Elevance Health, Inc. · NYSE:ELV

Elevance Health — Anthem — Merger or Acquisition (June 2002)

10 slides from Elevance Health's merger presentation, Jun 4, 2002

  1. Slide 1: Rule 425 filing and safe harbor statement

    QuickLinks -- Click here to rapidly navigate through this document Filed by: Anthem, Inc. Pursuant to Rule 425 under the Securities Act of 1933 and deemed filed pursuant to Rule 14a-12 of the Securities and Exchange Act of 1934 Subject Company: Trigon Healthcare, Inc. Commission File Number for the

  2. Slide 2: Anthem Profile and Genealogy

    site, www.sec.gov, and Anthem shareholders may obtain such documents for free from Anthem Shareholder Services at 120 Monument Circle, Indianapolis, IN 46204, and Trigon shareholders may obtain such documents for free from Trigon Investor Relations at 2015 Staples Mill Road, Richmond, VA 23230. SAFE

  3. Slide 3: Investment Highlights

    Investment Highlights • Diversified health benefits company • Powerful Blue Cross Blue Shield brand • Disciplined focus on business operations • Strong momentum in financial performance • Superior growth opportunities Investment Highlights • Diversified health benefits company • Powerful Blue Cross

  4. Slide 4: Specialty Products and the Blue Brand Advantage

    All data as of March 31, 2002 Specialty Products Pharmacy 4.3 Dental 1.6 Life 0.8 Membership (mm) Investment Highlights • Diversified health benefits company • Powerful Blue Cross Blue Shield brand • Disciplined focus on business operations • Strong momentum in financial performance • Superior growt

  5. Slide 5: National Membership Growth

    Source: Blue Cross Blue Shield Association Brand Strength Measure survey as of 4Q 2001 National Membership Growth (in millions)

  6. Slide 6: Disciplined Focus and Financial Strength

    Investment Highlights • Diversified health benefits company • Powerful Blue Cross Blue Shield brand • Disciplined focus on business operations • Strong momentum in financial performance • Superior growth opportunities Disciplined Focus • Medical quality — NCQA highest accreditation level — J.D. Powe

  7. Slide 7: Financial Targets for 2002 and Earnings Drivers

    Investment Highlights • Diversified health benefits company • Powerful Blue Cross Blue Shield brand • Disciplined focus on business operations • Strong momentum in financial performance • Superior growth opportunities Financial Targets for 2002 EPS (including FAS 142) $3.85 to $3.95 (at least 20%) M

  8. Slide 8: Transaction Summary, Trigon Profile and Rationale

    Transaction Summary • Offer Per Trigon Share: $30 cash and 1.062 Anthem common shares • Transaction Value: $4.0 billion* • Required Approvals: Anthem & Trigon shareholders Virginia Bureau of Insurance BCBS Association • Closing: Expected in 3 to 6 months from April 29, 2002 (merger announcement) *Ba

  9. Slide 9: Integration Plan and Synergies

    • Expect at least $75 million of annual pre-tax synergies; at least $40 million in 2003 — Specialty products opportunities — Enhanced investment mgmt. operations — Information technology savings — Administration and corporate cost savings — Other integration savings • Anticipate most to be implement

  10. Slide 10: QuickLinks index

    Investment Highlights Earnings Drivers A Great Combination Transaction Summary Trigon Profile Transaction Rationale Integration Plan Investment Highlights

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