As long-term shareholders of Lilly, we support transparency and accountability in corporate lobbying. Companies and investors may benefit if lobbying leads to improved policies, reduced regulation or taxation, or government contracts or subsidies. However, lobbying activities also create costs and can create risks for a corporation ? and by extension, shareholders. Currently, shareholders must search the federal and 50 state lobbying databases to assemble a picture of a company?s lobbying. And state disclosure requirements vary widely, [1] with an analysis of Lilly?s disclosures finding 25 out of 48 states did not disclose amounts spent. [2] Lilly spent $8,430,000 on federal lobbying for 2024. This does not include state lobbying, where Lilly also lobbies. Lilly lists support of ten trade associations yet fails to disclose the amounts of its payments to those groups used for lobbying. And Lilly?s disclosure leaves out its memberships in and payments to social welfare groups, like the Alliance for Competitive Taxation and the Alliance for Patient Access. The International Corporate Governance Network policy on lobbying recommends a company commit to public disclosure of its lobbying activities and any direct or indirect expenditure beyond a de minimis level (e.g., a contribution equal to or less than $10,000). Many companies already provide annual lobbying reports to shareholders, including Cardinal Health, Exxon, Procter & Gamble and Xcel Energy, which report on their federal and state lobbying and indirect lobbying through trade associations and social welfare groups, and Amazon and Walmart, which provide full state lobbying reports. Among our company?s peers, Biogen, Gilead Sciences, Merck and Pfizer each provide an annual report of their trade association payments used for lobbying to shareholders. Companies are required to report this information at the federal and state levels, so it is not overly burdensome to provide it to shareholders. We urge Lilly to expand its lobbying disclosure. [1] https://www.ncsl.org/ethics/how-states-define-lobbying-and-lobbyist . [2] https://www.citizen.org/news/despite-company-claims-eli-lilly-fails-to-disclose-its-state-lobbying-spending-for-half-the-country/ .