Directors and Officers

Investment Advisor

Hottinger Capital Corp.

1270 Avenue of the Americas, Suite 400

New York, New York 10020

(212) 332-7930

Administrator

Citi Fund Services Ohio, Inc.

Custodian

Citibank, N.A.

Transfer Agent

American Stock Transfer & Trust Company

59 Maiden Lane

Plaza Level

New York, NY 10038

Legal Counsel

Stroock & Stroock & Lavan LLP

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

The Investment Advisor

The Swiss Helvetia Fund, Inc. (the “Fund”) is managed by Hottinger Capital Corp., which belongs to the Hottinger Group.

The Hottinger Group dates back to Banque Hottinguer, which was formed in Paris in 1786 and is one of Europe’s oldest private banking firms. The Hottinger Group has remained under the control of the Hottinger family through seven generations. It has offices in Appenzell, the Bahamas, Basel, Brig, Geneva, London, Lugano, Luxembourg, New York, Paris, Sion, Toronto, Vienna, Zug and Zurich.

Executive Offices

The Swiss Helvetia Fund, Inc.

1270 Avenue of the Americas, Suite 400

New York, New York 10020

1-888-SWISS-00 (1-888-794-7700)

(212) 332-2760

For inquiries and reports:

1-888-SWISS-00 (1-888-794-7700)

Fax: (212) 332-7931

email: swz@swz.com

Website Address

www.swz.com

The Fund

The Fund is a non-diversified, closed-end investment company whose objective is to seek long-term capital appreciation through investment in equity and equity-linked securities of Swiss companies. The Fund also may acquire and hold equity and equity-linked securities of non-Swiss companies in limited instances.

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

Net Asset Value is calculated daily by 6:15 P.M. (Eastern Time). The most recent calculation is available by calling 1-888-SWISS-00 or by accessing our Website. Net Asset Value is also published weekly in Barron’s, the Monday edition of The Wall Street Journal and the Sunday Edition of The New York Times.

Global Market Review

The massive rebound in the stock markets across the globe in March coincided with an improvement of the leading business indicators especially in the U.S. and China. The U.S. ISM manufacturing index has come back strongly from a very depressed level; however with a reading below 50 the index indicates that the economic decline is less pronounced, notwithstanding the fact that the activity level is contracting. In the latest survey in the United States, the new orders component of this index was actually growing. Traders have been watching for the first signs of sequential improvement in economic indicators, whatever their absolute level, to jump back in the market.

The rally that started in mid March showed continued strength through the end of April. Bond market volatility continued to be at a high level while stock market volatility went down, indicating that systemic risk has been transferred from the equity markets to government bonds. Governments and central banks’ activity, a multiple of what had been implemented in the 1930s, has also created a transfer of volatility from the equity markets to commodities and currencies. This should not be surprising in light of the size of the balance sheets of central banks and the amount of government bonds being issued lately. Credit risk has been, to a large extent, moved from private balance sheets to public balance sheets.

In the current economic cycle, governments have employed non-traditional liquidity programs in an effort to limit severe losses

in the financial markets. These programs have been directed toward defending financial intermediaries and trying to limit the impact of the recession on employment. The scope of the government programs and the timing of the public policy announcements have created a sort of insurance against catastrophic market losses, making hedging the Fund’s market exposure somewhat redundant. As such, Management has reduced its hedges to a very small portion of the Fund’s portfolio despite a recent trend toward cheaper prices for hedges.

China had more success than other countries in stimulating its economy by expanding credit and increasing investment programs. Because China chose to stimulate economic activity by encouraging investments rather than domestic consumption, and because its banking system was much less affected by the crisis and is more directly controlled by the authorities, the positive impact on the economy was quite rapid. The question, of course, is if its actions will have the effect of creating overcapacity and weakening prices.

Currencies

With Switzerland’s ratio of public debt to gross domestic product (GDP) at around 40% (lower than the U.S. and Norway), the Swiss franc is relatively safe. Issues related to external debt and the outsized balance sheets of banks that carry systemic risk, such as UBS and Credit Suisse, are being solved. The euro is still under some pressure against the Swiss franc due to the weakening credit situation of

countries such as Greece, Ireland, Spain and Portugal. Because competitive currency devaluation is not an exit strategy from the crisis for these countries, which have all adopted the euro, the weakness in economic activity could last longer than expected.

The U.S. dollar has been gyrating widely against the currencies of its main trading partners, including the Swiss franc, due to talk of a potential downgrade of the rating of U.S. debt from AAA to AA; questions about how the U.S. government will withdraw its stimuli from the market; the massive expansion of the Federal Reserve Bank’s balance sheet; and concern about how the U.S. will be able to reduce public deficits in the future. The dollar’s status as a reserve currency is slowly eroding. As an indication of this erosion, China and Brazil have stated that they intend to buy notes issued by the International Monetary Fund (IMF) with initial indications of 50 billion and 10 billion notes, respectively. While still modest, these potential purchases show an inclination to diversify away from the U.S. dollar. Although both China and Russia recently reaffirmed their support for the dollar, foreign investors are definitively buying much more short term than long term U.S. government debt, revealing their lower level of confidence in U.S. public debt.

Interest rates

Although central banks can control short term rates, long term yields are determined by the market, even though central bank purchases of long term government paper and

mortgage backed securities somewhat relieve upside pressure on rates created by an increase in issuance volume. In most countries the yield curve is steepening due to an increase in long term yields. This effect has been the strongest in the U.S. where the difference between the yield of ten year government paper and one year government paper is 3.3%. In comparison, the difference between the same maturities is 2.5% on the euro curve and 2.15% on the Swiss franc curve.

This increase in government long term rates does not seem to have been caused by an increase in inflation expectations. Break-even rates as indicated in the yields of U.S. Treasury Inflation Protected Securities (TIPS) are close to 2%, which is about the average since 1999.

While part of this increase can be explained by better economic prospects, investors are watching a large supply of government securities coming to the market and witnessing a buildup in the so-called “term premium” (compensation for the risks not related to the business cycle). This term premium, which has been declining since 1994 due to the positive effect of globalization on inflation and the predictability of the Federal Reserve interest rate moves under Chairman Greenspan, is now making a comeback.

Swiss economy

The Swiss National Bank (“SNB”) opted to leave its target range unchanged for the three-month London Interbank Offer Rate (“LIBOR”) at its last meeting on June 18^th.

The SNB noted that it would continue an expansionary monetary policy because it believed that the risk of deflation, although recently reduced, was still a concern. The SNB also repeated its intention to buy bonds from private sector issuers and intervened in the foreign exchange market to avert further significant appreciation of the Swiss franc

against the euro. The 160% increase in May indicates that the monetary base continues to grow at a rapid pace.

The Consumer Price Index registered a 1% drop (year-over-year) for the month of May, representing its biggest drop in fifty years. This was well below the official target ceiling of 2%. According to the SNB forecast, the Swiss GDP could see a reduction of 2.5% to 3.0% this year, following a decrease of 0.8% (quarter-over-quarter) and 1.6% (year-over-year) in March.

There were some positive trends in the leading indicators, however, with the Swiss Purchasing Manager Index for manufacturing increasing strongly in March from 32 to 38 and the KOF business confidence indicator stabilizing in May after a long run of declines. Even though many economists expect Switzerland and the Euro zone to lag the U.S. on the recovery path, the high savings rate in Western Europe should make the increasing indebtedness created by the stimulus package more bearable.

Swiss market

The rally in global equity markets was driven by increased liquidity and a reduction

in risk aversion rather than by increases in earnings estimates. The valuation of the Swiss market increased from a multiple of around 10 times earnings to about 13 times earnings, a reasonable level based on history. The timing of improvement in corporate earnings will depend on the nature of individual businesses. The quickest to improve should be companies that ride the capital market cycle by helping other companies to raise money. Investment banks should benefit before the traditional commercial banks whose loan books still suffer from downside adjustments because loans, unlike trading assets, are not marked-to-market. In a second stage, industrial and consumer goods companies should see a resumption in growth helped by their exposure to the emerging markets. Food and pharmaceutical companies probably will not witness an early reacceleration of their earnings, primarily due to weak pricing power. However, because they trade at a discount to the market, they have valuation upside as things stabilize. Examples of such companies are Nestle, Novartis and Roche.

Corporate news

Holcim, a global cement producing company, announced its intention to buy Cemex Australia for $1.6 billion in enterprise value. Holcim expects to finance the acquisition through a rights offering. The Swiss company is in a strong financial position compared to the rest of the industry which, in this case, allowed it to take advantage of a motivated seller. Transaction multiples are significantly lower compared to the deals

Holcim made in the past. In addition to the modest price, this purchase is highly complementary to the company’s own activity in Australia.

UBS raised approximately 3.8 billion Swiss francs by offering newly issued shares from authorized capital to a small number of institutional investors at a price of 13.00 Swiss francs per share. While the offering was a bit of a surprise, it followed SNB declarations urging banks to increase their equity buffers and settlement discussions with the U.S. Internal Revenue Service on cross-border financial services.

Sector review

Industrials and consumer goods

The long term prospects for Switzerland are good, despite the short term weakness due to the economic problems in Europe and the United States.

While Switzerland is not viewed as a country with abundant natural resources, it has some sectors that can benefit from the structural underlying strength of energy. These include utilities, with relatively cheap production costs from hydro and nuclear power, and engineering companies, such as ABB, which sell to the energy sector.

Crop protection and seed producing companies, such as Syngenta, benefit from the strength of agricultural commodities. As acreage expands, as yields need improvement and farmers have more income to spend to in-

crease their production; demand for Syngenta’s product is expected to stay strong. Global demand for agricultural products is also correlated with the economic expansion in the emerging markets. China and Saudi Arabia, for example, tried to increase production of grains in the recent past but their efforts came to a halt as they severely depleted water resources. As a consequence these countries had to return to global markets to import agricultural products.

Green technology is represented in Switzerland by several companies active in the solar sector supplying machines for the production of photovoltaic modules or thin film panels.

Emerging market countries are expected to be the main contributors to global GDP growth in the future. Their consumption should increase with a higher standard of living. Emerging market countries who are members of the G20 had a ratio of public debt to GDP of 38% in 2007. The IMF expects to see this ratio fall to 35% by 2014. If that comes to pass, these countries will have ample room to finance fiscally expensive policies to jump start economic growth.

Many Swiss companies have substantial exposure to emerging markets, including companies in the consumer goods sector, such as Richemont or Swatch, and companies in the industrial sector, such as ABB, Sika and Holcim. Growth at Swatch and Richemont should restart as they each have a large portfolio of brands with multiple price points

and they were able to improve their solid positions in distribution during the recent economic cycle. 40% of Swatch’s sales are in Asia as are 24% of Richemont’s sales. As impressive as these numbers are, they may be somewhat understated because of the amount of sales to tourists. In the short run, more signs of demand stabilization are needed. Swiss watch export numbers have been down every month this year, with declines of 25% in March, April and May. This drop in volume reflects the effect of weakening demand and reduction in inventories.

In the first quarter of 2009, Holcim derived 55% of its sales and nearly 60% of its operating profit from emerging markets. In the same quarter 45% of ABB’s sales were in the Middle East, Africa and Asia.

ABB, with its strong competitive positioning in high-voltage products, will benefit from the need for upgrades in infrastructure for the distribution of electricity in many countries or regions such as China, the U.S., India and Europe that will be required if governments want to fully implement clean power generation from solar and wind. Some investors might be disappointed by the relatively extended time needed for these investments to take place.

Financials

Improvements in the credit market continued. Leading indicators, such as the reduction in high yield spreads and credit default swap rates, show good signs for the valuation of the remaining “toxic” assets on

bank balance sheets while lagging indicators, such as the growth in the number of bankruptcies, are affecting the loan portfolios of financial firms.

Earnings reports for the first quarter were quite different for UBS and Credit Suisse. UBS continued to struggle with its legacy assets (particularly monoline insurance exposure). Money outflow at its wealth management unit in Switzerland is still taking place. On the other hand, its U.S. wealth management unit registered inflows of money following an aggressive effort to add client advisors. While UBS’ investment bank is still affected by problems in the fixed income sector, the bank is still competitively positioned in most of its businesses, including foreign exchange and equities. UBS has significant exposure to emerging markets. It is the biggest wealth manager in Asia ahead of HSBC. If wealth creation increasingly comes from that part of the world, UBS is well positioned for the future.

Credit Suisse reported a massive upside earnings surprise for its investment bank division in March. While underwriting activities were still weak, trading was outstanding. Credit Suisse’s new business model, based on client activities rather than proprietary trading, produced immediate results. The advantage of this business model is that it requires much less capital and is less costly in terms of personal compensation. Credit Suisse achieved these results without reclassifying its legacy trading assets into its loan book. Deutsche Bank and UBS used

such reclassifications, thereby avoiding mark-to-market valuation of those assets, while allowing capital relief, these accounting changes undermine the quality of their companies’ earnings.

Throughout Europe and the U.S., a large number of banks used the relief allowed by accounting boards and other methods to delay recognition of losses or mark downs, thereby publishing first quarter profits, to the surprise of short sellers. The covering of these short positions was one of the reasons for the massive rally that began in March.

So far it appears that activity in the capital markets in the second quarter was as strong as activity in the first quarter. Just in the month of May alone , $285 billion in investment grade bonds were issued globally. The total of new issues of high yield debt increased substantially in the second quarter compared to the first. For the first time since 2007, the market experienced not only an increase in the volume of issues but also a broadening of the types of issuances to include both high yield and covered bonds. This trend is partially attributable to the absence of traditional lending by banking institutions. Large companies with access to the capital markets were able to refinance short term loans with longer term bonds.

Corporations have also issued a large amount of equity capital since March. While these include the large financial institutions in the U.S., industrial companies or companies active in sectors that are relatively im-

mune from weakening demand, such as Givaudan in Switzerland or Danone in France, were also able to participate. There should be some more opportunities to raise capital as corporate managements cautiously consider current improvements in the economy and focus on strengthening their corporate balance sheets. Other corporations have been encouraged to raise capital by regulatory bodies or rating agencies.

SNB is not the regulator of Swiss banks but its voice has a definite impact. The SNB has stated that it would like to see the equity to asset ratio of Swiss banks, especially the ones that pose a systemic risk, go from the 3% currently supported by FINMA, the Swiss regulator, to 5%. UBS is currently at 2.6% and Credit Suisse is above 3%. Banks have options, however. They can raise equity capital, grow equity through retained earnings (which could be accomplished by increasing revenues or by reducing costs to increase margins), or reduce their balance sheets by disposing of assets.

Particularly relevant for the private banking industry is the fact that Switzerland has negotiated a new double taxation agreement with the U.S. based on the OECD’s model tax convention. Once this treaty is signed, it will be the sixth one since the new definition of banking secrecy was adopted by the Swiss government. The treaty has to be reviewed by the Swiss parliament before it is signed into law. The Swiss Finance Minister has stated that an agreement might be difficult to get through Parliament without a settlement

on the UBS case (IRS John Doe summons), for which a court hearing date is planned for July 13.

Healthcare

The pharmaceutical sector lagged behind the major indexes during the rebound in the second quarter that was led by the cyclical and the banking sectors. The MSCI Healthcare Index was up 20.3% during the second quarter compared to 28.4% for the MSCI World Index. Underperformance of pharmaceutical stocks is not unexpected in the early stage of a market recovery. The same pattern was observed in the Swiss market with both Roche and Novartis underperforming the Swiss Performance Index (“SPI”) by 15.5% and 7.6%, respectively. While the global biotech sector also failed to benefit from the rebound, there were some exceptions. Basilea outperformed the SPI by nearly 50% for the second quarter. This was partially attributable to a better than anticipated market adoption of its drug, Toctino, for chronic hand eczema and from recovery from a market overreaction to the delay in its antibiotic drug candidate, Zevtera, in February.

With the emergence of a new form of influenza, the H1N1 virus, the World Health Organization (“WHO”) has decided to incrementally increase the level of alert up to its maximum level six in June. The fear of the potential effects of a pandemic on the population and its repercussions on the economy have prompted several public organizations and governments to take some measures. The

U.S. Department of Health and Human Services (“HHS”) and other government agencies are stockpiling antivirals. HHS has awarded contracts to private companies and decided to release more than twelve million doses of Roche’s Tamiflu, together with GSK’s Relenza one of the two anti-infective drugs with demonstrated efficacy against the H1N1 virus. Despite increasing demand for Tamiflu, analysts’ sales forecasts have yet to be revised significantly, although they could prove to be too conservative. Following the outbreak of the Avian Flu in Asia in 2004, Tamiflu generated strong interest in Roche shares when it appeared that its production expanded significantly to meet the huge need for pandemic readiness supply. The multibillion dollar sales of Tamiflu contributed significantly to the performance of Roche’s stock in 2005. Novartis, along with GSK and Sanofi, the main European influenza vaccine manufacturers, is contributing to the development of the first vaccine against H1N1 and has recently announced that it has successfully completed the production of the first batch of cell-based H1N1 influenza vaccine. Although difficult to model in terms of profitability, the potential market for H1N1 vaccines could be much higher than $1 billion. Novartis’ vaccines division accounted for 4% of its first quarter 2009 revenues. Recent events will have a positive effect on its results for the second quarter.

In the U.S., the Obama administration is pushing toward universal health insurance but is struggling with fundamental differences on how to finance it. Although the out-

come of the plan may be negative for the pharmaceutical industry, the worst case scenario of a government-controlled, one payer system seems unlikely. Current company valuations seem to discount a potential outcome of a 10% reduction in Medicare and Medicaid spending. According to some analysts’ reports, this would affect the earnings per share of pharmaceutical companies by only 2% to 3%. The most optimistic analysts believe that healthcare initiatives will affect the non-pharmaceutical part of total healthcare expenditures and that deflationary pricing will be offset by giving coverage to 47 million Americans who are currently uninsured.

Utilities

The utilities sector continues to underperform due to weak demand for electricity (down by about 5% in Europe in the first half of the year). Trading volume on utilities stocks is typically low, largely due to a limited free float (the Swiss utilities are majority owned by the states). The result is a market that trends sideways and that does not allow traders to buy on the dips and sell higher as they do with other sectors. The outlook of the industry will depend on how much capacity has to be retired and how much new capacity will come on line from projects started a few years earlier. However, the local wholesale

electricity price is also positively affected by oil price which is global, as oil is a factor in the cost of electricity generation. New investments in the grid, although necessary, will be delayed until the economics improve and until government incentives work their way

through the system. Grid upgrades will allow companies to benefit by offering distribution systems to generators of green energy. For these reasons, Management is cautious in the short term on companies such as ABB, despite the fact that it has a product portfolio that will benefit greatly in the long run.

Fund performance review

Governments have convinced investors that they will not let financial institutions that represent systemic economic risk fail but were able to avoid nationalizing the weakest of them, thereby removing volatility and the risk of catastrophic losses. It was surprising to see how quickly investors factored in the improvement of the economy and the credit markets in the valuation of stocks. Management believed that earnings would be slower to return to previous “normal” levels as expected by investors and kept the Fund in a cautious stance during the second quarter, albeit less cautious than it was at the end of the first quarter.

The Fund’s net asset value (“NAV”) in Swiss francs improved by 4.1% compared to last quarter but at a slower pace than the index. As of June 30^th, the total return on the Fund’s NAV was -15.49% in Swiss francs compared to 2.08% for the SPI.

Management maintained a cautious investment outlook throughout the second quarter, awaiting more data confirming a stabilization of the global economy. The very rapid onset of the Chinese stimulus and other international monetary policies pushed up

Outlook

The Fund is positioned for a market with less systemic risk but with a tepid recovery. It is underrepresented in the industrial and consumer goods sectors, and has strong exposure to defensive sectors such as healthcare, food and utilities. Exposure to financials, mainly banks, has been increased slowly, as legacy “toxic” assets have been significantly marked down and are now a much smaller part of their balance sheets. Even though allowance for non performance loans will continue to increase, they should be in reasonable proportion to as the large Swiss banks have a large exposure to the Swiss economy in traditional lending and Switzerland has not experience meaningful issues with its real estate market.

Expectations are for some profit taking after the sharp rally, which has taken place after the market bottomed in March. Systemic issues within the financial system and the stress in the credit market have receded substantially. The future direction of the market will largely be a question of valuation. The market must determine the right price earnings multiple for a slow growing economy with a lot of government stimulus and expansionary monetary policies. So far the predominant sentiment Management is hearing from Swiss companies is one of caution. In most cases, companies are reporting that although their business activity has stabilized, there are few signs of resurgence. The impression is that the shape of the recovery in developed markets is more an “L” than a “V”. Unemployment could be a

bigger issue than expected by strategists and economists who see it as only a lagging indicator. At this stage of the cycle, a large number of companies that Management has visited have put a sizable number of workers on a shorter schedule. If the recovery does not come, it is likely that layoffs will result. On the positive side, deflation does not seem to be an issue at all at this stage. Sale prices are holding fairly well and no concessions are being given to customers for the sake of gaining market share or generating cash. This is especially the case in concentrated industries.

The level of stock ownership on the balance sheets of institutional investors such as insurance companies is low. At some point, insurance companies will need to increase assets with long durations, such as equities, to match their liabilities. If inflation starts to creep up, the performance of their large holdings of government bonds, if unhedged, could put pressure on their reported equity even though their economic position is positively affected by the simultaneous decrease in the present value of their liabilities.

The analyst community by and large is becoming more and more bullish on the prospects for global cyclical stocks. The thesis is that increased demand from the emerging markets will more than compensate for the drop in the developed markets. Industrial production might increase in the developed markets as inventory needs to be rebuilt. The possibility that central banks and governments will overestimate deflation risk and

keep interest rates too low too long could continue to boost demand for stocks, by bringing down the opportunity cost of investing in equities. In this scenario, even if investors feel uneasy about the market rally, they will be less compelled to take profits.

Sincerely,

Alexandre de Takacsy

President and Director

Rudolf Millisits

Chief Executive Officer and Chief Financial Officer

June 30^th, 2009

In Memoriam

Since completion of the Second Quarterly Report, we have learned of the unexpected death on August 10^th of Paul R. Brenner Esq., the Fund’s long time Counselor, Director and Friend. Mr. Brenner advised management on the creation of the Fund in 1987, performed ably as Corporate Secretary and Counsel for more than 15 years, and in 2002 was elected a Director of the Fund. He was serving as Chairman of the Audit Committee at the time of his death.

A man of impeccable legal skills, firm loyalty, and unquestioned integrity, he will be sorely missed by his colleagues on the Board, by Management, and by the many others associated with the Fund over the long years of his tenure.

Our hearts go out to his family.

Samuel B. Witt III, Esq.

Chairman of the Board

New Investments by the Fund

ABB Ltd

Clariant AG

Clariant — Call Warrant Expiring 7 07/17/09

Credit Suisse Group — Call Warrant Expiring 56 12/18/09

Credit Suisse Group

Givaudan SA

Julius Baer Holding — Call Warrant Expiring 60 03/19/10

Kudelski SA

Kuehne & Nagel International AG

MeyerBurger Technology AG

Nobel Biocare Holding AG

Partners Group

SLI — Put Warrant Expiring 760 12/18/09

SMIM — Put Warrant Expiring 950 12/18/09

Sonova Holding AG

Sultzer AG

Swiss Life — Put Warrant Expiring 2.5 09/18/09

Swiss Re — Call Warrant Expiring 43.5 08/21/09

Temenos Group AG

UBS — Call Warrant Expiring 20 12/18/09

UBS — Call Warrant Expiring 25 03/19/10

Written Option — Credit Suisse Group Call Warrant 60 12/18/09

Written Option — UBS Call Warrant 20 08/21/09

Additions to Existing Investments

Actelion Ltd.

Aravis Biotech II LP

Synosia Therapeutics Holding AG

Zurmont Private Madison Private Equity LP

Securities Disposed of and Expired

Credit Suisse Group — Put Warrant Expiring 22 03/20/09

Givaudan — Put Warrant Expiring 705 01/16/09

Holcim — Put Warrant Expiring 59 03/20/09

Lonza Group AG

Roche Holding — Put Warrant Expiring 161 03/20/09

Santhera Pharmaceuticals

SLI — Call Warrant Expiring 820 03/20/09

SMI — Call Warrant Expiring 6,000 03/20/09

SMIM — Put Warrant Expiring 940 06/19/09

Swiss Life — Put Warrant Expiring 110 03/20/09

Swiss Life Holding AG

Swiss Re

Swiss Re — Put Warrant Expiring 45 03/20/09

Syngenta — Put Warrant Expiring 165 02/20/09

Syngenta — Put Warrant Expiring 180 03/20/09

Zurich Financial Services AG

Reductions in Existing Investments

Acino Holding AG

Basilea Pharmaceutica AG

Julius Baer Holding AG

Nestle SA

Novartis AG

Roche Holding AG

UBS AG