<SEC-DOCUMENT>0001387131-22-005649.txt : 20220503
<SEC-HEADER>0001387131-22-005649.hdr.sgml : 20220503
<ACCEPTANCE-DATETIME>20220503104017
ACCESSION NUMBER:		0001387131-22-005649
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220503
DATE AS OF CHANGE:		20220503
EFFECTIVENESS DATE:		20220503

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:		22885061

	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:			Majority Action, LLC
		CENTRAL INDEX KEY:			0001738314
		IRS NUMBER:				825260248
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		1885 MISSION ST.
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94103
		BUSINESS PHONE:		2022152895

	MAIL ADDRESS:	
		STREET 1:		1885 MISSION ST.
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94103
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>cb-px14a6g_050322.htm
<DESCRIPTION>NOTICE OF EXEMPT SOLICITATION
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 71%; padding: 5pt">
    <P STYLE="font: 7pt Franklin Gothic; margin: 0">Notice Of Exempt Solicitation: (VOLUNTARY SUBMISSION)</P>
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Franklin Gothic">NAME OF REGISTRANT: </FONT>Chubb
    Limited</P>
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Franklin Gothic">NAME OF PERSON RELYING ON EXEMPTION:
    </FONT>Majority Action</P>
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Franklin Gothic">ADDRESS OF PERSON RELYING ON EXEMPTION:
    </FONT>PO Box 4831, Silver Spring, MD 20914</P>
    <P STYLE="font: 7pt Franklin Gothic; margin: 0">&nbsp;</P>
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0">Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated
    under the Securities Exchange Act of 1934. Submission is not required of this filer under the terms of the Rule but is made voluntarily.</P></TD>
    <TD STYLE="width: 29%; padding: 5pt; font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: black"><IMG SRC="cbpx14a6g001.jpg" ALT=""></FONT></TD></TR>
  </TABLE>

<HR ALIGN="CENTER" STYLE="width: 100%">

<P STYLE="font: 14pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>Chubb Limited [NYSE:CB]: Due to Chubb Limited&rsquo;s Failure
to Set a Net Zero Commitment, Implement Robust Exclusion Policies in line with a 1.5&deg;C Pathway, or Commit to Disclose the Impact of
its Insured and Financed Emissions:</B></P>

<P STYLE="font: 13pt Franklin Gothic; margin: 0 0 0 0.5in; color: #0072BD"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 16pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 13pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Franklin Gothic; font-size: 13pt"><B>Vote AGAINST Chair, CEO, and Chair of the Executive Committee, Evan
G. Greenberg (Item 5.1), and</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 16pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 13pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Franklin Gothic; font-size: 13pt"><B>Vote AGAINST Chair of the Risk &amp; Finance Committee, Olivier Steimer
(Item 5.11).</B></FONT></TD></TR></TABLE>

<P STYLE="font: 16pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0"><FONT STYLE="color: #0072BD"><B><I>The physical and financial risks posed by climate
change to long-term investors are systemic, portfolio-wide, unhedgeable and undiversifiable.</I></B></FONT><I> Therefore, the actions
of companies that fail to align to limiting warming to 1.5&deg;C pose risks to the financial system as a whole, and to investors&rsquo;
entire portfolios, in addition to specific risks to those companies. See <B>Appendix A</B> for more information regarding Majority Action&rsquo;s
Proxy Voting for a 1.5&deg;C World initiative and the transformation required in key industries. </I></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0"><FONT STYLE="color: #0072BD"><B>Chubb Limited (Chubb) has been one of the leading providers
of property and casualty insurance for new oil and gas projects,</B></FONT> according to research and analysis conducted by HTF Market
Intelligence.<SUP>1</SUP> Insurance companies are in a
unique position to accelerate the transition to a renewable energy future. Fossil fuel projects and operations require insurance to initiate
and/or operate; few can operate without it. Major insurance companies have begun adopting policies ending or limiting coverage for coal,<SUP>2</SUP>
which has resulted in a shrinking insurance market for the coal sector, forcing companies engaged in extraction to pay increased rates.<SUP>3</SUP>
Some insurance brokers have also begun limiting coverage for tar sands operations or Arctic drilling, shale oil, and other carbon-intensive
projects.<SUP>4</SUP></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Franklin Gothic; margin: 0; color: #0072BD"><FONT STYLE="font-size: 10pt"><B>Failure to set ambitious decarbonization
targets in line with </B></FONT><B><FONT STYLE="font-size: 10.5pt; background-color: white">1.5&deg;C</FONT> <FONT STYLE="font-size: 10pt">pathways,
and align companies&rsquo; business plans and policy influence to those targets, is a failure of strategy and corporate governance, for
which long-term investors should hold directors accountable.</FONT></B></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">Responsibility for climate change governance at Chubb is distributed between the Risk
and Finance Committee, with oversight responsibilities pertaining to climate risk, and the Executive Committee, which has responsibility
for Chubb&rsquo;s global environmental program and climate sustainability strategy.<SUP>5</SUP></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; padding-top: 6pt; padding-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 14pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>Target setting</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 83%; border: white 2.25pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><B>Net zero commitment by no later than 2050 for insurance operations</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: white 2.25pt solid; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Franklin Gothic; font-size: 17pt; color: white"><B>X</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><B>Robust interim targets that reduce the absolute impact of insurance operations, pursuant to a net zero insured emissions target</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Franklin Gothic; font-size: 17pt; color: white"><B>X</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">While Chubb has indicated it supports the &ldquo;global transition to a net zero economy
by 2050,&rdquo; it has not committed to align its insurance activities with a net zero by 2050 pathway.<SUP>6</SUP>
Consequently, the company does not have interim targets pursuant to a net zero target. Chubb is significantly lagging behind its peers
such as AIG, which recently committed to reaching net zero greenhouse gas (GHG) emissions across its underwriting and investment portfolios
by 2050 or sooner.<SUP>7</SUP></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 14pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>Fossil fuel exclusion policies</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 83%; border: white 2.25pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><B>Robust exclusion policies and exit strategies to immediately end all insurance coverage for coal projects and companies, new oil or gas expansion projects, and begin phasing out support for oil and gas companies, in line with a 1.5&deg;C pathway</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: white 2.25pt solid; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Franklin Gothic; font-size: 17pt; color: white"><B>X</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">In 2019 Chubb introduced a policy restricting thermal coal-related underwriting and investment.
Specific to underwriting, Chubb will not underwrite risks related to the construction and operation of new coal-fired plants, or new risks
for companies that generate more than 30% of revenues from thermal coal mining or companies that generate more than 30% of their energy
production from coal.<SUP>8</SUP> Though these restrictions
represent a step in the right direction on climate, Chubb&rsquo;s restriction policies do not rule out insuring new stand-alone coal mines,
according to analysis conducted by Insure Our Future.<SUP>9</SUP></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">Chubb has not adopted any near-term exclusion policies for fossil fuel-intensive projects
relating to Arctic oil and gas or the expansion of oil and gas production. While Chubb has publicly indicated that it does not currently
insure any tar sands projects and, according to its proxy, will not do so in the future,<SUP>10</SUP>
the company does not appear to have issued a formal policy excluding such projects or companies.<SUP>11</SUP></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt; padding-top: 6pt; padding-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 14pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>Disclosure and measurement</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 83%; border: white 2.25pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><B>Disclose and measure climate impact and insured and financed emissions through a rigorous and accepted framework</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: white 2.25pt solid; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Franklin Gothic; font-size: 17pt; color: white"><B>X</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">Chubb has not committed to disclose and measure the impact of its insurance activities
or its financed emissions through the Partnership for Carbon Accounting Financials (PCAF), through which financial institutions can disclose
the emissions of their investments, and which is developing industry standards for emissions from insurance activities in partnership
with the Net Zero Insurance Alliance.<SUP>12</SUP> In
2021 Chubb issued its first Task Force on Climate&ndash;related Financial Disclosures (TCFD) report; however, the company does not disclose
its scope 3 financed or insured emissions &ndash; the GHG emissions associated with its insurance activities and investments.<SUP>13</SUP></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 14pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>Shareholder Proposal Regarding a Policy Restricting Underwriting
of New Fossil Fuel Supplies (Item 13)</B></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">Chubb&rsquo;s 2022 proxy statement includes a shareholder proposal requesting that the
company&rsquo;s Board of Directors adopt and disclose new policies to to help ensure that its underwriting practices do not support new
fossil fuel supplies, in alignment with the International Energy Agency&rsquo;s (IEA&rsquo;s) Net Zero Emissions by 2050 scenario. The
proposal states that Chubb&rsquo;s Board and management should define the scope, time frame and parameters of the policy, including a
definition of &ldquo;new fossil fuel supplies,&rdquo; that includes exploration for and/or development of oil, gas and coal resources
or reserves beyond those fields already in production.<SUP>14</SUP></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 14pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>Shareholder Proposal Regarding a Report on Greenhouse Gas Emissions
(Item 14)</B></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">The Chubb 2022 proxy statement includes a shareholder proposal requesting that the company
issue a report 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&deg;C goal. In response to the proposal, Chubb states
it would be &ldquo;impossible&rdquo; for Chubb to measure the GHG emissions of its &ldquo;insureds&rdquo; or companies in which it has
investments, and that it is unaware of a methodology by which it could measure the GHG emissions from its &ldquo;insureds.&rdquo; However,
in September 2021, PCAF announced a partnership with the UN-convened Net-Zero Insurance Alliance and leading insurance and reinsurance
companies to develop the first global standard to measure and disclose insured GHG emissions.<SUP>15</SUP>
To date, PCAF&rsquo;s membership includes thirteen insurance companies with more than $3.04 trillion in total financial assets.<SUP>16</SUP></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>Conclusion:</B></P>

<P STYLE="font: 12pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>Chubb has failed to set a net zero commitment, failed to implement
robust exclusion policies in line with a 1.5&deg;C pathway, and failed to disclose the impact of its insured emissions through PCAF. Therefore,
we recommend that shareholders vote AGAINST Chair, CEO, and Chair of the Executive Committee Evan G. Greenberg (Item 5.1), and Risk &amp;
Finance Committee Chair Olivier Steimer (Item 5.11), at the company's annual meeting on May 19, 2022.</B></P>

<P STYLE="font: 12pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>We recommend shareholders vote in favor of Shareholder Proposal
Regarding a Policy Restricting Underwriting of New Fossil Fuel Supplies (Item 13), and vote in favor of Shareholder Proposal Regarding
a Report on Greenhouse Gas Emissions (Item 14). </B></P>

<P STYLE="font: 12pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B></B></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt; padding-top: 6pt; padding-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>&nbsp;</B></P>

<P STYLE="font: 21pt Georgia, Times, Serif; margin: 20pt 0 6pt; color: #0072BD">Appendix A: Proxy Voting
for a 1.5&deg;C World</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 12pt; color: #0072BD"><B>The
world is currently on track to reach disastrous levels of warming, driving massive harm and threatening the lives and livelihoods of millions.</B></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">Corporate leaders in the industries responsible for this crisis have failed
to take up the leadership required to change course.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>&ldquo;Climate risk&rdquo; is systemic, escalating and irreversible
- and corporate boards urgently need to take responsibility for averting and mitigating this risk. </B></P>

<P STYLE="font: 12pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">The UN Intergovernmental Panel on Climate Change (IPCC) in 2018 made clear that in order
to have at least a 50% chance of limiting warming to 1.5&deg;C and avoiding the most catastrophic effects of the climate crisis, we must
bring global, economy-wide carbon emissions down to net zero by 2050 at the latest.<SUP>17</SUP>
According to the International Energy Agency (IEA), in order to achieve net zero emissions globally by 2050, the electricity sector must
reach net zero emissions in OECD countries no later than 2035 and there can be no investment in new fossil fuel production from today.<SUP>18</SUP>
The IPCC also recognizes that reducing rates of deforestation and forest degradation also represents one of the most effective and robust
options for climate change mitigation.<SUP>19</SUP></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">That means that corporate directors must ensure that companies set ambitious decarbonization
targets in line with 1.5&deg;C pathways, and align companies&rsquo; business plans, capital expenditures, and policy influence to those
targets. Despite the escalating climate crisis, systemically important U.S. companies continue to invest in the expansion and continued
use of fossil fuels, further accelerating global warming.<SUP>20</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 12pt; color: #0072BD"><B>The
physical and financial risks posed by climate change to long-term investors are systemic, portfolio-wide, unhedgeable and undiversifiable.</B></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">Therefore, the actions of companies that directly or indirectly impact climate
outcomes pose risks to the financial system as a whole and to investors&rsquo; entire portfolios. In order to manage this systemic portfolio
risk, investors must move beyond disclosure and company-specific climate risk management frameworks and focus on holding accountable the
relatively small number of large companies whose actions are a significant driver of climate change. </FONT></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">When directors fail to transform corporate business practices in line with 1.5&deg;C
pathways, responsible investors must use their most powerful tool &ndash; their proxy voting power &ndash; to vote against directors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>Bold and unprecedented action by investors is a prerequisite
to averting further global economic and financial catastrophe. While past shareholder efforts at standard setting, disclosure and engagement
have laid important groundwork, company commitments won thus far have been far too incremental, far too hard fought, and collectively
insufficient to the scale of the crisis.</B></P>

<P STYLE="font: 12pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B></B></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt; padding-top: 6pt; padding-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B></B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 12pt; color: #0072BD"><B>Business-as-usual
proxy voting will not suffice to address the seriousness of the crisis at hand.</B></FONT> <FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">We
urge investors to vote against directors at companies failing to implement plans consistent with limiting global warming to 1.5&ordm;C.
</FONT></P>

<P STYLE="font: 18pt Georgia, Times, Serif; margin: 0.25in 0 6pt; color: #0072BD">Key Sectors Are Critical
to Curbing the Climate Crisis</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">The electric power, finance, transportation, and oil and gas sectors are key drivers
of the production and consumption of fossil fuels and must all make dramatic transformations to curb the worst of catastrophic climate
change and protect long-term investors. Similarly, companies driving deforestation &ndash; including companies that source key deforestation-linked
agricultural commodities, driving market demand for one of the greatest threats to the world&rsquo;s forests &ndash; must adopt comprehensive
climate policies and end deforestation.</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">Substantial votes against board members at these companies could help realign business
and investment plans to the goals of the Paris Agreement, hold companies accountable for lobbying and policy influence practices that
obstruct climate action, and align executive compensation to key decarbonization goals.</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">While each industry and company will need to chart its own path in pursuing decarbonization
consistent with limiting warming to 1.5&ordm;C, setting a target to reach net zero emissions by no later than 2050 is a critical first
step. In the absence of such a target, investors can have no confidence that the company will be able to transform its business consistent
with limiting warming to 1.5&ordm;C.</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 18pt Georgia, Times, Serif; margin: 0; color: #0072BD">Voting guide: Insurance</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">Insurance companies are in a unique position to accelerate the transition to a renewable
energy future. Fossil fuel projects and operations require insurance to initiate and/or operate; few can operate without it. Major insurance
companies have begun adopting policies ending or limiting coverage for coal,<SUP>21</SUP>
which has resulted in a shrinking insurance market for the coal sector, forcing companies engaged in extraction to pay increased rates.<SUP>22</SUP>
Some insurance brokers have also begun limiting
coverage for tar sands operations or Arctic drilling, shale oil, or other carbon-intensive projects.<SUP>23</SUP></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">North America was one of the largest
regional markets for oil and gas insurance<SUP>24</SUP>
in 2018, representing 43% of global premiums. Yet recent analysis has shown that American insurers lag
in adopting policies<SUP>25</SUP> to limit coverage
for fossil fuels compared to non-U.S. peers.</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">Insurers are also significant institutional investors in fossil fuels; major
U.S. insurance companies still have nearly $90bn of investments in coal,<SUP>26</SUP>
which is the single biggest contributor to anthropogenic climate change.</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt; padding-top: 6pt; padding-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 18pt Georgia, Times, Serif; margin: 0; color: #0072BD">Target Setting</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">The first step for any U.S. insurer in aligning its activities to limiting warming to
1.5&deg;C is committing to reducing its Scope 3 insured emissions to net zero by 2050 at the latest. Pursuant to those targets, insurance
companies should adopt robust interim targets that seek to reduce their absolute insured emissions.</P>

<P STYLE="font: 13pt Franklin Gothic; margin: 0; color: #0072BD"><B>&nbsp;</B></P>

<P STYLE="font: 13pt Franklin Gothic; margin: 0; color: #0072BD"><B>Key Data Sources: </B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">Insure Our Future, </FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">2021
Scorecard on Insurance, Fossil Fuels and Climate Change</FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt"><SUP>27</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">CDP (formerly Carbon Disclosure Project), company-submitted </FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">climate
change questionnaires</FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt"><SUP>28</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 18pt Georgia, Times, Serif; margin: 0; color: #0072BD">Fossil Fuel Exclusion Policies</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">Insurance companies should ensure all services provided to the fossil fuel industry are
consistent with a 1.5&deg;C pathway and in line with the IEA Net-Zero Scenario. This means adopting exclusion policies and exit strategies
to immediately end all insurance coverage for coal projects and companies, end insurance for new oil or gas expansion projects, and begin
phasing out support for oil and gas companies, in line with a 1.5&deg;C pathway. Insurance companies should prioritize insurance and investment
into clean energy projects to accelerate a decarbonization transition.</P>

<P STYLE="color: #0072BD; font: 13pt Franklin Gothic; margin: 0.25in 0 6pt"><B>Key Data Sources: </B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">Insure Our Future, </FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">2021
Scorecard on Insurance, Fossil Fuels and Climate Change</FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt"><SUP>29</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 18pt Georgia, Times, Serif; margin: 0.25in 0 6pt; color: #0072BD">Disclosure and Measurement</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">Insurance companies should commit to disclose and measure climate impact and insured
emissions through a rigorous and accepted framework, for example the Partnership for Carbon Accounting Financials, which is developing
a framework for disclosure and measurement<SUP>30</SUP>
in partnership with the Net Zero Insurance Alliance. This reporting should allow regulators and the public to understand the extent of
an insurer&rsquo;s climate exposure, the level of risk an insurer bears, and how it is managing those risks.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 13pt Franklin Gothic; margin: 0; color: #0072BD"><B>Key Data Sources: </B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">Partnership
for Carbon Accounting Framework signatories</FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt"><SUP>31</SUP></FONT></TD></TR></TABLE>

<P STYLE="color: #0072BD; font: 18pt Georgia, Times, Serif; margin: 16pt 0 4pt"></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-bottom: 6pt; padding-top: 6pt; padding-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 18pt Georgia, Times, Serif; color: #0072BD; margin: 16pt 0 4pt">Summary table</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="2" STYLE="width: 22%; border: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 9pt; color: white"><B>TARGET SETTING </B></FONT></TD>
    <TD STYLE="width: 8%; border-top: white 2.25pt solid; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><B>1.1</B></FONT></TD>
    <TD STYLE="width: 70%; border-top: white 2.25pt solid; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-size: 9pt; color: white">Commit to net zero emissions by 2050&nbsp;&nbsp;for insurance and reinsurance underwriting portfolios</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><B>1.2</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD">
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; color: white">Robust interim targets that reduce the absolute impact of insured
    emissions, pursuant to a net zero emissions target</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; color: white">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 9pt; color: white"><B>FOSSIL FUEL EXCLUSION POLICIES</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><B>2.1</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-size: 9pt; color: white">Robust exclusion policies and exit strategies to immediately end all insurance coverage for coal projects and companies, new oil or gas expansion projects, and begin phasing out support for oil and gas companies, in line with a 1.5&deg;C pathway&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 9pt; color: white"><B>DISCLOSURE AND MEASUREMENT</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><B>3.1</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-size: 9pt; color: white">Disclose and measure climate impact and insured and financed emissions through a rigorous and accepted framework</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>





<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>1</SUP></FONT>
<FONT STYLE="font-size: 8pt">Insure Our Future, <I>Time for the insurance industry to unfriend oil and gas</I>, June 2020, </FONT><FONT STYLE="font-size: 8pt; color: #1155CC">https://insureourfuture.co/wp-content/uploads/2020/06/InsureOurFuture-Oil-and-Gas-Insuance-Briefing-0620.pdf</FONT><FONT STYLE="font-size: 8pt">,
p. 6</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>2</SUP></FONT>
<FONT STYLE="font-size: 8pt">Insure Our Future, <I>2021 Scorecard on Insurance Fossil Fuels and Climate Change: U.S. Insurers Falling
Further Behind Global Industry</I>, &ldquo;</FONT><FONT STYLE="font-size: 8pt; color: #1155CC">https://static1.squarespace.com/static/5b7c9307f79392b49031d551/t/61818e8b5834080b7609b568/1635880599522/US+briefing+on+IOF+scorecard.pdf</FONT><FONT STYLE="font-size: 8pt">,
p. 2</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>3</SUP></FONT>
<FONT STYLE="font-size: 8pt">Insure Our Future,<I>Time for the insurance industry to unfriend oil and gas</I>, June 2020, </FONT><FONT STYLE="font-size: 8pt; color: #1155CC">https://insureourfuture.co/wp-content/uploads/2020/06/InsureOurFuture-Oil-and-Gas-Insuance-Briefing-0620.pdf</FONT><FONT STYLE="font-size: 8pt">,
p. 4</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>4</SUP></FONT>
<FONT STYLE="font-size: 8pt">Insure Our Future, <I>2021 Scorecard on Insurance, Fossil Fuels and Climate Change</I>, </FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #1155CC">https://insure-our-future.com/wp-content/uploads/2021/11/2021-IOF-Scorecard.pdf</FONT>
pp. 23-24</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>5</SUP></FONT>
<FONT STYLE="font-size: 8pt">Chubb, <I>Chubb 2021 Climate-Related Financial Disclosure and Environmental Report</I>, 2021, </FONT><FONT STYLE="font-size: 8pt; color: #1155CC">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</FONT>
<FONT STYLE="font-size: 8pt">pp. 7-8</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>6</SUP></FONT>
<FONT STYLE="font-size: 8pt">Chubb, <I>Chubb 2021 Climate-Related Financial Disclosure and Environmental Report</I>, 2021,</FONT><FONT STYLE="font-size: 8pt; color: #1155CC">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</FONT>
<FONT STYLE="font-size: 8pt">p 5</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>7</SUP></FONT>
<FONT STYLE="font-size: 8pt">AIG, &ldquo;Our Net Zero Commitments&rdquo; </FONT><FONT STYLE="font-size: 8pt; color: #1155CC">https://www.aig.com/content/dam/aig/america-canada/us/documents/about-us/report/sustainability-net-zero-fact-sheet.pdf</FONT>
<FONT STYLE="font-size: 8pt">accessed Apr 28, 2022</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>8</SUP></FONT>
<FONT STYLE="font-size: 8pt">Chubb, &ldquo;Chubb Coal Policy&rdquo;, </FONT><FONT STYLE="font-size: 8pt; color: #1155CC">https://about.chubb.com/citizenship/environment/coal-policy.html</FONT>
<FONT STYLE="font-size: 8pt">accessed Apr 28,2022</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>9</SUP></FONT>
<FONT STYLE="font-size: 8pt">Ross Hammond, &ldquo;Chubb Becomes First U.S. Insurer to Restrict Business with Coal&rdquo;, <I>Insure Our
Future</I>, Jul 9, 2019, </FONT><FONT STYLE="font-size: 8pt; color: #1155CC">https://us.insure-our-future.com/chubb-adopts-coal-policy/</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>10</SUP></FONT>
<FONT STYLE="font-size: 8pt">Chubb Limited, SEC Filing on Form Def-14A, 2022, </FONT><FONT STYLE="font-size: 8pt; color: #1155CC">https://www.sec.gov/Archives/edgar/data/896159/000110465922042195/tm2135945-3_def14a.htm</FONT>
<FONT STYLE="font-size: 8pt">p. 50</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>11</SUP></FONT>
<FONT STYLE="font-size: 8pt">Lyle Adriano, &ldquo;Chubb exits from covering tar sands projects&rdquo;, <I>Insurance Business Canada</I>,
Sep 15, 2021, </FONT><FONT STYLE="font-size: 8pt; color: #1155CC">https://www.insurancebusinessmag.com/ca/news/environmental/chubb-exits-from-covering-tar-sands-projects-310101.aspx</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>12</SUP></FONT>
<FONT STYLE="font-size: 8pt">UN Environment Programme, &ldquo;PARTNERSHIP FOR CARBON ACCOUNTING FINANCIALS COLLABORATES WITH UN-CONVENED
NET-ZERO INSURANCE ALLIANCE TO DEVELOP STANDARD TO MEASURE INSURED EMISSIONS,&rdquo; Sep 6, 2021, </FONT><FONT STYLE="font-size: 8pt; color: #1155CC">https://www.unepfi.org/news/industries/insurance/partnership-for-carbon-accounting-financials-collaborates-with-un-convened-net-zero-insurance-alliance-to-develop-standard-to-measure-insured-emissions/</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>13</SUP></FONT>
<FONT STYLE="font-size: 8pt">Chubb Limited, SEC Filing on Form Def-14A, 2022, </FONT><FONT STYLE="font-size: 8pt; color: #1155CC">https://www.sec.gov/Archives/edgar/data/896159/000110465922042195/tm2135945-3_def14a.htm#tIT13p</FONT><FONT STYLE="font-size: 8pt">.
51</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>14</SUP></FONT>
<FONT STYLE="font-size: 8pt">Chubb Limited, SEC Filing on Form Def-14A, 2022, </FONT><FONT STYLE="font-size: 8pt; color: #1155CC">https://www.sec.gov/Archives/edgar/data/896159/000110465922042195/tm2135945-3_def14a.htm#tIT13</FONT>
<FONT STYLE="font-size: 8pt">p. 46</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 8pt"></FONT></P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-bottom: 6pt; padding-top: 6pt; padding-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 8pt"></FONT></P>
<HR ALIGN="LEFT" SIZE="1" STYLE="width: 100%">
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>15</SUP></FONT>
<FONT STYLE="font-size: 8pt">PCAF, &ldquo;PCAF collaborates with UN-convened Net-Zero Insurance Alliance to develop standard to measure
insured emissions&rdquo; Sep 6, 2021, </FONT><FONT STYLE="font-size: 8pt; color: #1155CC">https://carbonaccountingfinancials.com/newsitem/partnership-for-carbon-accounting-financials-collaborates-with-un-convened-net-zero-insurance-alliance-to-develop-standard-to-measure-insured-emissions</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>16</SUP></FONT>
<FONT STYLE="font-size: 8pt">Partnership for Carbon Accounting Financials, &ldquo;Financial Institutions Taking Action,&rdquo; </FONT><FONT STYLE="font-size: 8pt; color: #1155CC">https://carbonaccountingfinancials.com/financial-institutions-taking-action</FONT>
<FONT STYLE="font-size: 8pt">apply filter &ldquo;insurance&rdquo;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>17</SUP></FONT>
<FONT STYLE="font-size: 7pt">IPCC, <I>Special Report on Global Warming of 1.5&deg;C., </I>2018<I>, </I></FONT><FONT STYLE="font-size: 7pt">https://www.ipcc.ch/site/assets/uploads/sites/2/2019/06/SR15_Full_Report_Low_Res.pdf</FONT>
<FONT STYLE="font-size: 7pt">, pp. v, 5, 7-10, 95-97 and 116</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>18</SUP></FONT>
<FONT STYLE="font-size: 7pt">International Energy Agency (IEA), <I>Net Zero by 2050: A Roadmap for the Global Energy Sector, </I>May 2021.
https://www.iea.org/reports/net-zero-by-2050, Slide 8. </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>19</SUP></FONT>
<FONT STYLE="font-size: 7pt">IPCC. <I>Special Report on Climate Change and Land, Summary for Policy Makers</I>,January, 2020, </FONT><FONT STYLE="font-size: 7pt">https://www.ipcc.ch/site/assets/uploads/sites/4/2020/02/SPM_Updated-Jan20.pdf</FONT><FONT STYLE="font-size: 7pt">,
pp 23-24 and 26. </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>20</SUP></FONT>
<FONT STYLE="font-size: 7pt">Climate Action 100+: Net-Zero Company Benchmark Company Assessments https://www.climateaction100.org/progress/net-zero-company-benchmark/</FONT></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>21
</SUP></FONT><FONT STYLE="font-size: 8pt">Insure our Future, Scorecard on Insurance, Fossil Fuels and Climate Change: U.S. Insurers Falling
Further Behind Global Industry, Nov 2021, <FONT STYLE="color: #1155CC">https://static1.squarespace.com/static/5b7c9307f79392b49031d551/t/61818e8b5834080b7609b568/1635880599522/US+briefing+on+IOF+scorecard.pdf
</FONT>p. 2</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>22</SUP></FONT>
<FONT STYLE="font-size: 8pt">Insure our Future, Time for the insurance industry to unfriend oil and gas, June 2020, </FONT><FONT STYLE="font-size: 8pt; color: #1155CC">https://static1.squarespace.com/static/5b7c9307f79392b49031d551/t/5ef117efa1668a76c24bf565/1592858615423/InsureOurFuture+Oil+and+Gas+Insurance+Briefing+0620.pdf</FONT><FONT STYLE="font-size: 8pt">,
p. 4</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>23</SUP></FONT>
<FONT STYLE="font-size: 8pt">Insure our Future, Time for the insurance industry to unfriend oil and gas, June 2020, </FONT><FONT STYLE="font-size: 8pt; color: #1155CC">https://static1.squarespace.com/static/5b7c9307f79392b49031d551/t/5ef117efa1668a76c24bf565/1592858615423/InsureOurFuture+Oil+and+Gas+Insurance+Briefing+0620.pdf</FONT>
<FONT STYLE="font-size: 8pt">p. 4 </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>24</SUP></FONT>
<FONT STYLE="font-size: 8pt">Insure our Future, Time for the insurance industry to unfriend oil and gas, June 2020, </FONT><FONT STYLE="font-size: 8pt; color: #1155CC">https://static1.squarespace.com/static/5b7c9307f79392b49031d551/t/5ef117efa1668a76c24bf565/1592858615423/InsureOurFuture+Oil+and+Gas+Insurance+Briefing+0620.pdf</FONT>
<FONT STYLE="font-size: 8pt">p.5</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>25</SUP></FONT>
<FONT STYLE="font-size: 8pt">Insure our Future, Scorecard on Insurance, Fossil Fuels and Climate Change, Nov 2021, </FONT><FONT STYLE="font-size: 8pt; color: #1155CC">https://insure-our-future.com/wp-content/uploads/2021/11/2021-IOF-Scorecard.pdf</FONT>
<FONT STYLE="font-size: 8pt">p. 14</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>26</SUP></FONT>
<FONT STYLE="font-size: 8pt">Chris Seekings, &ldquo;US insurers still have $90bn invested in coal,&rdquo; <I>The Actuary</I>, Feb 25,
2021, </FONT><FONT STYLE="font-size: 8pt; color: #1155CC">https://www.theactuary.com/2021/02/24/us-insurers-still-have-90bn-invested-coal</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>27</SUP></FONT>
<FONT STYLE="font-size: 8pt">Insure our Future, <I>2021 Scorecard on Insurance, Fossil Fuels and Climate Change</I>, Nov 2021, </FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; color: #1155CC">https://insure-our-future.com/wp-content/uploads/2021/11/2021-IOF-Scorecard.pdf</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>28</SUP></FONT>
<FONT STYLE="font-size: 8pt">CDP, &ldquo;Search and view past CDP responses,&rdquo; </FONT><FONT STYLE="font-size: 8pt; color: #1155CC">https://www.cdp.net/en/responses?utf8=%E2%9C%93&amp;queries%5Bname%5D=AIG</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>29</SUP></FONT>
<FONT STYLE="font-size: 8pt">Insure <I>Our Future, 2021 Scorecard on Insurance, Fossil Fuels and Climate Change</I>, Nov 2021, </FONT><FONT STYLE="font-size: 8pt; color: #1155CC">https://insure-our-future.com/wp-content/uploads/2021/11/2021-IOF-Scorecard.pdf</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>30</SUP></FONT>
<FONT STYLE="font-size: 8pt">UN Environment Programme, &ldquo;PARTNERSHIP FOR CARBON ACCOUNTING FINANCIALS COLLABORATES WITH UN-CONVENED
NET-ZERO INSURANCE ALLIANCE TO DEVELOP STANDARD TO MEASURE INSURED EMISSIONS,&rdquo; Sep 6, 2021, </FONT><FONT STYLE="font-size: 8pt; color: #1155CC">https://www.unepfi.org/news/industries/insurance/partnership-for-carbon-accounting-financials-collaborates-with-un-convened-net-zero-insurance-alliance-to-develop-standard-to-measure-insured-emissions/</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>31</SUP></FONT>
<FONT STYLE="font-size: 8pt">Partnership for Carbon Accounting Financials, Financial institutions taking action, </FONT><FONT STYLE="font-size: 8pt; color: #1155CC">https://carbonaccountingfinancials.com/financial-institutions-taking-action</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 8pt; color: #1155CC">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-bottom: 6pt; padding-top: 6pt; padding-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>cbpx14a6g001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 cbpx14a6g001.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    /   _^X #D%D
M;V)E &3      ?_; (0 !@0$! 4$!@4%!@D&!08)"P@&!@@+# H*"PH*#! ,
M# P,# P0# X/$ \.#!,3%!03$QP;&QL<'Q\?'Q\?'Q\?'P$'!P<-# T8$! 8
M&A41%1H?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?
M'Q\?'Q\?'Q\?_\  $0@ +@#( P$1  (1 0,1 ?_$ *(  0 " P$! 0
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M@H)J55,!3).GHP!65=K^XLG=5NLU. ;5[I+CNA 6.0&L@$#DC].O',LAX=>
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M"JH6?+\SQ]&?Q^C+/+ '1WM=@PV=B'933(-R91SUDO"*(;B@I &M>E=(IDF
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IQ/ #SE<7H2N=]0_$\ /.5Q>A*YWU#\3P 2\KBS_P+7$^WG4/Q/ '_]D!

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