Company: ELV
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-199226
Chunk: 59

Company: Elevance Health, Inc.
Filing Date: 2025-09-09
Form: 424B3
Chunk 59
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 • |     | the conversion price or exchange ratio, and its method of calculation; |

| • |     | whether conversion or exchange is mandatory or at your election; and |

| • |     | how the conversion price or exchange ratio may be adjusted if our debt securities are redeemed. |

Defeasance The indentures include provisions allowing defeasance of the debt securities, which means that we may discharge our entire indebtedness under the indentures, if specific acts are performed. The indentures provide for full defeasance and covenant defeasance, as further described below. Full Defeasance. If there is a change in U.S. federal tax law, as described below, we can legally release ourselves from any payment or other obligations on the debt securities, which we refer to as a full defeasance, if we put in place the following other arrangements for you to be repaid:

| • |     | We must deposit in trust for your benefit and the benefit of all other direct holders of the debt securities of                                                                                                                                      
 the same series money or U.S. government or U.S. government agency notes or bonds, or a combination thereof, that will generate enough cash to make interest, principal, any premium and any other payments on the debt securities of that series on 
 their various due dates.                                                                                                                                                                                                                             |

| • |     | There must be a change in current U.S. federal tax law or an Internal Revenue Service ruling that lets us make                                                                                                                                            
 the above deposit without causing you to be taxed on the debt securities any differently than if we did not make the deposit and instead repaid the debt securities ourselves when due. Under current U.S. federal tax law, the deposit and our legal     
 release from the debt securities would be treated as though we took back your debt securities and gave you your share of the cash and debt securities or bonds deposited in trust. In that event, you could recognize gain or loss on the debt securities 
 you give back to us.                                                                                                                                                                                                                                      |

| • |     | We must deliver to the trustee a legal opinion of our counsel confirming the tax law change described above. |

If we ever did accomplish full defeasance, as described above, you would have to rely solely on the trust deposit for repayment of the debt securities. You could not look to us for repayment in the event of any shortfall. Conversely, the trust deposit would most likely be protected from claims of our lenders and other creditors if we ever become bankrupt or insolvent. In addition, the sub