More than half of global GDP is moderately or highly dependent on nature. Ongoing deforestation threatens to disrupt the reliability of natural ecosystems and the global economy, creating potential material financial risks for companies and investors. The World Bank estimates that the degradation of natural systems, could reduce global GDP by $2.7 trillion annually by 2030. BJ’s use of commodities (e.g., beef, palm oil, soy and paper/pulp) associated with deforestation exposes its supply chain to the major drivers of global deforestation. Despite these risks, BJ’s does not publicly disclose its policies or practices for assessing and managing deforestation risk. Moreover, the Company’s removal of its sustainability reporting from its website further limits transparency into how these risks are addressed. The Company’s 10-K identifies “consistent product quality, competitive pricing, and availability of these products is essential to developing and maintaining member loyalty to its private label brands,” all of which depend on a stable and resilient supply chain. Deforestation threatens this resiliency, yet there is no clear indication that BJ’s evaluates or mitigates related risks specifically for its private-label offerings, for which the Company has direct control over product sourcing. This concern becomes increasingly consequential as BJ’s “expect[s] to increase the sales penetration of [its] private-label items,” which currently represent 26% of annual sales. Failure to assess these risks means growing private-label sales penetration could magnify deforestation risks, including supply chain disruptions, reputational damage, and material financial implications, all of which are key risks identified in the Company’s 10-K Peer retailers such as Costco and Kroger have disclosed deforestation risk assessment results across their supply chains, including private-label products. Furthermore, competing consumer goods companies that produce products similar to BJ’s private label brands such as Unilever, Kraft Heinz, and General Mills, have taken greater action on deforestation by implementing time-bound deforestation-free commitments across key commodities and enforcing rigorous traceability and supplier standards. BJ’s lack of comparable assessment and commitment to eliminate deforestation lags peers and limits the Company’s ability to manage supply chain risks, mitigate reputational and operational vulnerabilities, and safeguard long-term performance. A robust assessment of deforestation risks, including within BJ’s private-label offerings, Berkley Jensen and Wellsley Farms, would help ensure BJ’s private-label growth is supported by responsible sourcing, sound governance, and effective risk management. We urge shareholders to vote FOR this proposal.