<SEC-DOCUMENT>0001193125-17-148978.txt : 20190910
<SEC-HEADER>0001193125-17-148978.hdr.sgml : 20190910

<ACCEPTANCE-DATETIME>20170428172757

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0001193125-17-148978

CONFORMED SUBMISSION TYPE:	PRE 14A

PUBLIC DOCUMENT COUNT:		5

CONFORMED PERIOD OF REPORT:	20170627

FILED AS OF DATE:		20170428

DATE AS OF CHANGE:		20190621


FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			SWISS HELVETIA FUND, INC.

		CENTRAL INDEX KEY:			0000813623

		IRS NUMBER:				000000000

		FISCAL YEAR END:			1231



	FILING VALUES:

		FORM TYPE:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-05128

		FILM NUMBER:		17797326



	BUSINESS ADDRESS:	

		STREET 1:		C/O U.S. BANK GLOBAL FUND SERVICES

		STREET 2:		615 EAST MICHIGAN STREET

		CITY:			MILWAUKEE

		STATE:			WI

		ZIP:			53202

		BUSINESS PHONE:		8007302932



	MAIL ADDRESS:	

		STREET 1:		C/O U.S. BANK GLOBAL FUND SERVICES

		STREET 2:		615 EAST MICHIGAN STREET

		CITY:			MILWAUKEE

		STATE:			WI

		ZIP:			53202



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	SWISS HELVETIA FUND INC

		DATE OF NAME CHANGE:	19920703



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	HELVETIA FUND INC

		DATE OF NAME CHANGE:	19900820



</SEC-HEADER>

<DOCUMENT>
<TYPE>PRE 14A
<SEQUENCE>1
<FILENAME>d382825dpre14a.htm
<DESCRIPTION>PRE 14A
<TEXT>
<HTML><HEAD>
<TITLE>PRE 14A</TITLE>
</HEAD>
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 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:4px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>SCHEDULE 14A </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>(RULE 14A-101) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>INFORMATION REQUIRED IN PROXY STATEMENT </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>SCHEDULE 14A INFORMATION
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>SECURITIES EXCHANGE ACT OF 1934 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>(AMENDMENT NO. &nbsp;&nbsp;&nbsp;&nbsp;) </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Filed by the
Registrant&nbsp;&nbsp;&#9746;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Filed by a Party other than the
Registrant&nbsp;&nbsp;&#9744;</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Check the appropriate box: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#9746;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Preliminary Proxy Statement</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#9744;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))<B></B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#9744;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Definitive Proxy Statement</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#9744;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Definitive Additional Materials</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#9744;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Soliciting Material Pursuant to Rule 14a-12</FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="6"><B>THE SWISS HELVETIA FUND, INC. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>(Name of Registrant as Specified in
Charter) </B></FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Name of Person(s) Filing Proxy
Statement, if Other Than the Registrant) </B></FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Payment of Filing Fee (Check the appropriate box): </FONT></P>
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<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>

<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#9746;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">No fee required.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#9744;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title of each class of securities to which transaction applies:</FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Aggregate number of securities to which transaction applies:</FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the
filing fee is calculated and state how it was determined):</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Proposed maximum aggregate value of transaction:</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total fee paid:</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#9744;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fee previously paid with preliminary materials.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#9744;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify
the previous filing by registration statement number, or the form or schedule and the date of its filing.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Amount previously paid:</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form, schedule or registration statement no.:</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Filing party:</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Date filed:</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>

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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>THE SWISS HELVETIA FUND, INC. </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>7 Bryant Park </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>New York, New York 10018 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>NOTICE OF ANNUAL MEETING OF STOCKHOLDERS
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>June&nbsp;27, 2017 </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:42%">&nbsp;</P></center> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">To Our Stockholders:
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Notice is hereby given that the Annual Meeting of Stockholders (the &#147;Meeting&#148;) of The Swiss Helvetia Fund, Inc. (the
&#147;Fund&#148;) will be held at 9:30 a.m., on Tuesday, June&nbsp;27, 2017, at the offices of Schroder Investment Management North America Inc., 7&nbsp;Bryant Park, 19th Floor, New York, New York 10018, for the following purposes: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;A.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;To elect one Class&nbsp;I Director to serve for a <FONT STYLE="white-space:nowrap">two-year</FONT> term.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;B.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;To elect one Class&nbsp;II Director to serve for a three-year term.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;C.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;To elect one Class&nbsp;III Director to serve for a <FONT STYLE="white-space:nowrap">one-year</FONT> term.</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To ratify the selection by the Fund&#146;s Board of
Directors of Tait, Weller&nbsp;&amp; Baker, LLP as the Fund&#146;s independent registered public accounting firm for the year ending December&nbsp;31, 2017. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To approve an amendment to the Fund&#146;s Certificate of Incorporation to eliminate the classification of the Fund&#146;s Board of Directors. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If properly presented, voting on the stockholder proposal recommending that the
Fund&#146;s Board of Directors authorize a self-tender offer for all of the outstanding common stock of the Fund. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To consider and act upon any other business as may properly come before the Meeting or
any adjournment thereof. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund&#146;s Board of Directors has fixed the close of business on May&nbsp;1, 2017 as the record
date for the determination of stockholders entitled to notice of and to vote at the Meeting or any adjournments or postponements thereof. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>YOUR VOTE HAS ALWAYS BEEN VERY IMPORTANT TO US. THIS YEAR, YOUR VOTE HAS ADDITIONAL IMPORTANCE.</B> The Fund expects that an institutional stockholder, Full Value Partners, L.P. (&#147;Full Value
Partners&#148;), will solicit proxies for (i)&nbsp;the election of one or more individuals as Directors of the Fund and (ii)&nbsp;a proposal, which the Fund believes is unenforceable, seeking to tie Proposal 4 in this proxy statement&#151;a <FONT
STYLE="white-space:nowrap">non-binding</FONT> proposal submitted by Phillip Goldstein of Full Value Partners and Bulldog Investors, LLC, and Judy Goldstein&#151;to termination of the Fund&#146;s investment advisory agreements. Full Value Partners
also has notified the Fund that it intends to present two other proposals concerning certain long-standing provisions of the Fund&#146;s <FONT STYLE="white-space:nowrap">By-Laws.</FONT> The Fund does not expect Full Value Partners to solicit proxies
&#147;FOR&#148; those proposals, which are proposals to <U>support</U> the continuation of the <FONT STYLE="white-space:nowrap">By-Law</FONT> provisions. Rather, Full Value Partners may solicit proxies &#147;AGAINST&#148; its own proposals and then
claim, if the proposals are not approved, that stockholders do not support the continuation of those <FONT STYLE="white-space:nowrap">By-Law</FONT> provisions. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Board strongly believes that Full Value Partners and Mr.&nbsp;Goldstein have submitted these proposals in their self-interest&#151;and not the best interest of the Fund and <U>all</U> of its
stockholders&#151;and that the election of their Director nominees and confusion concerning their proposals could adversely affect the Fund&#146;s investment operations and performance, and could ultimately result in a liquidation of the Fund, to
the detriment of long-term stockholders. The Board also believes that its Director nominees are better qualified and will better serve the interests of all of the Fund&#146;s stockholders. <B>Please read carefully the discussion of the Board&#146;s
Director nominees and its opposition to Proposal 4 before completing and returning your Proxy.</B> </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">You are cordially invited to attend the Meeting. Whether or not you intend to attend the
Meeting, <B>WE URGE YOU</B><B> TO VOTE BY COMPLETING, SIGNING AND DATING THE ENCLOSED PROXY AND RETURNING IT AT YOUR EARLIEST CONVENIENCE OR BY CONTACTING GEORGESON LLC TOLL-FREE AT <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">1-866-695-6075.</FONT></FONT></FONT> </B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Please see the enclosed Proxy for additional instructions
on how to vote by telephone or through the Internet. The enclosed Proxy is being solicited by the Board of Directors of the Fund. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>PLEASE DO NOT RETURN ANY PROXY SOLICITED BY OR ON BEHALF OF FULL VALUE PARTNERS. IT COULD NULLIFY YOUR VOTES FOR PROPOSALS 1A, 1B, 1C AND 4. </B></FONT></P>
<P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">By Order of the Board of Directors, </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Reid B. Adams</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dated: May [&nbsp;&nbsp;&nbsp;&nbsp;], 2017</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Secretary</I></FONT></TD></TR></TABLE>
<P STYLE="font-size:150px;margin-top:0px;margin-bottom:0px">&nbsp;</P><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt;padding-top:2px;padding-bottom:3px">
<P STYLE="margin-top:0px;margin-bottom:0px;padding-top:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>The Notice, Proxy Statement and Form of Proxy for the Fund also are available to you on the
Fund&#146;s website at www.swzfund.com. You are encouraged to review all of the information contained in the Proxy materials before voting. For directions to the Meeting, please call the Fund at <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-730-2932</FONT></FONT></FONT> or Georgeson LLC at
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-866-695-6075.</FONT></FONT></FONT> </B></FONT></P></div>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>THE SWISS HELVETIA FUND, INC. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>7 Bryant Park </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>New York, New York 10018 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ANNUAL MEETING OF STOCKHOLDERS </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>June&nbsp;27, 2017 </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>PROXY STATEMENT </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>INTRODUCTION </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">This Proxy Statement is furnished by the Board of Directors of The Swiss Helvetia Fund, Inc. (the &#147;Fund&#148;) in connection with
the solicitation of Proxies for use at the Annual Meeting of Stockholders (the &#147;Meeting&#148;), to be held at 9:30 a.m., on Tuesday, June&nbsp;27, 2017, at the offices of Schroder Investment Management North America Inc., 7 Bryant Park, 19th
Floor, New York, New York 10018. The purpose of the Meeting and the matters to be acted upon are set forth in the accompanying Notice of Annual Meeting of Stockholders. It is expected that the Notice of Annual Meeting of Stockholders, Proxy
Statement and form of Proxy will first be mailed to stockholders of record on or about May [&nbsp;&nbsp;&nbsp;&nbsp;], 2017. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>THIS IS A VERY IMPORTANT ANNUAL MEETING OF STOCKHOLDERS OF THE FUND.</B> Notwithstanding the continued strong performance of the Fund,
and the Board&#146;s ongoing commitment to independent oversight, accountability and good corporate governance, the Fund expects that an institutional stockholder, Full Value Partners, L.P. (&#147;Full Value Partners&#148;), will solicit proxies for
(i)&nbsp;the election of one or more individuals as Directors of the Fund and (ii)&nbsp;a proposal, which the Fund believes is unenforceable, seeking to tie a <FONT STYLE="white-space:nowrap">non-binding</FONT> tender offer proposal&#151;submitted
by Phillip Goldstein of Full Value Partners and Bulldog Investors, LLC, and Judy Goldstein&#151;to termination of the Fund&#146;s investment advisory agreements with Schroder Investment Management North America Inc. (&#147;SIMNA&#148;) and Schroder
Investment Management North America Ltd. (&#147;SIMNA Ltd.&#148; and together with SIMNA, &#147;Schroders&#148;). The Board strongly believes that these proposals submitted by Full Value Partners, as well as the
<FONT STYLE="white-space:nowrap">non-binding</FONT> tender offer proposal submitted by Mr.&nbsp;Goldstein, are <U>not</U> in the best interest of the Fund and <U>all</U> of its stockholders, and that the election of their Director nominees and
confusion concerning their proposals could adversely affect the Fund&#146;s investment operations and performance, and could ultimately result in a liquidation of the Fund, to the detriment of long-term stockholders. Mr.&nbsp;Goldstein is a member
of the general partner of Full Value Partners, and is a <FONT STYLE="white-space:nowrap">co-founder</FONT> and principal of Bulldog Investors, LLC, which refers to and markets itself as an &#147;activist investor.&#148; A vote &#147;FOR&#148; the
aforementioned proposals would serve to support the destabilizing and self-interested motives of Mr.&nbsp;Goldstein and Full Value Partners. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Full Value Partners also has notified the Fund that it will present two other proposals concerning certain long-standing provisions of the Fund&#146;s <FONT STYLE="white-space:nowrap">By-Laws.</FONT> The
Fund does not expect Full Value Partners to solicit proxies &#147;FOR&#148; those proposals, which are proposals to <U>support</U> the continuation of the <FONT STYLE="white-space:nowrap">By-Law</FONT> provisions. Rather, Full Value Partners may
solicit proxies &#147;AGAINST&#148; its own proposals and then claim, if the proposals are not approved, that the Fund&#146;s stockholders do not support the continuation of those <FONT STYLE="white-space:nowrap">By-Law</FONT> provisions. The Board
opposes any actions by Full Value Partners&#146; that are directly or indirectly intended to attempt to rescind these two long-standing provisions of the Fund&#146;s <FONT STYLE="white-space:nowrap">By-Laws,</FONT> both of which were approved by the
Fund&#146;s stockholders in 2002: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Director nominee qualification provisions in Article II, Section 2&#151;which apply with equal force to stockholder nominees, incumbent Directors
and any nominee proposed by the Board or Schroders or its affiliates&#151;seek to ensure that each Director nominee meets certain minimum qualifications relevant to overseeing the Fund and its investment objective, strategies and process. These
requirements have guided the Board&#146;s nomination process since their adoption in October 2000, and, while Full Value Partners may state otherwise, the Delaware General Corporation Law expressly permits a corporation&#146;s <FONT
STYLE="white-space:nowrap">by-laws</FONT> or certificate of incorporation to prescribe director qualifications. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pursuant to Article VII, the <FONT STYLE="white-space:nowrap">By-Laws</FONT> may be altered, amended or repealed, and other <FONT
STYLE="white-space:nowrap">By-Laws</FONT> may be adopted, by the Fund&#146;s stockholders if approved by 75% of the Fund&#146;s outstanding voting securities. This </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1 </FONT></P>


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provision reduces the ability of activist investors to amend the Fund&#146;s <FONT STYLE="white-space:nowrap">By-Laws</FONT> in a manner that would serve their own self-interests to the detriment
of the interests of other stockholders, thereby giving a greater voice to minority stockholders. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund
believes that these proposals&#151;regardless of the vote outcome&#151;are <FONT STYLE="white-space:nowrap">non-binding</FONT> upon the Board, as the vote required to approve them for purposes of the Meeting (i.e., a majority of shares voting on the
proposal if the Meeting is duly convened) is less than the vote required to amend the <FONT STYLE="white-space:nowrap">By-Laws</FONT> pursuant to their terms (i.e., 75% of the Fund&#146;s outstanding voting securities). Mr.&nbsp;Goldstein has
separately confirmed that the proposals are <FONT STYLE="white-space:nowrap">non-binding.</FONT> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Finally, the Board strongly
opposes any actions by Full Value Partners seeking termination of the Fund&#146;s investment advisory agreements with Schroders. The Board believes that the Fund has benefitted from Schroders serving as its investment adviser, which was
overwhelmingly approved by the Fund&#146;s stockholders in 2014. Termination of the Fund&#146;s investment advisory arrangements could have a significant detrimental effect on the Fund and your investment in the Fund. Furthermore, the Fund believes
that Full Value Partners&#146; attempt to tie mandatory termination of the Fund&#146;s investment advisory agreements to a <FONT STYLE="white-space:nowrap">non-binding</FONT> proposal asking the Board to authorize a self-tender offer is
unenforceable. Full Value Partners could have sought stockholder approval to terminate those agreements, but elected not to submit such a proposal in the manner and timeframe set forth by statute and the Fund&#146;s
<FONT STYLE="white-space:nowrap">By-Laws.</FONT> Furthermore, the Board&#146;s fiduciary duties to consider, and ultimately approve, a tender offer by the Fund are separate and distinct from the Board&#146;s fiduciary duties to approve the
continuation (or termination) of the Fund&#146;s investment advisory agreements. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Please do not return any proxy solicited
by or on behalf of Full Value Partners. It could nullify your vote &#147;FOR&#148; the Board&#146;s nominees for Director (Proposals 1A, 1B and 1C) and your votes &#147;AGAINST&#148; Mr.&nbsp;Goldstein&#146;s
<FONT STYLE="white-space:nowrap">non-binding</FONT> tender offer proposal (Proposal 4). </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>About the Fund </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">SIMNA and SIMNA Ltd. serve as the Fund&#146;s investment adviser and <FONT STYLE="white-space:nowrap">sub-investment</FONT> adviser,
respectively. The executive offices of the Fund and SIMNA are located at 7 Bryant Park, New York, New York 10018. The executive offices of SIMNA Ltd. are located at 31 Gresham Street, London, EC2V 7QA, United Kingdom. The Fund&#146;s administrator
is JPMorgan Chase Bank, N.A. (&#147;JPM&#148;), and its executive offices are located at One Beacon Street, Boston, Massachusetts 02108. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Voting Information </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If
the accompanying form of Proxy is executed properly and returned, the shares represented by it will be voted at the Meeting in accordance with the instructions on the Proxy. However, if no instructions are specified on such a Proxy, the shares will
be voted &#147;FOR&#148; the election of the Board&#146;s nominees for Director, &#147;FOR&#148; the ratification of the Fund&#146;s independent registered public accounting firm, &#147;FOR&#148; approving an amendment to the Fund&#146;s Certificate
of Incorporation to eliminate the classification of the Fund&#146;s Board of Directors and &#147;AGAINST&#148; Proposal 4. A Proxy may be revoked at any time before it is voted by written notice to the Secretary of the Fund revoking it, by
submitting a properly executed Proxy bearing a later date, or by attending the Meeting and voting in person. Attending the Meeting will not automatically revoke a previously executed Proxy. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In an uncontested election, the Fund intends to treat properly executed Proxies that are marked &#147;abstain&#148; or
&#147;withhold&#148;, as well as any &#147;broker <FONT STYLE="white-space:nowrap">non-votes&#148;,</FONT> as present for purposes of determining the existence of a quorum for the transaction of business at the Meeting. A &#147;broker <FONT
STYLE="white-space:nowrap">non-vote&#148;</FONT> occurs when a broker submits a Proxy for the Meeting with respect to the election of Directors (Proposals 1A, 1B and 1C) or the ratification of the Fund&#146;s independent registered public accounting
firm (Proposal 2), but does not vote on any <FONT STYLE="white-space:nowrap">&#147;non-routine&#148;</FONT> matters because the beneficial owner of the Fund&#146;s shares did not provide voting instructions on those matters. Under the rules of the
New York Stock Exchange, Inc. (the &#147;NYSE rules&#148;), <FONT STYLE="white-space:nowrap">&#147;non-routine&#148;</FONT> matters include Proposal 3 (amendments to the Fund&#146;s certificate of incorporation) and Proposal 4 <FONT
STYLE="white-space:nowrap">(non-binding</FONT> stockholder proposal). </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>However, in the event Full Value Partners delivers a competing set of proxy materials to
brokers, the NYSE rules governing brokers&#146; discretionary authority will not permit such brokers to exercise discretionary authority regarding any of the proposals to be voted on at the Meeting, whether &#147;routine&#148; or not. As a result,
brokers that receive competing sets of proxy materials will not be entitled to vote on <U>any</U> matter at the Meeting for those shares held on behalf of beneficial owners that fail to provide instructions, and, therefore, such shares will not be
treated as present for purposes of determining the existence of a quorum. This may make it more difficult for the Fund to convene the Meeting. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">A quorum of stockholders is constituted by the presence in person or represented by Proxy of the holders of the Fund&#146;s outstanding shares of common stock entitled to cast a majority of the votes
entitled to be cast at the Meeting. Whether or not a quorum is present at the Meeting, one or more adjournments of the Meeting may be proposed, including to permit further solicitation of Proxies. Any such adjournment will require the affirmative
vote of the holders of a majority of the Fund&#146;s shares present in person or represented by Proxy and entitled to vote at the Meeting. If an adjournment is proposed, the persons named as Proxies will vote thereon according to their best judgment
in the interest of the Fund. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If a stockholder owns shares of the Fund in violation of applicable law, including the 1940 Act,
the Fund may determine that any vote attributable to such shares shall not be counted, or that such shares will not be counted for quorum purposes, or both. Under Section 12(d)(1) of the 1940 Act, the acquisition of more than 3% of the Fund&#146;s
shares of common stock by another fund (whether registered, private or offshore) is unlawful. The Fund will invalidate votes cast on behalf of any such fund or by any other stockholder whose holdings are unlawful, that are otherwise properly cast,
only after it has obtained a decision through appropriate proceedings in a court or other forum of competent jurisdiction that such votes are not valid. The Fund may suspend the final counting of votes pending such a decision. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Board of Directors has fixed the close of business on May&nbsp;1, 2017 as the record date for the determination of stockholders
entitled to notice of, and to vote at, the Meeting and at any adjournment thereof. On that date, the Fund had 25,313,872 shares of common stock outstanding and entitled to vote. Stockholders are entitled to one vote for each Fund share held and
fractional votes for each fractional Fund share held. Stockholders are not entitled to any appraisal rights as the result of any Proposal. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>The Fund will furnish, without charge, a copy of its Annual Report for its fiscal year ended December&nbsp;31, 2016 and its most recent Quarterly Report to any stockholder upon request. Requests for
these Reports should be made in writing to The Swiss Helvetia Fund, Inc., 7 Bryant Park, New York, New York 10018, or by calling the Fund&#146;s toll-free telephone number: <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">1-800-730-2932.</FONT></FONT></FONT> </B></FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">3 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>PROPOSAL 1A: TO ELECT ONE CLASS I DIRECTOR </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>PROPOSAL 1B: TO ELECT ONE CLASS II DIRECTOR </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>PROPOSAL 1C: TO ELECT ONE CLASS III DIRECTOR </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund&#146;s Certificate
of Incorporation currently provides for three classes of Directors with overlapping three-year terms. The number of Directors currently is seven, all of whom are not &#147;interested persons&#148; (as defined in the 1940 Act) of the Fund (each such
Director, a <FONT STYLE="white-space:nowrap">&#147;Non-Interested</FONT> Director&#148;). The Board of Directors is divided into three classes, composed currently of two Class&nbsp;I Directors, three Class&nbsp;II Directors and two Class&nbsp;III
Directors. As previously announced and discussed further below, upon the commencement of the Meeting, the size of the Board will be five Directors. Stockholders are being asked to elect one Class&nbsp;I Director to serve for a <FONT
STYLE="white-space:nowrap">two-year</FONT> term, one Class&nbsp;II Director to serve for a three-year term and one Class&nbsp;III Director to serve for a <FONT STYLE="white-space:nowrap">one-year</FONT> term. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Board Nominees </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The
Class&nbsp;I nominee, Fred J. Ricciardi, is the only Board nominee to be considered for election as a Class&nbsp;I Director at the Meeting. As publicly announced by the Fund on April&nbsp;17, 2017, Mr.&nbsp;Ricciardi was appointed as a Class&nbsp;I
Director by the Board of Directors to replace Mr.&nbsp;Jean-Marc Boillat, who recently resigned from the Board. If elected by stockholders at the Meeting, Mr.&nbsp;Ricciardi will continue service as a Class&nbsp;I Director and serve the remainder of
Mr.&nbsp;Boillat&#146;s term, which continues until the Annual Meeting of Stockholders in 2019, or until his successor is duly elected and qualified. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Class&nbsp;II nominee, Claus Helbig, is the only Board nominee to be considered for election as a Class&nbsp;II Director at the Meeting and, if elected, will serve a three-year term of office until
the Annual Meeting of Stockholders in 2020, or until his successor is duly elected and qualified. Mr.&nbsp;Helbig was last elected by stockholders as a Class&nbsp;II Director in 2014 to serve until this Meeting. As publicly announced by the Fund on
December&nbsp;6, 2016, Messrs. Richard Brealey and Samuel B. Witt, III, who, along with Mr.&nbsp;Helbig, currently serve as Class&nbsp;II Directors, are not standing for <FONT STYLE="white-space:nowrap">re-election</FONT> by the Fund&#146;s
stockholders at the Meeting in accordance with the Fund&#146;s long-standing retirement policy. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Class&nbsp;III nominee,
Jean E. Hoysradt, is the only Board nominee to be considered for election as a Class&nbsp;III Director at the Meeting. As publicly announced by the Fund on April&nbsp;17, 2017, Mr.&nbsp;David&nbsp;R. Bock, who currently serves as a Class&nbsp;III
Director, intends to resign from the Board upon the proper election and appointment of a new Class&nbsp;III Director at the Meeting. If elected by stockholders at the Meeting, Ms.&nbsp;Hoysradt will commence service as a Class&nbsp;III Director and
serve the remainder of Mr.&nbsp;Bock&#146;s term, which continues until the Annual Meeting of Stockholders in 2018, or until her successor is duly elected and qualified. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Each of Messrs. Helbig and Ricciardi and Ms.&nbsp;Hoysradt was nominated by the Governance/Nominating Committee of the Board of Directors at a meeting held on April&nbsp;17, 2017. On the same date, the
Board of Directors of the Fund proposed Mr.&nbsp;Ricciardi, Mr.&nbsp;Helbig and Ms.&nbsp;Hoysradt to serve as the Board&#146;s Class&nbsp;I, Class&nbsp;II and Class&nbsp;III nominees, respectively, for election at this Meeting. As previously
announced, both Messrs. Boillat and Bock resigned and intend to resign from the Board for personal reasons and not as a result of any disagreements with the Fund or Schroders. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Please see pages [4 and 5] of this Proxy Statement for additional information concerning the Board&#146;s Class&nbsp;I, Class&nbsp;II and Class&nbsp;III nominees. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Potential Competing Director Nominees </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">As noted earlier in the Proxy Statement, the Fund was notified that an institutional stockholder, Full Value Partners, intends to send you a proxy statement and solicit your vote with regard to its
proposal to elect one or more of its own nominees as Directors of the Fund. It is not clear whether all of those nominees satisfy the Director qualification requirements provided for in the Fund&#146;s
<FONT STYLE="white-space:nowrap">By-laws.</FONT> As some of the nominees may not satisfy those requirements, Full Value Partners has indicated that it intends to include in its proxy statement a separate proposal
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">4 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
seeking, in effect, a shareholder referendum on that provision of the Fund&#146;s <FONT STYLE="white-space:nowrap">By-laws.</FONT> As noted above, the Fund&#146;s stockholders previously approved
those provisions in 2002. The Board believes that such provisions&#151;which apply with equal force to stockholder nominees, incumbent Directors and any nominee proposed by the Board or Schroders or its affiliates&#151;are beneficial to the Fund.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Board believes that, based on their qualifications and experience, the Board&#146;s nominees will better serve the
interests of all of the Fund&#146;s stockholders than any of Full Value Partners&#146; nominees. Potential involvement by the Full Value Partners nominees will not, in the opinion of the Board, in any way compare with the value that Mr.&nbsp;Helbig
has contributed over the years to the Fund and its stockholders, or the value that all three of the Board&#146;s nominees are expected to contribute in the future. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Board Declassification Proposal </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Although the Board is seeking stockholder
approval of an amendment to the Fund&#146;s Certificate of Incorporation to eliminate the classification of the Fund&#146;s Board of Directors at this Meeting (Proposal 3), the Board currently is classified and whether stockholders will approve
Proposal 3 will not be known until the Meeting. As a result, stockholders are being asked to elect Directors in particular Classes (i.e., Class&nbsp;I, Class&nbsp;II and Class&nbsp;III) in accordance with the current requirements of the Fund&#146;s
Certificate of Incorporation. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Required Vote and the Board&#146;s Recommendation </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Unless authority is withheld, it is the intention of the persons named in the accompanying form of Proxy to vote each Proxy
&#147;FOR&#148; the election of the nominees of the Fund listed above. Each nominee has indicated that he or she will serve, if elected, but if any such nominee should be unable to serve, Proxies will be voted for an alternate nominee, if any,
designated by the Board of Directors. The Board of Directors has no reason to believe that any of the above nominees will be unable to serve as a Director. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">In accordance with Delaware law and the Fund&#146;s Certificate of Incorporation and <FONT STYLE="white-space:nowrap">By-Laws,</FONT> Directors are elected by a plurality of the votes cast at the Meeting
by the stockholders entitled to vote. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>THE BOARD OF DIRECTORS OF THE FUND RECOMMENDS A VOTE &#147;FOR&#148; </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>THE ELECTION OF EACH OF THE BOARD&#146;S NOMINEES FOR DIRECTOR. </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>PLEASE DO NOT RETURN ANY PROXY SOLICITED BY OR </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>ON BEHALF OF FULL VALUE PARTNERS. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Certain Information Concerning Directors and
Executive Officers </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following tables set forth certain information about the nominees for election as a Director by the
Board of Directors of the Fund, each person currently serving and continuing as a Director and each person who currently serves as an Executive Officer of the Fund, including his or her beneficial ownership of common stock of the Fund. All of the
information is as of December&nbsp;31, 2016, unless otherwise noted. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">5 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="17%"></TD>
<TD VALIGN="bottom"></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" COLSPAN="9" NOWRAP ALIGN="center" STYLE="BORDER:1px solid #000000; padding-left:8px; padding-right:8px">
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Class&nbsp;I&nbsp;Director</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>(Term Will Expire in 2019)</B></FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Name, Address<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>&amp; Age</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Position(s)</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>with</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Fund</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Since)</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Principal</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Occupation(s)</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>During&nbsp;At&nbsp;Least&nbsp;The&nbsp;Past&nbsp;Five&nbsp;Years</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Other&nbsp;Directorships&nbsp;Held<BR>By Director</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>During&nbsp;At&nbsp;Least&nbsp;The&nbsp;Past<BR>Five Years</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Shares
and<BR>Dollar&nbsp;Range<BR>of&nbsp;Common<BR>Stock<BR>Beneficially<BR>Owned<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></B></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">Joseph S.
Calhoun, III</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="1">Age: 61</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">Director (2016); and Member of the Audit Committee
(2016)&nbsp;and the Governance/</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="1">Nominating Committee (2016)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">Treasurer, Carnegie Mellon University;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="1">Senior Vice President&nbsp;&amp; Treasurer, The New York Life Insurance Company from 1992 to 2007</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">Director of the Schroder Mutual Funds (17 portfolios) from 2010 to 2017</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">550</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><FONT STYLE="white-space:nowrap">$1-$10,000</FONT></FONT></P></TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="10%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="17%"></TD>
<TD VALIGN="bottom"></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" COLSPAN="9" ALIGN="center" STYLE="BORDER:1px solid #000000; padding-left:8px; padding-right:8px"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Class&nbsp;I
Director</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Nominee for Term Expiring in 2019)</B></FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Name, Address<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>&amp; Age</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Position(s)</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>with</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Fund</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Since)</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Principal</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Occupation(s)</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>During At Least The Past Five Years</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Other Directorships
Held<BR>By Director</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>During At Least The Past<BR>Five Years</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Shares and<BR>Dollar&nbsp;Range<BR>of
Common<BR>Stock<BR>Beneficially<BR>Owned<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></B></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">Fred J.
Ricciardi</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="1">Age: 69</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">Director (2017); and Member of the Governance/</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="1">Nominating Committee (2017)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">Consultant (investment company services) since 2012; Executive Vice President, The Bank of New York Mellon
Corporation (or its predecessors) from 1969 to 2012; Director, BNY International Financing Corp. from 2002 to 2012; Director, Mellon Overseas Investment Corp. from 2009 to 2012; Chairman, AIB/BNY Securities Services, Ltd, Ireland from 1994 to 2004;
Director, The Bank of New York Europe, Ltd from 2000 to 2004; Director, BNY Luxembourg from 2002 to 2004; Chairman, Netik Inc. (technology services) from 2004 to 2007</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">Director of the Pioneer Funds (46 portfolios) since 2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">None</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">6 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="17%"></TD>
<TD VALIGN="bottom"></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" COLSPAN="9" ALIGN="center" STYLE="BORDER:1px solid #000000; padding-left:8px; padding-right:8px"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Class&nbsp;II
Director</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Nominee for Term Expiring in 2020)</B></FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Name, Address<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>&amp; Age</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Position(s)</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>with</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Fund</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Since)</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Principal</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Occupation(s)</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>During&nbsp;At&nbsp;Least&nbsp;The Past Five Years</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Other Directorships
Held</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>By Director</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>During At Least The Past</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Five Years</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px">
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Shares and</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Dollar&nbsp;Range</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>of&nbsp;Common<BR>Stock<BR>Beneficially<BR>Owned<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></B></FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">Claus
Helbig</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="1">Age: 75</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">Director (2008); Member (2008)&nbsp;and Chair (2013)&nbsp;of the Governance/ Nominating Committee; and Member
of the Audit Committee (2009 to 2014 and since 2017) and the Pricing Committee (2009)</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Attorney-at-Law;</FONT></FONT> Chief
Financial Officer, Munich Re (reinsurance) from 1992 to 2001; Member of the Supervisory Board of: Audi AG (Ingolstadt) from 1998 to 2008, Bankhaus August Lenz&nbsp;&amp; Co. AG (Munich) (Chairman) since 2002, GLL Real Estate Partners GmbH (Munich)
(Chairman) since 2001, and HCM Capital Management AG (Munich) (Vice-Chairman) from 2004 to 2010; Member of the European Advisory Board of Booz Allen Hamilton from 2003 to 2011; Member of the Global Advisory Board of Millennium Associates, Zug/CH
from 2007 to 2010; Director of Leo Capital Growth SPC (Ireland) from 2007 to 2015; Director of Societ&eacute; Horlog&egrave;re Reconvilier AG, Zug/Suisse since 2011</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">None</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">1,000</FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><FONT STYLE="white-space:nowrap">$10,001-</FONT></FONT></P> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">$50,000</FONT></P></TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="17%"></TD>
<TD VALIGN="bottom"></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" COLSPAN="9" ALIGN="center" STYLE="BORDER:1px solid #000000; padding-left:8px; padding-right:8px"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Class&nbsp;III
Director</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Term Will Expire in 2018)</B></FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Name, Address<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>&amp; Age</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Position(s)</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>with</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Fund</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Since)</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Principal</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Occupation(s)</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>During At Least The Past Five Years</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Other Directorships
Held<BR>By Director</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>During At Least The Past<BR>Five Years</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px">
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Shares and<BR>Dollar&nbsp;Range</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>of Common<BR>Stock<BR>Beneficially<BR>Owned<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></B></FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">Brian A.
Berris</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="1">Age: 72</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">Director (2012)&nbsp;and Chairman of the Board of Directors (2015); Member and Chair of the Audit Committee
(2013 to 2015); and Member of the Governance/ Nominating Committee (2012)</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">Partner, Brown Brothers Harriman&nbsp;&amp; Co. since 1991; Member of the Audit Committee of Brown Brothers
Harriman&nbsp;&amp; Co. from 2010 to 2016; Director and Member of the Audit Committee of Brown Brothers Harriman Trust Company (Cayman) Limited from 2007 to 2015; Member of the Pension Investment Committee of Brown Brothers Harriman&nbsp;&amp; Co.
from 2012 to 2016</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">None</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">10,000</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1">Over<BR>$100,000</FONT></P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">7 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="10%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="17%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" COLSPAN="9" NOWRAP ALIGN="center" STYLE="BORDER:1px solid #000000; padding-left:8px; padding-right:8px"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Class&nbsp;III
Director</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Nominee for Term Expiring in 2018)</B></FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Name, Address<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>&amp; Age</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Position(s)</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>with</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Fund</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Since)</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Principal</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Occupation(s)</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>During At Least The Past Five Years</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Other Directorships
Held<BR>By Director</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>During At Least The Past</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Five Years</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Shares and<BR>Dollar&nbsp;Range<BR>of
Common<BR>Stock<BR>Beneficially<BR>Owned<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></B></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">Jean E.
Hoysradt</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="1">Age: 66</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">Nominee for Director
(2017)<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">3</SUP></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">Chief Investment Officer, Mousse Partners Limited from 2001 to 2015; Senior Vice President and Head of
Investment and Treasury Departments, New York Life Insurance from 1991 to 2000</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">Director (since 2006) and Chair of the Audit Committee (since 2015) of Duke University Management Company
(DUMAC); Director of W. P. Carey Inc. since 2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">None</FONT></TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" COLSPAN="9" ALIGN="center" STYLE="BORDER:1px solid #000000; padding-left:8px; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Executive Officers<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">4</SUP></B></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Name, Address<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>&amp; Age</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Position(s)</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>with</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Fund</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Since)</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Principal</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Occupation(s)</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>During At Least The Past Five Years</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Other Directorships
Held</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>By Executive Officer</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>During At Least The Past</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Five Years</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px">
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Shares and<BR>Dollar&nbsp;Range</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>of Common</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Stock</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Beneficially</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Owned<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></B></FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">Mark A.
Hemenetz</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="1">Age: 60</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">President and Principal Executive Officer (2014)</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">Chief Operating Officer&nbsp;&#151;&nbsp;Americas, SIMNA; Member of Board of Managers, Schroder Fund Advisors
LLC (&#147;SFA&#148;); President and Principal Executive Officer of Schroder Series Trust, Schroder Global Series Trust and Schroder Capital Funds (Delaware) from 2004 to 2017</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">None</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">None</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">David J.
Marshall<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">5</SUP></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="1">Age: 45</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">Treasurer and Principal Financial Officer (2017); Assistant Treasurer (2014-2017)</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">Head of Fund Administration, SIMNA; Assistant Treasurer of Schroder Series Trust, Schroder Global Series
Trust and Schroder Capital Funds (Delaware) from 2014 to 2017</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">None</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">None</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">Shanak
Patnaik</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="1">Age: 49</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">Chief Compliance Officer (2016)</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">Chief Compliance Officer, SFA; Senior Compliance Manager, SIMNA; Independent consultant from January 2012 to
April 2012</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">None</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">None</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">Reid B. Adams<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">6</SUP></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="1">Age: 39</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">Chief Legal Officer and Secretary (2017)</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">Associate General Counsel, SIMNA since 2013; formerly, Associate, Ropes&nbsp;&amp; Gray LLP; Assistant
Secretary of Schroder Series Trust, Schroder Global Series Trust and Schroder Capital Funds (Delaware) from 2014 to 2017</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">None</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">None</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">Carin F.
Muhlbaum</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="1">Age: 54</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">Vice President (2014)</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">General Counsel, SIMNA; Secretary and General Counsel, SFA; Vice President of Schroder Series Trust, Schroder
Global Series Trust and Schroder Capital Funds (Delaware) from 1998 to 2017; formerly, Member of Board of Managers, SFA</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">None</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">None</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">William P.
Sauer</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="1">Age: 53</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">Vice President (2014)</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">Head of Investor Services, SIMNA; Vice President of Schroder Series Trust, Schroder Global Series Trust and
Schroder Capital Funds (Delaware) from 2008 to 2017</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">None</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">None</FONT></TD></TR>
</TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP>The Address for each Director, nominee for Director and Executive Officer is
c/o Schroder Investment Management North America Inc., 7 Bryant Park, New York, New York 10018. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP>All continuing Directors, the Board&#146;s nominees for Director and
Executive Officers as a group (11 persons) owned 11,550<B> </B>shares, which constitutes less than 1.0% of the outstanding shares of common stock of the Fund. Share numbers in this Proxy Statement have been rounded to the nearest whole share.
[Except for Mr.&nbsp;Calhoun, none of the Directors or nominees for Director have purchased or sold shares of the Fund during the past two years, except to the except they acquired additional shares in connection with dividend reinvestment.
Mr.&nbsp;Calhoun purchased 550 shares of the Fund in December 2016 after his appointment to the Board. On December&nbsp;9, 2016, Mr.&nbsp;Calhoun purchased 300 shares for $10.03 per share. On December&nbsp;30, 2016, he purchased an additional 250
shares for $10.21 per share. Such information is available on Mr.&nbsp;Calhoun&#146;s Form&nbsp;4 on file with the SEC.] </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">3</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">If elected by the Fund&#146;s stockholders at the Meeting, Ms.&nbsp;Hoysradt will become a Director of the Fund and a member of its Audit Committee and
Governance/Nominating Committee. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">8 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">4</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Each Executive Officer serves on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">year-to-year</FONT></FONT> basis for an indefinite
term, until his or her successor is elected and qualified. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">5</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Mr.&nbsp;Marshall was appointed by the Board of Directors of the Fund, at its meeting held on March&nbsp;22, 2017, as Treasurer and Principal Financial
Officer of the Fund. Prior to that date, Mr.&nbsp;Alan&nbsp;M. Mandel had served in those capacities since July&nbsp;1, 2014. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">6</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Mr.&nbsp;Adams was appointed by the Board of Directors of the Fund, at its meeting held on March&nbsp;22, 2017, as Chief Legal Officer and Secretary of
the Fund. Prior to that date, Ms.&nbsp;Abby&nbsp;L. Ingber had served in those capacities since July&nbsp;1, 2014. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Fund&#146;s Executive Officers are elected annually by the Board of Directors generally at its regular meeting in connection with the Annual Meeting of Stockholders. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Additional Information about the Fund&#146;s Board of Directors </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><U>Board&#146;s Oversight Role in Management</U>. The Board&#146;s role in management of the Fund is oversight. The Board of Directors provides oversight with respect to the Fund&#146;s governance,
operations, performance and stockholder relations. In that capacity the Board, directly and through permanent and ad hoc committees, provides oversight of the Fund&#146;s investment adviser, SIMNA, the Fund&#146;s
<FONT STYLE="white-space:nowrap">sub-investment</FONT> adviser, SIMNA Ltd., the Fund&#146;s independent registered public accounting firm, Tait, Weller&nbsp;&amp; Baker, LLP (&#147;Tait Weller&#148;), the Fund&#146;s administrator and fund
accountant, JPM, and Fund management. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As is the case with virtually all investment companies (as distinguished from operating
companies), service providers to the Fund have the primary responsibility for the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> management of the Fund, which includes responsibility for risk management
(including management of investment performance and investment risk, valuation risk, issuer and counterparty credit risk, compliance risk and operational risk). As part of its oversight, the Board, acting at its scheduled meetings, or the Chairman,
acting between Board meetings, regularly interacts with and receives reports from senior personnel of service providers, including SIMNA&#146;s Chief Operating Officer, the Fund&#146;s and SIMNA&#146;s Chief Compliance Officer and portfolio
management personnel. The Board&#146;s Audit Committee meets during its scheduled meetings, and, between meetings, the Audit Committee chair maintains contact, with the Fund&#146;s independent registered public accounting firm and the Fund&#146;s
Principal Financial Officer. The Board also receives periodic presentations from senior personnel of Schroders or their affiliates regarding risk management generally, as well as periodic presentations regarding specific operational, compliance or
investment areas. The Board has adopted policies and procedures designed to address certain risks to the Fund. In addition, Schroders and other service providers to the Fund have adopted a variety of policies, procedures and controls designed to
address particular risks to the Fund. Different processes, procedures and controls are employed with respect to different types of risks. However, it is not possible to eliminate all of the risks applicable to the Fund. The Board also receives
reports from the Fund&#146;s Chief Compliance Officer, counsel to the Fund and the Board&#146;s own independent legal counsel regarding regulatory compliance and governance matters. The Board&#146;s oversight role does not make the Board a guarantor
of the Fund&#146;s investments or activities. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Board Composition and Leadership Structure</U>. The 1940 Act requires that at
least 40% of a fund&#146;s board members not be &#147;interested persons&#148; (as defined in the 1940 Act) of the fund and as such are not affiliated with the fund&#146;s investment adviser (&#147;Independent Board members&#148;). To rely on
certain exemptive rules under the 1940 Act, a majority of a fund&#146;s board members must be Independent Board members, and for certain important matters, such as the approval of investment advisory agreements or transactions with affiliates, the
1940 Act or the rules thereunder require the approval of a majority of the Independent Board members. Currently, the Board of Directors is comprised entirely of <FONT STYLE="white-space:nowrap">Non-Interested</FONT> Directors. The Board has
determined that its leadership structure, in which none of the Directors, including the Chairman of the Board, is affiliated with Schroders, is appropriate in light of the services that Schroders provide to the Fund and potential conflicts of
interest that could arise from that relationship. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Information about Each Director&#146;s Experience, Qualifications,
Attributes or Skills</U>. The Board of Directors believes that the significance of each Director&#146;s experience, qualifications, attributes or skills is an individual matter (meaning that experience that is important for one Director may not have
the same value for another) and that these factors are best evaluated at the Board level, with no single Director, or particular factor, being indicative of Board effectiveness. However, the Board believes that Directors need to have the ability to
critically review, evaluate, question and discuss information provided to them, and to interact effectively with Fund management, service providers and counsel, in order to exercise effective business judgment in the performance of their duties; the
Board believes that the Directors satisfy this standard. Experience relevant to having this ability may be achieved through </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">9 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
a Director&#146;s educational background; business, professional training or practice (<I>e.g.</I>, medicine, accounting or law), public service or academic positions; experience from service as
a board member (including the Board of the Fund) or as an executive of investment funds, public companies or significant private or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">not-for-profit</FONT></FONT> entities or other
organizations; and/or other life experiences. The Board&#146;s Governance and Nominating Committee Charter contains certain other factors considered by the Committee in identifying and evaluating potential Director nominees. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">To assist them in evaluating matters under federal and state law, the Directors are counseled by their own independent legal counsel, who
participates in Board meetings and interacts with Schroders, and also may benefit from information provided by counsel to the Fund; both Board and Fund counsel have significant experience advising funds and fund board members. The Board and its
committees have the ability to engage other experts as appropriate. The Board evaluates its performance on an annual basis. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Information about each continuing Director and Nominee for Director follows (supplementing the information provided in the table above),
including some of the specific experiences, qualifications, attributes or skills that each Director and Nominee for Director possesses which the Board believes has prepared them to be effective Directors. Each Director and Nominee for Director
satisfies the &#147;Relevant Experience and Country Knowledge&#148; requirements and does not have any &#147;Conflict of Interest,&#148; as such terms are defined in the Fund&#146;s Amended and Restated
<FONT STYLE="white-space:nowrap">By-Laws</FONT> and also set forth in the Governance and Nominating Committee Charter, which was attached as Exhibit A to the Fund&#146;s Proxy Statement dated May&nbsp;4, 2016. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Brian A. Berris</I>&nbsp;&#151;&nbsp;Mr.&nbsp;Berris, the Chairman of the Board of the Fund, has an extensive business and investment management
background. He joined Brown Brothers Harriman&nbsp;&amp; Co. (&#147;BBH&#148;) in 1973 and has been a Partner at BBH since 1991. Mr.&nbsp;Berris served as Head of BBH&#146;s U.S. Wealth Management activities for taxable investors from 1991 to 1998.
From 1998 to 2010, he served as Head of BBH&#146;s Global Investment Management business for institutional and private investors. During this period, Mr.&nbsp;Berris served on several firm-wide committees, including the Finance Committee and the
Steering Committee. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Joseph S. Calhoun, III</I>&nbsp;&#151;&nbsp;Mr.&nbsp;Calhoun currently serves as Treasurer of Carnegie Mellon University, where he is responsible
for cash and liquidity management, short-term investment, borrowing and investment support for the University&#146;s retirement plans. He served as a board member of the Schroder family of mutual funds advised by SIMNA from 2010 to 2017. Previously,
Mr.&nbsp;Calhoun served for nearly 20 years in senior executive capacities for New York Life Insurance Company and New York Life International, including as President and CEO of New York Life Capital Corporation. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Claus Helbig</I>&nbsp;&#151;&nbsp;Dr.&nbsp;Helbig has served as a director or supervisory board member of several multi-national corporations or
their affiliated entities, including Audi AG, Booz Allen Hamilton and GLL Real Estate Partners, a Munich-based real estate funds management group. He formerly served as a the chief financial officer of Munich Re, one of the largest global
reinsurers, and a supervisory board member of CLAAS KgaA mbH, a German-based international agricultural engineering company. He also has a legal degree from the University of Geneva. Dr.&nbsp;Helbig also serves as the Chair of the Fund&#146;s
Governance and Nominating Committee. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Jean E. Hoysradt</I>&nbsp;&#151;&nbsp;Ms.&nbsp;Hoysradt served as Chief Investment Officer of Mousse Partners Limited, a private investment office
based in New York, from April 2001 to December 2015. She served as Senior Vice President and Head of the Investment and Treasury Departments at New York Life Insurance Company from 1991 to 2000, and previously held positions in investment banking
and investment management at Manufacturers Hanover Trust Company, The First Boston Corporation and The Equitable Life Assurance Society of the U.S. Ms.&nbsp;Hoysradt is a member of the Board of Directors of W. P. Carey Inc., and served as Vice
Chairman of the Board&#146;s Investment Committee from June 2015 to January 2017. Ms.&nbsp;Hoysradt also is a member of Duke University Management Company&#146;s Board of Directors, and is Chair of its Audit Committee. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Fred J. Ricciardi</I>&nbsp;&#151;&nbsp;Mr.&nbsp;Ricciardi has an extensive financial, business and investment management background, having served
for nearly 40 years in the investment management industry. He spent substantially all of his career with The Bank of New York Mellon Corporation (&#147;BNY Mellon&#148;), its
</FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">10 </FONT></P>



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<TR style = "page-break-inside:avoid">
<TD WIDTH="10%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P><FONT STYLE="font-family:Times New Roman" SIZE="2">
affiliates or its predecessors, including The Bank of New York (&#147;BNY&#148;). Most recently, he served as an Executive Vice President leading business strategy and mergers and integrations
for BNY Mellon&#146;s Asset Servicing business line, having also led the integration of BNY&#146;s business line merger with Mellon Financial Corporation in 2007. He also served as the Head of Global Funds Servicing and was in charge of expanding
and implementing BNY&#146;s global business in Europe, serving as director or chairman of several affiliated entities, including BNY International Financing Corp. and The Bank of New York Europe, Ltd. Mr.&nbsp;Ricciardi currently serves as a
consultant to financial services companies, and is a member of the Board of Directors of the Pioneer Funds. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Board
Committees, Meetings and Compensation </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Board has three standing Committees: the Audit Committee, the Governance and
Nominating Committee and the Pricing Committee. Where deemed appropriate, the Board may constitute ad hoc committees. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Audit
Committee</U>.&nbsp;&nbsp;The current members of the Audit Committee of the Board of Directors are Messrs. Bock, Brealey and Calhoun and Dr.&nbsp;Helbig. Mr.&nbsp;Bock serves as Chair of the Audit Committee. Each member of the Committee is
&#147;independent&#148; under the listing standards of the New York Stock Exchange (&#147;NYSE&#148;). If elected by stockholders, it is anticipated that both Mr.&nbsp;Ricciardi and Ms.&nbsp;Hoysradt will be appointed to the Audit Committee to
replace Messrs. Bock and Brealey. Both Mr.&nbsp;Ricciardi and Ms.&nbsp;Hoysradt qualify as &#147;audit committee financial experts&#148; for purposes of applicable Securities and Exchange Commission (the &#147;Commission&#148;) regulations.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pursuant to the Audit Committee Charter adopted by the Fund&#146;s Board of Directors, the function of the Audit Committee is
to assist Board oversight of (i)&nbsp;the integrity of the Fund&#146;s financial statements; (ii)&nbsp;the Fund&#146;s compliance with legal and regulatory requirements; and (iii)&nbsp;the independent registered public accounting firm&#146;s
qualifications, independence and performance. The Audit Committee has direct responsibility to appoint, retain, determine the compensation of, evaluate and terminate the Fund&#146;s independent registered public accounting firm, including sole
authority to approve all audit engagement fees and terms and, in connection therewith, to review and evaluate matters potentially affecting the independence and capabilities of the independent registered public accounting firm. The Audit Committee
also oversees the accounting and financial reporting processes of the Fund and the audits of the Fund&#146;s financial statements as well as the administration of the Fund. The Audit Committee held seven meetings during the year ended
December&nbsp;31, 2016. The Fund&#146;s Audit Committee Charter is available on the Fund&#146;s website at www.swzfund.com. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Governance and Nominating Committee</U>.&nbsp;&nbsp;The Board of Directors has a Governance and Nominating Committee on which all
current Directors serve. Dr.&nbsp;Helbig serves as Chair of the Governance and Nominating Committee. Each member of the Committee is &#147;independent&#148; under the listing standards of the NYSE. If elected by stockholders, it is anticipated that
both Mr.&nbsp;Ricciardi and Ms.&nbsp;Hoysradt will be appointed to the Governance and Nominating Committee. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Among other
responsibilities, the Governance and Nominating Committee selects and nominates persons for election or appointment by the Board as Directors of the Fund and oversees the annual assessment of the effectiveness of the Board and such other matters of
Fund governance as may be delegated to it by the Board or determined by the Governance and Nominating Committee to be appropriate. In evaluating potential nominees, including any nominees recommended by stockholders, the Committee takes into
consideration the factors listed in the Governance and Nominating Committee Charter, including character and integrity, experience in business, investment and economic matters in Europe, the United States, or Switzerland or political matters of
Switzerland, and whether the Committee believes the person has the ability to apply sound and independent business judgment and would act in the interest of the Fund and its stockholders. The Governance and Nominating Committee will consider
nominees recommended by a stockholder if such recommendation is in writing and received by the Fund by the deadline specified below under &#147;Stockholder Proposals&#148; and otherwise complies with the requirements for such proposals contained in
the Governance and Nominating Committee Charter and the Fund&#146;s <FONT STYLE="white-space:nowrap">By-Laws.</FONT> Any such recommendations should be submitted to the Fund&#146;s Secretary, The Swiss Helvetia Fund, Inc., 7 Bryant Park, 17th Floor,
New York, New York 10018. The Governance and Nominating Committee held three meetings during the year ended December&nbsp;31, 2016. The Fund does not provide a copy of the Governance and Nominating Committee Charter on its website, but the
Fund&#146;s current Governance and Nominating Committee Charter was attached as Exhibit A to the Fund&#146;s Proxy Statement dated May&nbsp;4, 2016. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">11 </FONT></P>



<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Pricing Committee</U>. The Board of Directors has a Pricing Committee whose current
members are Messrs. Bock and Brealey and Dr.&nbsp;Helbig. Mr.&nbsp;Brealey currently serves as Chair of the Pricing Committee. The Pricing Committee oversees the fair valuation of the Fund&#146;s portfolio securities for which market prices or
quotations are not readily available or are deemed to be unreliable. The Pricing Committee held one meeting during the year ended December&nbsp;31, 2016. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">In November 2016, the Board of Directors reconstituted the Ad Hoc Strategic Planning Committee of the Board to assist the Board in considering certain actions that the Fund could take to enhance
stockholder value and address the discount at which the Fund&#146;s shares of common stock have traded, and in engaging and communicating with its stockholders. The current members of the Ad Hoc Strategic Planning Committee are Messrs. Berris, Bock,
Calhoun and Brealey. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">During the year ended December&nbsp;31, 2016, the Board of Directors met six times. Each current
Director, with the exception of Messrs. Calhoun and Ricciardi, attended at least 75% of the aggregate of (i)&nbsp;the total number of meetings of the Board of Directors and (ii)&nbsp;the total number of meetings held by all Committees of the Board
on which he or she served. The Fund has no formal written policy regarding Directors&#146; attendance at annual meetings of stockholders. All of the current Directors, with the exception of Messrs. Calhoun and Ricciardi, who were not Directors at
the time, attended the Fund&#146;s 2016 Annual Meeting of Stockholders (the &#147;2016 Annual Meeting&#148;). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">During the year
ended December&nbsp;31, 2016, the Fund paid each Director an annual retainer of $40,982, except for the Chairman of the Board to whom the Fund paid $54,682 and for the Chairs of the three standing Committees to each of whom the Fund paid $46,884. In
addition, the Fund paid each Director $1,300 for each Board meeting attended and paid each Director who is a member of a Committee a fee of $750 for each Committee meeting attended. Committee meeting fees are paid for only stand-alone meetings not
held as part of another meeting, for example when certain items of Committee business may be addressed as part of the quarterly general Board meetings. The annual retainer paid to Directors (including the annual retainer paid to the Chairs of the
Audit Committee, the Governance and Nominating Committee and the Pricing Committee) is adjusted annually, as of each January&nbsp;1, in proportion to the increase (or decrease) in the Consumer Price Index for the preceding twelve month period. Each
Director may be compensated for incremental work over and above attending a meeting, including work performed as a member of an ad hoc committee, based upon the value added to the Fund. Finally, the Fund reimburses the Directors for certain <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses, such as travel expenses, in connection with Board meetings. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">During the year ended December&nbsp;31, 2016, the Directors who will continue to serve on the Board after the Meeting received from the Fund individual remuneration (exclusive of reimbursed expenses), as
follows: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Name of Person and Position</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Aggregate&nbsp;Compensation<BR>From the Fund<FONT
STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">*</SUP></FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Brian A. Berris, Chairman of the
Board</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">64,732</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Joseph S. Calhoun, III</FONT><FONT
STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">**</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dr.&nbsp;Claus Helbig, Chair of the
Governance and Nominating Committee</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">54,813</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">TOTAL REMUNERATION:</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">119,545</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">*</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">The Fund is not part of a fund complex or group, and, accordingly, the Directors do not serve on the board of any other registered investment company
in a complex or group with the Directors. Retirement and/or pension benefits are not offered as part of the compensation for Directors. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:3px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">**</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Mr.&nbsp;Calhoun was appointed by the Board of Directors as a <FONT STYLE="white-space:nowrap">non-interested</FONT> Class&nbsp;I Director of the Fund
on December&nbsp;6, 2016. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">During the year ended December&nbsp;31, 2016, Messrs. Bock, Boillat, Brealey and
Witt received aggregate compensation of $224,359 from the Fund. No Executive Officer of the Fund received any compensation from the Fund for the most recently completed fiscal year. Mr.&nbsp;Ricciardi and Ms.&nbsp;Hoysradt, who are nominees to serve
as Class&nbsp;I and Class&nbsp;III Directors, respectively, did not serve on the Board during 2016 and did not receive any compensation from the Fund. Accordingly, no other persons have been included in the preceding compensation table. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">12 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Section 16(a) Beneficial Ownership Reporting Compliance </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Under the securities laws of the United States, the Fund&#146;s Directors, its Executive (and certain other) Officers, Schroders and
certain affiliated persons of Schroders and any persons beneficially owning more than ten percent of the Fund&#146;s common stock are required to report their ownership of the Fund&#146;s common stock and any changes in that ownership to the Fund,
the Commission and the NYSE. Specific due dates for these forms have been established, and the Fund is required to report in this Proxy Statement any failure to file by these dates during 2016. Based solely upon a review of copies of such forms and
written representations from certain of such persons, all of these requirements appear to have been satisfied by such persons during the year ended December&nbsp;31,&nbsp;2016, except that a Form 4 to report Mr.&nbsp;Calhoun&#146;s acquisition of
shares of the Fund&#146;s common stock on December&nbsp;9, 2016 was filed late due to administrative oversight. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Security Ownership of
Certain Beneficial Owners </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As of the record date, no stockholder, to the knowledge of the Fund, based on Schedule 13G and
13D filings with the Commission, beneficially owned more than five percent of the Fund&#146;s outstanding shares of common stock, except as listed below: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="66%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Name of Person</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Number&nbsp;of&nbsp;Shares<BR>Beneficially&nbsp;Owned</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Percent&nbsp;of&nbsp;Shares</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Beneficially</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Owned</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Wells Fargo&nbsp;&amp; Company</FONT><FONT
STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,206,638</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14.93</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">1607 Capital Partners, LLC</FONT><FONT
STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,905,081</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.90</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Lazard Asset Management LLC</FONT><FONT
STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">3</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,417,555</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.63</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Bulldog Investors, LLC</FONT><FONT
STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">4</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,104,962</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.48</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Karpus Management, Inc.</FONT><FONT
STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">5</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,442,536</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.15</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Wells Fargo&nbsp;&amp; Company, 420 Montgomery Street, San Francisco, California 94104, on behalf of certain of its subsidiaries and the advisory
clients thereof, filed on January&nbsp;24, 2017 a beneficial ownership report on Schedule 13G/A with the Commission reporting beneficial ownership as of December&nbsp;31, 2016. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">1607 Capital Partners, LLC, 13 S. 13th Street, Suite 400, Richmond, Virginia 23219, on behalf of its advisory clients, filed on February&nbsp;13, 2017
a beneficial ownership report on Schedule 13G/A with the Commission reporting beneficial ownership as of December&nbsp;31, 2016. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">3</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, New York 10112, on behalf of its advisory clients, filed on February&nbsp;10, 2017 a
beneficial ownership report on Schedule 13G/A with the Commission reporting beneficial ownership as of December&nbsp;31, 2016. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">4</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Bulldog Investors, LLC, Phillip Goldstein, Andrew Dakos and Steven Samuels, Park 80 <FONT STYLE="white-space:nowrap">West-Plaza</FONT> Two, 250 Pehle
Avenue, Suite 708, Saddle Brook, New Jersey 07663, on behalf of their advisory clients, filed on March&nbsp;14, 2017, a beneficial ownership report on Schedule 13D/A with the Commission reporting beneficial ownership as of March&nbsp;13, 2017.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">5</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Karpus Management, Inc., doing business as Karpus Investment Management, 183 Sully&#146;s Trail, Pittsford, New York 14534, on behalf of its advisory
clients, filed on February&nbsp;14, 2017 a beneficial ownership report on Schedule 13G/A with the Commission reporting beneficial ownership as of December&nbsp;31, 2016. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">13 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>PROPOSAL 2: SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">At a meeting held on March&nbsp;22, 2017, the Audit Committee of the Fund&#146;s Board of Directors recommended, and the Board of
Directors approved and ratified, Tait, Weller&nbsp;&amp; Baker, LLP to act as the independent registered public accounting firm for the Fund for the year ending December&nbsp;31, 2017. Based principally on representations from Tait Weller, the Fund
knows of no direct financial or material indirect financial interest of Tait Weller in the Fund. Tait Weller has served as the independent registered public accounting firm for the Fund since December&nbsp;23, 2016, following the resignation of
PricewaterhouseCoopers LLP (&#147;PwC&#148;) as the Fund&#146;s independent registered public accounting firm, as discussed below. No representative of Tait Weller is expected to be present at the Meeting, but will be available by telephone and will
have an opportunity to make a statement (if the representative so desires) and to respond to appropriate questions. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Neither
the Fund&#146;s Certificate of Incorporation or its <FONT STYLE="white-space:nowrap">By-Laws</FONT> requires that the stockholders ratify the appointment of Tait Weller as the Fund&#146;s independent registered public accounting firm, but the Fund
is doing so as a matter of good corporate practice. If the stockholders do not ratify the appointment, the Audit Committee and the Fund&#146;s Board of Directors will reconsider whether or not to continue to retain Tait Weller, but may decide to do
so. Even if the appointment is ratified, the Audit Committee and the Board of Directors in their discretion may change the appointment at any time during the year if they determine that such change would be in the best interests of the Fund and its
stockholders. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Resignation of PricewaterhouseCoopers LLP, the Fund&#146;s Former Independent Registered Public Accounting Firm
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">On December&nbsp;21, 2016, PwC resigned as the Fund&#146;s independent registered public accounting firm, in light of the
existence of certain lending relationships relevant to the Fund thought to bear on independence considerations associated with Rule <FONT STYLE="white-space:nowrap">2-01(c)(1)(ii)(A)</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X</FONT>
or the &#147;Loan Rule.&#148; PwC advised the Audit Committee that none of those lending relationships compromised or impaired its objectivity or impartiality in connection with its audits of the Fund&#146;s financial statements. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">PwC served as the Fund&#146;s independent registered public accounting firm for the fiscal years ended December&nbsp;31, 2014 and
December&nbsp;31, 2015. The audit reports of PwC on the Fund&#146;s financial statements as of and for the years ended December&nbsp;31, 2014 and December&nbsp;31, 2015 did not contain an adverse opinion or disclaimer of opinion and were not
qualified or modified as to uncertainty, audit scope or accounting principles. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">During the fiscal years ended December&nbsp;31,
2014 and December&nbsp;31, 2015 and through December&nbsp;21, 2016, there were no disagreements with PwC on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements if not
resolved to the satisfaction of PwC would have caused it to make reference to the subject matter of the disagreements in connection with its audit reports for such years, nor were there any &#147;reportable events&#148; as such term is described in
Item 304(a)(1)(v) of Regulation <FONT STYLE="white-space:nowrap">S-K,</FONT> promulgated under the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Fund previously provided PwC with a copy of the foregoing disclosures, as set forth in the Fund&#146;s Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed with the Commission on
December&nbsp;23, 2016 (the &#147;Form <FONT STYLE="white-space:nowrap">8-K&#148;),</FONT> and asked PwC to furnish the Fund with a letter addressed to the Commission stating whether or not it agreed with the statements contained herein. A copy of
PwC&#146;s letter, stating that it agreed with the above statements, was included as an exhibit to the Form <FONT STYLE="white-space:nowrap">8-K.</FONT> In addition, the Fund requested that PwC review the disclosures contained herein. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Engagement of Tait, Weller&nbsp;&amp; Baker, LLP, the Fund&#146;s Current Independent Registered Public Accounting Firm </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Effective December&nbsp;23, 2016, Tait Weller was engaged to serve as the Fund&#146;s independent registered public accounting firm to
audit the Fund&#146;s financial statements for the fiscal year ending December&nbsp;31, 2016. The Board of Directors of the Fund approved the engagement of Tait Weller upon the recommendation of its Audit Committee. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">14 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">During the fiscal years ended December&nbsp;31, 2014 and December&nbsp;31, 2015 and through
December&nbsp;23, 2016, neither the Fund nor any person on its behalf has consulted with Tait Weller with respect to either (i)&nbsp;the application of accounting principles to a specified transaction, either completed or proposed, or the type of
audit opinion that might be rendered on the Fund&#146;s financial statements or (ii)&nbsp;any matter that was either the subject of a &#147;disagreement&#148; or a &#147;reportable event&#148; as such terms are described in Items 304(a)(1)(iv) or
304(a)(1)(v), respectively, of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> promulgated under the Exchange Act. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The
Fund requested that Tait Weller review the disclosures contained herein. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Certain Information Concerning Payments to Independent Registered
Public Accounting Firms </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) <I>Audit Fees.</I> The aggregate fees billed for each of the last two fiscal years (the &#147;Reporting
Periods&#148;) for professional services rendered by PwC (for the fiscal year ended December&nbsp;31, 2015) and Tait Weller (for the fiscal year ended December&nbsp;31, 2016) for the audit of the Fund&#146;s annual financial statements, or services
that are normally provided in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $91,600 in 2015 and $50,000 in 2016, respectively. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(b) <I>Audit-Related Fees.</I> The aggregate fees billed in the Reporting Periods for assurance and related services rendered by PwC (for the fiscal year ended December&nbsp;31, 2015) and Tait Weller (for
the fiscal year ended December&nbsp;31, 2016) that are reasonably related to the performance of the audit of the Fund&#146;s financial statements and are not reported under paragraph (a)&nbsp;above (&#147;Audit-Related Services&#148;) were $7,500 in
2015 and $0 in 2016, respectively. These services, in accordance with Statement on Auditing Standards No.&nbsp;100, <I>Interim Financial Information</I>, consisted of review of the Fund&#146;s semi-annual reports to stockholders. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">There were no fees billed by PwC or Tait Weller in the Reporting Periods for assurance and related services rendered by PwC or Tait Weller, respectively,
to Schroders or any entity controlling, controlled by or under common control with Schroders that provides ongoing services to the Fund (&#147;Service Affiliates&#148;) which were required to be <FONT STYLE="white-space:nowrap">pre-approved</FONT>
by the Audit Committee as described below. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) <I>Tax Fees.</I> The aggregate fees billed in the Reporting Periods for professional services
rendered by PwC (for the fiscal year ended December&nbsp;31, 2015) and Tait Weller (for the fiscal year ended December&nbsp;31, 2016) for tax compliance, tax advice and tax planning (&#147;Tax Services&#148;) were $6,640 in 2015 and $5,500 in 2016,
respectively. These Tax Services consisted of review or preparation of U.S. federal, state, local and excise tax returns. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) <I>All Other
Fees.</I> PwC and Tait Weller did not provide any additional products or services to the Fund in the Reporting Periods, other than the services reported in paragraphs (a)&nbsp;through (c) above, but did receive reimbursement of <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses of $1,235 in 2015 and $0 in 2016, respectively. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Audit Committee <FONT STYLE="white-space:nowrap">Pre-Approval</FONT> Policies</U>. The Audit Committee
<FONT STYLE="white-space:nowrap">pre-approves</FONT> Tait Weller&#146;s engagements for audit and <FONT STYLE="white-space:nowrap">non-audit</FONT> services to the Fund, and <FONT STYLE="white-space:nowrap">non-audit</FONT> services to Schroders and
Service Affiliates on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">case-by-case</FONT></FONT> basis as required. <FONT STYLE="white-space:nowrap">Pre-approval</FONT> considerations include whether the proposed services are
compatible with maintaining Tait Weller&#146;s independence. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U><FONT STYLE="white-space:nowrap">Non-Audit</FONT> Fees</U>. The aggregate <FONT
STYLE="white-space:nowrap">non-audit</FONT> fees billed in the Reporting Periods for services rendered by PwC (for the fiscal year ended December&nbsp;31, 2015) and Tait Weller (for the fiscal year ended December&nbsp;31, 2016) to the Fund were
$15,375 in 2015 and $5,500 in 2016. These aggregate <FONT STYLE="white-space:nowrap">non-audit</FONT> fees include the Audit-Related and Tax Services, and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT>
expenses, described above. There were no fees billed by PwC or Tait Weller in the Reporting Periods for <FONT STYLE="white-space:nowrap">non-audit</FONT> services rendered by PwC or Tait Weller, respectively, to Schroders or Service Affiliates.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Auditor Independence</U>. The Audit Committee considers whether the provision of any <FONT STYLE="white-space:nowrap">non-audit</FONT>
services rendered to Schroders or Service Affiliates which were not <FONT STYLE="white-space:nowrap">pre-approved</FONT> (not requiring <FONT STYLE="white-space:nowrap">pre-approval)</FONT> is compatible with maintaining Tait Weller&#146;s
independence. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">15 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Required Vote and the Board&#146;s Recommendation </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The selection of the Fund&#146;s independent registered public accounting firm will be ratified if approved by a majority of shares
present in person or represented by Proxy at the Meeting and entitled to vote thereon. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>THE BOARD OF DIRECTORS OF THE FUND
RECOMMENDS A VOTE &#147;FOR&#148; PROPOSAL 2 TO </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>RATIFY THE SELECTION OF TAIT, WELLER&nbsp;&amp; BAKER, LLP AS THE
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>FUND&#146;S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>FOR THE YEAR ENDING DECEMBER&nbsp;31, 2017. </B></FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>REPORT OF AUDIT COMMITTEE </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Audit Committee has exclusive oversight of
the Fund&#146;s financial reporting process. The Committee operates pursuant to a Charter which has been approved by the Board, a copy of which is available on the Fund&#146;s website at www.swzfund.com. As set forth in the Charter, management of
the Fund is responsible for the (i)&nbsp;preparation, presentation and integrity of the Fund&#146;s financial statements, (ii)&nbsp;maintenance of appropriate accounting and financial reporting principles and policies and (iii)&nbsp;maintenance of
internal controls and procedures designed to assure compliance with accounting standards and applicable laws and regulations. The Fund&#146;s independent registered public accounting firm, Tait Weller, is responsible for auditing the Fund&#146;s
financial statements and expressing an opinion as to their conformity with generally accepted accounting principles. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In the
performance of its oversight function, the Committee considered and discussed the December&nbsp;31, 2016 audited financial statements with management and with Tait Weller. The Committee also discussed with Tait Weller the matters required to be
discussed by Public Company Accounting Oversight Board Auditing Standard No.&nbsp;16, <I>Communications With Audit Committees</I>, as currently in effect. Finally, the Committee reviewed the written disclosures and the letter from Tait Weller
required by Public Company Accounting Oversight Board Rule 3526, <I>Communication with Audit Committees Concerning Independence</I>, as currently in effect, and discussed with Tait Weller the auditors&#146; independence. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Stockholders are reminded, however, that the members of the Audit Committee are not professionally engaged in the practice of auditing or
accounting. Members of the Committee rely without independent verification on the information provided to them and on the representations made by management and Tait Weller. Accordingly, the Audit Committee&#146;s oversight does not provide an
independent basis to determine that management has maintained appropriate accounting and financial reporting principles or appropriate internal controls and procedures designed to assure compliance with accounting standards and applicable laws and
regulations. Furthermore, the Audit Committee&#146;s considerations and discussions referred to above do not assure that the audit of the Fund&#146;s 2016 financial statements has been carried out in accordance with generally accepted auditing
standards or that the financial statements are presented in accordance with generally accepted accounting principles, nor do they assure Tait Weller&#146;s independence. Based upon the reports and discussions described in this report, and subject to
the limitations on the role and responsibilities of the Committee referred to above and in the Charter, the Committee determined, and recommended to the Board, that the Fund&#146;s audited financial statements be included in the Fund&#146;s Annual
Report to Stockholders for the year ended December&nbsp;31, 2016, and filed with the Commission. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Jean-Marc Boillat </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Richard Brealey </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Joseph S. Calhoun, III
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dated: February&nbsp;28, 2017 </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">16 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>PROPOSAL 3: APPROVAL OF AN AMENDMENT TO THE FUND&#146;S CERTIFICATE OF </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>INCORPORATION TO ELIMINATE THE CLASSIFICATION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>OF THE FUND&#146;S BOARD OF DIRECTORS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund&#146;s Board of Directors
is currently comprised entirely of <FONT STYLE="white-space:nowrap">Non-Interested</FONT> Directors who have been elected previously by the Fund&#146;s stockholders, with the exception of Messrs. Calhoun and Ricciardi. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund&#146;s Certificate of Incorporation, as amended to date (the &#147;Charter&#148;), and Amended and Restated <FONT
STYLE="white-space:nowrap">By-Laws,</FONT> provide for the Fund&#146;s Board of Directors to be classified into three classes of Directors. Directors of each class are elected to hold office for a term expiring at the annual meeting of stockholders
held in the third year following their election or until their successors are duly elected and qualified. This classified board structure has been in place since the Fund&#146;s inception in 1987. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">At the Fund&#146;s 2016 Annual Meeting, stockholders approved a proposal submitted by Mr.&nbsp;Kenneth Steiner, a stockholder of the Fund,
requesting that the Fund to take the steps necessary to reorganize the Board into one class with each Director subject to election each year. Following the 2016 Annual Meeting, the Board reviewed and reconsidered the arguments both for and against a
classified board, many of which were set forth in the Fund&#146;s 2016 Proxy Statement, as well as other factors, including, but not limited to the voting results from the 2016 Annual Meeting, as well as the voting results on similar
&#147;declassification&#148; proposals previously submitted to the Fund&#146;s stockholders. Upon completion of this review, the Board, giving significant weight to the voting results from the 2016 Annual Meeting, determined that it was advisable to
amend the Charter to eliminate the classification of the Board. At a special meeting held on November&nbsp;7, 2016, the Board voted to commence taking the steps necessary to seek stockholder approval to declassify the Board. At a meeting held on
March&nbsp;22, 2017, the Board deemed advisable and approved an amendment to the Charter that would eliminate the classification of the Board over a three-year period and directed that this amendment be submitted for consideration and to be voted
upon by the Fund&#146;s stockholders at the Meeting. The text of this amendment to the Charter is attached as Exhibit A to this Proxy Statement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">If this amendment is approved by the Fund&#146;s stockholders, then the Fund will file a Certificate of Amendment to the Charter containing the amendment text set forth in Exhibit A to this Proxy
Statement with the Secretary of State of the State of Delaware. If approved, the Charter amendment would not affect the classified term of any Directors elected at or prior to the Meeting. Directors who have been elected previously by stockholders
were elected for specific terms with the expectation that Directors would serve their full term. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Beginning with the
Fund&#146;s 2018 Annual Meeting of Stockholders (the &#147;2018 Annual Meeting&#148;), as each class&#146;s term expires, the successors to the Directors in that class would be elected to serve until the Fund&#146;s 2020 Annual Meeting of
Stockholders (the &#147;2020 Annual Meeting&#148;) or until their respective successors are duly elected and qualified. Accordingly, if this amendment is approved by the Fund&#146;s stockholders, then (i)&nbsp;at the 2018 Annual Meeting, the
Class&nbsp;III Directors would be elected to serve for a <FONT STYLE="white-space:nowrap">two-year</FONT> term and (ii)&nbsp;at the Fund&#146;s 2019 Annual Meeting of Stockholders, the Class&nbsp;I Directors would be elected to serve for a <FONT
STYLE="white-space:nowrap">one-year</FONT> term. At the 2020 Annual Meeting, the transition to a declassified Board would be complete, as the Class&nbsp;II Directors&#146; terms would expire and each Director would be subject to annual election to
serve until the next annual meeting of stockholders or until his or her respective successor is duly elected and qualified. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Required Vote
and the Board&#146;s Recommendation </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If a quorum of the Fund&#146;s shares necessary for the transaction of business at the
Meeting is present, Proposal 3 will be treated as approved if a majority of the Fund&#146;s outstanding shares vote &#147;FOR&#148; the Proposal. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>THE BOARD OF DIRECTORS OF THE FUND RECOMMENDS </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>A VOTE &#147;FOR&#148;
PROPOSAL 3 </B></FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">17 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>PROPOSAL 4: STOCKHOLDER PROPOSAL RECOMMENDING </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>THAT THE FUND&#146;S BOARD OF DIRECTORS AUTHORIZE A SELF-TENDER OFFER </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>FOR ALL OF THE OUTSTANDING COMMON STOCK OF THE FUND </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>What is this Proposal? </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Phillip Goldstein, of Bulldog Investors, LLC, and
Judy Goldstein, stockholders of the Fund (together, the &#147;Proponent&#148;), are the proponents of the following <FONT STYLE="white-space:nowrap">non-binding</FONT> proposal. The Proponent&#146;s address and the number of shares owned in the Fund
will be furnished by the Fund&#146;s Secretary upon request. The Proponent&#146;s proposal and accompanying supporting statement submitted to the Fund read as follows: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">RESOLVED, The shareholders of The Swiss Helvetia Fund, Inc. (the Fund) request that the Board of Directors authorize a self-tender offer for all outstanding common shares of the Fund at or close to net
asset value (NAV). If more than 50% of the Fund&#146;s outstanding common shares are submitted for tender, the Board is requested to cancel the tender offer and take those steps that the Board is required to take to cause the Fund to be liquidated
or converted to an exchange traded fund (ETF) or an <FONT STYLE="white-space:nowrap">open-end</FONT> mutual fund. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>SUPPORTING STATEMENT OF PROPONENT </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;Over the past twenty years, the Fund&#146;s shares have almost always traded at a double-digit discount to net asset value. Consequently, we think it is appropriate at this time for the Board of
Directors to authorize a self-tender offer for the Fund&#146;s shares at or close to NAV to afford<B> </B>long-term shareholders an opportunity to realize a price close to net asset value. If a majority of the Fund&#146;s outstanding common shares
are tendered, that would demonstrate that there is insufficient shareholder support for continuing the Fund in its <FONT STYLE="white-space:nowrap">closed-end</FONT> format. In that case, we think the tender offer should be cancelled and the Fund
should be liquidated or converted into (or merged with) an ETF or an <FONT STYLE="white-space:nowrap">open-end</FONT> mutual fund. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">If you agree that it is time to take meaningful action to address the Fund&#146;s persistent discount, please vote for this <FONT STYLE="white-space:nowrap">(non-binding)</FONT> proposal.&#148;
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>The Board of Directors&#146; Statement of Opposition </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>The Fund&#146;s Board of Directors carefully considered the Proponent&#146;s proposal and concluded that the proposal is not in the best interest of the Fund and its long-term stockholders. The Board
recommends you vote &#147;AGAINST&#148; Proposal 4.</B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Board does not believe the tender offer advocated by the Proponent
is in the best interests of the Fund or its stockholders. It is inconsistent with the Board&#146;s ongoing efforts to enhance stockholder value and provide periodic liquidity without creating a meaningful adverse effect on the Fund&#146;s
performance, portfolio management or expense ratio. While the relatively modest periodic tender offers undertaken by the Fund over the last six years were, in part, intended to return to stockholders the increased value of the Fund&#146;s assets,
the very substantial tender offer advocated by the Proponent would, among other things, result in a major reduction in the Fund&#146;s assets. As many of the Fund&#146;s costs are fixed, those costs would be spread out over a smaller asset base,
resulting in a material increase in the Fund&#146;s expense ratio. In addition, the Fund&#146;s portfolio management team would have at its disposal far fewer assets for future investment, making it more difficult to continue to achieve the
Fund&#146;s investment goals. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Furthermore, the Proponent&#146;s proposal provides that, assuming the Fund were to conduct a
tender offer, the offer will be completed if 50% or less of the Fund&#146;s shares are tendered. As the Fund does not maintain a significant cash position, and just recently concluded a tender offer in which it repurchased 10% of its shares,
carrying out such a tender offer likely would require the Fund to liquidate a significant portion of its portfolio in order to raise cash to pay tendering stockholders, as well as to distribute capital gains realized in connection therewith. The
Fund also would incur significant transaction costs in selling portfolio securities to raise cash for such a large tender offer. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">18 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Overall, a material reduction in the Fund&#146;s assets likely would create various
constraints on Schroders&#146; ability to manage the Fund according to its investment objective and investment strategies, and would adversely affect a stockholder&#146;s experience due to the Fund&#146;s increased expense ratio and the Fund&#146;s
realization of substantial embedded long-term capital gains. Each of these results could adversely affect the Fund&#146;s long-term performance and the impact on the Fund&#146;s short-term performance also is likely to be significant. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Proponent cites the Fund&#146;s trading discount as the reason for the proposal. The Proponent has not provided, nor is the Board
aware of, empirical evidence that a tender offer provides a permanent reduction in a fund&#146;s trading discount to its net asset value. Furthermore, the Fund&#146;s trading discount actually provides a benefit to long-term stockholders. When the
Fund&#146;s shares sell at a discount, stockholders can buy a dollar&#146;s worth of the Fund&#146;s assets for less than a full dollar and still obtain the investment returns generated by that full dollar. Stockholders would lose this benefit if
the Fund were to be liquidated or converted to a mutual fund or exchange-traded fund (&#147;ETF&#148;). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Conducting a tender
offer for all of the Fund&#146;s outstanding shares also could lead to the liquidation of the Fund. If a significant number of shares are repurchased, the Fund may be unable to maintain a viable asset base to continue operating efficiently and could
be forced to liquidate. Liquidation is a lengthy and costly process. More importantly, however, it would eliminate the Fund as a viable investment option, leaving stockholders with limited alternatives to invest in in an important and successful
market through a vehicle with a similar investment mandate. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Board also believes that converting the Fund to a mutual fund
or ETF would be inconsistent with the Fund&#146;s investment purpose. Such a conversion would be inconsistent with the Fund&#146;s long-term investment focus, would lead to certain operational and portfolio management complexities and, most
importantly, would deprive the Fund&#146;s stockholders of the benefits of a <FONT STYLE="white-space:nowrap">closed-end</FONT> fund structure and the unique characteristics and investment profile they were seeking when they invested in the Fund.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Board&#146;s actions over the years, including more recent actions to replace the Fund&#146;s former investment adviser
with Schroders, evidence a commitment to overseeing the management of the Fund in a manner that is intended to benefit all of the Fund&#146;s stockholders. Trading discounts can attract opportunistic short-term investors, such as the Proponent, that
seek from time to time to exploit discounts for their own short-term financial gain to the detriment of long-term investors. The Board is mindful of the Fund&#146;s stated long-term investment objective, and the fact that the Fund is designed
primarily as a long-term investment, rather than as a trading vehicle. The Board does not endorse short-term trading, and believes that proposals principally geared towards reducing a fund&#146;s discount, such as the Proponent&#146;s proposal, are
not in the best interests of long-term stockholders. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Board Actions Balance Providing Liquidity and Enhancing Stockholder
Value</U></B>.&nbsp;&nbsp;Over the last six years, the Fund has conducted three tender offers for between 5% and 15% of the Fund&#146;s then-outstanding shares, including the recent tender offer in which the Fund repurchased 10% of its shares at 98%
of the Fund&#146;s net asset value. As the Fund appreciates in value, the Board believes it is appropriate for the Fund&#146;s stockholders, especially its long-term stockholders, to benefit from those gains either through periodic tender offers or
increased distributions. In addition, in approving the tender offers, the Board also considered other factors including expressed stockholder interest in opportunities for additional liquidity. The Board also considered the potential impact the
offer may have on the asset size and expenses of the Fund and its potential impact on the Fund&#146;s ability to implement its investment strategies and achieve its investment objective. The Board generally believes that the benefits of relatively
modest periodic tenders offset their adverse impact on the Fund&#146;s asset size and expense ratio. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Additionally, the Fund
has a long-standing policy of providing liquidity by repurchasing its shares through publicly announced stock repurchase programs. Over the last 18 years, with the exception of 2014, the Board has authorized an annual stock repurchase program. Since
1999, the Fund has repurchased approximately 8.8&nbsp;million shares of its common stock, which has provided aggregate accretion to the Fund&#146;s net asset value of approximately $22&nbsp;million or $0.83 per share. In addition, since 2006, the
Fund has declared and paid to investors over $339&nbsp;million in dividends and distributions, an amount slightly greater than the Fund&#146;s current net assets. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><U>The Proponent&#146;s Tender Offer could have a Significant Negative Impact to the Fund&#146;s Long-Term Viability</U></B>.&nbsp;&nbsp;The Proponent&#146;s proposal provides that, assuming the Fund
were to conduct a tender offer, if 50% or less of the Fund&#146;s shares are tendered, the offer will be completed. Such a tender offer could result in a substantial </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">19 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
reduction in the Fund&#146;s net assets. As certain of the Fund&#146;s costs are fixed, those costs would be spread out over a smaller asset base, resulting in a material increase in the
Fund&#146;s expense ratio. As a separate matter, a reduction of assets could result in a higher aggregate management fee rate payable to Schroders, as the Fund would no longer be able to benefit from the higher asset-based breakpoints in its fee
schedule. Furthermore, as the Fund&#146;s expense ratio increases, the Fund&#146;s discount also could increase, as the attractiveness of investing in the Fund would wane. A higher expense ratio also is likely to negatively impact the Fund&#146;s
relative performance against Swiss market indexes, such as the Swiss Performance Index, further reducing the attractiveness of the Fund to investors. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Carrying out such a tender offer likely would require the Fund to liquidate a significant portion of its portfolio in order to raise cash to pay tendering stockholders, as well as to distribute capital
gains realized in connection therewith. The Fund may be forced to sell portfolio holdings earlier than Schroders otherwise would sell such holdings, or during adverse market conditions, potentially resulting in losses. The untimely sale of portfolio
securities may affect the market for those securities, which may, in turn, diminish the Fund&#146;s net asset value. In addition, the sale of portfolio securities likely will increase the Fund&#146;s portfolio turnover, resulting in additional
expense to stockholders. The sale of a significant portion of the Fund&#146;s portfolio for cash also would be a complicated and costly process. The Fund would incur significant transaction costs in selling portfolio holdings to pay for tendered
shares. These transaction costs would be borne by all stockholders, including those who choose not to tender their shares. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Furthermore, there likely are negative tax consequences to conducting a tender offer for all of the Fund&#146;s shares. As a result of
having to sell a significant amount of portfolio securities to raise cash to pay stockholders who tender their shares, the Fund may realize capital gains or losses at times that are disadvantageous to the Fund and its stockholders. For example, the
Fund may realize capital gains from the substantial embedded capital gains it has in its portfolio (approximately [&nbsp;&nbsp;&nbsp;&nbsp;]% of net assets as of March&nbsp;31, 2017). This will result in otherwise unnecessary taxable long-term
capital gains distributions to all of the Fund&#146;s stockholders, not just the stockholders who redeem their shares in connection with the tender offer. To the extent the Fund sells securities held for less than one year, all of the Fund&#146;s
stockholders may realize taxable income or short-term capital gains taxed at a higher federal tax rate. In addition to this potential tax liability, to the extent a stockholder redeems the Fund&#146;s shares in the tender offer, such redemption
likely also would be a taxable transaction for federal income tax purposes. Relatively modest periodic tender offers, such as the one the Fund recently completed, are less likely to have a negative tax impact to stockholders, as less embedded
capital gains may be realized by the Fund and there may be available realized capital losses to offset those gains. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>No
Evidence Tender Offers Permanently Reduce Trading Discounts; The Fund&#146;s Discount Has Benefitted Long-Term Stockholders</U></B>.&nbsp;&nbsp;The Proponent has not provided, nor is the Board aware of, empirical evidence that a tender offer
provides a permanent reduction in a fund&#146;s trading discount to its net asset value. The Fund&#146;s previous experience with tender offers supports the Board&#146;s view that, while tender offers may initially narrow a fund&#146;s trading
discount, any resulting reduction in the discount tends to be short-lived. While the Fund&#146;s 2011 tender offer resulted in a short-term narrowing of the Fund&#146;s discount, the Fund&#146;s 2014 tender offer did not. In fact, noteworthy are the
subsequent widenings in the Fund&#146;s discount that occurred after both tender offers were completed. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Because the
Fund&#146;s shares are listed on a stock exchange and are publicly-traded, the trading price for its shares is set by the market and can deviate from its NAV. Trading discounts to NAV are common in the
<FONT STYLE="white-space:nowrap">closed-end</FONT> fund market, particularly among equity funds. The available reported data for <FONT STYLE="white-space:nowrap">closed-end</FONT> equity funds classified as &#147;Developed Market&#148; by the <FONT
STYLE="white-space:nowrap">Closed-End</FONT> Fund Association (website: www.cefa.com), showed that as of the week ended March&nbsp;24, 2017, the average discount for all <FONT STYLE="white-space:nowrap">closed-end</FONT> funds in that category,
which includes the Fund, was <FONT STYLE="white-space:nowrap">-11.4%.</FONT> Similarly, for the five years ended December&nbsp;31, 2015, the average discount for funds in that category was <FONT STYLE="white-space:nowrap">-11.3%,</FONT> <FONT
STYLE="white-space:nowrap">-10.4%,</FONT> <FONT STYLE="white-space:nowrap">-9.2%,</FONT> <FONT STYLE="white-space:nowrap">-11.7%</FONT> and <FONT STYLE="white-space:nowrap">-11.9%,</FONT> respectively. It also should be noted that, based on reported
data from the <FONT STYLE="white-space:nowrap">Closed-End</FONT> Fund Association, the <FONT STYLE="white-space:nowrap">closed-end</FONT> fund managed by Bulldog Investors, LLC, which is controlled by Mr.&nbsp;Goldstein, also traded at an average
discount of around <FONT STYLE="white-space:nowrap">-10%</FONT> during the same period. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Furthermore, there are significant,
well-recognized advantages to a <FONT STYLE="white-space:nowrap">closed-end</FONT> fund trading at a discount. A discount enables stockholders to invest in the Fund&#146;s underlying assets at a below-market price for those assets. For example, if
the Fund is trading at a 12% discount, investors can buy a dollar&#146;s worth of the Fund&#146;s assets for 88 cents, and yet still obtain the full investment returns generated by the full dollar. Additionally, stockholders that
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">20 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
reinvest their dividends and capital gains distributions at a discount receive greater returns over the long term, as their reinvested distributions buy more shares than they would if the Fund
were trading at its net asset value. The combination of enhanced returns and the Fund&#146;s low expense ratio has served well the Fund&#146;s long-term stockholders that have reinvested their distributions over the years. The fact that stockholders
have been able to invest in the Fund&#146;s underlying stocks more cheaply than if they bought the stocks for themselves has meant that the return on their shares generally has been greater than that on the Fund&#146;s net asset value. Further,
although the Fund&#146;s discount fluctuates from time to time, changes in the discount are strongly mean-reverting&#151;that is, any change in the discount tends to be reversed in the subsequent period, thus reducing any potential adverse
consequences as a result of such fluctuations. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following table compares the returns on the Fund&#146;s shares with the
returns on the Fund&#146;s portfolio, based on net asset value, from 1990 to the end of March 2017. The first column shows the annualized returns to a stockholder who invested in the Fund&#146;s shares at the beginning of each year and held those
shares to the end of March 2017 (assuming the stockholder reinvested all distributions in additional shares of the Fund). The second column shows the annualized returns of the Fund&#146;s net asset value (i.e., the returns on the Fund&#146;s
portfolio of Swiss equity securities). For 27 of the 28 periods, the Fund&#146;s stockholders have been able to buy Swiss assets (e.g., the Fund&#146;s portfolio) at a discount. The ability to buy the Fund&#146;s shares at a discount, as a result,
has increased the returns earned by the Fund&#146;s stockholders. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" STYLE="BORDER:1px solid #000000; padding-left:8px">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Annualized Returns from Start of Year</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>to March 2017(%)<FONT
STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">*</SUP></FONT></B></FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" STYLE="BORDER:1px solid #000000; padding-left:8px">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SWZ Stock</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SWZ Net Asset
Value</B></FONT></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">1990</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.77&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.79&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">1991</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.06&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">1992</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.95&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.19&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">1993</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.26&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">1994</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.88&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">1995</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.08&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">1996</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.71&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.30&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">1997</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.28&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.65&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">1998</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.73&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">1999</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.84&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2000</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.62&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.60&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2001</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.08&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.27&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2002</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.25&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.55&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2003</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.39&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.44&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2004</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.25&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.56&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2005</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.75&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2006</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.37&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.97&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2007</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.62&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.76&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2008</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.36&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.62&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2009</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.21&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2010</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.29&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.40&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2011</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.40&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.55&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2012</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.52&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.30&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2013</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.68&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2014</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.74&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2015</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.30&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2016</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.64&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.45&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2017</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">**</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.61&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.66&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">*</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">Source: Bloomberg </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">**</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">Not annualized </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">21 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Liquidation or Conversion of the Fund is not Desirable</U></B><B>. </B>The
Proponent&#146;s proposal provides that, assuming the Fund were to conduct a tender offer, if more than 50% of the Fund&#146;s then-outstanding shares are tendered, the Fund should be liquidated or converted to a mutual fund or an ETF. The Board
believes that neither liquidation nor conversion is in the best interests of the Fund and its stockholders. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Overall, the Board
believes that liquidating the Fund is not a prudent course of action. The liquidation of the Fund would eliminate the Fund as a viable investment option for all stockholders, leaving stockholders with limited alternatives to invest in a similar
investment mandate. The Fund is the only registered <FONT STYLE="white-space:nowrap">closed-end</FONT> investment company that invests substantially all of its assets in Swiss companies and the limited universe of mutual fund or ETFs that also focus
their investments in Swiss equities do not have the broader investment mandate, including more flexibility to invest in small and <FONT STYLE="white-space:nowrap">mid-cap</FONT> companies or other less liquid securities. Furthermore, the Board
believes that the Fund is well-positioned to continue to meet its investment objective of seeking long-term capital appreciation for its stockholders, and that the Fund&#146;s investment approach and long-term market price performance, and the
benefits of the Fund&#146;s <FONT STYLE="white-space:nowrap">closed-end</FONT> fund structure, may be more important to stockholders than its trading discount. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Converting the Fund to a mutual fund or ETF is inconsistent with the Fund&#146;s investment purpose. As a general matter, <FONT STYLE="white-space:nowrap">closed-end</FONT> funds differ from mutual funds
and ETFs in certain meaningful ways. As a result of the fact that <FONT STYLE="white-space:nowrap">closed-end</FONT> funds have permanent capital, portfolio managers are not burdened by <FONT STYLE="white-space:nowrap">non-investment</FONT>
considerations, such as continuous sales or redemptions of shares and the need to manage the Fund&#146;s portfolio accordingly. Mutual funds, however, must seek to maintain cash reserves to satisfy daily redemptions in amounts that cannot be
anticipated and may occur at inopportune times, such as in down markets. If the Fund were to convert to a mutual fund or an ETF, liquidity concerns and regulatory requirements would limit the portion of the Fund&#146;s assets that could be invested
in less liquid or illiquid securities that could be highly attractive from a portfolio management and investment standpoint. Moreover, long-term Fund stockholders could find that their money was invested in an entity with many characteristics
different from&#151;and possibly less attractive than&#151;the one in which they had purchased shares. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As a separate matter,
the conversion of the Fund to an ETF could require the Fund to apply for, and obtain, an order from the SEC granting exemptions under the 1940 Act necessary for the Fund to operate as an ETF, unless the conversion occurs through a merger or other
reorganization with an existing ETF or the sale of the Fund to a third-party with SEC exemptive relief, in which case Schroders may not be able to serve as the Fund&#146;s investment adviser. Obtaining SEC exemptive relief would be a time consuming,
costly and labor-intensive process and the Fund cannot assure stockholders that such relief would be granted. In addition, the &#147;conditions to relief&#148; that would be imposed by the SEC would result in substantial changes to the manner in
which Schroders conducts the management and investment program of the Fund. Structuring the Fund as an ETF also would require consideration as to the nature of the Fund&#146;s portfolio securities, as shares may be tendered for a basket of the
Fund&#146;s securities and/or cash. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition, both the liquidation of the Fund or the conversion of the Fund to a mutual
fund or ETF would be a lengthy process, involving substantial costs to the Fund and, indirectly, to stockholders, and also raises many of the same disadvantages detailed above relating to a tender offer. Importantly, the Fund&#146;s Charter requires
the affirmative vote of at least 75% of the Fund&#146;s outstanding voting securities to approve the Fund&#146;s liquidation or to convert the Fund to a mutual fund or an ETF. As such, neither the liquidation of the Fund nor its conversion to a
mutual fund or an ETF can occur without a subsequent vote of the Board of Directors, consistent with their fiduciary duties, followed by a (i)&nbsp;separate mailing of a proxy statement to the Fund&#146;s stockholders that explains the details of
the proposed liquidation or conversion, and (ii)&nbsp;separate vote of the Fund&#146;s stockholders approving the proposed transaction. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">22 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>THE FUND&#146;S BOARD OF DIRECTORS RECOMMENDS </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>YOU VOTE AGAINST PROPOSAL 4. </B></FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">23 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>What is the Required Vote and What Would Happen if Proposal 4 is Approved? </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If a quorum of the Fund&#146;s shares necessary for the transaction of business at the Meeting is present, Proposal 4 will be treated as
approved if a majority of shares present in person or represented by proxy at the Meeting and entitled to vote thereon vote &#147;FOR&#148; the Proposal. Proposal 4 is not a stockholder vote to approve a self-tender offer for all of the outstanding
shares of common stock of the Fund, but rather it proposes that the Fund&#146;s stockholders ask the Directors to take action to effect such a tender offer. <B><I>If Proposal 4 passes at the Meeting, the Directors would continue to exercise their
fiduciary duty to act in the interest of the Fund&#146;s stockholders in investigating further the details and potential benefits and detriments of authorizing a self-tender offer for all of the Fund&#146;s outstanding shares of common stock, but
would not be obligated to conduct such a tender offer.</I></B> In addition, even if the Board concluded that a self-tender offer was in the best interest of the Fund and its stockholders, it may authorize a self-tender offer with terms that are
different from those contained in the Proponent&#146;s proposal. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If Proposal 4 is approved, the Fund conducts a tender offer
for all of the Fund&#146;s outstanding shares of common stock, and more than 50% of the Fund&#146;s shares are tendered pursuant to that tender offer, it is within the Board&#146;s discretion to determine: (i)&nbsp;whether to cancel the tender
offer; and (ii)&nbsp;if so, whether to approve and submit to stockholders for their approval a proposal to liquidate the Fund or convert the Fund to a mutual fund or ETF. Voting &#147;FOR&#148; Proposal 4 at the Meeting will not enable stockholders
to choose, or indicate any preference, between liquidating the Fund and converting it to a mutual fund or ETF if the tender offer is terminated in accordance with the terms of Proposal 4. Moreover, such a transaction cannot occur without (i)&nbsp;a
separate mailing of a proxy statement to the Fund&#146;s stockholders that explains the details of the proposed transaction, and (ii)&nbsp;a separate vote of the Fund&#146;s stockholders approving the transaction. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>OTHER MATTERS </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">In the event that Full Value Partners solicits Proxies and presents at the Meeting the proposals described earlier in this Proxy Statement, it is the intention of the persons named in the enclosed Proxy
to exercise their discretion, to the extent permitted by applicable law, to vote &#147;AGAINST&#148; Full Value Partners&#146; Director nominees, &#147;AGAINST&#148; Proposal 4 and &#147;AGAINST&#148; its proposal seeking to terminate the
Fund&#146;s investment advisory agreements, and &#147;FOR&#148; the proposals seeking stockholder reaffirmation of support for the Fund&#146;s Bylaw provisions. The rationale for voting on those proposals is outlined in the Introduction to this
Proxy Statement. The Fund may send stockholders additional materials providing further detail around the Board&#146;s voting recommendations. Stockholders should carefully read this Proxy Statement and any additional Proxy solicitation materials
they receive. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Other than Full Value Partners&#146; proposals and the other matters identified in this Proxy Statement, no
other business is expected to come before the Meeting. Should any other matter requiring a vote of stockholders properly arise, however, including any question as to an adjournment of the Meeting, the persons named in the enclosed Proxy will vote
thereon according to their best judgment in the interest of the Fund. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Stockholders who wish to communicate with the Directors
should send communications to The Swiss Helvetia Fund, Inc., 7 Bryant Park, 17th Floor, New York, New York 10018, to the attention of the Secretary. The Secretary is responsible for determining, in consultation with other officers of the Fund and
Fund counsel, which stockholder communications will be directed to the Director or Directors indicated in the communication. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>STOCKHOLDER PROPOSALS </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">In accordance with Rule <FONT STYLE="white-space:nowrap">14a-8</FONT> under the Exchange Act, stockholder proposals intended to be presented at the Fund&#146;s Annual Meeting of Stockholders in 2018 must
be received by the Fund on or before January&nbsp;12, 2018 in order to be considered for inclusion in the Fund&#146;s Proxy Statement and form of Proxy relating to that meeting. In addition, the Fund&#146;s
<FONT STYLE="white-space:nowrap">By-Laws</FONT> provide that if a stockholder of record entitled to vote desires to bring proposals (including Director nominations) before the 2018 Annual Meeting, written notice of such proposals as prescribed in
the <FONT STYLE="white-space:nowrap">By-Laws</FONT> must be received by the Fund&#146;s Secretary, The Swiss Helvetia Fund, Inc., 7 Bryant Park, 17th Floor, New York, New York 10018, between February&nbsp;27, 2018 and March&nbsp;29, 2018.
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">24 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">For additional requirements, stockholders may refer to the
<FONT STYLE="white-space:nowrap">By-Laws,</FONT> a current copy of which may be obtained without charge upon request from the Fund&#146;s Secretary. If the Fund does not receive timely notice pursuant to the
<FONT STYLE="white-space:nowrap">By-Laws,</FONT> the proposal will be excluded from consideration at the meeting. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>EXPENSES
OF PROXY SOLICITATION </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund will bear the cost of soliciting Proxies on behalf of the Board of Directors. In addition
to the use of mails, Proxy solicitations may be made by telephone, fax and personal interview by the Fund&#146;s proxy solicitor, Georgeson LLC (&#147;Georgeson&#148;), the Fund&#146;s Directors and officers and officers of Schroders without
additional compensation. Brokerage houses, banks and other fiduciaries may be requested to forward Proxy solicitation material to their customers to obtain authorization for the execution of Proxies, and they will be reimbursed by the Fund for <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses incurred in this connection. If you have any questions concerning this Proxy solicitation, please contact Georgeson, Telephone Number: <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-866-695-6075.</FONT></FONT></FONT> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">As a result of the potential proxy solicitation by Full Value Partners, the Fund may incur additional costs in connection with its solicitation of proxies. We have hired Georgeson, [ADDRESS], to assist us
in the solicitation of proxies for a fee of up to $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] plus <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses. Georgeson expects that approximately
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] of its employees will assist in the solicitation. Our expenses related to the solicitation of proxies from stockholders this
year will significantly exceed those normally spent for an Annual Meeting. Such costs are expected to aggregate approximately $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], exclusive of any potential litigation costs in connection with the
Meeting. These additional solicitation costs are expected to include the fee payable to Georgeson; fees of outside counsel and financial and other advisors to advise the Fund in connection with a contested solicitation of proxies; increased mailing
costs, such as the costs of additional mailings of solicitation material to stockholders, including printing costs, mailing costs and the reimbursement of reasonable expenses of banks, brokerage houses and other agents incurred in forwarding
solicitation materials to beneficial owners of the Fund&#146;s shares, as described above; and the costs of retaining an independent inspector of election. To date, we have not incurred any of these solicitation costs. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Authorizations to execute Proxies may be obtained by telephonic transmitted instructions in accordance with procedures designed to
authenticate the stockholder&#146;s identity. In all cases where a telephonic Proxy is solicited, the stockholder will be asked to provide his or her address, social security number (in the case of an individual) or taxpayer identification number
(in the case of a <FONT STYLE="white-space:nowrap">non-individual)</FONT> and the number of shares owned and to confirm that the stockholder has received the Proxy Statement and Proxy in the mail. Within 72 hours of receiving a stockholder&#146;s
telephonic transmitted voting instructions, a confirmation will be sent to the stockholder to ensure that the vote has been taken in accordance with the stockholder&#146;s instructions and to provide a telephone number to call immediately if the
stockholder&#146;s instructions are not correctly reflected in the confirmation. Any stockholder giving a Proxy may revoke it at any time before it is exercised by submitting a new Proxy to the Fund or by attending the Meeting and voting in person.
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>HOUSEHOLDING </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Please note that only one Annual Report or most recent Quarterly Report or Proxy Statement may be delivered to two or more stockholders of the Fund who share an address, unless the Fund has received
instructions to the contrary. To request a separate copy of an Annual Report or most recent Quarterly Report or Proxy Statement, or for instructions as to how to request a separate copy of such documents or how to request a single copy if multiple
copies of such documents are received, stockholders should contact the Fund at the address and phone number set forth above. Pursuant to a request, a separate copy will be delivered promptly. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>VOTING RESULTS </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Fund will advise stockholders of the voting results of the matters voted upon at the Meeting in the Semi-Annual Report to Stockholders first following the Meeting. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">25 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>IMPORTANT </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>IN ORDER TO AVOID THE ADDITIONAL EXPENSE TO THE FUND OF FURTHER SOLICITATION, WE ASK FOR YOUR COOPERATION IN SUBMITTING YOUR PROXY PROMPTLY BY MAIL OR BY VOTING BY TELEPHONE OR THROUGH THE INTERNET IN
ACCORDANCE WITH THE INSTRUCTIONS ON THE ENCLOSED PROXY. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>If you have any questions concerning this Proxy solicitation, please contact
Georgeson LLC, Telephone Number: <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-866-695-6075.</FONT></FONT></FONT> </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Reid&nbsp;B.&nbsp;Adams</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dated: May [&nbsp;&nbsp;&nbsp;&nbsp;], 2017</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Secretary</I></FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">26 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>EXHIBIT A </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>PROPOSED AMENDMENT TO THE FUND&#146;S CHARTER </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CERTIFICATE OF AMENDMENT
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>OF </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>CERTIFICATE OF INCORPORATION </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>OF </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>THE SWISS HELVETIA FUND, INC. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Pursuant to Section&nbsp;242 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">of the General Corporation Law of the State of
Delaware </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:15%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Swiss Helvetia Fund, Inc., a corporation duly organized and existing under the General Corporation Law of the
State of Delaware (the &#147;Corporation&#148;), does hereby certify that: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:15%"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Certificate of Incorporation of the Corporation, as amended, is hereby amended by
deleting Article EIGHTH thereof in its entirety and inserting the following in lieu thereof: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;ARTICLE EIGHTH: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) The number of Directors of the Corporation shall be as fixed from time to time in the <FONT STYLE="white-space:nowrap">By-Laws,</FONT>
but not less than three, and the number may be increased or decreased as may be provided in the <FONT STYLE="white-space:nowrap">By-Laws.</FONT> In case of any increase in the number of Directors, the additional Directors shall be elected by the
Board of Directors as in the case of a vacancy. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) From the effectiveness of this Article Eighth filed with the Secretary of
State of the State of Delaware until the election of Directors at the 2020 annual meeting of stockholders of the Corporation (each annual meeting of stockholders an &#147;Annual Meeting&#148;), pursuant to Section 141(d) of the DGCL, the Board of
Directors shall be divided into three classes of Directors, Class&nbsp;I, Class&nbsp;II and Class&nbsp;III (each class as nearly equal in number as possible), with the Directors in Class&nbsp;III having a term expiring at the 2018 Annual Meeting,
the Directors in Class&nbsp;I having a term expiring at the 2019 Annual Meeting and the Directors in Class&nbsp;II having a term expiring at the 2020 Annual Meeting. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(c) At the 2018 Annual Meeting, each of the successors to the Directors in Class&nbsp;III whose terms will expire at the 2018 Annual Meeting shall be elected to serve for a term expiring at the 2020
Annual Meeting and until their respective successors are duly elected and qualify. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) At the 2019 Annual Meeting, each of the
successors to the Directors in Class&nbsp;I whose terms will expire at the 2019 Annual Meeting shall be elected to serve for a term expiring at the 2020 Annual Meeting and until their respective successors are duly elected and qualify. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) From and after the election of Directors at the 2020 Annual Meeting, the Board shall cease to be classified as provided in Section
141(d) of the DGCL, and all Directors elected at the 2020 Annual Meeting (and each Annual Meeting thereafter) shall be elected for a term expiring at the next Annual Meeting and until their respective successors are duly elected and qualify and may
be removed with or without cause pursuant to Article Eleventh of this Certificate of Incorporation.&#148; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">A-1
</FONT></P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:15%"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing amendment was duly adopted
in accordance with the provisions of Sections 242 of the General Corporation Law of the State of Delaware. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:15%"><FONT STYLE="font-family:Times New Roman" SIZE="2">IN WITNESS
WHEREOF, the Corporation has caused this Certificate of Amendment to be executed by its duly authorized officer on this &nbsp;&nbsp;&nbsp;&nbsp; day of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2017. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>THE SWISS HELVETIA FUND, INC.</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mark A. Hemenetz</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Office:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">President and Principal Executive Officer</FONT></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">A-2
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>EVERY VOTE IS IMPORTANT </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>EASY VOTING OPTIONS:</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
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<IMG SRC="g382825pcpg01a.jpg" ALT="LOGO">
</P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>VOTE ON THE INTERNET</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Log on to:</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>www.proxy-direct.com</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>or scan the QR code</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Follow the <FONT STYLE="white-space:nowrap">on-screen</FONT> instructions </B><B><I></I></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><I>available 24 hours</I></B></FONT></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
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</P></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>VOTE BY PHONE</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Call <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-337-3503</FONT></FONT></FONT></B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Follow the recorded instructions </B><B><I></I></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><I>available 24 hours</I></B></FONT></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
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<IMG SRC="g382825pcpg01c.jpg" ALT="LOGO">
</P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>VOTE BY MAIL</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Vote, sign and date this Proxy</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Card and return in the</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>postage-paid envelope</B></FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:36px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Please detach at perforation before mailing. </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>PROXY CARD</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>THE&nbsp;SWISS&nbsp;HELVETIA&nbsp;FUND,&nbsp;INC.</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ANNUAL&nbsp;MEETING&nbsp;OF&nbsp;STOCKHOLDERS</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>TO BE HELD ON JUNE&nbsp;27, 2017</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS OF THE SWISS HELVETIA FUND, INC. PURSUANT TO A SEPARATE
NOTICE OF ANNUAL MEETING OF STOCKHOLDERS AND PROXY STATEMENT, DATED MAY [&nbsp;&nbsp;&nbsp;&nbsp;], 2017, RECEIPT OF WHICH IS HEREBY ACKNOWLEDGED. </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The undersigned hereby appoints Mark A. Hemenetz and Reid B. Adams, and each of them, the true and lawful attorneys and Proxies, each with the power of substitution, for and in the name, place and stead
of the undersigned and hereby authorizes each of them to represent and to vote, as designated below, all the shares of Common Stock of The Swiss Helvetia Fund, Inc. held of record by the undersigned on May&nbsp;1, 2017 at the Annual Meeting of
Stockholders to be held at 9:30 a.m., on Tuesday, June&nbsp;27, 2017, at the offices of Schroder Investment Management North America Inc., 7 Bryant Park, New York, New York 10018 or any adjournment or postponement thereof. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>THIS PROXY WHEN PROPERLY EXECUTED WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL
BE VOTED &#147;FOR ALL&#148; OF THE DIRECTOR NOMINEES NAMED IN PROPOSAL 1, &#147;FOR&#148; PROPOSALS 2 AND 3 AND &#147;AGAINST&#148; PROPOSAL 4. </B></FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="5"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>VOTE VIA THE INTERNET: www.proxy-direct.com</B></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="5"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>VOTE VIA THE TELEPHONE:
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-337-3503</FONT></FONT></FONT></B></FONT></TD></TR></TABLE>
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<TD VALIGN="bottom" BGCOLOR="#bfbfbf" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000" BGCOLOR="#bfbfbf"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">To change the address on your account, please check the box at right and indicate your new address in the address space below. Please note that changes to the registered name(s) on
the account may not be submitted via this method.&nbsp;&nbsp;&nbsp;<B></B>&#9744;<B></B><B></B></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">GSC_28861</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:14px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>PLEASE MARK, SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY IN THE ENCLOSED ENVELOPE. </B></FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>EVERY VOTE IS IMPORTANT </B></FONT></P>
<P STYLE="margin-top:72px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Important Notice Regarding the Availability of Proxy Materials for the </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Annual Stockholder Meeting to Be Held on June&nbsp;27, 2017. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>The Proxy Statement for this meeting is available at: </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U><FONT
STYLE="white-space:nowrap">https://www.proxy-direct.com/geo-28861</FONT> </U></B></FONT></P> <P STYLE="margin-top:72px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>IF YOU VOTE ON THE INTERNET OR BY
TELEPHONE, </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>YOU NEED NOT RETURN THIS PROXY CARD </B></FONT></P>
<P STYLE="margin-top:48px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Please detach at perforation before mailing. </FONT></P> <P STYLE="font-size:24px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="middle"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>TO VOTE MARK BLOCKS BELOW IN BLUE OR BLACK INK AS SHOWN IN THIS EXAMPLE:&nbsp;&nbsp;<FONT STYLE="font-family:Times New Roman" SIZE="5">&#9746;<B></B><B><FONT
STYLE="font-family:Times New Roman" SIZE="1"></FONT></B></FONT></B></FONT></TD>
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<TD VALIGN="top" COLSPAN="11"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B><FONT STYLE="font-family:Times New Roman" SIZE="5">&#11035;<B></B><B><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;Proposals &#150; The Board of
Directors recommends a vote <U>FOR</U> all nominees listed and <U>FOR</U> Proposals 2 and 3.</FONT></B></FONT></B></FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>1.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">To elect one Class&nbsp;I Director to serve for a <FONT STYLE="white-space:nowrap">two-year</FONT> term, one Class&nbsp;II Director to serve for a three-year term and one
Class&nbsp;III Director to serve for a <FONT STYLE="white-space:nowrap">one-year</FONT> term.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>FOR</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>ALL</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>WITHHOLD</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>ALL</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>FOR&nbsp;ALL</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>EXCEPT</B></FONT></P></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">01.&nbsp;Fred&nbsp;J.&nbsp;Ricciardi&nbsp;(Class&nbsp;I&nbsp;nominee)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02.&nbsp;Claus&nbsp;Helbig&nbsp;(Class II
nominee)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03.&nbsp;Jean&nbsp;E.&nbsp;Hoysradt&nbsp;(Class&nbsp;III&nbsp;nominee)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B></B>&#9744;<B></B><B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B></B>&#9744;<B></B><B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B></B>&#9744;<B></B><B></B></FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B><U>INSTRUCTIONS:</U></B> To withhold authority to vote for any individual director nominee(s), mark the &#147;FOR ALL EXCEPT&#148; box and write the name of the nominee(s) on the
following
line.<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>FOR</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>AGAINST</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>ABSTAIN</B></FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">To ratify the selection by the Fund&#146;s Board of Directors of Tait, Weller&nbsp;&amp; Baker, LLP as the Fund&#146;s independent registered public accounting firm for the year
ending December&nbsp;31, 2017.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B></B>&#9744;<B></B><B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B></B>&#9744;<B></B><B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B></B>&#9744;<B></B><B></B></FONT></TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>FOR</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>AGAINST</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>ABSTAIN</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
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<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>3.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">To approve an amendment to the Fund&#146;s Certificate of Incorporation to eliminate the classification of the Fund&#146;s Board of Directors.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B></B>&#9744;<B></B><B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B></B>&#9744;<B></B><B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B></B>&#9744;<B></B><B></B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>The Board of Directors recommends a vote <U>AGAINST</U> Proposal 4.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>FOR</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>AGAINST</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>ABSTAIN</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
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<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>4.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">If properly presented, voting on the stockholder proposal recommending that the Fund&#146;s Board of<B> </B>Directors authorize a self-tender offer for all of the outstanding common
stock of the Fund.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B></B>&#9744;<B></B><B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B></B>&#9744;<B></B><B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B></B>&#9744;<B></B><B></B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B><FONT STYLE="font-family:Times New Roman" SIZE="5">&#11035;<B></B><B><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;Authorized
Signatures &#151; This section must be completed for your vote to be counted.&#151; Sign and Date Below </FONT></B></FONT></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Note</B>:
Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing in a representative capacity, please give title. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="31%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD></TR>


<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Date (mm/dd/yyyy) &#151; Please print date below</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Signature 1 &#151; Please keep signature within the box</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Signature 2 &#151; Please keep signature within the box</B></FONT></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="31%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>

<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER:2px solid #000000; padding-left:8px"><FONT STYLE="font-family:Times New Roman" SIZE="6">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:2px solid #000000; BORDER-TOP:2px solid #000000; BORDER-BOTTOM:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:2px solid #000000; BORDER-RIGHT:2px solid #000000; BORDER-BOTTOM:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:2px solid #000000; BORDER-TOP:2px solid #000000; BORDER-BOTTOM:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:2px solid #000000; BORDER-RIGHT:2px solid #000000; BORDER-BOTTOM:2px solid #000000; padding-right:8px"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
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<DOCUMENT>
<TYPE>COVER
<SEQUENCE>6
<FILENAME>filename6.htm
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<HTML><HEAD>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>PROSKAUER ROSE LLP </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Eleven Times Square </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">New York, New York 10036 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="right"><FONT
STYLE="font-family:Times New Roman" SIZE="2">April&nbsp;28, 2017 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>VIA EDGAR </U></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">100 F Street, N.E. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Washington, D.C. 20549 </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Re:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Swiss Helvetia Fund, Inc. (File No.: <FONT STYLE="white-space:nowrap">811-05128)</FONT> </FONT></TD></TR></TABLE>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Preliminary Proxy Statement on Schedule 14A </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Ladies and Gentlemen: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">On behalf of the above-referenced Fund, transmitted herewith for filing
with the Securities and Exchange Commission (the &#147;SEC&#148;) is the Fund&#146;s preliminary proxy statement on Schedule 14A and form of proxy (the &#147;<U>Proxy Materials</U>&#148;) for the annual meeting of stockholders of the Fund (the
&#147;<U>Meeting</U>&#148;) scheduled to be held at 9:30 a.m., on Tuesday, June&nbsp;27, 2017, at the offices of Schroder Investment Management North America Inc., 7 Bryant Park, New York, New York 10018, for the following purposes: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To elect one Class&nbsp;I Director to serve for a <FONT STYLE="white-space:nowrap">two-year</FONT> term. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To elect one Class&nbsp;II Director to serve for a three-year term. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To elect one Class&nbsp;III Director to serve for a <FONT STYLE="white-space:nowrap">one-year</FONT> term. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">To ratify the selection by the Fund&#146;s Board of Directors of Tait, Weller&nbsp;&amp; Baker, LLP as the Fund&#146;s independent registered public accounting firm for
the year ending December&nbsp;31, 2017. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">To approve an amendment to the Fund&#146;s Certificate of Incorporation to eliminate the classification of the Fund&#146;s Board of Directors. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">If properly presented, voting on the stockholder proposal recommending that the Fund&#146;s Board of Directors authorize a self-tender offer for all of the outstanding
common stock of the Fund. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">To consider and act upon any other business as may properly come before the Meeting or any adjournment thereof. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Shareholders of record on May&nbsp;1, 2017 will be permitted to vote on these proposals. The definitive versions of the Proxy Materials are expected to be
mailed on or about May&nbsp;12, 2017, subject to any comments from the SEC staff. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund expects that an institutional stockholder, Full
Value Partners, L.P. (&#147;Full Value Partners&#148;), may file competing materials with the SEC in order to engage in a proxy contest with the Fund. Full Value Partners has indicated to the Fund that it intends to solicit proxies for (i)&nbsp;the
election of one or more individuals as Directors of the Fund and (ii)&nbsp;a proposal, which the Fund believes is unenforceable, seeking to tie Proposal 4 in the Proxy Materials&#151;a <FONT STYLE="white-space:nowrap">non-binding</FONT> proposal
submitted by Phillip Goldstein of </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">April 28, 2017 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Page 2 </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
Bulldog Investors, LLC, the investment adviser to Full Value Partners, and Judy Goldstein&#151;to termination of the Fund&#146;s investment advisory agreements. Full Value Partners also has
notified the Fund that it intends to present two other <FONT STYLE="white-space:nowrap">non-binding</FONT> proposals concerning certain provisions of the Fund&#146;s <FONT STYLE="white-space:nowrap">By-Laws.</FONT> </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Please direct any questions concerning the Proxy Materials to the undersigned at 212.969.3359 or Nicole M. Runyan of this office at 212.969.3361.
</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Very truly yours,</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Brad A. Green</FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Brad A. Green</FONT></TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">cc:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Nicole M. Runyan, Esq. </FONT></TD></TR></TABLE>
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