Option 1 -> Incorrectly pairs "look up" with examining a proposal, when "look through" (reading carefully) is needed.
Option 2 -> Correctly matches: "look through" (examine carefully), "look into" (investigate), "look up" (search in reference), "looks down" (regard with contempt).
Option 3 -> Incorrectly places "looks down" with examining a proposal, which makes no contextual sense.
Option 4 -> Incorrectly pairs "look into" (investigate) with examining a proposal, when it should be used for the corruption investigation.
Hence, Option 2: (A) - (IV), (B) - (III), (C) - (I), (D) - (II) -> The phrasal verbs are correctly matched: "look through" means to examine/read carefully; "look into" means to investigate; "look up" means to search for information in a reference source; "looks down on" means to regard someone with contempt or as inferior -> correct