<SEC-DOCUMENT>0001214659-23-005160.txt : 20230410
<SEC-HEADER>0001214659-23-005160.hdr.sgml : 20230410
<ACCEPTANCE-DATETIME>20230410165130
ACCESSION NUMBER:		0001214659-23-005160
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230410
DATE AS OF CHANGE:		20230410
EFFECTIVENESS DATE:		20230410

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ELI LILLY & Co
		CENTRAL INDEX KEY:			0000059478
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				350470950
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06351
		FILM NUMBER:		23811617

	BUSINESS ADDRESS:	
		STREET 1:		LILLY CORPORATE CTR
		STREET 2:		DROP CODE 1094
		CITY:			INDIANAPOLIS
		STATE:			IN
		ZIP:			46285
		BUSINESS PHONE:		3172762000

	MAIL ADDRESS:	
		STREET 1:		LILLY CORPORATE CENTER
		STREET 2:		DROP CODE 1094
		CITY:			INDIANAPOLIS
		STATE:			IN
		ZIP:			46285

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LILLY ELI & CO
		DATE OF NAME CHANGE:	19941024

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Mercy Investment Services, Inc.
		CENTRAL INDEX KEY:			0001699865
		IRS NUMBER:				263224636
		STATE OF INCORPORATION:			MO
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		2039 NORTH GEYER ROAD
		CITY:			ST. LOUIS
		STATE:			MO
		ZIP:			63131
		BUSINESS PHONE:		314-909-4609

	MAIL ADDRESS:	
		STREET 1:		2039 NORTH GEYER ROAD
		CITY:			ST. LOUIS
		STATE:			MO
		ZIP:			63131
</SEC-HEADER>
<DOCUMENT>
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<FILENAME>o410233px14a6g.htm
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 10, 2023&nbsp;</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">To Eli Lilly and Company Stockholders:&nbsp;&nbsp;</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">CommonSpirit Health, along with co-filers including School Sisters
of Notre Dame, Sisters of St. Francis-Dubuque, and Missionary Oblates of Mary Immaculate (together, the &ldquo;Proponents&rdquo;), are
<B>urging stockholders to vote FOR Item #11</B> at Eli Lilly and Company. (&ldquo;Lilly&rdquo; or the &ldquo;Company&rdquo;) annual stockholder
meeting on May 1, 2023.&nbsp;</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">Item #11 (the &ldquo;Proposal&rdquo;) calls on Lilly&rsquo;s board
to commission and publish an independent review of how Lilly&rsquo;s public policy advocacy, both direct and indirect through trade associations,
balances its commitments to promoting both innovation and affordability of medicines.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Resolved:</B> Shareholders request that the Board of Directors commission
and publish a third party review within the next year (at reasonable cost, omitting proprietary information) of how Eli Lilly and Company
(&ldquo;Lilly&rdquo;) reconciles the strong commitments to both innovation and patient access, reflected in Lilly&rsquo;s statement that
it &ldquo;strike[s] a balance between access and patient affordability, while sustaining investments to research innovative life-changing
treatments for some of today&rsquo;s most serious diseases&rdquo; &ndash; when lobbying and engaging in other policy advocacy activities
(both direct and through trade associations).</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<U>In Summary, the independent review requested by the proposal
would:</U>&nbsp;</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 0pt 0.75in; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Safeguard
Lilly&rsquo;s reputation by providing an independent analysis assessing the balance the Company has struck between its stated commitments
and public policy positions on innovation and patient access and its lobbying activities;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Provide
an opportunity for Lilly to address risks posed by overemphasizing one commitment at the expense of the other; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Bolster
shareholder confidence in Lilly&rsquo;s management of lobbying related alignment risks.&nbsp;</FONT></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; background-color: white">Lilly touts its twin commitments to innovation
and patient access and affordability of its medicines. It states: &ldquo;<FONT STYLE="color: #212121">We are proud to invest in innovation
that solves the world's most significant health challenges. But we know that&rsquo;s just the start of the conversation. Our commitment
to social impact inspires how we work to expand access to our medicines and tackle complex global health challenges.&rdquo;<SUP>1</SUP>
But those goals can conflict, given that branded medicines&mdash;the fruits of innovation&mdash;are often costly, which can undermine
patient access.&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #212121">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lilly has come under tremendous scrutiny for the price of its medicines,
especially insulin. The Senate Finance Committee (the &ldquo;Committee&rdquo;) investigated rising insulin prices&mdash;focusing on Lilly,
Sanofi, and Novo Nordisk&mdash;for nearly two years. The Committee found that Lilly spent only $395 million on research and development
costs for its insulin products Humalog, Humulin, and Basaglar between 2014 and 2018, compared to sales and marketing expenses of nearly
$1.5 billion. During that time, the three products accounted for $22.4 billion in revenue.<SUP>2</SUP></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">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP>  https://www.lilly.com/impact/access-to-medicines</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> <FONT STYLE="color: Black">https://www.finance.senate.gov/imo/media/doc/Grassley-Wyden%20Insulin%20Report%20(FINAL%201).pdf</FONT>,
at</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">This communication is not a solicitation of proxy
authority, and no proxy cards will be accepted. Vote your proxies in accordance with Eli Lilly&rsquo;s instructions.&nbsp;</P>

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

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<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lilly&rsquo;s own discussion of its public policy activities recognizes
that tradeoffs involving innovation and affordability are sometimes required. The Inflation Reduction Act (&ldquo;IRA&rdquo;) enacted
in 2022 imposed a cap on Medicare patient out-of-pocket patient costs for insulin, which Lilly lauded as &ldquo;<FONT STYLE="color: #212121; background-color: white">a
big win for the more than 3 million Medicare patients who take insulin and for Lilly, because the company has been a strong and vocal
supporter of this cap.&rdquo;<SUP>3</SUP> At the same time, the IRA amended a provision of the law establishing the Medicare Part D program,
referred to as the &ldquo;non-interference&rdquo; provision, to empower the Secretary of Health and Human Services (&ldquo;HHS&rdquo;)
to negotiate prices of certain small molecule drugs that account for the highest Medicare spending.<SUP>4</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212121">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #212121; background-color: white">Lilly, which
reported lobbying on numerous issues that correspond to the IRA&rsquo;s cap and non-interference provisions,<SUP>5</SUP></FONT><FONT STYLE="background-color: white">&nbsp;
<FONT STYLE="color: #212121">complained that the latter provision is &ldquo;likely to have highly detrimental impacts, particularly on
the discovery and development of small molecule medicines which play an important role in treating cancer, neurological conditions, and
many other diseases.&rdquo;<SUP>6</SUP> In its Statement in Opposition to the Proposal, Lilly claimed that it also opposed the non-interference
amendment because there are &ldquo;</FONT>better policy solutions to help patients with their out of pockets costs such as Medicare Part
D modernization and not requiring deductibles for insulin coverage.&rdquo; But those reforms are not currently up for a vote, and Lilly
does not explain how holding out for measures that may not be achievable in the current political environment, in the name of innovation,
is more consistent with its commitment to patient access than supporting measures that enjoy sufficient bipartisan support to become law.</FONT>&nbsp;</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"><FONT STYLE="background-color: white">Likewise, </FONT>Pharmaceutical
Research &amp; Manufacturers of America (&ldquo;PhRMA&rdquo;), the industry trade association to which Lilly belongs and on whose board
Lilly CEO David Ricks serves,<SUP>7</SUP> reported lobbying on the IRA, including on &ldquo;<FONT STYLE="background-color: white">noninterference&rdquo;;
&ldquo;Issues related to access to medicines and other medical therapies, the development of new medical therapies&rdquo;; &ldquo;issues
relating to Medicare Part D and Part B Pricing Reform; Issues related to out-of-pocket caps in Part D.&rdquo;<SUP>8</SUP> PhRMA publicly
opposed amending the non-interference provision to allow negotiation of drug prices paid by Medicare, claiming that it would stifle innovation.<SUP>9</SUP>
The report sought by the Proposal would be an opportunity for Lilly to explain how it balanced these competing goals when lobbying on
the IRA, as well as how it views the lobbying undertaken on its behalf by trade associations such as PhRMA, whose members&rsquo; policy
goals and preferences may not mirror Lilly&rsquo;s.</FONT>&nbsp;</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"><FONT STYLE="background-color: white">_____________________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>3</SUP></FONT>  https://www.lilly.com/news/stories/inflation-reduction-act-impact-on-drug-discovery-and-development</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>4</SUP></FONT> https://www.kff.org/medicare/issue-brief/explaining-the-prescription-drug-provisions-in-the-inflation-reduction-act/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>5</SUP></FONT> https://www.opensecrets.org/federal-lobbying/bills/specific_issues?id=hr5376-117&amp;client_id=d000000166&amp;cycle=2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>6</SUP></FONT> https://www.lilly.com/news/stories/inflation-reduction-act-impact-on-drug-discovery-and-development</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>7</SUP></FONT> <FONT STYLE="color: Black">https://phrma.org/About</FONT>&nbsp;(board
of directors).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>8</SUP></FONT> https://www.opensecrets.org/federal-lobbying/clients/bills?bid=hr5376-117&amp;id=d000000504&amp;year=2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>9</SUP></FONT> https://phrma.org/Inflation-Reduction-Act</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">This communication is not a solicitation of proxy
authority, and no proxy cards will be accepted. Vote your proxies in accordance with Eli Lilly&rsquo;s instructions.&nbsp;</P>

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

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<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">PhRMA has cited the impact on
innovation when opposing other measures aimed at lowering costs for patients. PhRMA helped to fund issue ads opposing the Elijah E. Cummings
Lower Drug Costs Now bill (the &ldquo;Cummings Bill&rdquo;), which many experts believed would make at least some drugs more affordable
for patients.<SUP>10</SUP> The Cummings Bill would have allowed the HHS Secretary to negotiate certain drug prices, including all insulin
prices, and <FONT STYLE="color: #222222">increased funding for biomedical research at the National Institutes of Health to promote innovation.<SUP>11</SUP></FONT>
PhRMA donated to conservative dark-money group American Action Network,<SUP>12</SUP> which bankrolled a television and digital advertising
campaign attacking the Cummings Bill. The advertising referred to it as &ldquo;<FONT STYLE="color: #222222">&quot;Pelosi's socialist drug
takeover plan&rdquo; and claimed it would be bad for innovation,<SUP>13</SUP> despite the fact that it also would have increased funding
for biomedical research at the National Institutes of Health to promote innovation<SUP>14</SUP> and the Congressional Budget Office and
Joint Committee on Taxation projected that it would result in only eight fewer drugs being developed over the following 10 years.<SUP>15</SUP>
In an alignment report, Lilly could describe how it and its trade associations analyze these kinds of trade-offs.</FONT></FONT><FONT STYLE="color: #222222">&nbsp;</FONT></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">PhRMA also mounted a legal challenge to the Alec Smith Insulin Affordability
Act (the &ldquo;Smith Act&rdquo;) passed in Minnesota in response to the increasing cost of insulin; it was named after a man who died
after rationing his insulin due to cost.<SUP>16</SUP> The Smith Act is intended to provide an insulin safety net and requires that pharmaceutical
companies provide insulin at no cost to qualified Minnesota residents for a limited time period.<SUP>17</SUP> PhRMA&rsquo;s complaint
seeking to invalidate the Smith Act involved Lilly, alleging that the organization had standing to sue because &ldquo;&ldquo;[t]hree of
[its] members&mdash;Eli Lilly and Company (&lsquo;Lilly&rsquo;), Novo Nordisk Inc., and Sanofi&mdash;manufacture most of the insulin sold
in the United States, including in Minnesota, and are subject to the Act.&rdquo;<SUP>18</SUP>&nbsp;&nbsp;</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">Lilly claims that its existing public disclosures make the Proposal
unnecessary. As an initial matter, several of the disclosures Lilly highlights address political contributions and thus are irrelevant
to the Proposal, as the Proposal focuses only on lobbying. Though Lilly does make certain factual disclosures, there is a meaningful difference
between such disclosure and the analysis requested by the Proposal of how Lilly aligns its lobbying with key commitments that can be in
tension. For example, in the Statement in Opposition, Lilly points to its &ldquo;governance and risk mitigation procedures that are in
place to avoid and address any potential misalignment between Lilly&rsquo;s lobbying activities and its public policy positions and statements.&rdquo;
Lilly does disclose its affiliation with trade associations,<SUP>19</SUP> but it fails to address whether and how Lilly ensures that its
trade associations balance patient access and innovation in a way that is consistent with Lilly&rsquo;s own approach. Put simply, being
informed about the procedures Lilly uses does not allow shareholders to assess how well those procedures are actually working, which is
the aim of the Proposal.&nbsp;&nbsp;</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">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> <FONT STYLE="color: Black">https://www.brookings.edu/essay/government-regulated-or-negotiated-drug-prices-key-design-considerations/</FONT>;&nbsp;<FONT STYLE="color: Black">https://jamanetwork.com/journals/jama-health-forum/fullarticle/2781947</FONT>;
https://www.americanbar.org/groups/crsj/publications/human_rights_magazine_home/health-matters-in-elections/prescription-drug-affordability/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> https://www.nytimes.com/2019/12/12/us/politics/house-prescription-drug-prices.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> https://publicintegrity.org/politics/nonprofit-profile-american-action-network/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> https://americanindependent.com/dark-money-hr-3-government-medicare-negotiate-drug-prices-ads-pharmaceutical-industry/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> https://www.nytimes.com/2019/12/12/us/politics/house-prescription-drug-prices.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> https://americanindependent.com/dark-money-hr-3-government-medicare-negotiate-drug-prices-ads-pharmaceutical-industry/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> <FONT STYLE="background-color: white">https://www.pharmacytimes.com/view/minnesota-fights-back-against-rising-insulin-costs</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> <FONT STYLE="color: Black">https://cases.justia.com/federal/appellate-courts/ca8/21-1731/21-1731-2023-04-03.pdf?ts=1680534072</FONT>,
at 4-5; https://www.t1international.com/blog/2021/12/15/greed-v-alecs-law-oral-argument-eighth-circuit/.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP> <FONT STYLE="color: Black">https://cases.justia.com/federal/appellate-courts/ca8/21-1731/21-1731-2023-04-03.pdf?ts=1680534072</FONT>,
at 6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> https://www.lilly.com/policies-reports/public-policy-political-participation</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">This communication is not a solicitation of proxy
authority, and no proxy cards will be accepted. Vote your proxies in accordance with Eli Lilly&rsquo;s instructions.&nbsp;</P>

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

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<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lilly asserts in its opposition statement that preparing a separate
report on misaligned lobbying practices would &ldquo;place an undue administrative burden on the company.&rdquo; However, Lilly is required
by law to report much of its lobbying activity, so that information is readily available as a starting point for analysis. An independent
analysis would give Lilly expert feedback to use in balancing competing goals and mitigating risks stemming from misalignment, in addition
to providing valuable information to shareholders.&nbsp;</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">The Proponents urge your support for the proposal. If you have any
questions, please contact Laura Krausa at laura.krausa@commonspirit.org or Lydia Kuykendal at lkuykendal@mercyinvestments.org.&nbsp;&nbsp;</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"><I>The filer of this document is Mercy Investment Services, Inc. 2039
N. Geyer Rd., St. Louis, MO 63131</I>&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">This communication is not a solicitation of proxy
authority, and no proxy cards will be accepted. Vote your proxies in accordance with Eli Lilly&rsquo;s instructions.&nbsp;</P>

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

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