Company: ELV
Filing Date: 2025-04-14
Form Type: PX14A6G
Source: 0001214659-25-005850
Chunk: 2

Company: Elevance Health, Inc.
Filing Date: 2025-04-14
Form: PX14A6G
Chunk 2
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 a legal obligation to ensure equal opportunities that cultivate the strongest
possible teams — and to refrain from creating workplaces that are hostile, unsafe, discriminatory, or enable harassment.

Investors should seek effective inclusion programs for reasons that
go beyond legal considerations. Numerous studies have pointed to the benefits of a diverse and inclusive workforce. A small subset of
their findings include:

| 1. | Whistle Stop Capital and As You Sow researchers reviewed the workforce diversity of 1,641 companies between 2016-2021. Linear           
 regressions found statistically significant positive correlations between increased manager diversity and enterprise value growth rate, 
 free cash flow, return on equity, return on invested capital, and 10-year revenue growth, among other indicators.5                      |

For instance, within the health care sector,
statistically significant positive correlations were found between manager diversity and free cash flow per share, income after tax, long-term
growth, and 10-year compound annual growth rate. Elevance resides in a sector that has an opportunity to realize a financial benefit with
higher amounts of diverse representation within its leadership teams.

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https://www.sidley.com/en/insights/newsupdates/2023/08/us-supreme-court-ends-affirmative-action-in-higher-education--an-overview-and-practical-next-steps

https://natlawreview.com/article/what-dei-discrimination-latest-eeoc

https://www.eeoc.gov/statutes/title-vii-civil-rights-act-1964

https://www.asyousow.org/report-page/2023-positive-relationships-linking-workforce-diversity-and-financial-performance

| 3 |

| 2025                                                                                                                        
 Proxy Memo                                                                                                                  
 Elevance Health In| Shareholder Proposal Requesting a Report on Effectiveness of Efforts to Create a Meritocratic Workplace |

| 2. | The consultancy BCG found that innovation revenue was 19 percent higher in companies with above-average leadership diversity. In addition, 
 companies with above-average diversity had EBIT margins nine percentage points higher.6                                                    |

| 3. | A study of the S&P 500 by the Wall Street Journal found that the 20 most diverse companies had an average annual five-year 
 stock return that was 6% higher than the 20 least-diverse companies.7                                                      |

Benefits of diverse and inclusive teams have been found to include:
access to top talent, a better understanding of consumer preferences, a stronger mix of leadership skills, informed