<SEC-DOCUMENT>0001214659-24-005350.txt : 20240328
<SEC-HEADER>0001214659-24-005350.hdr.sgml : 20240328
<ACCEPTANCE-DATETIME>20240327180658
ACCESSION NUMBER:		0001214659-24-005350
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240328
DATE AS OF CHANGE:		20240327
EFFECTIVENESS DATE:		20240328

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ELI LILLY & Co
		CENTRAL INDEX KEY:			0000059478
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		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:		24792435

	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:			SERVICE EMPLOYEES INTERNATIONAL UNION
		CENTRAL INDEX KEY:			0001076439
		ORGANIZATION NAME:           	
		IRS NUMBER:				360852885

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		1800 MASSACHUSETTS AVE NW
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20036
		BUSINESS PHONE:		202-730-7000

	MAIL ADDRESS:	
		STREET 1:		1800 MASSACHUSETTS AVE NW
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SERVICE EMPLOYEE INTERNATIONAL
		DATE OF NAME CHANGE:	19990107
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<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; background-color: white"><U>Notice of Exempt Solicitation </U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Name of Registrant: Eli Lilly and Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name
of Person Relying on Exemption: SEIU Benefit Plans Master Trust<BR>
Address of Person Relying on Exemption: 1800 Massachusetts Avenue, NW, Washington, DC 20036<FONT STYLE="font-size: 10pt">&nbsp;</FONT></FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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 in the interest of public disclosure and consideration of these important
issues.<FONT STYLE="font-size: 10pt">&nbsp;</FONT></FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>VOTE FOR ITEM 6 AT
ELI LILLY&rsquo;S ANNUAL MEETING </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>ON MAY 6, 2024</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">March 28, 2024<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><BR>
Dear Fellow Eli Lilly Shareholder,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Though companies have a legitimate business interest
in influencing laws and regulations, such activities carry numerous risks. Shareholders should receive full information about policy influence
activities, including those carried out indirectly through social welfare and other organizations, to enable them to assess those risks
as well as the adequacy of a company&rsquo;s oversight of them, and to evaluate whether those activities are in the best interests of
long-term shareholders.</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-indent: 0.5in">Eli Lilly and Company (&ldquo;Lilly&rdquo; or the
&ldquo;Company&rdquo;) shareholders can call for greater disclosure of Lilly&rsquo;s direct and indirect lobbying expenditures at the
Company&rsquo;s annual shareholder meeting on May 6, 2024. Item #6 on Lilly&rsquo;s proxy card, &ldquo;<B>Proposal to Publish an Annual
Report Disclosing Lobbying Activities</B>&rdquo; (the &ldquo;Proposal&rdquo;), asks Lilly to disclose policies and procedures governing
lobbying, payments used for direct or indirect lobbying as well as grassroots lobbying communications, membership in and payments to tax-exempt
organizations that write and endorse model legislation, and the board and management&rsquo;s decision-making process for making those
payments.</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-indent: 0.5in">Lilly&rsquo;s statement in opposition claims that
it &ldquo;<B>already publicly discloses the information requested by the proposal regarding the company&rsquo;s&nbsp; policies and procedures
governing direct and indirect lobbying activities.</B>&rdquo; (emphasis in original) But the SEC Staff rejected Lilly&rsquo;s argument
last year that it should be permitted to exclude a proposal substantially similar to the Proposal from its proxy statement as &ldquo;substantially
implemented.&rdquo;<SUP>1</SUP> Lilly falls short on disclosure of state, foreign, and some indirect lobbying information the Proposal
requests, which prevents shareholders from seeing the complete picture of Lilly&rsquo;s policy influence activities.</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> Eli Lilly and Company (Mar. 6, 2023)</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>

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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 0.25in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">First, <B>Lilly&rsquo;s
disclosure of its state lobbying on its Political Participation Website,<SUP>2</SUP> which consists of several pages of links to state
filing websites, is difficult to use, and some of the linked state websites do not provide expenditure information</B>. Although some
links in the &ldquo;Link to Summary Documents&rdquo; column take users directly to information on Lilly&rsquo;s state lobbying, others
do not, and users must search for the company of interest. Each state site must be rechecked periodically to update information. There
is no link to a site for Arkansas, and Lilly&rsquo;s description<SUP>3</SUP> does not indicate whether Arkansas does not require disclosure,
Lilly does not lobby there, or there is no link for some other reason. Clicking on the &ldquo;Link to Summary Documents&rdquo; for West
Virginia takes the user to a page stating &ldquo;the page you requested could not be found.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">Some state registries
do not provide the amounts spent on lobbying, which the Proposal requests. Thus, it is not possible to tally amounts spent lobbying in
states to produce a total. This unwieldy assemblage of links to sites providing different (and in some cases incomplete) information in
varying formats, in some cases only after a manual search, cannot reasonably be characterized as implementing the Proposal&rsquo;s request
for a report disclosing expenditures for state lobbying.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.25pt 0pt 0; text-indent: 0.5in">Lilly does not even provide a link to
lobbying disclosures for Puerto Rico, where one of Lilly&rsquo;s &ldquo;[m]ajor production sites&rdquo;<SUP>4</SUP> is located. Lilly
is listed as a lobbying client on the Puerto Rico executive branch and Senate registries.<SUP>5</SUP> The Alliance for Biopharmaceutical
Competitiveness and Innovation (ABCI), which consists of Eli Lilly and 8 other &ldquo;U.S.-headquartered companies,&rdquo;<SUP>6</SUP>
has lobbied on Puerto Rico tax incentives, creditability of Puerto Rico excise taxes, repatriation of intellectual property, and treatment
of income and capital investments under US and PR tax laws.<SUP>7</SUP> Eli Lilly has directly lobbied Congress on &ldquo;Puerto Rico
tax issues&rdquo; each year from 2020 through 2023.<SUP>8</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 2.15pt 0pt 0; text-indent: 0.5in">In its most recent 10-K, Lilly disclosed
to investors that it has &ldquo;a subsidiary operating in Puerto Rico under a tax incentive grant effective through the end of 2046.
The tax incentive grant was amended in 2022 to apply the alternate tax regime established by Puerto Rico legislation starting in 2023.&rdquo;<SUP>9
</SUP>The legislation referenced by Lilly in its 10-K overlaps with the issues on which ABCI reported lobbying in its federal filings,
as it allows &ldquo;companies to replace 4% excise tax on foreign corporations with new, possibly creditable, tax on industrial development
income,&rdquo; according to an Ernst &amp; Young tax alert.<SUP>10</SUP> Given Puerto Rico&rsquo;s seeming importance to Lilly, the omission
of Puerto Rico from Lilly&rsquo;s page of links&mdash;as difficult to use as it is&mdash;is problematic.&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>2</SUP> https://www.lilly.com/policies-reports/public-policy-political-participation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> https://www.lilly.com/policies-reports/public-policy-political-participation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> https://www.sec.gov/ix?doc=/Archives/edgar/data/59478/000005947824000065/lly-20231231.htm,
at 37.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> https://registrodecabilderos.pr.gov/Lobbyist/Details;
https://senado.pr.gov/document_vault/lobbylist_registry/207/Reichard%20&amp;%20Escalera,%20LLC.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> https://www.taxnotes.com/research/federal/other-documents/public-comments-on-regulations/biopharm-group-focuses-on-r%2526d-issues-in-ftc-regs/296kz</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> https://projects.propublica.org/represent/lobbying/r/300928555</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> https://projects.propublica.org/represent/lobbying/r/300937518</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> https://www.sec.gov/ix?doc=/Archives/edgar/data/59478/000005947824000065/lly-20231231.htm,
at 92.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> https://www.ey.com/en_gl/tax-alerts/puerto-rico-enacts-legislation-allowing-companies-to-replace-4-excise-tax-on-foreign-corporations-with-new-possibly-creditable-tax-on-industrial-development-income</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">We are not asking for
authority to vote your proxy and no proxy cards will be accepted. Please vote your proxy according to the instructions in Lilly&rsquo;s
proxy statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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 0.25in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">Second, <B>Lilly&rsquo;s
disclosures include no information on lobbying done outside the United States</B>, which can create risks relating to the Foreign Corrupt
Practices Act (&ldquo;FCPA&rdquo;).<SUP>11</SUP> In 2012, Lilly settled SEC charges that it violated the FCPA by making improper payments
to government officials in Russia, China, Brazil and Poland.<SUP>12</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">Third, Lilly claims in
its statement in opposition that it &ldquo;<B>already publicly discloses the information requested by the proposal regarding our membership&nbsp;
in, and payments to, any tax-exempt organization that writes and endorses model legislation.</B>&rdquo; (emphasis in original) To that
end, Lilly points to its disclosure of &ldquo;memberships in&nbsp;organizations that report lobbying activity to the U.S. federal government.&rdquo;
This request is not intended to elicit disclosure regarding trade associations, about which Lilly does provide information on its Political
Participation Website, but rather Lilly&rsquo;s involvement with the American Legislative Exchange Council (&ldquo;ALEC&rdquo;). Lilly
has had ties to ALEC, a controversial group that promoted &ldquo;Stand Your Ground&rdquo; laws as well as restrictions on voting rights,
and was asked in 2021 by a broad-based coalition to stop funding and sever ties with the group.<SUP>13</SUP> Lilly&rsquo;s Political Participation
Website is silent about ALEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Finally, bringing down U.S. drug prices, which
are the highest in the world, is a goal supported by large majorities of both Democrats and Republicans.<SUP>14</SUP> For that reason,
pharmaceutical companies may seek less visible avenues of influence over public policy related to pricing. In addition to lobbying through
trade associations, <B>Lilly appears to engage in indirect lobbying through its relationships with groups that present themselves as patient
advocacy organizations.</B> These relationships are not disclosed on the Political Participation Website.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Lilly is in the second-highest corporate donation
bracket for JDRF, which means it donates between $1,000,000 and $2,499,999 each year; it has been a JDRF &ldquo;partner&rdquo; since 1997.<SUP>15</SUP>
JDRF is &ldquo;is the leading global organization harnessing the power of research, advocacy, and community engagement to advance life-changing
breakthroughs for type 1 diabetes (T1D).&rdquo;<SUP>16</SUP> JDRF steers clear of criticizing pharmaceutical companies and high drug prices:
Its &ldquo;Insulin Access and Innovation&rdquo; principles<SUP>17</SUP> state that it is &ldquo;vital that any adopted policy impacting
drug pricing does not stymie innovation and the development of newer and better insulins.&rdquo;<SUP>18</SUP> Two of JDRF&rsquo;s three
2023 advocacy priorities focus on innovation, including &ldquo;[e]nsur[ing] United States regulatory policies provide clear and reasonable
pathways for scientific research and therapy approvals.&rdquo;<SUP>19</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>11</SUP> <U>See</U>, <U>e.g.</U>, Peter Fritsch and Timothy Mapes,
&ldquo;Seedy Indonesian Saga: Monsanto Pays to Settle Allegations of Bribery, <U>The Asian Wall Street Journal</U>, Apr. 5, 2005</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> https://www.sec.gov/news/press-release/2012-2012-273htm</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> https://www.thenation.com/article/politics/alec-corporations-democracy/;
https://www.commoncause.org/wp-content/uploads/2021/06/ALEC-anti-voter-letter.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> https://khn.org/news/article/public-opinion-prescription-drug-prices-democratic-plan/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> https://www.jdrf.org/community/partners/corporate-partnerships/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> https://www.jdrf.org/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> https://www.jdrf.org/impact/advocacy/insulin-access/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP> https://www.jdrf.org/impact/advocacy/insulin-access/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> https://www.jdrf.org/impact/advocacy/agenda/</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">We are not asking for
authority to vote your proxy and no proxy cards will be accepted. Please vote your proxy according to the instructions in Lilly&rsquo;s
proxy statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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 0.25in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Lilly also supports the Alliance for Patient Access
(&ldquo;APA&rdquo;), a 501(c)(4) or &ldquo;social welfare&rdquo; group.<SUP>20</SUP> All but two of APA&rsquo;s 35 &ldquo;Associate Members
and Financial Supporters&rdquo; are pharmaceutical or biotechnology companies.<SUP>21</SUP> Although APA describes its mission as defending
the primacy of the &ldquo;physician-patient relationship&rdquo;<SUP>22</SUP> in treatment decision making, some of its activities involve
policy advocacy.</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-indent: 0.5in">For example, APA &lsquo;has highlighted the &ldquo;dangers&rdquo;
of &ldquo;bad drug&rdquo; advertising&mdash;advertising that allegedly overemphasizes potential side effects&mdash;targeting newer and
pricier classes of diabetes drugs. Lilly&rsquo;s drug Trulicity falls into one of those classes. In a piece on APA&rsquo;s website, the
author exhorted &ldquo;policymakers to make this the year they rein in&nbsp;&lsquo;bad drug&rsquo; ads.&rdquo;<SUP>23</SUP> APA also applauded
the Federal Trade Commission for its guidance on such ads.<SUP>24</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; background-color: white; text-indent: 0.5in">APA&rsquo;s lobbying and
use of &ldquo;patient access&rdquo; language have spurred negative publicity. A 2019 article spotlighted APA&rsquo;s ties to drug makers
and its sponsorship of an advertisement opposing a proposal to lower drug prices.<SUP>25</SUP> A <U>Washington Post</U> article on the
advertisement called APA an example of an organization engaged in &ldquo;astroturfing,&rdquo; which is <FONT STYLE="color: #303336; background-color: white">&ldquo;activity
that is intended to create a false impression of a widespread, spontaneously arising, grassroots movement in support of or in opposition
to something (such as a political policy) but that is in reality initiated and controlled by a concealed group or organization (such as
a corporation)</FONT>.&rdquo;<SUP>26</SUP> Botched astroturfing campaigns have embarrassed companies and even, in one example, led to
fines for vendors executing the campaign.<SUP>27</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">Similarly, a 2020 opinion
piece asserted: &ldquo;Some lobbies that claim to represent broad patient interests don&rsquo;t actually prioritize patients&rsquo; interests.
Take, for example, the&nbsp;Alliance for Patient Access&nbsp;(AfPA), a group &lsquo;dedicated to ensuring patient access to approved
therapies and appropriate clinical care.&rsquo; In truth, the organization is&nbsp;funded mainly by pharmaceutical companies. This may
explain why AfPA has run ads pressuring Congress to oppose value-based purchasing for Medicare Part B drugs and has even published white
papers arguing against restrictions on opioid prescribing.&rdquo;<SUP>28</SUP>&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>20</SUP> https://allianceforpatientaccess.org/wp-content/uploads/2023/06/AfPADonorsJune2023.pdf;
https://allianceforpatientaccess.org/about</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>21</SUP> https://allianceforpatientaccess.org/wp-content/uploads/2023/06/AfPADonorsJune2023.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>22</SUP> <U>See</U> https://allianceforpatientaccess.org/about</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>23</SUP> https://allianceforpatientaccess.org/its-time-to-rein-in-dangerous-bad-drug-ads/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>24</SUP> https://allianceforpatientaccess.org/federal-trade-commission-stands-with-patients-on-bad-drug-ads/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>25</SUP> https://www.nbcwashington.com/news/national-international/alliance-for-patient-access-pharmaceutical-industry-lobby-drug-prices/87268/;
https://apnews.com/article/politics-business-ap-top-news-donald-trump-north-america-7c8d0728c38345cd8dfc0fe1abd456ae</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>26</SUP> https://www.merriam-webster.com/dictionary/astroturfing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>27</SUP> <U>See</U> https://ag.ny.gov/sites/default/files/oag-fakecommentsreport.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>28</SUP> https://www.statnews.com/2020/02/25/patient-lobby-fight-surprise-medical-bills/</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">We are not asking for
authority to vote your proxy and no proxy cards will be accepted. Please vote your proxy according to the instructions in Lilly&rsquo;s
proxy statement.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">Corporate reputation can
translate into financial consequences. A good reputation allows a company to hire and retain better talent, charge a premium for its product
or service, and enjoy greater customer loyalty.<SUP>29</SUP> Estimates peg the value of corporate reputation at over one-third of market
capitalization<SUP>30 </SUP>&mdash;one estimate put it as high as 63%<SUP>31</SUP>&mdash;and research has found that reputation drives
between three and 7.5% of annual revenues.<SUP>32&nbsp;</SUP>According to the Reputation Institute, a one-point increase in overall reputation
score is correlated with a 2.6% increase in share value.<SUP>33</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; background-color: white; text-indent: 0.5in">For the reasons discussed
above, we urge you to vote <B>FOR</B> Item #6 on Lilly&rsquo;s proxy card. If you have any questions, please contact <FONT STYLE="background-color: white">Edgar
Hern&aacute;ndez</FONT> via email at edgar.hernandez@seiu.org.</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; background-color: white"><SUP>29</SUP> https://hbr.org/2007/02/reputation-and-its-risks;
https://ccsenet.org/journal/index.php/ijbm/article/download/10087/7199, at 201-202.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><SUP>30</SUP> <FONT STYLE="font-size: 10pt">&ldquo;The
2018 U.K. Reputation Dividend Report,&rdquo; at 1 (http://reputationdividend.com/files/6215/1939/6597/UK_2018_report_Final.pdf); https://mumbrella.com.au/new-research-finds-strong-corporate-reputation-helps-companies-weather-financial-storms-587354</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><SUP>31</SUP> https://www.webershandwick.com/wp-content/uploads/2020/01/The-State-of-Corporate-Reputation-in-2020_executive-summary_FINAL.pdf,
at 13.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><SUP>32</SUP> <FONT STYLE="font-size: 10pt"><U>See</U>
https://instituteforpr.org/reputation/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><SUP>33</SUP> www.reputationinstitute.com</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">We are not asking for
authority to vote your proxy and no proxy cards will be accepted. Please vote your proxy according to the instructions in Lilly&rsquo;s
proxy statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></P>

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

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

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