Elevance Health, Inc.

The proposal requests that the Board commission and publish an independent study, at reasonable cost and excluding confidential information, on the impacts to the company of adopting a policy that prohibits corporate funds from being used for direct contributions to partisan 527 tax-exempt political organizations. The proponent limits the request to partisan 527s (not candidate campaigns or ballot measures) and asks that the study include recommendations and potential next steps at the Board’s discretion. The supporting rationale cites reputational and financial risks from corporate funding of partisan 527s, the inability to control funds post-contribution, and examples of past Elevance contributions as context. The study is intended to inform the Board and shareholders about the potential business, governance and risk implications of such a prohibitory policy.