<SEC-DOCUMENT>0001214659-22-004151.txt : 20220321
<SEC-HEADER>0001214659-22-004151.hdr.sgml : 20220321
<ACCEPTANCE-DATETIME>20220321135050
ACCESSION NUMBER:		0001214659-22-004151
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220321
DATE AS OF CHANGE:		20220321
EFFECTIVENESS DATE:		20220321

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PFIZER INC
		CENTRAL INDEX KEY:			0000078003
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				135315170
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-03619
		FILM NUMBER:		22755321

	BUSINESS ADDRESS:	
		STREET 1:		235 E 42ND ST
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2125732323

	MAIL ADDRESS:	
		STREET 1:		235 E 42ND ST
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PFIZER CHARLES & CO INC
		DATE OF NAME CHANGE:	19710908

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Oxfam America, Inc.
		CENTRAL INDEX KEY:			0001764188
		IRS NUMBER:				237069110
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0319

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		226 CAUSEWAY ST
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02114
		BUSINESS PHONE:		8007769326

	MAIL ADDRESS:	
		STREET 1:		226 CAUSEWAY ST
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02114
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>b321221px14a6g.htm
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notice of Exempt Solicitation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NAME OF REGISTRANT: </B>Pfizer, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NAME OF PERSON RELYING ON EXEMPTION: </B>Oxfam America</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ADDRESS OF PERSON RELYING ON EXEMPTION: </B>226 Causeway Street,
Boston, MA 02114</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated
under the Securities Exchange Act of 1934. Submission is not required of this filer under the terms of the Rule, but is made voluntarily
in the interest of public disclosure and consideration of these important issues.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Oxfam America, Mercy Investments, and Adrian Dominican Sisters urge
you to vote FOR Item 6 at the Annual Meeting of Pfizer (PFE) on April 28, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B><U>I. Summary of Resolution</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border: Black 1pt solid; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">RESOLVED, that shareholders of Pfizer ask the Board of Directors to commission a third-party report to shareholders, at reasonable expense and omitting confidential and proprietary information, analysing the feasibility of promptly transferring intellectual property and technical knowledge (&ldquo;know-how&rdquo;) to facilitate the production of COVID-19 vaccine doses by additional qualified manufacturers located in low- and middle-income countries, as defined by the World Bank.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Supporting Statement </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Widespread vaccination is a critical pillar of the global COVID-19
response to reduce transmission and hospitalisation, boost economic growth, and avoid emergence of new variants. Failure to ensure widespread
vaccination harms everyone, including Pfizer&rsquo;s investors. Pfizer&rsquo;s failure to study the feasibility of transferring COVID-19
vaccine technology, including to those manufacturers in low- and middle-income countries, creates material risk for several reasons:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">First, Pfizer is &ldquo;squandering its lead&rdquo;: because Pfizer is refusing
to license mRNA technology to any of the 120+ manufacturers in low- and middle-income countries<SUP>1</SUP> that could produce the vaccine,
other manufacturers are racing to develop their own mRNA technology.<SUP>2</SUP> Rather than earn licensing profits and remain an industry
leader in the years to come, Pfizer&rsquo;s short-sighted approach paves the way for competitors to emerge with approved vaccines in 2-3
years.<SUP>3</SUP> This comes at the expense of the company&rsquo;s long-term investors. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Second, there is significant reputational risk from refusing to share technology
and intellectual property (IP) despite the life and death consequences for millions of people. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Third<FONT STYLE="background-color: white">, the company&rsquo;s refusal
to share its IP and technology may prolong the pandemic &ndash; with the attendant economic damage &ndash; dragging down returns a<FONT STYLE="font-size: 10pt">cross
an investor&rsquo;s entire portfolio and hampering the global economic recovery. </FONT></FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Finally, the arguments that Pfizer references in its Statement in Opposition
to the proposal &ndash; that it is too complicated and time consuming to transfer mRNA technology, and that selling doses to high-income
states which in turn donate those vaccines can suffice &ndash; do not address the underlying need to increase manufacturing capacity at
scale through the transfer of &ldquo;know how&rdquo; to allow other manufacturers to produce the vaccine in a decentralized way. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0"></P>

<P STYLE="font: 10pt Symbol; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol"><SUP>1</SUP></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">https://www.hrw.org/news/2021/12/15/experts-identify-100-plus-firms-make-covid-19-mrna-vaccines</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol"><SUP>2</SUP></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">https://www.reuters.com/world/africa/world-first-safricas-afrigen-makes-mrna-covid-vaccine-using-moderna-data-2022-02-03/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol"><SUP>3</SUP></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">https://www.reuters.com/world/africa/approval-covid-vaccine-made-south-africa-could-take-3-years-who-says-2022-02-04/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E"><FONT STYLE="background-color: white"><I>This communication
should not be construed as soliciting authority to vote any shareholder&rsquo;s proxy, and no proxy cards will be accepted. Please vote
your proxy in accordance with the instructions set forth in Pfizer&rsquo;s proxy statement.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Global immunization for COVID-19 remains inequitable &ndash; only 5.5%
of people in low-income countries have been fully vaccinated as of February 2022, compared to 72% in wealthy states.<SUP>4</SUP> Pfizer
has exacerbated such inequitable distribution, selling only 1% of its doses to low-income states.<SUP>5</SUP> At the end of 2021, six
times as many booster doses were administered daily compared to first doses in low-income countries.<SUP>6</SUP> The identification of
the Omicron variant in November 2021 and its rapid transmission worldwide is due in large part to inequitable vaccination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pfizer has failed to ensure that supply of their COVID-19 vaccine is
commensurate with global demand. One reason that Pfizer does not meet demand is that the company has not invested in or supported technology
transfer and additional production of the vaccine worldwide, particularly in low- and middle-income countries. Technology transfer, sharing
of IP, and additional production of its COVID-19 vaccine can be done rapidly, and researchers have identified over 120 manufacturers in
low- and middle-income countries that meet international quality standards and have such capability.<SUP>7</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Inadequate initiatives, such as selling the U.S. government doses that
they in turn provide to COVAX,<SUP>8</SUP> do not overcome Pfizer&rsquo;s inability to meet global demand and failure to transfer IP,
technology, and know-how. Prior announcements by Pfizer, including a partnership agreement with South African manufacturer Biovac, remain
inadequate to satisfy demand, will be implemented too slowly, and do not fully ameliorate near-term supply challenges.<SUP>9</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Only a select few investors benefit
from failing to share technology and expand COVID-19 vaccine production: namely, those with short-term time horizons, such as Pfizer executives.
Long-term investors and those with a diversified portfolio should encourage the company to take steps to facilitate broad access.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B><U>II. Arguments in Favor
of a &ldquo;For&rdquo; Vote</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 18pt"><B>1.</B></TD><TD><B>Pfizer is missing key opportunities to license technology whi<FONT STYLE="font-size: 10pt">ch would earn short-term profit, and
creating a crop of competitors to emerge in 2-3 years</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pfizer&rsquo;s refusal to transfer or license mRNA technology to the
manufacturers in low- and middle-income countries<SUP>10</SUP> that could produce the vaccine to international quality standards means
the company is leaving profits on the table. Even more concerning for the company&rsquo;s long-term investors, however, is that this refusal
to license IP is incentivizing other manufacturers to develop their own mRNA technology.<SUP>11</SUP> Rather than earn licensing profits
and remain industry leaders, Pfizer&rsquo;s ill-conceived attempt to maximize short-term profits significantly increases the likelihood
that competitors will emerge with approved vaccines in 2-3 years.<SUP>12</SUP> Indeed, the World Health Organization (WHO) and South African
biopharmaceutical Afrigen have already teamed up to develop an mRNA vaccine given the company&rsquo;s refusal to cooperate.<SUP>13</SUP>
Scores of other manufacturers are all but certain to follow suit. Encouraging a crop of competitors to emerge poses a significant material
risk for investors. Long-term investors should encourage the company to operate in ways that safeguard its position as industry leader
for years to come.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> Our World in Data, https://ourworldindata.org/covid-vaccinations
(accessed 4th January 2021).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> Airfinity data as of March 1, 2022. The company sold 61%
to high-income states and 37.9% to middle-income states.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> https://www.who.int/director-general/speeches/detail/who-director-general-s-opening-remarks-at-the-media-briefing-on-covid-19---12-november-2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> https://accessibsa.org/mrna/; https://www.nytimes.com/interactive/2021/10/22/science/developing-country-covid-vaccines.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> https://www.cnbc.com/2021/09/22/us-to-donate-millions-more-pfizer-biontech-vaccine-doses-to-poorer-nations.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> https://healthgap.org/press/pfizer-biontech-fill-and-finish-deal-with-biovac-in-south-africa-is-the-latest-step-in-pharmas-campaign-to-convince-the-world-the-status-quo-is-good-enough/;
https://www.doctorswithoutborders.org/what-we-do/news-stories/news/msf-pfizer-biontech-and-biovac-deal-isnt-enough-ensure-covid-19</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> https://www.hrw.org/news/2021/12/15/experts-identify-100-plus-firms-make-covid-19-mrna-vaccines</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> https://www.reuters.com/world/africa/world-first-safricas-afrigen-makes-mrna-covid-vaccine-using-moderna-data-2022-02-03/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> https://www.reuters.com/world/africa/approval-covid-vaccine-made-south-africa-could-take-3-years-who-says-2022-02-04/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> https://fortune.com/2022/02/04/south-africa-afrigen-moderna-covid-vaccine-mrna-who-hotez-corbevax/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E"><FONT STYLE="background-color: white"><I>This communication
should not be construed as soliciting authority to vote any shareholder&rsquo;s proxy, and no proxy cards will be accepted. Please vote
your proxy in accordance with the instructions set forth in Pfizer&rsquo;s proxy statement.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

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<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 18pt"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Pfizer&rsquo;s failure to transfer IP, know-how, and technology could cause its investors significant
financial harm by interfering with global economic recovery</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of February 2022 an enormous disparity between vaccination rates
persists, with 72% of the population in high-income states fully vaccinated, versus 5.5% in low-income states.<SUP>14</SUP> Economists
have issued stark warnings about the cost of vaccine inequity. In January 2021, the International Chamber of Commerce cautioned that the
global economy could lose as much as $9.2 trillion if there was a failure to ensure developing economies access to COVID-19 vaccines,
and that half of these losses would fall on advanced economies.<SUP>15</SUP> The economic costs borne by wealthy countries in the absence
of vaccine access could range between US$ 203 billion and US$5 trillion.<SUP>16</SUP> In October 2021, the Economist Intelligence Unit
stated that vaccine inequity would cost the global economy US$ 2.3 trillion between 2022 and 2025.<SUP>17</SUP> These staggering estimates
stem from the reality that leaving much of the world unvaccinated creates supply chain disruptions while undermining commerce, tourism,
and international trade.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For investors, the lack of widespread vaccination thus has the potential
to damage their broader portfolio of investments. As economists explain, coronavirus has created &ldquo;<FONT STYLE="background-color: white">unprecedented
level of risk, causing investors to suffer significant loses in a very short period of time.&rdquo;<SUP>18</SUP></FONT> For investors
with diverse portfolios, such portfolio-wide losses are unlikely to be offset by the profits that a single company li<FONT STYLE="font-size: 10pt">ke
Pfizer may be capturing because of vaccine sales to high-income countries. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Such inequity also leads to the emergence of dangerous new variants.<SUP>19</SUP>
The spread of the omicron variant has been linked to countries that have been denied equitable access to COVID-19 vaccines &ndash; including
on the African continent. As of January 2022, fewer than one out of every ten people of the continent&rsquo;s population had been fully
vaccinated.<SUP>20</SUP> The emergence of new variants &ndash; a fate made far more likely should Pfizer continue to withhold its mRNA
technology &ndash; represents a serious risk to investors: numerous economic forecasts confirm that omicron is projected to have significant
economic consequences in the first quarter of 2022. Moody&rsquo;s has revised its forecast for GDP growth downward from a roughly 5% annualised
rate to near 2%, and Jeffries has slashed its forecast to 1.5% from a previously forecast 6.6%.<SUP>21</SUP> Investors hoping for broad
economic recovery should urge Pfizer to do everything in its power to speed the end of the pandemic, which entails transferring vaccine
technology and know-how.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> https://www.cnbc.com/2022/02/02/these-countries-have-the-lowest-covid-vaccination-rates-in-the-world.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> https://iccwbo.org/media-wall/news-speeches/study-shows-vaccine-nationalism-could-cost-rich-countries-us4-5-trillion/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> Id.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> https://www.eiu.com/n/campaigns/how-much-will-vaccine-inequity-cost/#mktoForm_anchor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP> https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7160643/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> https://www.rockefellerfoundation.org/case-study/vaccine-inequity-increases-the-risk-of-new-sars-cov-2-variants-emerging/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>20</SUP> Our World in Data, https://ourworldindata.org/covid-vaccinations
(accessed 4th January 2021).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>21</SUP> https://www.barrons.com/articles/omicron-covid-first-quarter-gdp-economy-51640739855?tesla=y</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E"><FONT STYLE="background-color: white"><I>This communication
should not be construed as soliciting authority to vote any shareholder&rsquo;s proxy, and no proxy cards will be accepted. Please vote
your proxy in accordance with the instructions set forth in Pfizer&rsquo;s proxy statement.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 18pt"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Pfizer&rsquo;s behavior is creating significant reputational risk</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pfizer&rsquo;s ability to dictate vaccine allocation and determine
for whom and under what conditions the vaccine may be produced has generated high levels of scrutiny of the company&rsquo;s decision making,
and has created significant reputational risk.<SUP>22</SUP> The company&rsquo;s aggressive behavior in the midst of a global crisis has
been widely disparaged: according to the Financial Times, Pfizer&rsquo;s demands in vaccine negotiations with governments have been deemed
by government negotiators and officials in low- and middle-income countries as &ldquo;abusive,&rdquo; &ldquo;unreasonable,&rdquo; and
akin to &ldquo;putting a gun to our head.&rdquo;<SUP>23</SUP> According to a separate investigation, government officials in Latin America
stated that Pfizer had held their governments to &ldquo;ransom&rdquo; and had engaged in &ldquo;high-level bullying.&rdquo;<SUP>24</SUP>
Worldwide, reporting revealed Pfizer has demanded countries accede to demands related to liability from injuries related to the vaccines,
including requests for countries to place government-held assets as collateral for future liability claims.<SUP>25</SUP> A news investigation
carried out by Channel 4 in the United Kingdom alleged that Pfizer company representatives had stated that a competitor COVID-19 vaccine,
manufactured by AstraZeneca, would cause cancer and was not suitable for use in immunosuppressed patients.<SUP>26</SUP> Accounts like
this damage Pfizer&rsquo;s brand value, and in turn, the prospects for long-term shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The company has also been accused of profiteering off the pandemic,
fomenting a &ldquo;vaccine apartheid&rdquo;<SUP>27</SUP> (an accusation lodged by many, including the Director General of the WHO) in
order to reap a &ldquo;once-in-an-epoch windfall.&rdquo;<SUP>28</SUP> The company&rsquo;s lopsided targeting of high-income states bears
this out: by February 2022, Pfizer has sold only 1% of its vaccines to low-income states, and 99% to high- and middle-income states.<SUP>29</SUP>
Such staggering misallocation undermines the company&rsquo;s attempts to cast itself as a champion of global public health, damaging the
reputation of both the company and its investors. Now more than ever, we believe that burnishing a strong ESG reputation translates into
financial success and stability for companies: as McKinsey observes, &ldquo;the business ecosystem is evolving [to embrace ESG policies
and actions that benefit society at large]. Those who resist will find themselves at a competitive disadvantage.&rdquo;<SUP>30</SUP> Expanding
manufacturing by sharing technology, IP, and know-how to accelerate such production worldwide would help the company reco<FONT STYLE="font-size: 10pt">ver
from the significant reputational harm that its decisions have already caused. Indeed, Pfizer itself appears to realize the importance of shoring
up its reputation. The company has gone to great lengths<SUP>31</SUP> to publicize its recent production and distribution agreements in
South Africa and Brazil; while neither expands overall vaccine supply or addresses supply challenges facing low- and middle-income countries,
these announcements underscore the company&rsquo;s recognition that it must take steps to repair the reputational harm that the company
has inflicted on itself. Yet to improve the company&rsquo;s reputation and maximize long-term returns, rather than simply engage in damage
control after engaging in predatory tactics, Pfizer should invest in measures that will expand production and share knowledge and IP with
willing and capable producers in low- and middle-income countries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>22</SUP> https://www.ft.com/content/7ad9d74e-f4e7-4b30-9391-0b934662b6ac</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>23</SUP> https://www.ft.com/content/0cea5e3f-d4c4-4ee2-961a-3aa150f388ec</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>24</SUP> https://www.pharmaceutical-technology.com/news/company-news/pfizer-latin-american-vaccine/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>25</SUP> https://www.ft.com/content/0cea5e3f-d4c4-4ee2-961a-3aa150f388ec;
https://www.thebureauinvestigates.com/stories/2021-02-23/held-to-ransom-pfizer-demands-governments-gamble-with-state-assets-to-secure-vaccine-deal</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>26</SUP> https://www.channel4.com/programmes/vaccine-wars-truth-about-pfizer-dispatches</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>27</SUP> https://www.bloomberg.com/news/newsletters/2021-11-19/pandemic-powers-clash-over-access-to-shots;
https://www.opendemocracy.net/en/vaccine-apartheid-is-prolonging-covid-not-vaccine-hesitancy/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>28</SUP> https://www.ft.com/content/0cea5e3f-d4c4-4ee2-961a-3aa150f388ec</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>29</SUP> Airfinity data as of March 1, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>30</SUP> https://www.mckinsey.com/~/media/mckinsey/business%20functions/strategy%20and%20corporate%20finance/our%20insights/the%20case%20for%20stakeholder%20capitalism/the-case-for-stakeholder-capitalism-vf.pdf?shouldIndex=false</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>31</SUP> https://www.pfizer.com/news/press-release/press-release-detail/pfizer-and-biontech-announce-collaboration-biovac;
https://www.pfizer.com/news/press-release/press-release-detail/pfizer-and-biontech-announce-collaboration-brazils</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E"><FONT STYLE="background-color: white"><I>This communication
should not be construed as soliciting authority to vote any shareholder&rsquo;s proxy, and no proxy cards will be accepted. Please vote
your proxy in accordance with the instructions set forth in Pfizer&rsquo;s proxy statement.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="color: #2B2B2B"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><B>Pfizer could face increased regulatory risks during and after the COVID-19 pandemic due to its failure
to sustain adequate supply.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #2B2B2B">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pfizer&rsquo;s failure to sufficiently expand vaccine production and
supply worldwide through voluntary measures &ndash; either those carried out by the company or through third parties, such as the WHO&rsquo;s
COVID-19 Technology Access Pool (C-TAP) or its mRNA Vaccine Manufacturing Hub &ndash; illustrates that the company could be unprepared
for a shifting regulatory landscape. In fact, Pfizer&rsquo;s CEO labelled the C-TAP effort as &ldquo;nonsense.&rdquo;<SUP>32</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pfizer&rsquo;s unwillingness to share its IP is inconsistent with the
broad preferences of nearly all governments, and therefore leaves the company unprepared to adjust to changes in the regulatory environment
that may be forthcoming. Over one hundred countries<SUP>33</SUP> now support a full waiver or suspension of IP rules for vaccines during
the COVID-19 pandemic, including the United States.<SUP>34</SUP> Even if a waiver is not enacted, governments may choose to issue compulsory
licenses to suspend Pfizer&rsquo;s IP rights for its COVID-19 vaccines as a first step to produce or import low-cost versions of its vaccine.
This will leave Pfizer at a competitive disadvantage to those companies that have already made their business operations more flexible
and open, such as through licensing agreements to expand production of a vaccine. The ongoing WTO TRIPS negotiations offer a proof point
for the potential of <FONT STYLE="font-size: 10pt">drastic government intervention,<SUP>35</SUP> as does the fact that new vaccine candidates
such as those developed by scientists at Baylor University are being developed without patent protection.<SUP>36</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Pfizer&rsquo;s failure to supply the global market could also undermine
the company&rsquo;s long-term ability to be trusted by governments to supply medicines and vaccines for pandemics as well as other public
health challenges. In November 2021, governments agreed to begin negotiation of a new treaty to address current and future pandemics,<SUP>37</SUP>
for which assuring access to medicines and vaccines will be one critical issue.<SUP>38</SUP> If governments, especially those in low-
and middle-income countries, cannot trust that Pfizer is able to supply the global market in a timely fashion and avert new variants,
it may choose to put in place rules that remove responsibility and control of pandemic technologies from companies and instead rely upon
governments &ndash; who themselves have spent billions of dollars to develop, test, and purchase vaccines and therapies during the COVID-19
pandemic. Such government control of the pharmaceutical value chain could also lead to governments asserting greater control over other
aspects of the industry&rsquo;s business, leading to long-term regulatory risks for company operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>32</SUP> https://www.statnews.com/pharmalot/2020/05/28/who-voluntary-pool-patents-pfizer/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>33</SUP> https://www.devex.com/news/where-are-we-on-covid-19-after-a-year-of-trips-waiver-negotiations-101795</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>34</SUP> https://ustr.gov/about-us/policy-offices/press-office/press-releases/2021/may/statement-ambassador-katherine-tai-covid-19-trips-waiver</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>35</SUP> https://insidetrade.com/daily-news/us-eu-india-south-africa-continue-facilitated-trips-waiver-talks</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>36</SUP> https://www.texastribune.org/2022/02/10/corbevax-texas-coronavirus-vaccine/</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>37</SUP> https://www.who.int/news/item/01-12-2021-world-health-assembly-agrees-to-launch-process-to-develop-historic-global-accord-on-pandemic-prevention-preparedness-and-response</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>38</SUP> Id.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E"><FONT STYLE="background-color: white"><I>This communication
should not be construed as soliciting authority to vote any shareholder&rsquo;s proxy, and no proxy cards will be accepted. Please vote
your proxy in accordance with the instructions set forth in Pfizer&rsquo;s proxy statement.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 18pt"><B>5.</B></TD><TD><B>Debunking Statement of Opposition Myths: Technology transfer can occur quickly, and a donation-based model fails to ensure equitable
access to vaccines </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Finally, Pfizer&rsquo;s response in its Statement of Opposition focuses
on inadequate fixes that will do little to seriously contend with the enormity of a global pandemic. First, it is simply not true that
technology transfer is unduly difficult, or would take too long. One significant advantage of mRNA vaccines is how much simpler and faster
production is, as compared to traditional vaccine manufacturing.<SUP>39</SUP> Furthermore, numerous experts confirm that it could take
just a few months to transfer mRNA technology successfully:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #201F1E"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Moderna&rsquo;s former director of chemistry,&nbsp;Suhaib Siddiqi, has said
that with enough sharing of technology and know-how, many modern factories should be able to start manufacturing mRNA vaccines within
three or four months;<SUP>40</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #201F1E">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #201F1E">An analysis by </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">Medecins
Sans Frontieres (MSF)<FONT STYLE="font-size: 10pt; color: #201F1E">&nbsp;highlights seven mRNA production deals with timeframes of three
to eight months from deal announcement to delivery of first batches of active ingredients;<SUP>41</SUP> and</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #201F1E"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">A&nbsp;NYT article&nbsp;cites experts confirming that mRNA vaccine production
could begin within months (ranges from six to 18).<SUP>42</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: #201F1E">When this rapid timeframe
is held up against the 120 manufacturers in low- and middle-income states that are equipped to produce the mRNA vaccine (</FONT>already,
manufacturers in India, Thailand and China have mRNA vaccine candidates in late-stage clinical trials<SUP>43</SUP>)<FONT STYLE="font-size: 10pt; color: #201F1E">,
it becomes even more clear that Pfizer&rsquo;s refusal to transfer technology, not the overly complex or prolonged nature of such transfer,
is what is stalling broad access. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Furthermore, selling doses to high-income states which in turn donate
those to low-income states does not suffice to end the pandemic. The donation-based model has repeatedly left recipient countries unable
to adequately receive and distribute vaccines in time due in part to delayed shipments, short shelf lives and unpredictable arrival times.
For example, according to MSF staff in the Central African Republic, &ldquo;the Ministry of Health is consistently given only a few days&rsquo;
warning of when shipments will arrive [from COVAX], leaving them struggling to secure appropriate supplies.&rdquo;<SUP>44</SUP> This ad
hoc approach to donations too often fails governments and people living in low- and middle-income countries, and then leaves them with
the blame them for challenges resulting from poorly executed deliveries. This approach is rife with inefficiencies that doom the vaccine&rsquo;s
distr<FONT STYLE="font-size: 10pt">ibution. For these reasons, a donation-based approach, which leaves the majority of the world without
reliable access, is inadequate. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>39</SUP> https://www.citizen.org/article/how-to-make-enough-vaccine-for-the-world-in-one-year/
(see section just below figure 1).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>40</SUP> https://apnews.com/article/drug-companies-called-share-vaccine-info-22d92afbc3ea9ed519be007f8887bcf6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>41</SUP> https://msfaccess.org/sites/default/files/2021-09/COVID19_TechnicalBrief_MSF_mRNA_vaccines_ENG_20.9.2021_0.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>42</SUP> https://www.nytimes.com/interactive/2021/10/22/science/developing-country-covid-vaccines.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>43</SUP> https://covid19.trackvaccines.org/vaccines/#phase-3;
https://covid19.trackvaccines.org/vaccines/#phase-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>44</SUP> https://msfaccess.org/sites/default/files/2021-12/COVID19_IssueBrief_Covax_1708_ENG_21.12.2021.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E"><FONT STYLE="background-color: white"><I>This communication
should not be construed as soliciting authority to vote any shareholder&rsquo;s proxy, and no proxy cards will be accepted. Please vote
your proxy in accordance with the instructions set forth in Pfizer&rsquo;s proxy statement.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There is substantial evidence that technology transfer can be done
quickly, safely, and with ready and able manufacturers meeting international quality standards, including in low- and middle-income countries.<SUP>45</SUP>
Pfizer&rsquo;s announcements of supply agreements with COVAX &ndash; sold via the U.S. government, rather than donated &ndash; and its
announcement of increasing its own capacity are insufficient and illusory: one recent estimate was that up to 22 billion doses of mRNA
vaccine will be required to control COVID-19.<SUP>46</SUP> Pfizer, BioNTech and Moderna together are only forecast to manufacture 7 billion
doses between them in 2022, leaving a 15 billion dose shortfall.<SUP>47</SUP> Pfizer simply cannot produce enough vaccine on its own.
The rapid diffusion of mRNA technology is the only way to protect Pfizer&rsquo;s investors from long-term economic damage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B><U>III.
CONCLUSION</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pfizer&rsquo;s refusal to transfer lifesaving technology to manufacturers
in low- and middle-income countries jeopardizes investors&rsquo; long-term financial returns, both by sullying the company&rsquo;s reputation
and threatening the value of investors&rsquo; portfolios as the pandemic continues to rage, with risks of new variants of concern emerging.
Pfizer&rsquo;s voluntary measures to supply its vaccine to low-income countries will not repair the company&rsquo;s image, which has suffered
due to its failure to contribute to equitable access to the vaccine. Nor are such measures sustainable or sufficient; these will not forestall
economic harm to investors from a slowing or closed global economy. Pfizer&rsquo;s approach will also leave the company unprepared for
changes in the regulatory environment that may be introduced by governments, including a worldwide suspension of IP rights or government
issuance of compulsory lice<FONT STYLE="font-size: 10pt">nses. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Proponents urge investors to vote &lsquo;For&rsquo; Item 6 and ask
Pfizer to analyze whether it can share technology and know-how and IP and expand the supply of its COVID-19 vaccine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>45</SUP> https://accessibsa.org/mrna/; https://www.nytimes.com/interactive/2021/10/22/science/developing-country-covid-vaccines.html;
https://www.hrw.org/news/2021/12/15/experts-identify-100-plus-firms-make-covid-19-mrna-vaccines#</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>46</SUP> https://www.pih.org/article/report-22-billion-mrna-vaccines-needed-control-covid-19</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>47</SUP> https://www.pih.org/article/report-22-billion-mrna-vaccines-needed-control-covid-19</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E"><FONT STYLE="background-color: white"><I>This communication
should not be construed as soliciting authority to vote any shareholder&rsquo;s proxy, and no proxy cards will be accepted. Please vote
your proxy in accordance with the instructions set forth in Pfizer&rsquo;s proxy statement.</I></FONT></P>

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