The Swiss Helvetia Fund, Inc'

1
The Swiss HelvetiaFund, Inc.
Informed Investors Closed End Fund Virtual
Forum December 8th 2004
See Rider A
2
Introduction

• The Fund was founded in 1987.
• The Swiss Helvetia Fund is a non-diversified,
  closed-end fund seeking long-term capital
  appreciation through investments in equity and
  equity-linked securities of Swiss companies. This
  provides investors an opportunity for
  diversification in the Swiss market and in Swiss
  Franc.
• The total net assets as of November 19, 2004 are
  USD 402 Million.
• The Fund is listed on the NYSE under the ticker

3

• The Swiss Helvetia Fund is managed by Hottinger
  Capital Corp., and benefits from a proud legacy
  of discretion, integrity, performance, and
  service from experienced Swiss private bankers.
• Our universe of stocks in which the Fund may
  invest comprise all stocks traded on the SWX
  Swiss Exchange.
• Strategy mix of top down macro driven and
  bottom up selection.

4
Macro-Economic Topics

SWISS ECONOMIC INDICATORS CHF/USD EURO/USD INTERE
ST RATES JOBLESS RATES CPI GDP
5
Swiss Economy Economic IndicatorsGDP and
Components (Year-on-Year changes in )
2002 basis 2003 2004F
2005F 2006F (in CHF bn) 256.2
0.5 1.7 2.0 2.2
50.4 1.4 1.1 0.5
0.8 91.9 -0.4
4.6 3.9 3.3 40.8 1.8
3.5 2.5 2.0 51.1 -2.0
5.6 5.0 4.3 189.9
0.0 6.3 5.9 6.1 168.9
1.4 7.4 6.6 6.5 419.7
-0.4 1.9 2.1 2.2
Private ConsumptionGovernment
Spending Capital Investment Construction
Plant Equipment ExportsImportsTotal GDP
UBS Swiss Economic research
6
Swiss Economy Economic IndicatorsMacro
Indicators (Year-on-Year changes in )
2000 2001 2002 2003 2004F 2005F 3.7 1.0 0.3 -0
.4 1.9 2.1 1.6 1.0 0.6 0.6 0.8 1.0 1.8
1.7 2.6 3.8 3.8 2.8 3.4 3.5 2.3 2.6 2.
9 3.5 1.64 1.68 1.44 1.27 1.22 1.14
GrowthInflation Unemployment rateInterest
rates(10 y govt bond yield) Foreign exchange
rates (CHF against USD)
UBS Swiss Economic research
7

Source Bloomberg
8
Source Bloomberg
9
Source Bloomberg
10
Source Bloomberg
11
Source Bloomberg
12
Swiss Helvetia Fund and Swiss market performance
analysis

13
Swiss Performance Index (SPI) Industry Groups
performance in Swiss Francs YTD as of 10/31/04
Industry Group YTD SPI Weighting
SWZ Weighting Healthcare 2.3
34.4 34.02 Banks 0.0
20.8 11.84 Food and Beverages
- 5.2 16.2 13.86
Insurances - 10.6 7.9
1.56 Industrial Goods Services 3.9
6.0 8.45 Chemicals 11.7
3.7 8.63 Cyclicals Goods Services
14.4 3.6 - Construction
16.6 2.1 6.03 Telecom 9.1
1.4 - Technology - 7.3
1.1 4. 61 Financial Services
16.6 1.0 - Non Cyclicals
Goods Services 13.8 0.9
- Retail - 2.0 0.3 1.08
Utility Suppliers 29.2 0.2
2.75 Media - 0.8 0.2
- Basic Resources 34.3 0.0
- ENTIRE SPI 0.6 See Rider XX
Source Swiss Stock Exchange monthly report
14
Swiss equity currency exposure Geographical
diversification
Embedded currency exposure in SWZ ten largest
holdings as disclosed by the companies. UBS
(40-45 exposure in USD) and Kuehne Nagel (at
least 27 exposure in USD) are not included in
the chart as full breakdown was not disclosed by
the companies.
15
SWZ Performance breakdownytd -
12/31/03-10/31/04 (USD)
Share price total return in USD 5.06
SP 500 total return 3.05
Discount impact -0.27
Swiss Francs vs USD 2.94
Performance of Fund in local currency 2.32
Not annualized. See Rider X See Rider Y
16
SWZ Performance breakdown 1 year -
10/31/03-10/31/04 (USD)
Share price total return in USD 20.88
SP 500 total return 9.41
Discount impact 1.24
Swiss Franc vs. USD 11.15
Performance of Fund in local currency 7.64
Not annualized. See Rider X See Rider Y
17
SWZ Performance breakdown5 years -
10/31/99-10/31/04 (USD)
Share price cumulative total return in USD
29.16
SP 500 cumulative total return -10.60
Discount impact 12.36
Swiss Franc vs. USD 26.90
Performance of Fund in local currency -7.96
Not annualized. See Rider X See Rider Y
18
Performance Comparison in US Dollars as of
10/31/04
See Rider X See Rider Z See Rider Y
19
SWZ Distribution yield performance 1/1/97 -
12/31/03
See Rider YY
20
SWZ DISCOUNT (From 1/1/01 to 11/19/04)
21
Market Outlook

22
Outlook

• Our outlook for Swiss Stocks
• We believe the long term trend is positive for
  multinational companies thanks to their exposure
  to emerging markets. Swiss companies, large and
  mid caps, have long outgrown their small domestic
  base and expanded internationally (competitive
  advantage).
• We see volatility but opportunity of market
  outperformance for Swiss mid cap stocks (more
  space to grow than large caps).
• Swiss companies are leaders in their fields
  finance, chemicals, pharmaceuticals.
• Due to low interest rates, 10 year yield at
  2.32, defensive domestic stocks paying high
  dividend yields are attractive utilities,
  cantonal banks and companies leading in their
  niche.

23
Lipper 1 awards received by the Swiss Helvetia
Fund
Fund with the best performance over 10 years for
1998, 1999, 2000, 2001 und 2002.
Fund with the best performance in year 2000.
Universe Western European closed-end funds. 1
Lipper, Inc. is an independent fund performance
monitor. As of December 31, 2003, there were 8
funds in the Lipper Western European closed-end
funds category, which is comprised of funds that
concentrate their investme nts in equity
securities whose primary trading markets or
operations are in the Western European region or
a single country within this region.
24
Swiss Helvetia Fund Awards and Honors

Morningstar 1 awarded the Swiss Helvetia Fund
Four stars as of October 31st 2004, underlying
the performance of the Fund on a risk-adjusted
basis.
.
1 Morningstar is an independent fund performance
monitor. Its rating reflect historic
risk-adjusted performance and may change monthly.
Its ratings of one (low) and five (high) stars
are based on a funds three- and five-year
average annual total returns with fee
adjustments, and a risk factor that reflects fund
performance relative to three-month Treasury Bill
monthly returns. Only 33 of the funds in an
investment category may receive four or five
stars. As of October 31, 2004 there were 9 funds
in the Funds asset category rated by Morningstar.
25
(No Transcript)
26
The Swiss HelvetiaFund, Inc.