<SEC-DOCUMENT>0001214659-22-005122.txt : 20220412
<SEC-HEADER>0001214659-22-005122.hdr.sgml : 20220412
<ACCEPTANCE-DATETIME>20220412130023
ACCESSION NUMBER:		0001214659-22-005122
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220412
DATE AS OF CHANGE:		20220412
EFFECTIVENESS DATE:		20220412

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Chubb Ltd
		CENTRAL INDEX KEY:			0000896159
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			V8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11778
		FILM NUMBER:		22821651

	BUSINESS ADDRESS:	
		STREET 1:		BARENGASSE 32
		CITY:			ZURICH
		STATE:			V8
		ZIP:			CH-8001
		BUSINESS PHONE:		41 0 43 456 7600

	MAIL ADDRESS:	
		STREET 1:		BARENGASSE 32
		CITY:			ZURICH
		STATE:			V8
		ZIP:			CH-8001

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHUBB Ltd
		DATE OF NAME CHANGE:	20160115

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ACE Ltd
		DATE OF NAME CHANGE:	20091216

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ACE LTD
		DATE OF NAME CHANGE:	19930122

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GREEN CENTURY FUNDS
		CENTRAL INDEX KEY:			0000877232
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		114 STATE STREET
		STREET 2:		SUITE 200
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		617-482-0800

	MAIL ADDRESS:	
		STREET 1:		C/O UMB FUND SERVICES
		STREET 2:		803 WEST MICHIGAN STREET SUITE A
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53233
</SEC-HEADER>
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<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>b412222px14a6g.htm
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<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NAME OF REGISTRANT:</B> Chubb Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NAME OF PERSON RELYING ON EXEMPTION:</B> Green
C<FONT STYLE="background-color: white">entury Equity Fund</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ADDRESS OF PERSON RELYING ON EXEMPTION:</B>
114 State Street, Suite 200, Boston, MA 02109</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; color: #1A1A1A"><B>Written materials are submitted
pursuant to Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934.&nbsp;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; text-align: justify; color: #1A1A1A"><B>&nbsp;</B></P>

<DIV STYLE="padding: 1pt 4pt 1pt 0in; border: black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Shareholder Proposal N<FONT STYLE="background-color: white">o.
13 o</FONT>n Chubb Limited&rsquo;s 2022 Proxy Statement:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Align Underwriting Fossil Fuel Development Strategies
with Global Benchmarks</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Chubb Limited Symbol: CB</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Filed by: Green Century Equity Fund</P>

</DIV>

<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">Green Century Capital Management, Inc., (&ldquo;the
Proponent&rdquo;) is the investment advisor to the Green Century Equity Fund, which seeks your support for the climate-related proposal
filed at Chubb Limited (hereby referred to as &ldquo;Chubb&rdquo; or &ldquo;the Company&rdquo;) in the 2022 proxy statement asking the
Company to align its underwriting strategies with the International Energy Agency&rsquo;s (IEA) <I>Net Zero by 2050 Roadmap</I> (&ldquo;the
Roadmap&rdquo;) in order to limit global temperature rise to 1.5&deg;C and avert the worst impacts of climate change. The Proponent believes
that underwriting <U>new</U> supply of coal, oil, and gas is not needed in order to maintain necessary global access to fossil fuels.
Continuing to enable emissions from the fossil fuel industry threatens to increase insured losses, decrease Chubb&rsquo;s client base,
and amplify <FONT STYLE="background-color: white">portfolio, competitive and reputational risks to the Company and its investors.</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"><B>RESOLVED</B>: Shareholders request that Chubb&rsquo;s Board of Directors
adopt and disclose new policies to help ensure that its underwriting practices do not support new fossil fuel supplies, in alignment with
the IEA&rsquo;s Net Zero Emissions by 2050 Scenario.</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>Supporting Statement: </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The board and management, in its discretion, should define the scope,
time frames and parameters of the policy, including defining &quot;new fossil fuel supplies,&quot; with an eye toward the well-accepted
definition that new fossil fuel supplies include exploration for and/or development of oil, gas, and coal resources or reserves beyond
those fields or mines already in production.</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>RATIONALE FOR A &ldquo;YES&rdquo; VOTE</B></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: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD><B>Risk Due to Increases in Insured Losses - </B>Product emissions from Chubb&rsquo;s fossil fuel industry clients contribute to a
changing climate, which has been linked to increased occurrences and severity of hurricanes, wildfires, flooding and more. Chubb is very
likely to see an increase in insured losses from clients affected by these catastrophes.</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: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD><B>Risk Due to Decreases in Size of Client Base</B> - Climate change is predicted to cause a growth in the numbers of clients who
operate in high-risk areas and who may become uninsurable, thus posing a risk to Company profitability.</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: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD><B>Portfolio Risk </B>- Emissions enabled by underwriting <U>new</U> risks for fossil fuel clients may increase the potential for
negative impacts on insurers&rsquo; equity and debt holdings, weakening their own financial stability. Insured emissions may adversely
impact universal owners who may not be able to diversify away from large, system-wide risks such as climate change.</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: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD><B>Competitive Risk - </B>Chubb lags peers in setting ambitious climate-related underwriting exclusions. Investors seeking superior
management of ESG risk may decide not to invest with Chubb.</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: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD><B>Reputational Risk</B> - Failure to adopt leading climate policies exposes Chubb to public awareness campaigns and negative media
coverage focused on the insurance industry&rsquo;s role in fossil fuel expansion.</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"><B></B></P>

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<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; border-bottom: #D9D9D9 0.5pt solid">2 <B>| </B><FONT STYLE="color: #7F7F7F">Page</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; text-align: justify; border: black 1pt solid"><B>This is not a solicitation
of authority to vote your proxy. Please DO NOT send us your proxy card; Green Century Equity Fund is not able to vote your proxies, nor
does this communication contemplate such an event. Green Century Equity Fund urges shareholders to vote for Item Number <FONT STYLE="background-color: white">13
foll</FONT>owing the instruction provided on the management&rsquo;s proxy mailing.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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"><B>I.</B></TD><TD><B>EXECUTIVE SUMMARY</B></TD></TR></TABLE>

<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">Property and casualty insurers such as Chubb are particularly exposed
to an increasingly erratic climate, which is caused, in part, by the emissions from their coal, oil, and gas clients. Predicted increases
in the frequency and impact of natural catastrophes are likely to lead to significantly greater insured losses and harm to universal owners,
including insurers, whose debt and equity investments may lose value from climate-related losses.</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 Intergovernmental Panel on Climate Change (IPCC) has repeatedly
warned that failure to rein in greenhouse gas emissions will result in significant economic disruption and natural resource damage, and
predicts damage will be &ldquo;irreversible&rdquo; in certain cases.</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 IEA integrates the IPCC&rsquo;s climate conclusions in its <I>Net
Zero by 2050 Roadmap</I> and delineates a pathway to guide the energy sector toward achieving a 1.5&deg;C warming limit. The Roadmap does
not set out specific action plans or milestones, but maps a sectoral decline in emissions. <B>In the Roadmap, the IEA concludes that in
order to avoid surpassing the 1.5&deg;C limit, there is no room for development of new coal, oil, and gas supply, and, by extension, there
is no room to underwrite <U>new</U> supply, either. </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">While addressing some coal-related and all tar sands-related risks,
Chubb&rsquo;s underwriting exclusions leave considerable loopholes allowing it to insure new coal, oil and gas risks. Investors are concerned
that Chubb&rsquo;s current underwriting strategies will lead to increased financial, portfolio, competitive, and reputational risks.</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"><B>The Proposal asks Chubb to align its underwriting
policies with the IEA&rsquo;s <I>Net Zero by 2050 Roadmap</I> by excluding underwriting <U>new</U> fossil fuel development but does not
contemplate shuttering existing fossil fuel operations. </B>Additionally, it weighs in on a societally relevant issue and allows board
and management appropriate flexibility in its implementation.</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">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><B>II.</B></TD><TD><B>CHUBB&rsquo;S CURRENT UNDERWRITING POLICIES AND CLIMATE COMMITMENTS DO NOT ALIGN WITH THE RECOMMENDATIONS OF IPCC AND IEA </B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1A1A1A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: white"><B>1.</B></FONT></TD><TD><FONT STYLE="background-color: white"><B>The IPCC and IEA recommend no development of new fossil fuel supplies</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #1A1A1A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1A1A1A"><FONT STYLE="background-color: white">In early April
2022, the IPCC finalized the third part of its sixth assessment report (AR6), which makes clear that the emissions associated with existing
and planned fossil fuel infrastructure are already enough to exceed 1.5&deg;C and potentially go beyond 2&deg;C of warming.<SUP>1</SUP>
The report states that <B>new fossil fuel infrastructure is incompatible with international climate goals for limiting global warming.
</B>Moreover, up to $4 trillion of fossil fuels and related infrastructure may have to be abandoned by 2050 to maintain safe temperature
limits.<SUP>2</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1A1A1A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #1A1A1A">The IEA provides data and recommendations
to policy makers on the energy sector, and in</FONT> May 2021, it released its landmark <I>Net Zero by 2050 Roadmap.</I> <B>In designing
its roadmap, the IEA worked to minimize the stranding of upstream product assets and to avoid early closure of fields where significant
capital had already been invested, citing the need for an orderly transition.<SUP>3</SUP></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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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">While balancing the future demand for affordable energy and the imperative
to limit climate change, the IEA concludes that there is &ldquo;no need&rdquo; for fossil fuel development beyond development plans committed
through 2021.<SUP>4</SUP> Further, it describes predicted declines in fossil fuel demand that would occur under a net zero by 2050 scenario:</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 0pt 0.5in">The unwavering policy focus on climate change in the net
zero pathway results in a sharp decline in fossil fuel demand, meaning that the focus for oil and gas producers switches entirely to output
&ndash; and emissions reductions &ndash; from the operation of existing assets. Unabated coal demand declines by 98% to just less than
1% of total energy use in 2050. Gas demand declines by 55% to 1,750 billion cubic metres and oil declines by 75% to 24 million barrels
per day (mb/d), from around 90 mb/d in 2020.<SUP>5</SUP></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: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B>Chubb&rsquo;s underwriting exclusions do not adequately address its climate risk or investor need for transparency on how it will
manage its risk </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">In 2019, Chubb adopted a partial exclusion for underwriting new risks
for the most carbon intensive fuel &ndash; coal. In addition, it determined it would phase out coverage of new and existing risks for
coal plant construction and operation, thermal coal mining, and energy production from coal operations exceeding a 30% revenue or energy
generation threshold.<SUP>6</SUP> It adopted similar restrictions on new debt and equity investments, and in its opposition statement to this Proposal,
Chubb announced for the first time that it would no longer underwrite risks related to tar sands.</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">However, Chubb&rsquo;s policies have loopholes that allow it to continue
to underwrite coal-related risks for regions with &ldquo;no other options&rdquo; (i.e., beyond building coal plants) and coal-fired energy
generation when &ldquo;alternative energy sources in a region are not viable.&rdquo; It&rsquo;s estimated that the loopholes and exceptions
to its exclusions would allow Chubb to underwrite more than 50 coal-related projects worldwide.<SUP>7</SUP> Equally troubling, it has
no exclusions on oil or gas development.</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>Unfortunately, Chubb&rsquo;s underwriting restrictions are insufficient
to align with the IPCC&rsquo;s recommendation to limit global temperature rise to 1.5&#8451; or the IEA&rsquo;s conclusion that no new
fossil fuel development is needed to meet the 1.5&#8451; limit.</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"><FONT STYLE="background-color: white">Beyond its stated exclusions,
investors lack insight into Chubb&rsquo;s climate risk management, the extent of its exposure to the fossil fuel industry, and the percent
of premiums collected by industry sector (such as from the coal, oil, and gas industries). The Company&rsquo;s TCFD report provides only
the most general overview of how it is thinking about climate risk or planning for increases in natural catastrophe claims.<SUP>8</SUP> </FONT>Aligning
underwriting to an external benchmark, like the Roadmap, telegraphs Company intentions without the need to share this type of proprietary
and confidential information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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"><B>3.</B></TD><TD><B>Chubb acknowledges the need for a global transition to a net zero economy but does not include itself in that transition </B></TD></TR></TABLE>

<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">Chubb declares in its opposition statement that it <B>&ldquo;recognizes
the existential threat of global warming and the necessity of moving away from global reliance on fossil fuels. Chubb announced its support
for a global transition to a net zero economy by 2050</B> and we have acknowledged our responsibility to take action to support and encourage
this transition.&rdquo;</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; border-bottom: #D9D9D9 0.5pt solid">4 <B>| </B><FONT STYLE="color: #7F7F7F">Page</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">Yet, despite its stated support for a global transition to a net zero
economy, Chubb remains one of the major underwriters of the fossil fuel sector, including new fossil fuel development. For example, a
recent report revealed that the Company is one of the leading underwriters<SUP>9</SUP> of new offshore oil development on the Brazilian coast, led
by Petrobras, Brazil&rsquo;s national oil company. Petrobras is responsible for extracting nearly 93% of Brazil&rsquo;s oil and gas and
has the fifth largest oil and gas expansion plans by volume in the world. Currently, Chubb underwrites 60% of Petrobras&rsquo; general
civil liability and 50% of its transport-related risks.<SUP>10</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">Chubb is also a named underwriter of numerous insurance certificates
for North American oil and gas pipelines, and, only 9 months ago, committed to stop underwriting the controversial Trans Mountain pipeline.<SUP>11</SUP>
The Company has no exclusions on developing new oil and gas supply, including in sensitive areas such as the Arctic National Wildlife
Refuge.</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: 0.25in"></TD><TD STYLE="width: 0.25in"><B>III.</B></TD><TD><B>ASSESSMENT OF CHUBB&rsquo;S RISKS </B></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #191919"><B>1.</B></FONT></TD><TD><B>Risk of increases in insured losses <FONT STYLE="color: #191919">challenges Chubb&rsquo;s profitability </FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #191919">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #191919">Although not every insured loss can be directly linked
to climate change, insured losses caused by natural catastrophes are increasing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #191919">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #191919"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>The Swiss Re Group reported in 2021 that &ldquo;... insured losses from natural disasters again exceeded the previous ten-year average,
continuing the trend of an annual 5&ndash;6% rise in losses seen in recent decades.&rdquo; And that &ldquo;It seems to have become the
norm that at least one secondary peril event such as a severe flooding, winter storm or wildfire, each year results in losses of more
than USD 10 billion.&rdquo;<SUP>1</SUP> Unfortunately, according to industry experts, modeling for secondary perils is not yet fully
developed.<SUP>12</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #191919"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>The International Association of Insurance Supervisors reported similar findings in 2018, stating that &ldquo;...climate change is
already affecting the frequency and concentration of high impact natural catastrophes around the world, leading to increases in weather-related
insurance claims. For instance, the Lloyd's market reports to have paid out US$5.8bn in major claims, most of which were climate-related.&rdquo;
It further notes that the &ldquo;claims burden disasters in 2017 has had material financial impacts for non-life insurers, with industry
Return on Equity dropping from 11% in 2016 to -4% in 2017.&rdquo;<SUP>13</SUP></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #191919">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #191919"><B>2.</B></FONT></TD><TD><B>Risk due to decreases in numbers of insurable clients as a result of impacts of climate change </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #191919">In addition to providing coverage to fossil fuel clients,
Chubb also underwrites property and casualty policies for homeowners and businesses. This puts Chubb in the position of supporting clients
whose emissions fuel increasingly strong and unpredictable storms, wildfires, and heat waves, while simultaneously covering clients against
those perils. Such climate impacts may make covering clients in certain vulnerable regions unprofitable. Thus, Chubb&rsquo;s underwriting
strategies may, in a sense, be inadvertently reducing the number of clients eligible for its insurance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #191919">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #191919">As an example, drought and wildfires largely believed
to be amplified by climate change have created uninsurable areas in California. Just last year, Chubb pulled out of insuring customers
in certain wildfire-prone areas in California, and unfortunately, the emergence of areas across the world becoming &ldquo;uninsurable&rdquo;
is likely to increase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #191919">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #191919">The Company has not indicated how it will address the
risk that a smaller pool of customers able to afford its insurance may erode its profits. It can increase premiums as costs and risks
rise, but climate change drives systemic risk in every kind of underwriting segment. Therefore, the ability to raise rates commensurate
with the risk may meet a ceiling where customers can and will no longer afford coverage, potentially resulting in major changes in its
customer base.</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></B></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; border-bottom: #D9D9D9 0.5pt solid">5 <B>| </B><FONT STYLE="color: #7F7F7F">Page</FONT></P>

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


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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><B>Chubb lags its competitors in addressing climate risk</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">The Company lags behind competitors in making meaningful commitments.
For example, Chubb competitors, including AXA, Allianz, Aviva, Generali, Munich Re, SCOR, Swiss Re, and Zurich, are all founding members
of the U.N.-convened Net Zero Insurance Alliance, and all have committed to transitioning their underwriting portfolios to net zero emissions
by 2050. U.S.-based insurer, AIG, also just announced its own commitment to net zero emissions by 2050.</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">These commitments exceed Chubb&rsquo;s underwriting exclusion of tar
sands risks and partial underwriting exclusions of risks related to coal plant construction and coal-related operations:</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><B>Generali </B>- In June 2021, Generali announced that it would no longer underwrite upstream oil and gas activities.<SUP>14</SUP></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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><B>Suncorp </B>- Suncorp has committed to not directly invest in, finance or underwrite new oil and gas exploration or production
by 2025.<SUP>15</SUP></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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><B>Swiss Re</B> &ndash; In March 2022, Swiss Re decided it would no longer insure most new oil and gas projects.<SUP>16</SUP></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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><B>Zurich</B> - Zurich has ruled out underwriting upstream oil greenfield exploration projects from companies without transition plans.<SUP>17</SUP></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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><B>AIG </B>- In early 2022, AIG committed to a net zero emissions goal by 2050, using science-based emissions reduction targets, and
to not investing in or providing insurance cover for any new Arctic energy exploration.<SUP>18</SUP></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><B>4.</B></TD><TD><B>Failure to align its underwriting with global benchmarks that are aimed at limiting global temperature rise to 1.5&#8451; may expose
Chubb to ESG-related risk </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">This Proposal provides an opportunity for investors to guide Company
policy in a manner consistent with ESG investment fiduciaries&rsquo; diligence responsibilities meant to ensure that stock holdings in
Chubb can remain in ESG labeled funds, which accounted for 1 in 3 dollars invested in the U.S. at the end of 2019.<SUP>19</SUP> The
Proposal enables due diligence that is responsive to recent scrutiny of ESG investors found in the SEC&rsquo;s report entitled, &ldquo;Division
of Examinations&rdquo; Review of ESG Investing.</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 SEC noted in its report that numerous investment products and financial
services have incorporated ESG and that the division will be monitoring the accuracy of disclosures on ESG investing. Consequently, the
SEC will focus on firms engaging in ESG investing by reviewing their policies, procedures, and practices related to ESG as well as due
diligence and other processes for selecting, investing in, and monitoring investments in view of the firms&rsquo; disclosed ESG investing
approaches.</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">Chubb&rsquo;s adoption of the Proposal&rsquo;s request could help meet
its investors&rsquo; ESG expectations and make it an attractive option for ESG portfolio managers.</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: 0.25in"></TD><TD STYLE="width: 0.25in"><B>5.</B></TD><TD><B>Chubb&rsquo;s underwriting of new fossil fuel development creates reputational risks</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">The Company has been the subject of public campaigns specifically targeting
Chubb and its CEO. For example, <I>Insurance Business America<B><SUP>20</SUP></B></I> ran an article in May 2021 entitled, &ldquo;Chubb
CEO under fire for environmental approach &ndash; 70 groups join forces,&rdquo; Similarly, the <I>Washington Post<B><SUP>21</SUP></B></I>
published an article in October 2021 highlighting activists protesting outside of the U.S. Open Tennis exhorting Chubb to &ldquo;Stop
insuring the climate crisis.&rdquo; <I>S&amp;P Market Intelligence<B><SUP>22</SUP></B></I> called attention to Chubb&rsquo;s appetite
for underwriting new oil risks in an article entitled &ldquo;Chubb, Mapfre, Tokio Marine criticized over Brazil offshore oil cover.&rdquo;</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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<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">By contrast, insurers making steps to scale back their underwriting
of fossil fuels have received positive press including: AIG in <I>Reuters<SUP>23</SUP></I>, the insurers who are the founding members of the Net Zero
Insurance Alliance, also in <I>Reuters<SUP>24</SUP></I>, and AXA in the <I>New York Times</I>.<SUP>25</SUP> When Chubb announced coal underwriting restrictions,
it also received positive coverage from the press.<SUP>26</SUP></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: 0.25in"></TD><TD STYLE="width: 0.25in"><B>IV.</B></TD><TD><B>WHAT THE PROPOSAL DOES AND DOES NOT ASK FOR</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"><B>The Proposal&rsquo;s request to align underwriting practices with
global benchmarks is commensurate with the magnitude of Chubb&rsquo;s climate ris<FONT STYLE="background-color: white">k.</FONT></B><FONT STYLE="background-color: white">
<FONT STYLE="color: #191919">The Proposal highlights the <I>IEA Net Zero by 2050 Roadmap</I> as a key benchmark for the issue of globally
aligned fossil fuel underwriting, but also</FONT></FONT> <FONT STYLE="color: #191919">provides ample flexibility for Chubb&rsquo;s board
and management to determine how best to implement underwriting alignment. Asking for alignment with the IEA Roadmap also addresses investor
concerns about Chubb policy transparency.</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; text-align: justify"><B>The Proposal&rsquo;s request to align with
the IEA Roadmap does not contemplate shuttering existing fossil fuel operations.</B> Rather, it reflects current climate science, which
tells us that new fossil fuel supply, beyond expansion already committed, risks causing significant damage to infrastructure, businesses,
homes, natural resources, biodiversity, and human resilience.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #191919">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #191919">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #191919">Continuing to underwrite new fossil fuel supply is
contrary to the recommendations of the IPCC for limiting some of the severe impacts of climate change. Climate change will, and currently
is, increasing insured natural catastrophe losses. Such losses have the potential to lower Chubb&rsquo;s overall profitability, and the
impacts of climate change may destabilize financial returns for universal owners, including Chubb.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #191919">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #191919">Shareholders are rightly concerned that Chubb is not
adequately aligned with benchmarks like the IEA&rsquo;s <I>Net Zero by 2050 Roadmap</I>, and by continuing to underwrite fossil fuel expansion,
may be locking in carbon emission for many decades. Voting in favor of the Proposal will provide important input to the board and management
as to how to balance Chubb&rsquo;s short-term strategies against its long-term risk.</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>Shareholders are urged to vote FOR the proposal asking Chubb to
align with the IEA&rsquo;s <I>Net Zero by 2050 Roadmap</I> and discontinue underwriting the development of new fossil fuel supplies.</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"><I>For questions regarding this proposal, please contact Andrea Ranger,
Green Century Capital Management, aranger@greencentury.com</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border: black 1pt solid"><B>This is not a solicitation
of authority to vote your proxy. Please DO NOT send us your proxy card; Green Century Equity Fund is not able to vote your proxies, nor
does this communication cont<FONT STYLE="background-color: white">emplate such an event. Green Century Equity Fund urges shareholders
to vote for Item Number 13 followin</FONT>g the instruction provided on the management&rsquo;s proxy mailing.</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"><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;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> https://grist.org/science/we-are-at-a-crossroads-new-ipcc-report-says-its-fossil-fuels-or-our-future/</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>
<DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 100%">&nbsp;</DIV>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> https://qz.com/2150910/the-new-ipcc-report-is-a-4-trillion-warning-to-investors/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> <FONT STYLE="color: #3C4043; background-color: white">https://www.greenpeace.org.uk/wp-content/uploads/2022/02/zeroing_in_investor_briefing.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> https://iea.blob.core.windows.net/assets/deebef5d-0c34-4539-9d0c-10b13d840027/NetZeroby2050-ARoadmapfortheGlobalEnergySector_CORR.pdf.
Pg 21.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> Ibid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> https://about.chubb.com/citizenship/environment/coal-policy.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> https://www.coalexit.org/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> https://www.chubb.com/content/dam/chubb-sites/chubb-com/us-en/about-chubb/environment/doc/Chubb_2021_Climate-Related_Financial_Disclosure_and_Environmental_Report.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> https://insureourfuture.co/wp-content/uploads/2021/11/2021-Insure-Our-Future-Scorecard.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> https://global.insure-our-future.com/wp-content/uploads/sites/2/2022/02/IOF-Brazil-report_FINAL.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> https://www.theenergymix.com/2021/09/16/chubb-quietly-confirms-withdrawal-as-trans-mountain-insurer/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> https://www.swissre.com/media/news-releases/nr-20211214-sigma-full-year-2021-preliminary-natcat-loss-estimates.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP>https://www.insurancejournal.com/research/app/uploads/2018/08/IAIS_and_SIF_Issues_Paper_on_Climate_Change_Risks_to_the_Insurance_Sector_-1.pdf.
Pg 17.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> https://www.insurancebusinessmag.com/us/news/environmental/generali-unveils-ambitious-climate-goals-259573.aspx</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> https://www.suncorpgroup.com.au/corporate-responsibility/sustainable-growth/responsible-banking-insurance-investing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> https://www.reuters.com/business/sustainable-business/swiss-re-cuts-fossil-fuel-cover-oil-gas-help-climate-2022-03-17/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> https://www.insurancejournal.com/news/international/2021/11/18/642779.htm</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP> https://aig.gcs-web.com/node/53226/pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> <FONT STYLE="color: #3C4043; background-color: white">https://www.ussif.org/sribasics</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>20</SUP> <FONT STYLE="background-color: white">https://www.insurancebusinessmag.com/us/news/environmental/chubb-ceo-underfire-for-environmental-approach--70-groups-join-forces-255727.aspx</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>21</SUP> <FONT STYLE="background-color: white">https://www.washingtonpost.com/climate-environment/2021/10/26/climate-change-insurance-coal/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>22</SUP> <FONT STYLE="color: #3C4043; background-color: white">https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/chubb-mapfre-tokio-marine-criticized-over-brazil-offshore-oil-cover-68488210</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>23</SUP> https://www.reuters.com/business/sustainable-business/insurer-aig-steps-back-coal-arctic-energy-underwriting-2022-03-01/#:~:text=March%201%20(Reuters)%20%2D%20U.S.,coal%20mines%20or%20oil%20sands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>24</SUP> https://www.reuters.com/business/sustainable-business/big-insurance-companies-launch-net-zero-climate-alliance-2021-07-11/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>25</SUP> https://www.nytimes.com/2021/11/23/business/dealbook/insurance-companies-coal.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>26</SUP> <FONT STYLE="color: #3C4043; background-color: white">https://www.reuters.com/article/us-chubb-ltd-ch-coal-policy/u-s-insurer-chubb-pulls-back-from-coal-idUSKCN1TW3I2</FONT></P>
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