Portfolio Manager October 2024 Presentation to the Annual Meeting of Stockholders Portfolio and Performance ReviewThe Swiss Helvetia Fund, Inc. Stefan Frischknecht, CFA Marketing material for professional clients and qualified investors only.

Contents 2 01 Performance 02 Positioning 03 Outlook 04 Case for Swiss equities 05 Disclaimer

Performance

Performance Q3 2024 and YTD September 2024 4 Net asset value (NAV) and price performance in USD Source: Bloomberg, U.S. Bank Global Fund Services, Data as of 30 September 2024.Performance shown represents past performance. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. The value of an investment can go down as well as up and is not guaranteed. The return may increase or decrease as a result of currency fluctuations. Performance in USD % YTD 2024 (Jan-Sep) Q3 2024 2023 1 year 3 years p.a. 5 years p.a. NAV The Swiss Helvetia Fund, Inc. (SWZ) +10.09% +9.09% +16.92% +20.61% +5.42% +8.36% Swiss Performance Index, SPI +10.77% +8.55% +16.54% +22.41% +6.09% +9.41 Difference NAV -0.68% +0.54% +0.38% -1.80% -0.67% -1.05% Performance in USD % YTD 2024 (Jan-Sep) Q3 2024 2023 1 year 3 years p.a. 5 years p.a. Share price SWZ +14.35% +12.51% +15.48% +24.72% +6.22% +9.37% Swiss Performance Index, SPI +10.77% +8.55% +16.54% +22.41% +6.09% +9.41 Difference +3.58% +3.96% -1.06% +2.31% +0.13% -0.04 Net asset value Share price

Performance comment 5 12 month period ended Sep 30, 2024 Driving factors for relative performance of NAV Source: Bloomberg, U.S. Bank Global Fund Services, Data as of 30 September 2024.Performance shown represents past performance. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Recent 3 year and 5 year period: Equity markets have been strong over the past 12 months The strength of the Swiss franc also boosted performance, helping Swiss equity investments Stock picking was a significant positive factor (+1.1%), with main contributions coming from financials, industrials and technology. However, negative sector allocation was a drag (-1.1%). Applying moderate leverage in Q4 2023 was beneficial. No leverage was applied in 2024. For the first time in a few years, illiquid private equity investments (a legacy from the former investment advisor) had a meaningful positive impact As investment advisor, Schroders’ investment philosophy in Swiss equities builds on three style biases: Quality, Valuation and smaller capitalization. Small & medium sized companies, which have been an overweight compared to the benchmark, underperformed since 2018 as shown in the chart on the right hand side. This had a negative impact leading to a moderate underperformance. We clearly stick to our investment approach of focusing on high quality, valuation and smaller capitalization. We believe we are more likely to find mispriced stocks in small and medium sized stocks that have less observers than within closely followed large caps. Furthermore, we think a small or medium sized company, often acting in a niche, has more room to outgrow the market, which also helps it to outperform the benchmark index.

Performance breakdown – 1 year 6 Driving factors behind relative performance Source: Schroders, BlackRock Solutions Aladdin Explore, U.S. Bank Global Fund Services, Data as of 30 September 2024.Performance shown represents past performance. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. The value of an investment can go down as well as up and is not guaranteed. The return may increase or decrease as a result of currency fluctuations. Impact on relative performance Comment Listed equities +0.0% Strong stock picking in financials and industrial, but not in materials; more or less outweighed by negative allocation effects from underweights in industrials and materials Private equity +0.2% Positive contribution from Aravis, and Spineart Cash -0.2% Minimal impact due to low cash position Leverage +0.3% Positive impact from leverage in Q4 2023, no leverage in 2024 Expenses -1.6% Total estimated expenses Other -0.5% Currency, timing and other (rounding) NAV return difference -1.8% NAV total return -1.80% behind benchmark SPI. Gross performance from listed equities is neutral with positive impact from stock picking and negative sector allocation.

Top 10 contributors and detractors – stock 7 12 Months to 30 September 2024 The Swiss Helvetia Fund, Inc. Past performance is no guarantee of future results and and current performance may be higher or lower than the performance shown. The value of an investment can go down as well as up and is not guaranteed. The return may increase or decrease as a result of currency fluctuations. Source: Schroders, FactSet. 1vs. Switzerland: SPI The accounting data used by FactSet is un-audited, therefore any subsequent cleaning of data will not be reflected in FactSet. The sectors, securities, regions and countries shown above are for illustrative purposes only and are not to be viewed as a recommendation to buy or sell. Contributors Portfolio average weight Active average weight Absolute portfolio total return Relative1 return Total effect R&S Group Holding 0.9 +0.9 99.1 59.9 +0.8 Swissquote Gp Hldg 1.3 +1.1 84.6 71.5 +0.6 Accelleron Industr 0.8 +0.6 88.4 75.3 +0.4 Sandoz Group Ag 1.9 +1.1 46.9 33.9 +0.3 VZ 1.0 +0.9 44.7 31.7 +0.2 Comet Holdings 0.6 +0.5 63.7 50.7 +0.2 Galderma Group Ag 0.8 +0.7 22.8 9.8 +0.2 Logitech International 1.3 +0.5 21.3 8.3 +0.2 Sfs Group Ag 1.2 +1.1 34.7 21.7 +0.2 Partners Group 2.8 +1.1 26.6 13.6 +0.2 Detractors Portfolio average weight Active average weight Absolute portfolio total return Relative1 return Total effect ABB 1.6 -2.8 52.5 39.4 -0.9 Holcim Ltd 0.0 -2.6 0.0 32.5 -0.7 Ams-Osram Ag 0.8 +0.7 -40.8 -62.1 -0.5 Swiss Re 0.0 -2.0 0.0 18.6 -0.3 Sig Group Ag 1.6 +1.2 -14.6 -27.6 -0.3 Swatch 1.4 +0.9 -16.4 -32.4 -0.3 Tecan Group 1.7 +1.4 -9.1 -22.1 -0.2 BKW 1.7 +1.5 -2.7 -15.7 -0.2 Schindler 0.0 -0.9 0.0 25.6 -0.2 Aryzta 2.0 +1.9 3.4 -9.6 -0.1

Positioning Confidential - For SWZ Board Distribution Only

Stock Sector Portfolio weight (%) Benchmark1 weight (%) Active weight (%) 1 Nestle Consumer Staples 12.6 13.9 -1.2 2 Novartis Health Care 12.3 12.4 0.0 3 Roche Health Care 10.3 12.4 -2.1 4 Comp.Fin.Richemont Consumer Discretionary 5.3 4.5 +0.8 5 Zurich Insurance Financials 4.2 4.6 -0.5 6 Ubs Group Ag Financials 2.7 5.2 -2.5 7 Partners Group Financials 2.7 1.8 +0.9 8 ABB Industrials 2.6 4.9 -2.3 9 Sika Materials 2.1 2.8 -0.7 10 Sandoz Group Ag Health Care 2.1 0.9 +1.1 Total 56.9 63.4 Top 10 holdings by absolute weight 9 The Swiss Helvetia Fund, Inc. As at 30 September 2024 Source: Schroders, FactSet. 1Switzerland: SPI. The accounting data used by FactSet is un-audited, therefore any subsequent cleaning of data will not be reflected in FactSet. The sectors, securities, regions and countries shown above are for illustrative purposes only and are not to be considered a recommendation to buy or sell

Stock positions – Top 10 and Bottom 10 10 As at 30 September 2024 The Swiss Helvetia Fund, Inc. Source: Schroders, FactSet. 1Switzerland: SPI. The accounting data used by FactSet is un-audited, therefore any subsequent cleaning of data will not be reflected in FactSet. The sectors, securities, regions and countries shown above are for illustrative purposes only and are not to be considered a recommendation to buy or sell. Portfolio (%) Benchmark1 (%) Underweight Overweight 3M change Aryzta 1.7 0.1 -0.2 R&S Group Holding 1.5 0.0 0.3 Galderma Group Ag 1.7 0.4 -0.1 Sig Group Ag 1.7 0.4 0.2 Sfs Group Ag 1.4 0.2 0.1 Tecan Group 1.4 0.2 -0.1 BKW 1.4 0.2 -0.3 Sandoz Group Ag 2.1 0.9 -0.3 Swissquote Gp Hldg 1.3 0.2 -0.2 Partners Group 2.7 1.8 0.1 Sgs Sa -- 0.9 -0.1 Schindler -- 0.9 -0.1 Geberit Ag -- 1.1 0.0 Nestle 12.6 13.9 -0.8 Lindt & Spruengli -- 1.4 0.0 Roche 10.3 12.4 -0.3 Swiss Re -- 2.1 -0.1 ABB 2.6 4.9 1.2 Ubs Group Ag 2.7 5.2 0.1 Holcim Ltd -- 2.8 -0.1

Sector positions 11 As at 30 September 2024 The Swiss Helvetia Fund, Inc. Source: Schroders, FactSet. 1Switzerland: SPI The accounting data used by FactSet is un-audited, therefore any subsequent cleaning of data will not be reflected in FactSet. The sectors, securities, regions and countries shown above are for illustrative purposes only and are not to be considered a recommendation to buy or sell. Portfolio (%) Benchmark1 (%) Underweight Overweight 3M change Health Care 36.2 34.5 -2.2 Consumer Discretionary 6.6 5.3 0.0 Utilities 1.4 0.2 -0.3 Information Technology 2.7 1.8 0.2 Consumer Staples 15.5 15.9 -0.9 Communication Services 0.0 0.9 -0.1 Real Estate 0.0 1.3 -0.1 Financials 16.7 18.4 -0.9 Industrials 10.3 12.8 0.9 Materials 5.4 8.8 0.1 [Cash] 5.2 0.0 3.2 Total 100.0 100.0

Largest purchases and sales 12 Year to date to 30 September 2024 The Swiss Helvetia Fund, Inc. Source: Schroders, FactSet. 1vs. Switzerland: SPIThe accounting data used by FactSet is un-audited, therefore any subsequent cleaning of data will not be reflected in FactSet. The sectors, securities, regions and countries shown above are for illustrative purposes only and are not to be viewed as a recommendation to buy or sell. Purchases Sector Issuer Active weight1 31/12/2023 Active weight1 30/09/2024 Active weight1 change Comments Galderma Group Ag Health Care Galderma Group Ag 0.0 +1.3 +1.3 New position; Participation in IPO of high quality dermatology company Straumann Health Care Straumann Hldg -1.0 0.0 +1.0 After stock weakness and negative reaction to Q1 result, we upped to neutral Novartis Health Care Novartis Ag -0.6 0.0 +0.6 Not active; Solely market movements ABB Industrials Abb Ltd -2.8 -2.3 +0.5 After stock weakness, we decreased our underweight R&S Group Holding Industrials R&S Group Holding +1.0 +1.5 +0.5 New position; Leading provider of power products (transformers, switches, ...) Sales Sector Issuer Active weight1 31/12/2023 Active weight1 30/09/2024 Active weight1 change Comments Nestle Consumer Staples Nestle Sa +0.5 -1.2 -1.7 Decrease in order to fund the quarterly distribution and expenses Forbo Hldgs Industrials Forbo Hldgs Ag +0.8 -0.1 -0.8 Decrease in order to fund the quarterly distribution and expenses Baloise Holding Financials Baloise Holding Ag +1.1 +0.3 -0.8 Partial profit taking after the positive reaction to the lifting of voting right restrictions Alcon Ag Health Care Alcon Ag -0.1 -0.8 -0.7 Partial profit taking as well as funding of the quarterly distribution and expenses DKSH Industrials Dksh Holding Ag +1.0 +0.3 -0.7 Partial profit taking as well as funding of the quarterly distribution and expenses

Portfolio positioning 13 The Swiss Helvetia Fund, Inc. Source: BlockRock Solutions Aladdin, Sparcs, data as of 30 September 2024. Swiss Helvetia Fund Swiss Performance Index Valuation P/E FY1 19.4x 19.0x P/E FY2 16.8x 16.7x Price/book FY1 3.5x 3.3x Quality Net Debt to Equity 28.2% 44.0% Net Debt to EBITDA 1.1x 1.7x Portfolio characteristics Swiss Helvetia Fund September 30, 2024 September 30, 2024 Tracking error 1.8% 1.5% Active share 31.2% 27.7% Risk measures (ex private equity)

Outlook

Outlook 15 Source: Schroders, 30 September 2024. Views expressed are the portfolio management team’s view and not necessarily a «house view». These views are subject to change. Schroders expects global growth to come in at 2.7% for both 2024 and 2025. In the US, the Federal Reserve has started cutting rates. From our perspective, concerns about an imminent US recession might seem exaggerated as the economy is currently remaining rather robust. Labour market conditions have moved into better balance. Taken alongside further disinflation and improving credit availability, this should serve to sustain solid household consumption. In Switzerland, the State Secretariat of Economic Affairs (SECO) expects the Swiss economy to grow at a below-average rate of 1.2% in 2024, followed by a normalization in 2025 of 1.6%. In September, the Swiss National Bank took the decision to lower interest rates to 1.0%. Further cuts can be expected as domestic inflation is within the target zone and a further strengthening of the CHF is to be avoided as global economies are continuing cutting rates. Swiss equities, which generate on average between 80-90% of their revenue abroad, benefit from the more positive growth environment. Many Swiss companies expressed optimism regarding the demand outlook for the second half of 2024. However, as visibility on the timing of the recovery is still limited for many companies, this could lead to short-term volatility. We intend to stick to our long-term investment approach and focus on high-quality companies with sound balance sheets and reasonable valuation. Soft landing as the base scenario

Outlook & market situation 16 Earnings estimates tend to be too high at the beginning of the year Source: Bloomberg, 30 September 2024. In USD, rebased as of 02 January 2012. Consensus EPS development – MSCI World

Outlook & Market Situation 17 Swiss equities offer strong earnings growth on a global comparison Source: Schroders, Bloomberg, 30 September 2024; all earnings converted into CHF. Swiss Small & mid caps Swiss all caps US all caps Eurozone all caps

Dividend yield versus government bond yield 18 Swiss equities offer attractive dividend yields versus government bond yields Source: Schroders, Bloomberg, 30 September 2024.

Volatility 19 Volatility is below historical averages Source: Schroders, Bloomberg, 30 September 2024. Asian crises Tech bubble burst 3y bear market Irrational exuberance Surprise rate hike by Fed Various hedge fund collapses Financial crisis Greek crisis Euro crisis 6m bear market after China bubble burst Start of trade war Q4 2018 meltdown 9/11 Coronavirus Russia’s invasion of Ukraine

Trade weighted currency index 20 Swiss franc in real terms more stable than one would expect Source: Swiss Nationalbank, December 2000 = 100, 30 September 2024. Trade weighted currency index – real, CPI-based

Case for Swiss Equities

Long term outperformance of Swiss equities 22 Source: Schroders, September 30, 2024. All data in USD. Views expressed are the portfolio management team’s view and not necessarily a «house view». These views are subject to change.Performance shown represents past performance. and current performance may be higher or lower than the performance shown 2.0% p.a. in USD 10.1% p.a. in USD 8.0% p.a. in USD Long-term reasons to invest Long-term historic outperformance due to: Many global leaders Balanced geographical diversification High innovation rate Highly skilled and productive labour force High profit margins Political system (stability, taxes, labour law) Quality infrastructure Low debt (at companies and government) Strong CHF seen as asset, not disadvantage

Switzerland offers an attractive business environment 23 World competitiveness ranking Switzerland ranks in the top three of 64 economies regarding global competitiveness Source: International Institute for Management Development (IMD), World Competitiveness Ranking 2023, rank out of 64 economies The International Institute for Management Development has been looking into drivers of competitiveness and prosperity in 64 economies. Amongst others, the following help explain the strong position of Switzerland: Domestic economy Infrastructure Governance efficiency Productivity & business efficiency Labor market Tax policy Switzerland has been ranked within the top 4 economies over the last 6 years.

Switzerland is an innovation leader 24 Switzerland as the innovation leader Switzerland is the most innovative country in Europe Source: European Innovation Scoreboard 2023. All performance scores are relative to that of the EU in 2016. Coloured columns show countries performance in 2023, using the most recent data for 32 indicators. The horizontal hyphens show performance in 2022, using the next most recent data. Grey columns show countries performance in 2016. The dashed lines show the threshold values between the performance groups, where the threshold values of 70%, 100%, and 125%, when using the latest 2023 data, have been adjusted upward by multiplying with 1.085 to reflect the performance increase of the EU between 2016 and 2023 as the graph shows performance scores relative to the EU in 2015. Strong education- & environment-related indicators Switzerland has the highest performance in six indicators: New doctorate graduates International scientific co-publications Foreign doctorate students Public-private co-publications Resource productivity Air emissions by fine particulates

Global leadership results in high profitability Market leadership positions for many Swiss companies transform into high margins Source: Schroders, Bloomberg, 31 December 2022. 25

CHF appreciation is nothing new 26 Swiss franc strength in nominal terms / more stable in real terms (due to low inflation) Source: Schroders, Bloomberg, September 30, 2024. Views expressed are the portfolio management team’s view and not necessarily a «house view». These views are subject to change. Swiss companies are used to an appreciating Swiss Franc. High efficiency and strong focus on productivity gains High innovation rate Market leaders in their respective niches Global production footprint provides a substantial natural hedge Solid balance sheets Sharp moves in exchange rate (as happened in 2011 and 2015) had short term impacts that were successfully absorbed after 1-2 years in terms of margin recovery

Performance of The Swiss Helvetia Fund 27 Compared to ETF and European Index since introduction of the EURO Source: Bloomberg, September 30, 2024, all data in USD.Performance shown represents past performance. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown Swiss ETF 6.8% p.a. The Swiss Helvetia Fund 7.0% p.a. MSCI Europe (ex Switzerland) 5.5% p.a.

Disclaimer

Important information 29 The Swiss Helvetia Fund, Inc. (the “Fund”) is a closed-end investment company registered in the United States with the Securities and Exchange Commission. Common stock of the Fund is only available for purchase/sale on the NYSE (SWZ) at the then 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 the Fund’s shares or any other 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, and current performance may be higher or lower than the performance shown. 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 Schroders considers 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 properties 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 or volatility. Tracking error is the difference between the price behavior of a position or a portfolio and the price behavior of a benchmark. VaRis Value at Risk, a widely used risk measure of the risk of loss on a specific portfolio of financial exposures. Schroder Investment Management North America Inc. is registered as an investment adviser with the US Securities and Exchange Commission and is a wholly-owned subsidiary of Schroders plc For more information, visit www.swzfund.com

Schroder Investment Management (Switzerland) AG Central 2 CH-8001 Zurich info-sim@schroders.com schroders.ch Thank you

SWISS HELVETIA FUND, INC. 8-K