Corporate participation in electoral politics carries significant regulatory risk that can be exacerbated by opacity. Cable systems are extensively regulated by the federal government, certain state governments and many local governments. Charter acknowledges that its “business can be dramatically impacted by changes to the existing regulatory framework,” and that the Company is “…subject to extensive regulation at the federal and state levels and are involved in a number of legislative initiatives across a broad spectrum of policy areas that can have an immediate and dramatic effect on our business and operations.” Charter addresses this risk stating, “The Company actively participate[s] in the political process … with the ultimate goal of promoting and protecting the economic future of our Company and our stockholders and employees.” However, its policy does not include disclosure of the identity of recipients and the amounts of contributions. Charter’s peers, including AT&T, Comcast, and Verizon, all report their election-related spending including the identity of recipients and the amounts of contributions. Charter, however, does not disclose these items, making it a conspicuous outlier among its competitors. Charter’s lack of transparency regarding its political spending leaves its investors in the dark as to whether it is effectively managing highly impactful regulatory risk. As long-term shareholders of Charter, we support transparency in corporate electoral spending. This includes any activity considered intervention in a political campaign under the Internal Revenue Code, such as direct and indirect contributions to political candidates, parties, or organizations, and independent expenditures or electioneering communications on behalf of federal, state, or local candidates. Shareholder support for proposals seeking greater transparency around corporate political activities is growing, with average support rising from 26% in 2024 to more than 41% in 2025. Last year, 25.5% of Charter’s unaffiliated shareholders supported a similar version of this proposal. We ask Charter to join its peers by disclosing its political spending, including payments to trade associations and other tax-exempt organizations which may be used for electoral purposes. Without this transparency, we cannot sufficiently assess whether Charter’s political spending addresses regulatory risk consistent with its business strategy, corporate priorities, or other areas of concern. We urge your support for this widely adopted governance best practice.