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licensed molecules at major U.S. pharmaceutical companies now originating from Chinese firms. If biopharmaceutical companies

countries but raised the tax rate on Chinese imports to 125%. Following the announcement, the S&P 500 Index surged

• In December, we listed China AMC Prologis Logistics REIT ("Prologis C-REIT") on the Shenzhen Stock Exchange. The Prologis C-REIT purchased properties from our open-ended venture in China. At December 31, 2025, we owned 20.7% of the venture.

Equity Commitments (1) Prologis Venture Partners Total Expiration Date Prologis Brazil Logistics Venture $ 33 $ 133 $ 166 2028 Prologis European Logistics Fund - 60 60 2028 (2) Prologis Japan Core Logistics Fund 78 402 480 2033 Prologis China Logistics Venture 49 278 327 2027 – 2028 Total $ 160 $ 873 $ 1,033

… In China, during fourth quarter 2025 regulators lifted the March 4, 2025 suspension of log imports from the U.S. As a result, Weyerhaeuser is in the early stages of re-establishing its log export program to strategic customers in …

… presidential administration has taken multiple actions in 2025 to significantly increase tariffs on foreign imports into the United States, including imports from countries to which we export our products, such as Canada and China. For example, on February 1, 2025 …

As of December 31, 2025, we held interests in consolidated and joint venture properties that operate in Austria, Canada, France, Germany, Indonesia, Italy, Japan, Malaysia, Mexico, the Netherlands, the People’s Republic of China, South Korea, Spain, Thailand, and the …

We also have an interest in operating joint ventures that own full-price malls located in the People’s Republic of China and in South Korea. Our ownership in these properties ranges from 17% to 49%.

also been adopting a restrictive posture toward Chinese technology, data flows, and cross-border digital infrastructure, which could materially impact our business.

… and China have created increased supply chain risk due to successive U.S. legislation promoting decoupling from China on semiconductors and specific telecommunications equipment makers as well as the threat of increased tariffs and having to source from alternative suppliers …

As of December 31, 2025, we are required to comply with the European Union General Data Protection Regulation (GDPR) as well as the United Kingdom (U.K.) equivalent and other global data protection laws (including in Switzerland, Japan, Singapore, China, India, United Arab Emirates, Australia, and Brazil), the implementation of which exposes us to parallel data protection regimes, each of which potentially authorizes similar fines and other enforcement actions for certain

… These risks have been heightened in connection with the ongoing conflict between Russia and Ukraine, instability in the Middle East, and rising tensions in East Asia, including China. When geopolitical conflicts develop, critical infrastructures may be targeted by state-sponsored …