<SEC-DOCUMENT>0001104659-22-047331.txt : 20220419
<SEC-HEADER>0001104659-22-047331.hdr.sgml : 20220419
<ACCEPTANCE-DATETIME>20220419160956
ACCESSION NUMBER:		0001104659-22-047331
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220419
DATE AS OF CHANGE:		20220419

FILER:

	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:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11778
		FILM NUMBER:		22835060

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>tm2135945d5_defa14a.htm
<DESCRIPTION>DEFA14A
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="border-top: Black 2pt solid; font-size: 1pt; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington,&nbsp;D.C. 20549 </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE&nbsp;14A</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B STYLE="font-style: normal; font-weight: normal">Proxy Statement Pursuant to Section&nbsp;14(a)
of</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">the Securities Exchange Act of 1934 (Amendment
No.&nbsp;&nbsp;&nbsp;&nbsp;)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Filed by the Registrant <FONT STYLE="font-family: Wingdings">&thorn;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Filed by a Party other than the Registrant <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Check the appropriate box:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.35pt; text-align: justify; text-indent: -18.35pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;</B>Preliminary
Proxy Statement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.35pt; text-align: justify; text-indent: -18.35pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;Confidential,
for Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2)) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.35pt; text-align: justify; text-indent: -18.35pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;Definitive
Proxy Statement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.35pt; text-align: justify; text-indent: -18.35pt"><FONT STYLE="font-family: Wingdings">&thorn;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;Definitive
Additional Materials</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.35pt; text-align: justify; text-indent: -18.35pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;Soliciting
Material Pursuant to &sect;&nbsp;240.14a-12</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.35pt; text-align: justify; text-indent: -18.35pt">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>Chubb Limited
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Registrant as Specified in its Charter)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Person(s) Filing Proxy Statement, if
Other Than the Registrant)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Payment of Filing Fee (Check the appropriate
box):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.3pt"><FONT STYLE="font-family: Wingdings">&thorn;</FONT></TD><TD STYLE="text-align: justify">No fee required</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.3pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Fee paid previously with
                                            preliminary materials</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.3pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Fee computed on table in exhibit required by Item
                                            25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11</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"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 12pt; width: 100%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<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"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2135945_def14aimg001.jpg" ALT="">&nbsp;<P STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Invitation
                                            to the Annual General Meeting of Chubb Limited</B></FONT></P>
<P STYLE="text-align: center; font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>Thursday,
May 19, 2022, 2:45 p.m. Central European Time at the offices of Chubb Limited, B&auml;rengasse 32, CH-8001 Zurich, Switzerland</B></FONT></P> <P STYLE="text-align: center; font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B><I>NOTE:
                                            Due to the coronavirus (COVID-19) pandemic, shareholders may only exercise their rights by
                                            the independent proxy and may not attend the meeting in person</I></B></FONT><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ITEM 1</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.55pt"><U>Approval
of the management report, standalone financial statements and consolidated financial statements of Chubb Limited for the year ended December
31, 2021</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">PROPOSAL OF THE BOARD OF DIRECTORS</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">Our Board of Directors is asking
shareholders to approve Chubb Limited&rsquo;s management report, standalone financial statements and consolidated financial statements
for the year ended December 31, 2021.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ITEM 2</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Allocation of disposable
profit and distribution of a dividend out of legal reserves (by way of release and allocation to a dividend reserve)</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; 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: 56.7pt"><B>Item 2.1</B></TD><TD STYLE="text-align: justify"><B>Allocation of disposable profit</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; text-align: justify">PROPOSAL OF THE BOARD OF DIRECTORS</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">Our Board of Directors is asking
shareholders to approve that the Company&rsquo;s disposable profit (including the profit for the year and the other items as shown below
and on Chubb Limited&rsquo;s standalone financial statements) be carried forward. The following table shows the appropriation of available
earnings as proposed by the Board of Directors for the year ended December 31, 2021:</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"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Times New Roman; width: 70%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman; page-break-inside: avoid">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD COLSPAN="2" STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; text-align: center">(in&nbsp;millions&nbsp;of&nbsp;Swiss&nbsp;francs)</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
    </TR>
<TR STYLE="font: 10pt Times New Roman; background-color: rgb(204,238,255); page-break-inside: avoid">
<TD STYLE="vertical-align: top; width: 65%">Balance brought forward</TD>
<TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: right; width: 33%">10,928</TD>
<TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    </TR>
<TR STYLE="font: 10pt Times New Roman; page-break-inside: avoid; background-color: White">
<TD STYLE="vertical-align: top">Profit for the year</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: right">4,330</TD>
<TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    </TR>
<TR STYLE="font: 10pt Times New Roman; background-color: rgb(204,238,255); page-break-inside: avoid">
<TD STYLE="vertical-align: top">Cancellation of treasury shares</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: right">(398</TD>
<TD STYLE="white-space: nowrap; vertical-align: bottom">)&nbsp;</TD>
    </TR>
<TR STYLE="font: 10pt Times New Roman; page-break-inside: avoid; background-color: White">
<TD STYLE="white-space: nowrap; vertical-align: top">Attribution to reserve for treasury shares</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: right">447</TD>
<TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    </TR>
<TR STYLE="font: 10pt Times New Roman; page-break-inside: avoid; background-color: rgb(204,238,255)">
<TD STYLE="vertical-align: top">Balance carried forward</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: right">15,307</TD>
<TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    </TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; 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: 56.7pt"><B>Item 2.2</B></TD><TD STYLE="text-align: justify"><B>Distribution of a dividend
                                            out of legal reserves (by way of release and allocation to a dividend reserve)</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; text-align: justify">PROPOSAL OF THE BOARD OF DIRECTORS</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">Our Board of Directors proposes:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt">(a)</TD><TD STYLE="text-align: justify">that an aggregate amount equal to CHF 2,200,000,000
                                            be released from the capital contribution reserves account, a sub-account of legal reserves,
                                            and allocated to a segregated dividend reserve account from capital contribution reserves
                                            (Dividend Reserve), and</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                             </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt">(b)</TD><TD STYLE="text-align: justify">to distribute a dividend to the shareholders
                                            up to an aggregate amount totaling USD 3.32 per Common Share from, and limited at a maximum
                                            to the amount of, the Dividend Reserve in one or more installments, in such amounts and on
                                            such record and payment dates as determined by the Board of Directors in its discretion.</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; text-align: justify">If the Board of Directors deems
it advisable for the Company, the Board of Directors shall be authorized to abstain (in whole or in part) from distributing a dividend
in its discretion. The authorization of the Board of Directors to distribute the installments from the Dividend Reserve will expire on
the date of the 2023 annual general meeting, on which date any balance remaining in the Dividend Reserve will be automatically reallocated
to the capital contribution reserves account of legal reserves.</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"><B>ITEM 3</B></P>

<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; text-align: justify; text-indent: -0.55pt"><B><U>Discharge
of the Board of Directors</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.55pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">PROPOSAL OF THE BOARD OF DIRECTORS</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">Our Board of Directors is asking
shareholders to discharge the Board of Directors for the financial year ended December 31, 2021.</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"></P>

<!-- Field: Page; Sequence: 2; Value: 102 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"> </FONT></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ITEM 4</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Election of auditors</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; 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: 0.75in"><B>Item 4.1</B></TD><TD STYLE="text-align: justify"><B>Election of PricewaterhouseCoopers
                                            AG (Zurich) as our statutory auditor</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; text-align: justify">PROPOSAL OF THE BOARD OF DIRECTORS</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">Our Board of Directors is asking
shareholders to elect PricewaterhouseCoopers AG (Zurich) as the Company&rsquo;s statutory auditor for the financial year ending December
31, 2022.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; 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: 57.4pt"><B>Item 4.2</B></TD><TD STYLE="text-align: justify"><B>Ratification of appointment
                                            of PricewaterhouseCoopers LLP (United States) as independent registered public accounting
                                            firm for purposes of U.S. securities law reporting</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; text-align: justify">PROPOSAL OF THE BOARD OF DIRECTORS</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">Our Board of Directors is asking
shareholders to ratify the appointment of PricewaterhouseCoopers LLP (Philadelphia, Pennsylvania, United States) as the Company&rsquo;s
independent registered public accounting firm for the year ending December 31, 2022.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; 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: 57.4pt"><B>Item 4.3</B></TD><TD STYLE="text-align: justify"><B>Election of BDO AG (Zurich)
                                            as special audit firm</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; text-align: justify">PROPOSAL OF THE BOARD OF DIRECTORS</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">Our Board of Directors is asking
shareholders to elect BDO AG (Zurich) as the Company&rsquo;s special audit firm until our next annual general meeting.</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"><B>ITEM 5</B></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; text-indent: -0.7pt"><B><U>Election
of the Board of Directors</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.7pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">PROPOSAL OF THE BOARD OF DIRECTORS</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">Our Board of Directors is asking
shareholders to elect each of the director nominees listed below individually to the Board of Directors until our next annual general
meeting.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 4pt; width: 0"></TD><TD STYLE="padding-bottom: 4pt; width: 56.7pt"><B>Item 5.1</B></TD><TD STYLE="padding-bottom: 4pt; text-align: justify"><B>Election
                                            of Evan G. Greenberg</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 4pt; width: 0"></TD><TD STYLE="padding-bottom: 4pt; width: 56.7pt"><B>Item 5.2</B></TD><TD STYLE="padding-bottom: 4pt; text-align: justify"><B>Election
                                            of Michael P. Connors </B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 4pt; width: 0"></TD><TD STYLE="padding-bottom: 4pt; width: 56.7pt"><B>Item 5.3</B></TD><TD STYLE="padding-bottom: 4pt; text-align: justify"><B>Election
                                            of Michael G. Atieh</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 4pt; width: 0"></TD><TD STYLE="padding-bottom: 4pt; width: 56.7pt"><B>Item 5.4</B></TD><TD STYLE="padding-bottom: 4pt; text-align: justify"><B>Election
                                            of Kathy Bonanno</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 4pt; width: 0"></TD><TD STYLE="padding-bottom: 4pt; width: 56.7pt"><B>Item 5.5</B></TD><TD STYLE="padding-bottom: 4pt; text-align: justify"><B>Election
                                            of Sheila P. Burke</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 4pt; width: 0"></TD><TD STYLE="padding-bottom: 4pt; width: 56.7pt"><B>Item 5.6</B></TD><TD STYLE="padding-bottom: 4pt; text-align: justify"><B>Election
                                            of Mary Cirillo</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 4pt; width: 0"></TD><TD STYLE="padding-bottom: 4pt; width: 56.7pt"><B>Item 5.7</B></TD><TD STYLE="padding-bottom: 4pt; text-align: justify"><B>Election
                                            of Robert J. Hugin </B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 4pt; width: 0"></TD><TD STYLE="padding-bottom: 4pt; width: 56.7pt"><B>Item 5.8</B></TD><TD STYLE="padding-bottom: 4pt; text-align: justify"><B>Election
                                            of Robert W. Scully</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 4pt; width: 0"></TD><TD STYLE="padding-bottom: 4pt; width: 56.7pt"><B>Item 5.9</B></TD><TD STYLE="padding-bottom: 4pt; text-align: justify"><B>Election
                                            of Theodore E. Shasta</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 4pt; width: 0"></TD><TD STYLE="padding-bottom: 4pt; width: 56.7pt"><B>Item 5.10</B></TD><TD STYLE="padding-bottom: 4pt; text-align: justify"><B>Election
                                            of David H. Sidwell</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 4pt; width: 0"></TD><TD STYLE="padding-bottom: 4pt; width: 56.7pt"><B>Item 5.11</B></TD><TD STYLE="padding-bottom: 4pt; text-align: justify"><B>Election
                                            of Olivier Steimer</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 4pt; width: 0"></TD><TD STYLE="padding-bottom: 4pt; width: 56.7pt"><B>Item 5.12</B></TD><TD STYLE="padding-bottom: 4pt; text-align: justify"><B>Election
                                            of Luis T&eacute;llez </B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 4pt; width: 0"></TD><TD STYLE="padding-bottom: 4pt; width: 56.7pt"><B>Item 5.13</B></TD><TD STYLE="padding-bottom: 4pt; text-align: justify"><B>Election
                                            of Frances F. Townsend</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; text-align: justify"></P>

<!-- Field: Page; Sequence: 3; Value: 102 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"> </FONT></P></DIV>
    <!-- Field: /Page -->

<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"><B>ITEM 6</B></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; text-indent: -0.7pt"><B><U>Election
of the Chairman of the Board of Directors</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">PROPOSAL OF THE BOARD OF DIRECTORS</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">Our Board of Directors is asking
shareholders to elect Evan G. Greenberg as Chairman of the Board of Directors until our next annual general meeting.</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"><B>ITEM 7</B></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; text-indent: -0.7pt"><B><U>Election
of the Compensation Committee of the Board of Directors</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.7pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">PROPOSAL OF THE BOARD OF DIRECTORS</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">Our Board of Directors is asking
shareholders to elect each of the director nominees Michael P. Connors, Mary Cirillo and Frances F. Townsend individually as members
of the Compensation Committee until our next annual general meeting.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 4pt; width: 0"></TD><TD STYLE="padding-bottom: 4pt; width: 56.7pt"><B>Item 7.1</B></TD><TD STYLE="padding-bottom: 4pt; text-align: justify"><B>Election
                                            of Michael P. Connors</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 4pt; width: 0"></TD><TD STYLE="padding-bottom: 4pt; width: 56.7pt"><B>Item 7.2</B></TD><TD STYLE="padding-bottom: 4pt; text-align: justify"><B>Election
                                            of Mary Cirillo</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 4pt; width: 0"></TD><TD STYLE="padding-bottom: 4pt; width: 56.7pt"><B>Item 7.3</B></TD><TD STYLE="padding-bottom: 4pt; text-align: justify"><B>Election
                                            of Frances F. Townsend</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; text-align: justify"><B>ITEM 8</B></P>

<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; text-align: justify; text-indent: -0.7pt"><B><U>Election
of Homburger AG as independent proxy</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">PROPOSAL OF THE BOARD OF DIRECTORS</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">Our Board of Directors is asking
shareholders to elect Homburger AG as the Company&rsquo;s independent proxy until the conclusion of our next annual general meeting.</P>

<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; text-align: justify"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"> </FONT></P></DIV>
    <!-- Field: /Page -->

<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; text-align: justify"><B>ITEM 9</B></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"><B><U>Amendment to the Articles
of Association relating to authorized share capital for general purposes</U></B></P>

<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; text-align: justify">PROPOSAL OF THE BOARD OF DIRECTORS</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">Our Board of Directors is asking
shareholders to approve an amendment to Article 6(a) of the Articles of Association to authorize our Board of Directors to increase the
Company&rsquo;s share capital within two years following the Annual General Meeting to a maximum amount equal to CHF 4,830,000,000, which
amount would be divided into 200,000,000 shares, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</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: 50%; padding-right: 27.6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Artikel
    6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genehmigtes Kapital zu allgemeinen Zwecken</B></FONT></TD>
    <TD STYLE="width: 50%; padding-right: 54.65pt; padding-left: 2.85pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article
    6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Share Capital for General Purposes</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 27.6pt 5pt 11.35pt; text-align: justify; text-indent: -11.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)
    Der Verwaltungsrat ist erm&auml;chtigt, das Aktienkapital jederzeit bis zum 19. Mai 2024 im Maximalbetrag von CHF 4&rsquo;830&rsquo;000&rsquo;000
    durch Ausgabe von h&ouml;chstens 200&rsquo;000&rsquo;000 vollst&auml;ndig zu liberierenden Namenaktien mit einem Nennwert von CHF
    24.15 je Aktie zu erh&ouml;hen.</FONT></TD>
    <TD STYLE="padding: 5pt 54.65pt 5pt 13.9pt; text-align: justify; text-indent: -11.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)
    The Board of Directors is authorized to increase the share capital from time to time until May&nbsp;19, 2024 by an amount not
    exceeding CHF 4,830,000,000 through the issue of up to 200,000,000 fully paid up registered shares with a nominal value of CHF 24.15
    each.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-right: 2.9pt; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>[b)-d)
    bleiben unver&auml;ndert.]</I></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 54.65pt; padding-left: 8.65pt; text-align: justify; text-indent: -5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>[b)-d)
    remain unchanged.]</I></FONT></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; text-align: justify"><B>ITEM 10</B></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"><B><U>Reduction of share capital</U></B></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">PROPOSAL OF THE BOARD OF DIRECTORS</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">Our Board of Directors is asking
shareholders to approve that (i) the Company&rsquo;s share capital be reduced by CHF 318,275,265 from CHF 11,098,270,493.10 to CHF 10,779,995,228.10
by cancelling 13,179,100 registered shares with a nominal value of CHF 24.15 each, all of which are held in treasury; (ii) it be acknowledged
that according to the special audit report prepared by PricewaterhouseCoopers AG (Zurich), the claims of creditors will be covered despite
the capital reduction; and (iii) Article 3(a) of the Articles of Association be amended as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</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 COLSPAN="2" STYLE="padding-right: 27.6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Artikel
    3 &nbsp;&nbsp;Aktienkapital</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 54.65pt; padding-left: 2.85pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article
    3&nbsp;&nbsp;&nbsp;Share Capital</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; text-align: justify; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a) </FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 31.9pt; padding-bottom: 5pt; text-align: justify; width: 48%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Das Aktienkapital der Gesellschaft betr&auml;gt CHF 10&rsquo;779&rsquo;995&rsquo;228.10
und ist eingeteilt in 446&rsquo;376&rsquo;614 auf den Namen lautende Aktien im Nennwert von CHF 24.15 je Aktie. Das Aktienkapital ist
vollst&auml;ndig liberiert.</FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; text-align: justify; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a) </FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 27.3pt; padding-bottom: 5pt; text-align: justify; width: 48%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The share capital of the Company amounts to CHF 10,779,995,228.10
and is divided into 446,376,614 registered shares with a nominal value of CHF 24.15 per share. The share capital is fully paid-in.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 3pt; padding-right: 27.6pt; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>[b)
    bleibt unver&auml;ndert.]</I></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 3pt; padding-right: 54.65pt; padding-left: 8.65pt; text-align: justify; text-indent: -5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>[b)
    remains unchanged.]</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ITEM 11</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.7pt"><U>Approval
of the maximum compensation of the Board of Directors and Executive Management</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.7pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; 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: 56.7pt"><B>Item 11.1</B></TD><TD STYLE="text-align: justify"><B>Compensation of the Board
                                            of Directors until the next annual general meeting</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; text-align: justify">PROPOSAL OF THE BOARD OF DIRECTORS</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">Our Board of Directors is asking
shareholders to approve a maximum total of USD 4.8 million in aggregate compensation for the members of the Board of Directors until
the 2023 annual general meeting.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; 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: 56.7pt"><B>Item 11.2</B></TD><TD STYLE="text-align: justify"><B>Compensation of Executive
                                            Management for the next calendar year</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; text-align: justify">PROPOSAL OF THE BOARD OF DIRECTORS</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">Our Board of Directors is asking
shareholders to approve a maximum total of USD 54 million in aggregate compensation for the members of Executive Management for the next
calendar year (2023).</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"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"> </FONT></P></DIV>
    <!-- Field: /Page -->

<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"><B>ITEM 12</B></P>

<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; text-align: justify"><B><U>Advisory vote to approve executive compensation
under U.S. securities law requirements</U></B></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">PROPOSAL OF THE BOARD OF DIRECTORS</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">Our Board of Directors is asking
shareholders to approve, on an advisory basis, the compensation paid to the Company&rsquo;s named executive officers, as disclosed pursuant
to the compensation disclosure rules of the SEC for the year ended December 31, 2021, including the Compensation Discussion &amp; Analysis,
compensation tables and related material disclosed in the proxy statement relating to our 2022 Annual General Meeting.</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"><B>ITEM 13</B></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"><B><U>Shareholder proposal regarding a policy
restricting underwriting of new fossil fuel supplies </U></B></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">SHAREHOLDER PROPOSAL</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">Green Century Capital Management
Inc., as representative of the Green Century Equity Fund, has submitted the following shareholder proposal:</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">Resolved:&#8203;&nbsp;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's Net Zero Emissions by 2050 Scenario.</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">Our Board has considered this
shareholder proposal and recommends that you vote &ldquo;AGAINST&rdquo; it.</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"><B>ITEM 14</B></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"><B><U>Shareholder proposal regarding a report
on greenhouse gas emissions </U></B></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">SHAREHOLDER PROPOSAL</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">As You Sow, as representative
of the As You Sow Shareholder Action Account, has submitted the following shareholder proposal:</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">Be It Resolved:&#8203;&nbsp;Shareholders
request that Chubb issue a report, at reasonable cost and omitting proprietary information, addressing whether and how it intends to
measure, disclose, and reduce the GHG emissions associated with its underwriting, insuring, and investment activities in alignment with
the Paris Agreement&rsquo;s 1.5<SUP>o</SUP>C goal, requiring net zero emissions.</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">Our Board has considered this
shareholder proposal and recommends that you vote &ldquo;AGAINST&rdquo; it.</P>

<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; text-align: justify"><B></B></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"> </FONT></P></DIV>
    <!-- Field: /Page -->

<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; text-align: justify"><B>ORGANIZATIONAL MATTERS</B></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"><B><U>Important Notice Regarding
Admission to the Annual General Meeting</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U STYLE="text-decoration: none">&nbsp;</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Due to the coronavirus (COVID-19) pandemic,
the Swiss government has authorized Swiss companies to direct that shareholders may only exercise their rights by the independent proxy
and not in person. While participants necessary to conduct the Annual General Meeting in compliance with Swiss law will be present at
the meeting location, in-person attendance by shareholders is not permitted. These measures are being taken pursuant to Swiss law and
in the interest of the health and wellbeing of our shareholders, employees, participants at the Annual General Meeting and the general
public, and due to uncertainties related to travel restrictions and other potential restrictions affecting the conduct of, or the participation
in, the general meeting. Shareholders may only exercise their rights by providing voting instructions to the independent proxy timely
in advance of the Annual General Meeting, either electronically or in writing (as described below).</B></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">Shareholders who are registered
in the share register on March&nbsp;25, 2022 will receive an individualized Notice of Internet Availability of Proxy Materials (which
we refer to as the Notice) from our share registrar. Beneficial owners of shares will receive the Notice or proxy materials, as well
as a voting instruction form, from their broker, bank, nominee or custodian acting as shareholder of record to indicate how they wish
their shares to be voted.</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">Each share carries one vote.
The exercise of voting rights is subject to the voting restrictions set out in our Articles of Association.</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">Beneficial owners of shares held
in &ldquo;street name&rdquo; and shareholders of record with voting rights at the close of business on March&nbsp;25, 2022 are entitled
to vote at the Annual General Meeting, except that shareholders who, upon application, become registered as shareholders with respect
to their shares in our share register after March&nbsp;25, 2022 but on or before May&nbsp;6, 2022 and wish to vote those shares at the
Annual General Meeting (by way of the independent proxy) will need to obtain proxy materials by contacting Investor Relations by telephone
at +1 (212) 827-4445 or via e-mail at&nbsp;investorrelations@chubb.com. Shareholders registered in our share register (as opposed to
beneficial holders of shares held in &ldquo;street name&rdquo;) who have sold their shares prior to May&nbsp;6, 2022 are not entitled
to vote those shares at the Annual General Meeting.</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"><B><U>Granting of proxy to the independent proxy</U></B></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">If you are a shareholder of record
you have the right to grant your voting proxy directly to the independent proxy, Homburger AG, Prime Tower, Hardstrasse 201, CH-8005
Zurich, Switzerland, in the sense of Article 689c of the Swiss Code of Obligations by completing, signing and submitting the corresponding
proxy card (including electronically).</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">Proxies granted to the independent
proxy must be received no later than 6:00&nbsp;p.m. Central European Time (12:00 noon Eastern Time) on May&nbsp;18, 2022.</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">By signing the proxy card (including
electronically) and if no other instructions are given, the shareholder instructs the independent proxy to vote in accordance with the
position of the Board of Directors as to each agenda item. If a new agenda item or a new proposal for an existing agenda item is put
before the Annual General Meeting and no other instructions are given, the shareholder instructs the independent proxy to vote in accordance
with the position of the Board of Directors. In case a shareholder invalidates these general instructions and does not provide any other
instructions, the independent proxy must abstain from voting on the shareholder&rsquo;s behalf.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>2022 Proxy Statement
and 2021 Annual Report of Chubb Limited</U></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chubb Limited&rsquo;s proxy statement relating to the Annual
General Meeting, which includes further explanations of the agenda items described above, Chubb Limited&rsquo;s 2021 Annual Report
containing the Company&rsquo;s audited consolidated financial statements with accompanying notes and its audited statutory
standalone financial statements prepared in accordance with Swiss law, the Company&rsquo;s Swiss law compensation report, management
report, the statutory auditor&rsquo;s report, as well as additionally required Swiss disclosures, and the statutory auditor&rsquo;s
report related to Agenda Item 10 above, are available on the
Company&rsquo;s&nbsp;website&nbsp;in&nbsp;the&nbsp;Investor&nbsp;Information&nbsp;section at
http://investors.chubb.com/investor-relations/shareholder-resources/shareholder-meeting-materials/default.aspx. Copies of these
documents may be obtained without charge by contacting Chubb Limited Investor Relations by telephone at +1&nbsp;(212)&nbsp;827-4445
or via e-mail at investorrelations@chubb.com. Copies may also be physically inspected at the offices of Chubb Limited,
B&auml;rengasse 32, CH-8001 Zurich, Switzerland.</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"></P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"> </FONT></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Zurich, April 19, 2022 </P>

<P STYLE="font: bold 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"><B>By Order of the Board of Directors,</B></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"><B>Joseph F. Wayland</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Executive Vice President,
General Counsel and Secretary</B></P>



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



<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 8; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>tm2135945_def14aimg001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2135945_def14aimg001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  < )$# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#W\D 9)P*Q
MG\7>&HW9'\1:2K*<%3>Q@@_]]4_Q3<2VGA'6KF!RDT5A/(CKU5A&Q!'XUYQX
M6^%'AO7/"VFZI?&^>ZNH%EE83XRQZ]J /0_^$Q\+_P#0R:/_ .!T7_Q5:T%Q
M#=01SV\T<T,BADDC8,K ]""."*\]_P"%)^$?2_\ _ C_ .M7=:9IT&D:7:Z?
M:[O(MHUBCWG)V@8&30 ^SU*QU$2&QO;>Z$3[)#!*K[&]#@\'VJS7C?PU\5Z'
MX?37X-5U&&UDDU*1T63.2O3/ ]J[G_A9/@[_ *#]K_X]_A1<#HK34K'4#*+*
M]M[DPOLE$,JOL;T;!X/L:+G4;&SN+>WNKVW@FN6VP1RRJK2GCA03ECR.GK7G
M/P>FCN&\3SQ,'CDU)G1AT(.2#3_B-_R/_@'_ *_7_P#0HJ0'IE5KG4K&SN+>
MWNKVW@FN6VP1RRJK2GCA03ECR.GJ*LUYG\1_^1^\ _\ 7\__ *%%3 ]*=UC1
MG=@J*,EF. !6-_PF/A?_ *&31_\ P.B_^*J]J_\ R!+_ !U^SR?^@FO!O"&C
M?#B[\,VLVOZEY.IL7\Y//9<8<A> /[N*5QGM?_"8^%_^ADT?_P #HO\ XJM:
MVN;>\MTN+6>*>%QE9(G#*P]B.#7C/_"._!__ *#/_DTW^%=G\*8+N#P>5N#*
M;<W4C61E.28.-I&><'DC_"BX'47^O:/I4RPZCJUC9RLNY4N+A(V(Z9 8CC@U
M4_X3'PO_ -#)H_\ X'1?_%5YU\1+70KSXG:9%XCN/(T_^S"2^\K\V]\<BJG_
M  COP?\ ^@Q_Y--_A1<+'K=CKVC:G*8M/U:PNY -Q2WN4D('K@$U;2Y@DE:)
M)HVD0X9 P)'U%>/Z!I6A6GQ#T1O ]W+<VP28ZD5E+JJ;0$W9]23@>H]J].AT
M(1:R=1%W+G<S&)>%;((^;UQGCTH UZ***8C)\4P2W7A#6K>!"\LMA.B*.K,8
MV 'YUYMX3^+/AG1O"FF:;=M>"XMH%CDVP9&1UYS7K]% 'G7_  NOPC_>OO\
MP'_^O7<Z9J,&KZ7;:C;;O(N8UECW#!P1D9%7** /'/AIX6T374U^?5-,@NI8
M]2D16D&2!UQ7=GX<^$,?\@"S_P"^3_C7444 >8?!Z&.W;Q/#$@2./4F1%'0
M9 %'Q6D.FZ[X0UV>.0V%A>,;AT&2N2A''OM/Y5Z?12 \Y_X77X1_O7W_ (#_
M /UZYO5O%VF^.?B#X-315N':SNFDF$D>W"Y0YZ] $->U44#*6L?\@2__ .O>
M3_T$UX/X/UOX<V?ABU@U_35FU)2_FR&V+YRY*\_[N*^A:*!'B_\ PDGP@_Z
MR_\ @&?\:ZSX233S^#7=]_V87DHLP_:'(V@>P.X5WE%%AW/(/B'=Z%9?%#3)
MO$=N)]/_ +,(*&/?\V]\<55_X23X0X_Y R_^ 9_QKVFBBP7/%]#U;P]>_$K0
A%\%6K6T6R==0"0E \>T%=V>H!'YXKVBBBF(**** /__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
