub-adviser is Schroder Investment Management North America Ltd (“SINMA Ltd”).

The case for Swiss equities

Swiss stocks leading in global competitiveness Very high percentage of Swiss index members are global leaders

1 Source: Schroder research and company websites, Forbes 2014, EvaluateMedTech October 2014, BloombergNews 17.7.2014, Chemweek 23.8.2013, GlobalCement 9.12.2013, Leffingwell 15.5.2015, Staffingindustry 16.10.2013, Reuters 19.5.2015. The views and forecasts contained herein are those of the Schroders Swiss Equities team based on information that they believe to be reliable.

3

Name Global rank within market Market

Nestle 1 Food

Novartis 2 Drugs

Roche 1 Diagnostics

UBS 1 Wealth management

ABB 2 Power transmission / distribution

Richemont 1 Jewelry

Syngenta 1 Crop protection

Swiss Re 2 Reinsurance

LafargeHolcim 1 Cement

Givaudan 1 Flavours / fragrance

Adecco 1 Staffing

Swatch 1 Watches

SGS 1 Inspection / testing

At points over the past few years, approx. 2/3 of large caps in the Swiss Market Index (“SMI”) have been ranked first or second within their markets on a global basis.1

Approximately 40% of Swiss mid caps, too.

How is global leadership of Swiss stocks possible? Switzerland offers an attractive business environment

4

Source: World Economic Forum, Global Competitiveness Report 2015-16, rank out of 140 economies. See also: http://www.prosperity.com The Legatum Institute, a London based think tank, on November 2, 2015, published its annual global prosperity index, Switzerland ranked number 2 based on 89 variables split into 8 subindexes (economy, entrepreneurship &opportunity, governance, education, health, safety & security, personal freedom, and social capital).

The World Economic Forum has been looking into drivers of competitiveness and prosperity in 140 economies. Amongst others, the following help explain the strong position of Switzerland: - innovation - infrastructure - education - labor market efficiency - macroeconomic environment - business sophistication

Swiss companies are innovation leaders Per capita patent fillings highest of Europe

Source: Innovation Union Scoreboard 2015 (EU)

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IN RU

BR

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MK TR LV LT CN

HR PL

SK EL

HU ES

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MT PT

AU IT CY

CZ

NO EE SI

EU

28 AT

FR BE IS IE UK LU NL

DE FI JP DK

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• Modest Innovators • Moderate Innovators • Innovation Followers • Innovation Leaders

Global leadership results in high profitability

6

Source: Schroders, Bloomberg as of December 31, 2014

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SPISwitzerland

S&P 500USA

MSCI Worldglobal

MSCI Europe FTSE 350UK

TopixJapan

Gross Margin

Operating Margin

Net Profit Margin

In a textbook manner, Swiss company leadership transforms into margins

High profitability has led to long-term outperformance

7

Source: Bloomberg, performance in USD as of December 31, 2015. Performance shown is past performance which is no guarantee of future results.

Performance difference: 3.6% p.a.

Swiss Equities: 10.5% p.a. in USD

MSCI World All Country Total Return Index: 6.9% p.a. in USD

-100%

100%

300%

500%

700%

900%

1100%

1300%

1500%

1700%

Cumulative stock market return

Swiss Performance Index (SPI)

MSCI World All Country Total Return Index

-200%0%

200%400%600%800%

1000%

Performance difference SPI - MSCI World All Countries TR

Swiss equities significantly outperformed global stocks for over 25 years

Swiss companies are geographically diversified Swiss companies regional sales exposure

8

Source: HSBC, July 3, 2014; *UBS February 10, 2015, data based on averages.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Switzerland Europe (E300)* UK US

Europe ex domestic

MEA Unclassified

APAC

Americas

Domestic

Europe ex domestic

MEA Unclassified

APAC

Americas

Domestic

Europe ex domestic

MEA

Unclassified

APAC

Americas

Domestic

Europe

Unclassified

APAC

Americas ex US

Domestic

Attractiveness of Swiss vs. European Equities

Swiss versus European Equities Swiss P/E ratio higher than European, but no reason to worry

10

Source: Bloomberg as at May 19, 2016; Thomson Datastream, UBS as at April 13, 2016. P/E = price to earnings ratio.

Country Index P/E est. 2016

Switzerland SMI 16.6

UK FTSE 100 16.5

France CAC 40 14.4

Germany DAX 12.5

Spain IBEX 35 13.7

Italy FTSE MIB 14.7

Greece AEX 16.8

Europe STOXX 600 15.5

US S&P 500 17.4

Japan NIKKEI 16.1

Brazil IBOV 13.3

Swiss versus European Equities Switzerland scores best re: dividend yield minus government bond yield

11

Source: Bloomberg, as at March 31, 2016. For illustrative purposes only. Not intended to serve as any recommendation to buy or sell any instrument. Yields fluctuate.

-3%

-2%

-1%

0%

1%

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5%

Bra

zil

Sha

ngha

i

US

A

Can

ada

Japa

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Aus

tralia

Hon

g K

ong

UK

Italy

Ger

man

y

Spa

in

Fran

ce

Net

herla

nds

Sw

itzer

land

Dividend yield - 10 yr government bond yield Dividend yield

Investment Outlook Global comparison of earnings expecations

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Source: Bloomberg: as at March 31, 2016, all earnings converted into US dollars.

60

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120

140

160

180

200

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240Swiss Earnings Estimates (SPI Index)US Earnings estimates (S&P 500)UK Earnings Estimates (FTSE 100 Index)Eurozone Earnings Estimates (Euro Stoxx 50)

Brexit

Brexit Implications for Switzerland

How could the British vote on June 23, 2016 change the Swiss – EU relationship?

We explore three scenarios:

A) If Great Britain stays, the EU could become more demanding in its negotiations with Switzerland

This would not be positive for the Swiss economy

But, due to low levels of domestic sales exposure, Swiss listed stocks should not suffer too much

Thanks to European subsidiaries, Swiss listed companies should not be cut off from market access

B) Great Britain stays but EU becomes less “uniform”

This would be positive for the Swiss model of “EU association” and for the Swiss economy

A less “uniform” EU could make business more complicated, but for all companies, not only Swiss

C) The referendum could become the first domino piece in an “EU disintegration”

This would be negative for equity markets although Switzerland could get short term benefit of “flight to safety”

Our preferred scenario is none of the above: pro-market reforms in EU countries. However, we see this as a rather unlikely scenario.

14

Views expressed reflect those of the portfolio management team as of today’s date and do not necessarily reflect the views of Schroders. These views are subject to change.

Outlook

Investment Outlook

Global stock market valuations have become more expensive since 2010

But equity markets likely to benefit further from attractive / increasing dividends

Swiss spread of dividend yield vs. 10 year government bond yield highest among major stock markets

Swiss stocks have also delivered superior earnings growth

We believe that Swiss equities will be among the best performing equity markets long-term - global leaders of industry - over past 10 years led to superior earnings growth (which is likely to persist) - in spite of strong Swiss franc (despite making news headlines in 2015, it is rather “business as usual”)

Simultaneously, investors should be aware of shorter-term risks/volatility (due to politics, central banks, economic data, contagion from other asset classes, global tensions etc.)

16

Views expressed reflect those of the portfolio management team as of today’s date and do not necessarily reflect the views of Schroders. These views are subject to change.

Portfolio positioning and changes

Top Ten holdings absolute

Portfolio positioning As of March 31, 2016

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Source: Schroders. Portfolio composition is subject to change over time. Stocks shown do not represent any recommendation to buy or sell any security.

Name Absolute weight

Novartis 11.5%

Nestlé 11.5%

Roche 11.2%

Lindt & Sprüngli (Reg.) 4.8%

UBS 4.3%

Syngenta 4.0%

Richemont 3.3%

Swatch (Reg.) 2.7%

Logitech 2.6%

Burckhardt Compression 2.6%

Total 58.5%

Top/bottom relative weights Name Relative weight

Lindt & Sprüngli (Reg.) +4.2%

Burckhardt Compression +2.5%

Logitech +2.4%

Belimo +2.4%

Swatch (Registered) +2.4%

Zurich Insurance -2.9%

Roche -3.2%

ABB -3.3%

Novartis -3.6%

Nestlé -8.3%

0% 5% 10% 15% 20% 25% 30% 35%

Private EquityCash

Health Care ProvidersBasic Resources

Automobiles & PartsUtilitiesMedia

Medical SuppliesReal Estate

RetailTravel & Leisure

TelecommunicationsFinancial Services

TechnologyInsurance

BiotechnologyChemicals

Medical EquipmentConstruction & Materials

Personal & Household GoodsIndustrial Goods & Services

BanksFood & BeveragePharmaceuticals

Swiss Helvetia FundSPI

Portfolio positioning ICB classification

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Source: Schroders, JP Morgan, Bloomberg, March 31, 2016. Portfolio composition is subject to change over time.

SWZ SPI Rel. % 22.8% 29.7% -6.9% 17.2% 21.7% -4.6% 10.2% 9.1% 1.1%

7.9% 9.3% -1.4% 6.0% 4.1% 1.8% 5.1% 4.2% 0.9% 4.0% 0.0% 4.0% 4.0% 5.3% -1.3% 4.0% 2.2% 1.7% 3.2% 7.0% -3.8% 3.1% 1.0% 2.1% 2.6% 1.2% 1.4% 1.8% 1.3% 0.4% 1.4% 0.2% 1.2% 0.7% 0.9% -0.1% 0.0% 1.3% -1.3% 0.0% 0.3% -0.3% 0.0% 0.1% -0.1% 0.0% 0.1% -0.1% 0.0% 0.1% -0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2.3% 0.0% 2.3% 3.7% 0.0% 3.7%

Portfolio positioning Changes in positioning YTD 2016

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Source: Schroders, Year-to-date through March 31, 2016. Stocks shown do not represent any recommendation to buy or sell any security.

New Positions

Julius Baer

Swiss Re

Valiant

Increased Positions

Aryzta

Cembra Money Bank

Credit Suisse

Sunrise

Syngenta

UBS

Decreased Positions

Actelion

Belimo

Bucher Industries

DKSH

Dufry

Evolva

Implenia

Kuros Biosciences

Lonza

Nestlé

OC Oerlikon

Sold Positions

Adecco

Risk measures March 31, 2016

Portfolio positioning Key statistical measures

21

Source: Schroders, Charles River, Prism, March 31, 2016. Please refer to the back of this presentation for definitions.

Swiss Helvetia Fund Q1 2016

Tracking error 3.1%

Beta 0.93

Relative VaR (95%) 1.4%

Volatility 11.6%

Active share 42.9%

Portfolio turnover

Swiss Helvetia Fund

Turnover in % of AuM Q1 2016 12%

Turnover calculation method: (Buys + Sells) / (average AuM)

Why Consider The Swiss Helvetia Fund, Inc.

The Swiss Helvetia Fund, Inc.

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Allows US investors to access to the fund management team’s capabilities

The fund has better diversification compared to the Swiss Performance Index (SPI)

A closed-end fund allows a long-term investment horizon (no unknown future in-/outflows)

Currently the share price trades at a discount to NAV

Source: Schroders, Bloomberg, March 31, 2016. Views expressed reflect those of the portfolio management team as of today’s date and do not necessarily reflect the views of Schroders. These views may change.

Why invest in Swiss equities through a closed–end fund?

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Swiss Performance Index

Swiss Helvetia Fund

Portfolio weight SWZ SPI

Top 3 positions 34% 49%

Top 5 positions 43% 58%

Top 10 positions 59% 71%

Conclusion

Conclusion

Swiss listed companies are often global leaders

Their level of internationalisation makes them less dependent on domestic economy (they can outgrow the Swiss economy, which is solid but mature)

Swiss equities have a history of outperformance versus global and European equities

They are highly attractive from a long-term total return perspective

The Fund is currently a way to invest in Swiss stocks at a discount

Schroders has a proven philosophy, process and track record for Swiss equities

25

Views expressed reflect those of the portfolio management team and do not necessarily reflect the views of Schroders. These views are subject to change. Past performance is no guarantee of future results.

Appendix

The investment adviser: Schroders

Schroders A worldwide team dedicated to asset management

Focus Asset management is our sole

business Experience and independence Over 200 years of financial services

experience Founding Schroder family controls

47.9%1 of voting equity Resources Well established teams in all key

investment regions Over 450 portfolio managers and

analysts worldwide Over 3,800 personnel in 28 countries Financial strength $466.9 billion in AUM globally $772.4 million surplus capital available

for building the business

28

Source: Schroders. Statistics are as of March 31, 2016. 1As of December 31, 2015.

Schroders offices1

Key A Alternatives (Property/EMD/Commodities) E Equities FI Fixed Income MA Multi-Asset Investment centres (locations where Schroders has investment capabilities)

Argentina 4 (FI) Bermuda Brazil 4 (E/FI) Cayman Islands

Americas

UK and Channel Islands UK 361 (A/E/FI/MA) Channel Islands 4 (A)

Denmark France 9 (A/FI) Germany 11 (A) Gibraltar Italy 1 (MA) Luxembourg

Europe and Middle East Netherlands Spain Sweden Switzerland 31 (A/E/FI/MA) UAE 3 (E) South Africa

Asia Australia 31 (E/FI/MA) China 5 (E) BoComm JV Hong Kong 34 (E/FI/MA) India Axis JV Indonesia 12 (E/FI) Japan 19 (E) Singapore 38 (E/FI/MA) South Korea 9 (E/MA) Taiwan 13 (E/FI/MA)

Chile Mexico USA 97 (A/E/FI/MA)

Schroders has had an established investment management presence since 1923 in the US A registered Investment Adviser with the SEC

SIMNA manages $89 billion for clients across a range of asset classes

AUM of $3.2 billion across 16 open-end mutual funds and $20 billion across 16 sub-advisory portfolios

Resources and infrastructure dedicated to managing, servicing and marketing 40-Act registered portfolios

Dedicated U.S.-based compliance and legal teams to oversee regulatory requirements

Existing structure in place for compliance & client service specialists to coordinate with regional investment offices

About Schroders

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Schroders Investment Management North America

Source: Schroders, Schroder Investment Management North America Inc. (SINMA) assets include both SIMNA and SIMNA Ltd, both SEC registered entities as of March 31, 2016.

Schroders was selected by the independent directors of the Fund in 2014 for its track record, investment philosophy & process, its team and experience1

Track record of Swiss equity team started on Jan 1, 1999

Proven and easy to understand process

Fundamental stock picking (bottom-up)

Robust portfolio construction and risk management (top-down)

Style focus on value, quality and size

About the portfolio management team

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The Fund is managed by a Zurich based, experienced Swiss equity team

Source: Schroders 1. The Swiss Helvetia Fund, Inc. press release, April 18, 2014 (www.swzfund.com)

Investment Philosophy and Process

Investment Philosophy

32

3 main alpha Sources

Source: Schroders

1. Value Definition: Classical Value Multiple Analysis (P/E, P/B, P/CF etc.) and Proprietary DCF Model Evidence: Kenneth R. French Database for Switzerland

2. Quality Definition: Quality of Balance Sheet, Management, Product/Service and shareholder value creation Evidence: Own empirical analysis re: debt/equity

3. Size (Small and Mid Cap) Definition: Stocks outside the large cap “Swiss Market Index” (SMI) Evidence: Performance of sub-indices within the all cap “Swiss Performance Index” (SPI)

Investment Philosophy Avoid high Debt

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Source: Bloomberg, Schroders, April 30, 2015. All returns in CHF.

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Lowest net debt/equity (1. Quartile)

2. Quartile

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Highest net debt/equity (4. Quartile)

Balance sheet strength

Investment Process

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5 recurring steps

Source: Schroders

1. Filter

2. Screen

3. bottom-up Research

4. Top-down Portfolio Construction and Risk Management

5. Sell Discipline

1. Filter universe (209 stocks) into investable stocks (~125)

2. Screen for best ideas: focus list of 60-80 names; rest goes on watch list

3. Detailed fundamental research to come-up with stock recommendations

4. Construct portfolio with 30-40 names and monitor risks

5. Sell discipline a inherent part of investment process

209 stocks

60-80 30-40

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Investment Process II Stock example: Implenia

Valuation

Fair value: CHF 66 (upside 35%)

Multiples: Est. P/E (2016) 10.9, Div yield 3.7%

Quality (Summary)

Competitive Analysis +/- Leading construction services company in CH

Shareholder Value Creation + 9% p.a. book value per share increase over 8y

Management Quality + Seasoned and strongly committed management

Balance Sheet Quality + Solid balance sheet, net cash; 27% goodwill/equity

35

Source: Schroders, Bloomberg, June 30, 2014. Data in CHF. For illustration only. Not a recommendation to buy or sell stocks mentioned.

Book value per share plus cumulative dividends

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2.

3. bottom-up Research 4.

5.

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2006 2007 2008 2009 2010 2011 2012 2013 2014

Investment Process Sell Discipline

Having a clear selling discipline is important for seeking to achieve consistent performance.

A stock is sold when:

Price target is reached

Negative change of investment case (environment, positioning of firm, management)

We find a better investment opportunity

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Source: Schroders

1.

4.

5. Sell discipline 2.

3.

Performance

Net Asset Value

Performance

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NAV and price performance in USD, as of March 31, 2016

Performance in USD % FY 2015 Q1 2016

NAV SWZ 2.89 -3.73

Swiss Performance Index, SPI 2.58 -5.58

Difference +0.31 +1.85

Source: Schroders, JPM for fund performance and Bloomberg for Index performance; year-to-date performance as at March 31, 2016, reflecting NAV information available as of the date of publication; subject to subsequent change. Please consult quarterly, semi-annual and annual reports for NAV updates post date of filing. Performance shown is past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. Principal value and investment returns will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for less than one year is not annualized.

Performance in USD % FY 2015 Q1 2016

Share price SWZ 1.41 -3.60

Swiss Performance Index, SPI 2.58 -5.58

Difference -1.17 +1.98

Share price

Important Information

39

The Fund is a closed-end investment product. Common shares of the Fund are only available for purchase/sale on the NYSE at the current market price. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

This presentation is intended to be for information purposes only and it is not intended as promotional material in any respect. The material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations. Information herein is believed to be reliable but Schroder Investment Management North America Inc. does not warrant its completeness or accuracy.

The returns presented represent past performance and are not necessarily representative of future returns, which may vary. The value of investments can fall as well as rise as a result of market or currency movements.

All investments, domestic and foreign, involve risks, including the risk of possible loss of principal. The market value of a fund’s portfolio may decline as a result of a number of factors, including adverse economic and market conditions, prospects of stocks in the portfolio, changing interest rates, and real or perceived adverse competitive industry conditions. Investing overseas involves special risks including among others risks related to political or economic instability, foreign currency (such as exchange, valuation, and fluctuation) risk, market entry or exit restrictions, illiquidity, and taxation. The Swiss securities markets have substantially less trading volume than the U.S. securities markets. Additionally, the capitalization of the Swiss securities markets is highly concentrated. Securities of some companies located in Switzerland will be less liquid and more volatile than securities of comparable U.S. companies. This combination of lower volume and greater concentration in the Swiss securities markets may create a risk of greater price volatility than in the U.S. securities markets.

The views and forecasts contained herein are those of the Schroders Swiss Equities team and are subject to change. The information and opinions contained in this document have been obtained from sources we consider to be reliable. No responsibility can be accepted for errors of facts obtained from third parties. Reliance should not be placed on the views and information in the document when taking individual investment and/or strategic decisions.

Definitions: Active share represents the proportion of stock holdings in the fund that is different from the composition found in the benchmark. Beta measures the sensitivity of the fund to the movements of its benchmark. Volatility is measured by Standard deviation, which is the risk or volatility of an investment’s return over a particular time period; the greater the number, the greater the risk. Tracking error is the difference between the price behavior of a position or a portfolio and the price behavior of a benchmark. VaR is Value at Risk, a widely used risk measure of the risk of loss on a specific portfolio of financial exposures.

For more information, visit www.swzfund.com

Schroder Investment Management North America Inc. 875 Third Avenue, New York, NY 10022-6225 (212) 641-3800 www.schroders.com/us