<SEC-DOCUMENT>0001214659-23-006428.txt : 20230503
<SEC-HEADER>0001214659-23-006428.hdr.sgml : 20230503
<ACCEPTANCE-DATETIME>20230503110335
ACCESSION NUMBER:		0001214659-23-006428
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230503
DATE AS OF CHANGE:		20230503
EFFECTIVENESS DATE:		20230503

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UNITEDHEALTH GROUP INC
		CENTRAL INDEX KEY:			0000731766
		STANDARD INDUSTRIAL CLASSIFICATION:	HOSPITAL & MEDICAL SERVICE PLANS [6324]
		IRS NUMBER:				411321939
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10864
		FILM NUMBER:		23882323

	BUSINESS ADDRESS:	
		STREET 1:		UNITEDHEALTH GROUP CENTER
		STREET 2:		9900 BREN ROAD EAST
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55343
		BUSINESS PHONE:		9529361300

	MAIL ADDRESS:	
		STREET 1:		9900 BREN ROAD EAST
		CITY:			MINNETONKA
		STATE:			MN
		ZIP:			55343

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNITED HEALTHCARE CORP/
		DATE OF NAME CHANGE:	20000309

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNITED HEALTHCARE CORP
		DATE OF NAME CHANGE:	19920703

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>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>e53233px14a6g.htm
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0">1</P>

<P STYLE="margin: 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>Notice of Exempt Solicitation</B></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"><B>NAME OF REGISTRANT: </B>UnitedHealth Group, Inc</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NAME OF PERSON RELYING ON EXEMPTION: </B>Mercy Investment Services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ADDRESS OF PERSON RELYING ON EXEMPTION: </B>2039 N Geyer Rd, Frontenac,
MO 63131</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"><B>Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated
under the Securities Exchange Act of 1934.&nbsp;Submission is not required of this filer under the terms of the Rule, but is made voluntarily.
</B></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; color: #242424"><B>This is not a solicitation of authority to vote
your proxy. Please DO NOT send us your proxy card as it will not be accepted.</B></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">Dear Fellow UnitedHealth Group, Inc Shareholder,</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>Introduction</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>We write to urge you to vote FOR Proposal 5</U>: &ldquo;Shareholder
Proposal Seeking a Third-Party Racial Equity Audit&rdquo; (REA) at UnitedHealth Group&rsquo;s (UHG&rsquo;s) annual general meeting on
June 5, 2023. This audit will produce recommendations for improving the racial impacts of UHG&rsquo;s policies, practices, products, and
services. The proposal states:</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><I>Resolved</I></B><I>: Shareholders urge the board of directors
to oversee a third-party audit (within a reasonable time and at a reasonable cost, and consistent with the law) which assesses and produces
recommendations for improving the racial impacts of United Health Group&rsquo;s (&ldquo;UHG&rsquo;s&rdquo;) policies, practices, products,
and services. Input from stakeholders, including civil rights organizations, employees, and customers, should be considered in determining
the specific matters to be assessed. A report on the audit, prepared at reasonable cost and omitting confidential/proprietary information,
should be published on the company&rsquo;s website.</I></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">There is growing recognition of the risks that arise from issues of
racial equity, and the need for companies to address these risks. Racial disparities in the workplace can result in lower employee morale,
decreased productivity, and increased turnover rates. Additionally, customers and investors are increasingly holding companies accountable
for their social and environmental impacts, and companies that fail to address these issues may face reputational damage and legal liabilities.</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">In fact, we see the real-world impact of racial bias in the U.S. healthcare
system every day. Black and Native American patients have higher death rates than white patients across a variety of illnesses.<SUP>1</SUP>
Black and Latina women also face higher preconception and maternal health risks than other groups, even those in higher income brackets.<SUP>2</SUP>
One study found that the U.S. could have &ldquo;a potential economic gain of $135 billion per year if racial disparities in health are
eliminated, including $93 billion in excess medical care costs and $42 billion in untapped productivity.&rdquo;<SUP>3</SUP> UHG, as the
largest health insurance provider in the United States, both by market share<SUP>4</SUP> and revenue<SUP>5</SUP>, has an outsized role
to play in eliminating racial inequities.</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://minorityhealth.hhs.gov/omh/browse.aspx?lvl=3&amp;lvlid=61,
https://www.kff.org/racial-equity-and-health-policy/issue-brief/disparities-in-health-and-health-care-5-key-question-and-answers/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> https://www.nytimes.com/2020/08/06/nyregion/childbirth-Covid-Black-mothers.html
..</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> https://altarum.org/RacialEquity2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>4</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://content.naic.org/sites/default/files/publication-msr-hb-accident-health.pdf
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> https://www.beckersasc.com/asc-coding-billing-and-collections/5-largest-health-insurance-companies-by-revenue.html</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 the Company&rsquo;s instructions.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0">2</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>The company&rsquo;s current practices may not be working</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Although algorithms increase efficiencies, they should be vetted to
prevent algorithmic bias. Optum, a UHG subsidiary, used an algorithm that reportedly referred equally sick Black people to care less frequently
than white people.<SUP>6</SUP> We believe an analysis of these algorithms and proxy factors is necessary, along with disclosure of the
results. Opaque data collection practices by health insurance companies raise the possibility of discrimination and pose reputational
and financial risk.<SUP>7</SUP> New York&rsquo;s Financial Services and Health departments launched an investigation of Optum after the
results of the study were published.<SUP>8</SUP></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">The Company&rsquo;s acquisition of Change Healthcare also raises racial
justice concerns. The American Antitrust Institute told the Department of Justice that the deal is &quot;likely to harm competition and
consumers.&quot;<SUP>9</SUP> Decreasing market competition can lead to fewer options for consumers, which can disproportionally impact
people of color. In fact, Color of Change states that &ldquo;monopolies put economic justice at risk.&rdquo;<SUP>10</SUP> Additionally,
Change Healthcare had to fire an executive for racist behavior over the summer,<SUP>11</SUP> suggesting that the internal culture of the
acquisition should be examined.</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">Finally, UHG&rsquo;s 2021 EEO-1 report shows just 3.9 percent Hispanic
and 3.9 percent Black executives compared to 83.4 percent white executives. UHG&rsquo;s strategy, if they have one, to address the absence
of diversity remains unclear to shareholders without public targets.</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">These issues demonstrate the need for UHG to examine its own practices
and policies with regard<FONT STYLE="font-size: 10pt">s to racial equity, and to take proactive steps to address any disparities that
may exist within the Company.</FONT></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"><B>The statement of opposition is insufficient</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UHG asserts that an REA is unnecessary because there is external validation
of its Medicaid and Medicare plans. One of the key advantages of the REA, though, is that it goes beyond legal and regulatory requirements,
examining the deeper impacts of the Company&rsquo;s policies, procedures, and practices. The current accreditations, while providing useful
information, do not cover the breadth of racial equity biases present in the healthcare system. Additionally, those validations have no
bearing on any other plans the Company offers, including its largest offering by far &ndash; the UnitedHealthcare Employer &amp; Individual
plans which serve close to 27 million Americans.</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>6</SUP> https://www.nature.com/articles/d41586-019-03228-6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> https://www.propublica.org/article/health-insurers-are-vacuuming-up-details-about-you-and-it-could-raise-your-rates
, https://www.nejm.org/doi/10.1056/NEJMms2004740</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> https://www.fiercehealthcare.com/payer/new-york-to-probe-algorithm-used-by-optum-for-racial-bias</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>9</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.fiercehealthcare.com/payer/american-antitrust-institute-expresses-concern-about-proposed-8b-optum-change-healthcare-deal
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>10</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://act.colorofchange.org/sign/2021-antitrust?source=coc_main_website
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> https://biz.crast.net/we-value-diversity-company-fires-white-woman-who-harassed-black-man-and-his-children-outside-her-home/</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 the Company&rsquo;s instructions.</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">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3</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>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UHG also comments that it is currently engaged in third party efforts
to examine its internal diversity, equity and inclusion (DEI) efforts. Again, while this could be a useful exercise, we see significant
gaps that could pose risks for investors. Mainly, the Company has not pledged to make public the results of these assessments. Without
transparency there is no accountability, and UHG&rsquo;s refusal to set public targets for its workforce diversity initiatives is troubling.</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 rest of UHG&rsquo;s opposition statement simply lays out its various
initiatives that center around health equity. All of these are laudable. Regrettably, without a credible and transparent third-party audit,
we will have no way of knowing if these efforts are worth the time and money the Company has committed. Notably, UHG mentions its efforts
to eliminate bias in its artificial intelligence tools. Again, UHG has not disclosed any data around compliance and enforcement of these
policies so there is no way to know if they are effective.</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>Racial Equity Audits are important tools</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Several large, global companies have recently completed, or are currently
performing civil rights or racial equity audits. Among those companies are Tyson Foods, Johnson &amp; Johnson, Wells Fargo, Facebook,
Airbnb, Bank of America, Blackrock, Pfizer, and Verizon. Elevance, a direct industry peer of UHG, recently announced its intention to
conduct an independent audit as well<SUP>12</SUP>. These audits have been conducted by third party audit firms whose job is to provide
an independent examination of equity within an organization and offer a concrete plan of action to address potential gaps.</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">According to a paper published on October 23, 2021 on the Harvard Law
School Forum on Corporate Governance, &ldquo;A Racial Equity Audit is, at its core, an independent, objective and holistic analysis of
a company&rsquo;s policies, practices, products, services and efforts to combat systemic racism in order to end discrimination within
or exhibited by the company with respect to its customers, suppliers or other stakeholders. Not only are Racial Equity Audits designed
to help inform investors about their current and future investments from a social and financial perspective but are also intended to help
companies craft their policies and practices to achieve their social justice goals.&rdquo;<SUP>13</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">There are several significant risks that arise from issues of racial
equity, which make a racial equity audit necessary for UHG. These risks include:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>Reputational risk: Companies that fail to address issues of racial equity may face reputational damage, particularly in the age of
social media and increased activism among consumers and investors.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Legal risk: Failure to address issues of racial equity may result in legal liabilities.</TD></TR></TABLE>

<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"><FONT STYLE="font-size: 10pt"><SUP>12</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.elevancehealth.com/newsroom/elevance-health-engages-third-party-for-health-equity-assessment
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> Racial Equity Audits: A New ESG Initiative (harvard.edu)</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 the Company&rsquo;s instructions.</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">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">4</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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Employee retention risk: Racial disparities in the workplace can result in lower employee morale and increased turnover rates, which
can be costly for the Company.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>Customer retention risk: Customers are increasingly holding companies accountable for their social and environmental impacts and may
choose to take their business elsewhere if they perceive a company as being insensitive to issues of racial equity.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD>Innovation risk: Lack of diversity and inclusion within a company can limit its ability to innovate and stay competitive in a rapidly
changing market.</TD></TR></TABLE>

<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"><B>Conclusion</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dismantling racial disparities and creating foundational change is
the social movement of our time. As the United States&rsquo; largest health insurance provider that is guided by core values of &ldquo;integrity,
compassion, relationships, innovation and performance,&rdquo; an objective third party civil rights audit can give UHG stakeholders assurance
and help strengthen the Company&rsquo;s reputation across all business units.</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 Company does not have to cut back existing DEI programs and should
be fully capable of finding resources necessary to retain civil rights experts to audit the racial impacts of its internal and external
operations. This is illustrated by the fact that as of December 31, 2022, the Company had cash or cash equivalents equal to $23.4 billion
on the balance sheet. The audits commissioned by companies referenced earlier provide potential templates for UHG&rsquo;s own racial equity
audit.</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">For the reasons discussed above, Mercy Investment Services and co-filers
to the proposal urge shareholders to vote <B>FOR Proposal 5</B>.</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">For more information, please contact Lydia Kuykendal at lkuykendal@mercyinvestments.org</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; 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 the Company&rsquo;s instructions.</P>

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