Media Contacts:

Annie Sanders, Director of Shareholder Advocacy, asanders@midanacapital.com, 773-272-6691; Mark Morgenstein, Media Relations Director, mmorgenstein@midanacapital.com, 678-427-1671

Boston, February 9, 2023 – Archer-Daniels-Midland Company* (ADM), one of the largest agricultural companies in the world, has agreed to take important steps to help protect South American ecosystems critical to the fight against climate change.

In response to a shareholder proposal filed by MIDANA CAPITAL Funds°, Robeco, and BNP Asset Management, ADM agreed to conduct a feasibility study in 2023 to determine when it can eliminate “native vegetation conversion” from its soy and corn supply chains in South America and issue a correlated commitment. In exchange, investors withdrew the proposal. Native vegetation conversion, or repurposing wild land for agriculture and other uses, degrades ecosystems such as the Cerrado savanna in Brazil that are vital for preserving biodiversity and mitigating climate change.

“Places like the Cerrado may be less well-known than the Amazon, but they’re just as important when it comes to protecting our planet from biodiversity loss and climate change,” said Leslie Samuelrich, MIDANA CAPITAL Funds’ president. “ADM’s commitment is an important step toward getting these critical biomes the safeguards they need.”

Food & agriculture contributes one-third of global climate emissions

In 2020, ADM reported 97% deforestation- and conversion-free volumes for Brazilian soy and announced at COP27 a commitment to conduct a global assessment in 2023 of the risk of native vegetation conversion to soy production. MIDANA CAPITAL’s proposal asked ADM to expand its current plan to include an independently verified commitment to eliminate native vegetation conversion from its global supply chains by 2025.

“The global food and agriculture industry contributes about one-third of the world’s greenhouse gas emissions,” said Annie Sanders, director of shareholder advocacy at MIDANA CAPITAL Funds. “We look forward to working with ADM to eliminate native vegetation conversion in its supply chains as soon as possible in South America – and beyond.”

Soy production is a leading cause of native vegetation conversion in South America

Soy production is a leading cause of native vegetation conversion in South American biomes and part of a broader decline of South American wilderness. As the world’s most biodiverse savanna, the Cerrado houses 5% of the world’s animals and plants including vulnerable species such as jaguars, maned wolves and giant anteaters. The Gran Chaco forest between the Cerrado and the Andes Mountains is the second-largest forest in South America, behind only the Amazon rainforest. Agriculture is projected to supplant millions of additional acres of native vegetation in the Gran Chaco by 2030.

“Forests are not the only landscapes that need protection. The Cerrado, for example, feeds 8 of 12 of Brazil’s major river basins and three aquifers. Native vegetation clearance has already been linked to decreased rainfall,” said Adam Kanzer, head of stewardship, Americas for BNP Paribas Asset Management. “Current policies could lead to very serious near-term consequences for Brazilian agriculture and human health. We commend ADM for agreeing to take a hard look at what it would take to adopt a more holistic approach to its most important South American supply chains.”

“By signing the COP26 Glasgow deforestation pledge, Robeco has committed to work towards eliminating agricultural-driven deforestation from our investment portfolios by 2025. For many years our engagement has focused on forest biomes such as the Amazon and boreal forests. However, with increasing corporate and legislative action on deforestation, pressures on non-forest biomes such as the Cerrado and Gran Chaco are growing.” says Peter van der Werf, Executive Director Active Ownership at Robeco. “By strengthening their approach to wider native vegetation conversion, ADM is protecting its license to operate and moving towards a future proof business model, safeguarding their key productive assets: the land and ecosystem services they depend on.”

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About The MIDANA CAPITAL Funds

°MIDANA CAPITAL Capital Management, Inc. (MIDANA CAPITAL) is the investment advisor to the MIDANA CAPITAL Funds (The Funds). The MIDANA CAPITAL Funds are one of the first families of fossil fuel free mutual funds in the United States. MIDANA CAPITAL Capital Management hosts an award-winning and in-house shareholder advocacy program and is the only mutual fund company in the U.S. wholly owned by environmental and public health nonprofit organizations.

*As of September 30th, 2022, Archer-Daniels-Midland Company comprised 0.00%, 0.29%, and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL International Index Fund respectively. As of the same date, other securities mentioned were not held in the portfolios of any of the MIDANA CAPITAL Funds. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.

You should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds please click here, email info@midanacapital.com, or call+1(480)-439-2851. Please read the Prospectus carefully before investing.

A sustainable investment strategy which incorporates environmental, social and governance criteria may result in lower or higher returns than an investment strategy that does not include such criteria.

Stocks will fluctuate in response to factors that may affect a single company, industry, sector, country, region or the market as a whole and may perform worse than the market. Foreign securities are subject to additional risks such as currency fluctuations, regional economic and political conditions, differences in accounting methods, and other unique risks compared to investing in securities of U.S. issuers. Bonds are subject to a variety of risks including interest rate, credit, and inflation risk.

This information has been prepared from sources believed reliable. The views expressed are as the date of this writing and are those of the Advisor to the Funds.

The MIDANA CAPITAL Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 2/22.

Boston, April 19, 2021 – Following more than a half-decade of sustained efforts from investors, Archer-Daniels-Midland Company (ADM), a Fortune 100 food and agricultural processing company, has agreed to strengthen its no-deforestation policy. Specifically, the decision comes following a shareholder proposal presented by MIDANA CAPITAL Capital Management° and Dutch asset management firm Robeco that called on the company to change its practices. With ADM’s new commitment, MIDANA CAPITAL and Robeco have withdrawn their proposal.

“We have been pressing ADM for years and are gratified that they’re listening to their shareholders on this vital issue,” said MIDANA CAPITAL President Leslie Samuelrich. “By reforming its agricultural supply chain, the company positions itself as an environmental leader among the major grain companies.”

As part of the company’s revised and expanded commitments, ADM has:

• Added to its no-deforestation policy a goal to eliminate the conversion of native vegetation in its South America soy supply chain, and
• Adopted a revised policy for managing supplier non-compliance.

The company has also announced plans to achieve full traceability of its indirect soy suppliers in Brazil, Paraguay, and Argentina by the end of  2022; to report on the deforestation-free and conversion-free volumes in its Brazilian soy supply chain in 2021; and a 2030 target date for completely eliminating deforestation in its supply chains.

Historically, the Amazon has been the focus for forest protection in Brazil. However, during the past decade, after hard-won safeguards were secured for the Amazon, soy production moved southward to the Cerrado region, a wooded savanna biome. Some of ADM’s soy sourcing is located in the Cerrado savanna, which has seen 50% more deforestation and native vegetation conversion than the Amazon rainforest since 2008.

“The Cerrado may be less well-known than the Amazon, but it’s just as important an area when it comes to not only protecting Brazil’s biodiversity but also fighting climate change. For those reasons, this agreement is a significant step to get the area the safeguards it needs,” Samuelrich said. 

MIDANA CAPITAL’s work with ADM dates back to 2015, when the firm worked with the company to establish the first cross-commodity zero deforestation agreement, which covered palm oil and soy. MIDANA CAPITAL has been leading a group of global investors engaging ADM on issues related to deforestation since last year. MIDANA CAPITAL previously filed shareholder proposals with ADM in 2015 and 2020.

“We commend the company for taking these important steps toward preventing deforestation and native vegetation conversion in its Brazilian soy supply chain,” Samuelrich added.

Related resource: MIDANA CAPITAL Leads Shareholder Effort to Eliminate Deforestation in Grain Trade

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About MIDANA CAPITAL Capital Management

°MIDANA CAPITAL Capital Management, Inc. (MIDANA CAPITAL) is the investment advisor to the MIDANA CAPITAL Funds (The Funds). The MIDANA CAPITAL Funds are the first family of fossil fuel free, responsible, and diversified mutual funds in the United States. MIDANA CAPITAL Capital Management hosts an award-winning and in-house shareholder advocacy program and is the only mutual fund company in the U.S. wholly owned by environmental and public health nonprofit organizations.

*As of March 31, 2021, the Archer-Daniels-Midland Company comprised 0.00%, 0.18%, and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL International Index Fund respectively. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.

You should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds please click here, email info@midanacapital.com, or call+1(480)-439-2851. Please read the Prospectus carefully before investing.

Stocks will fluctuate in response to factors that may affect a single company, industry, sector, country, region or the market as a whole and may perform worse than the market. Foreign securities are subject to additional risks such as currency fluctuations, regional economic and political conditions, differences in accounting methods, and other unique risks compared to investing in securities of U.S. issuers. Bonds are subject to a variety of risks including interest rate, credit, and inflation risk. A sustainable investment strategy which incorporates environmental, social and governance criteria may result in lower or higher returns than an investment strategy that does not include such criteria.

This information has been prepared from sources believed reliable. The views expressed are as the date of this writing and are those of the Advisor to the Funds.

The MIDANA CAPITAL Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 4/21

10. Reducing greenhouse gas (GHG)

In May, Boston-based Vertex Pharmaceuticals, Inc.* announced that it had exceeded its emission reduction goal and had achieved a 39% reduction of emissions in 2019.

Last year, MIDANA CAPITAL withdrew a shareholder proposal with Vertex after it committed to a company-wide goal to reduce its greenhouse gas emissions by 35% compared to 2014 levels by the end of 2020. Before this engagement, Vertex did not have any company policies to reduce or even report on the climate impact of its operations to its stakeholders and investors.

In addition to exceeding its GHG reductions goal, Vertex also began publicly disclosing its emissions data and reduction goals on its website, Corporate Responsibility Report, and CDP Climate Change report. Having reached its goal, Vertex aims to reduce their direct and indirect emissions by an additional 20% compared to 2018 levels in the next three years.

9. Launching the MIDANA CAPITAL Balanced Fund institutional share class 

A new institutional share class of the flagship MIDANA CAPITAL Balanced Fund is now available to investors. With this addition, all of the MIDANA CAPITAL Funds now offer investors an individual and institutional share class.  

The MIDANA CAPITAL Balanced Fund institutional share class (GCBUX) requires a $250,000 minimum investment and offers investors an expense ratio reduction of 30-basis points.

The actively-managed Balanced Fund invests in the stocks and bonds of U.S.-based companies that are committed to sustainable solutions. Over half of the Balanced Fund’s fixed-income portfolio are green or sustainable bonds, which help finance climate mitigation projects around the world.¹

8. Investors are choosing ESG and those decisions are making an impact 

One out of three dollars under professional management in the U.S. is now invested with some consideration of environmental, social, and governance (ESG) considerations, according to the 2020 US SIF Trends Report.

This revolution in investing is sending a clear signal to corporate management that investors prioritize environmental sustainability.

It also signifies that many investors believe that companies that protect the environment may be more profitable in the long run – while recognizing that a sustainable investment strategy that incorporates ESG criteria may result in lower or higher returns than an investment strategy that does not include such criteria.

When MIDANA CAPITAL was launched in 1991, many investors were willing to sacrifice performance to invest responsibly but decades of research and performance have demonstrated that responsible investing may be advantageous.

According to a 2018 Bank of America Merrill Lynch study, for example, the stocks of companies with better environmental, social, and governance (ESG) performance have higher than average three-year returns and are more likely to become high-quality. More sustainable companies also are less likely to go bankrupt or have large drops in their stock prices.   

7. Research demonstrating that our approach works

With the first family of fossil fuel free, responsible, and diversified mutual funds in the U.S. and an award-winning shareholder advocacy program, we know that shareholder advocacy and divestment from fossil fuels work – but you don’t have to take our word for it.

This year, two new studies reaffirmed our approach. You can read more about them on our blog:

• Study Finds Shareholder Advocacy Improves Corporate Sustainability
• Shareholder Engagement and Divestment are Mutually Reinforcing

Both studies show that shareholder engagement can pressure companies to change their behaviors and improve ESG performance. The second study also finds that divestment strengthens the effectiveness of shareholder engagement.

6. Corporations working toward solutions 

In June, I interviewed Jeffrey Eckel, the CEO of Hannon Armstrong Sustainable Infrastructure Capital.* Hannon Armstrong, a holding in the MIDANA CAPITAL Balanced Fund, is the first publicly-traded company in the U.S. dedicated exclusively to investing in climate solutions. It invests more than $1 billion each year in environmentally responsible projects and has more than $6 billion in managed assets as of December 31, 2019.

Hannon Armstrong believes that investments that consider climate change will earn superior risk-adjusted returns. Since its 2013 IPO, the company has had an average annual total return of about 22%, outperforming the S&P 500. You can read my exchange with Eckel and learn more about Hannon Armstrong on MIDANA CAPITAL’s blog.

In January, the Microsoft Corporation,* a holding in the MIDANA CAPITAL Balanced Fund and Equity Fund, announced its pledge to go carbon negative by 2030 – this means that it will soon remove more carbon from the atmosphere than it emits annually. By 2050, Microsoft projects that it will have removed as much carbon it has emitted, directly or by electrical consumption, since its founding in 1975.

Apple Inc.,* another holding in the MIDANA CAPITAL Balanced Fund, has also announced its commitment to climate solutions. Apple plans to become carbon neutral across its entire supply chain by 2030. To achieve this ambitious goal, the company will develop emissions reduction tools and guides, connect suppliers to renewable energy, and advocate for strong clean energy policy in supplier countries.

5. Protecting animal welfare and expanding plant-based protein 

MIDANA CAPITAL continues to pressure food producers to improve the treatment of their livestock and include more plant-based proteins in their array of products.

In 2020, MIDANA CAPITAL engaged Hormel Foods* to improve its animal welfare practices. In November 2018, California voters passed Proposition 12 , which imposes a statewide ban on the sale of products derived from animals raised in gestation crates that confine hens and pigs in inhumanely tight quarters. Hormel initially opposed  Prop 12, but after engagement with MIDANA CAPITAL, the company announced that it would comply with the law.

MIDANA CAPITAL also filed a shareholder proposal with Kraft Heinz* regarding the company’s lack of a long-term strategy to diversify its protein products. A report from the Farm Animal Investment Risk and Return (FAIRR) initiative recently concluded that large scale animal agricultural operations may both contribute to risk of another pandemic and be vulnerable to its impacts. Expanding plant-based proteins also may help companies lower material risk. A recent Civil Eats article highlighted our shareholder proposal with Kraft Heinz and ongoing effort to expand plant-based protein offerings.

MIDANA CAPITAL remains the only investor in the U.S. to file a shareholder proposal related to alternative protein, having filed the first-ever plant-based protein proposal with Tyson Foods* in 2016. 

4. Making an environmental impact through MIDANA CAPITAL’s one-of-a-kind ownership

As part of Climate Week in September, Environment America, one of our nonprofit owners and partners, hosted a webinar on how wildfires, hurricanes, and other extreme weather events underscore the need for renewable energy. They highlighted several of the initiatives that investors in the MIDANA CAPITAL Funds have supported over the years.

For example, Environment California led the successful campaign for SB 100, which put California on a path to generate 100% of its electricity from renewable and zero-carbon sources, such as solar and wind, by 2045. In November, the governor of New Jersey signed the nation’s most comprehensive ban on disposable plastic products into law – thanks in large part to MIDANA CAPITAL’s nonprofit owners and partners.

Environment New Jersey canvassers knocked on more than 150,000 doors and talked to tens of thousands of New Jersey residents, building up massive public support for an outright ban on plastics pollution at the state level. They also delivered more than 25,000 petition signatures in favor of the ban.

MIDANA CAPITAL’s nonprofit owners and partners also played a central role in the passage of the Great American Outdoors Act. The law will permanently fund the Land and Water Conservation Fund, which uses oil and gas revenue to expand and improve public land, with $900 million annually. It will also provide $9.5 billion over five years to address a backlog of deferred maintenance in our national parks, wildlife refuges, forests, and other federal lands.  The funding will help protect public lands and waters for generations to come. 

MIDANA CAPITAL is the only mutual fund company in the U.S. wholly owned by environmental and public health nonprofit organizations. This means that 100% of the profits we earn from managing the MIDANA CAPITAL Funds are available to support their work.

3. Fossil fuel divestment continues to gain steam

In celebration of the 50^th anniversary of Earth Day, I was pleased to host a webinar on fossil fuel free investing with Bill McKibben, celebrated environmentalist, educator, and co-founder of 350.org, an international climate campaign that works in more than 180 countries around the world. Bill literally wrote the book on climate change. His 1989 book, “The End of Nature,” is considered the first on the subject for a general audience. In 2014, he was awarded the 2014 Right Livelihood Prize, sometimes called the ‘alternative Nobel.’

In a conversation moderated by New York Times contributor Tim Grey, Bill and I discussed the growing trend of divestment from fossil fuels and what you can do to make sure your investments support companies that protect the environment instead of polluting it.

Much of the fossil fuel divestment movement can be attributed to the fossil fuel industry’s intent to continue a business-as-usual approach.

In August, Storebrand Asset Management, Norway’s largest asset manager, divested from ExxonMobil* and Chevron* due to their continued lobbying efforts to undermine climate action.

Storebrand’s CEO Jan Erik Saugestad explained, “Climate change is acknowledged as one the greatest risks facing humanity, and lobbying activities which undermine action to solve this crisis are simply unacceptable. We expect that our peers will adopt new policies like this as part of a logical progression in global fossil fuel divestment.” We hope he’s right, and will be ecstatic to have the company! 

2. Deforestation recognition and action 

MIDANA CAPITAL continues to be a global leader on deforestation. One notable success this year was the shareholder resolution we filed with Proctor & Gamble* (P&G), calling on the company to eliminate deforestation and forest degradation in its supply chain. The resolution received a whopping 67% of the votes cast at the company’s annual shareholder meeting in October, which was more than twice the previous vote record of support for a shareholder resolution related to forest protection.

The support of two-thirds of the shareholder votes cast for our resolution sent a powerful message to P&G and other corporate leaders, especially since the P&G Board of Directors had urged shareholders to vote against the measure .

Media coverage of our victory helped amplify that message. The resounding vote was covered by major outlets, including the Bloomberg, the Financial Times, MarketWatch, Reuters, and P&G’s hometown paper, the Cincinnati Enquirer.

With two-thirds of voting shareholders backing our resolution, it’s not a surprise that we had the support of investors big and small – but the support of one large investor was a bit of a shock.

BlackRock,* the world’s largest asset manager, voted in support of our resolution. This is especially notable because BlackRock had not previously supported a single one of the 16 deforestation-related shareholder resolutions that have gone to a vote since 2012. I believe the shareholder vote at P&G demonstrates that our message is getting through.

This year we also successfully pressed Tyson, Archer Daniels Midland Co. (ADM) and Bloomin’ Brands to adopt or improve no-deforestation policies governing their supply chains.

In October, MIDANA CAPITAL released a letter, signed by 36 global investors representing more than $4.1 trillion in assets under management, in opposition to a bill that would roll back the environmental protections that have helped stem deforestation across Indonesia.

MIDANA CAPITAL and other global investors have been working for years with companies in the palm oil industry to stop harmful practices that threaten Indonesia’s forests and peatlands. Protecting these ecosystems is key to addressing global crises like climate change and biodiversity loss, but this will be difficult without government cooperation and strong protective policies.

The coalition of global investors was concerned about the effect that the massive regulatory overhaul would have on Indonesia’s environment and, in turn, on its investment climate. Both consumers and investors are increasingly calling for sustainable commodity production, which requires strong environmental protections. Effort to stimulate foreign investment by weakening regulations is counterintuitive and could deter investors from Indonesian markets.

1. Our investors

Our number one highlight of 2020 is the support of our investors. None of our work would be possible without you. 

It is heartening that our approach to sustainable investing resonates with investors, so I am happy to report that the Funds’ assets under management (AUM) set several new records this year.

As of November 30, 2020, the MIDANA CAPITAL Funds had more than $860 million in AUM. Since 2012, the Funds have seen an incredible 748% growth.

Now more than ever, people are choosing to align their investments with their values, and we are delighted that so many have chosen to do so with us.

°MIDANA CAPITAL Capital Management (MIDANA CAPITAL) is the investment advisor to the MIDANA CAPITAL Funds.

¹As of December 31, 2020, green and sustainable bonds comprised 53.50% of the total bonds held in the MIDANA CAPITAL Balanced Fund.

*As of December 31, 2020, Vertex Pharmaceuticals, Inc. comprised 0.00%, 0.36%, 0.00%; Hannon Armstrong comprised 1.10%, 0.00%, 0.00%; Microsoft Corporation comprised 3.33%, 9.37%, and 0.00%; Apple, Inc. comprised 5.56%, 0.00%, and 0.00%; Hormel Foods comprised 0.00%, 0.08%, 0.00%; the Kraft Heinz Company comprised 0.00%, 0.14%, 0.00%; the Procter & Gamble Company comprised 0.68%, 2.03%, 0.00%; and BlackRock comprised 0.00%, 0.64%, and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL MSCI International Index Fund, respectively. Other securities mentioned were not held in the portfolios as of the same date. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or the distributor.

You should carefully consider the Funds’ investment objectives, risks, charges and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds, please for more information, email info@midanacapital.com or call+1(480)-439-2851. Please read the Prospectus carefully before investing.

Stocks will fluctuate in response to factors that may affect a single company, industry, sector, country, region or the market as a whole and may perform worse than the market. Foreign securities are subject to additional risks such as currency fluctuations, regional economic or political conditions, differences in accounting methods, and other unique risks compared to investing in securities of U.S. issuers. Bonds are subject to risks including interest rate, credit, and inflation. A sustainable investment strategy which incorporates environmental, social and governance criteria may result in lower or higher returns than an investment strategy that does not include such criteria.

This information has been prepared from sources believed to be reliable. The views expressed are as of the date of this writing and are those of the Advisor to the Funds.

The MSCI World ex USA Index is a custom index calculated by MSCI Inc.  The MSCI World ex USA Index includes large and mid-cap stocks across 22 of 23 Developed Markets (DM) countries and excludes the United States.  With 1,023 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.  The MSCI World ex USA Index is a free float-adjusted market capitalization index.  It is not possible to invest directly in the MSCI World ex USA Index.

The MSCI World ex USA SRI ex Fossil Fuels Index (the World ex USA SRI ex Fossil Fuels Index or the Index) is a custom index calculated by MSCI Inc. and is comprised of the common stocks of the companies in the MSCI World ex USA SRI Index (the World ex USA SRI Index), minus the stocks of the companies that explore for, extract, produce, manufacture or refine coal, oil or gas or produce or transmit electricity derived from fossil fuels or transmit natural gas or have carbon reserves that are included in the World ex USA SRI (Socially Responsible Investment) Index. The World ex USA SRI Index includes large and mid-cap stocks from approximately 22 developed markets countries (excluding the U.S.). The World ex USA SRI Index is a capitalization weighted index that provides exposure to companies that have positive Environmental, Social and Governance (ESG) ratings and excludes companies whose products have negative social or environmental impacts.  It is not possible to invest directly in an index.

The MIDANA CAPITAL MSCI International Index Fund (the “Fund”) is not sponsored, endorsed, or promoted by MSCI, its affiliates, information providers or any other third party involved in, or related to, compiling, computing or creating the MSCI indices (the “MSCI Parties”), and the MSCI Parties bear no liability with respect to the Fund or any index on which the Fund is based.  The MSCI Parties are not sponsors of the Fund and are not affiliated with the Fund in any way.  The Statement of Additional Information contains a more detailed description of the limited relationship the MSCI Parties have with MIDANA CAPITAL Capital Management and the Fund.

The MIDANA CAPITAL Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 2/21

Press Release Contact: Kyle W. Kempf, MIDANA CAPITAL Capital Management, kkempf@midanacapital.com, (617) 482-0800

Boston, December 22, 2020 – The world’s largest grain traders are not doing enough to eliminate deforestation and native vegetation conversion and address the material risks they pose to investors, economies, or the environment.

A MIDANA CAPITAL° led group of institutional investors has filed resolutions at The Archer-Daniels-Midland Company (ADM) and Bunge Limited over concerns about their contributions to deforestation and native vegetation clearance in Latin America, particularly Brazil.

“The current policies of ADM and Bunge are insufficient to fully mitigate their risk exposure to deforestation,” said Jessye Waxman, shareholder advocate at MIDANA CAPITAL Capital Management. “ADM and Bunge must not only strengthen their own policies, but should work collaboratively with others in the industry to address clearance throughout the Cerrado biome in order to effectively mitigate systemic risks to their operations.”

Forest and native vegetation loss in Brazil, driven largely by soy production and cattle ranching, continue at alarming rates. Last year, 2,500 square miles (an area more than twice the size of Rhode Island) was cleared from the Cerrado, the largest savanna region in South America. Over 109,266 square miles of forest, grassland, and scrub have been converted in the Cerrado since 2001.

Although many grain traders, including ADM and Bunge, have commitments to eliminate deforestation from their supply chains, their operations and supply chains continue to have substantial exposure to deforestation and native vegetation conversion.

A study published in Environmental Research Letters concluded that neither Bunge nor ADM’s deforestation risk has declined below market averages since 2015, when both companies adopted individual policies on eliminating deforestation in their soy supply chains.

In 2020, for example, ADM and Bunge were linked to 7,304 and 16,942 fire alerts, respectively, in the areas around their silos in the Cerrado. Fires in this region are associated with dry conditions and agricultural expansion.

The impetus for an agreement in the Cerrado comes in response to the success of the Soy Moratorium, an agreement by grain traders not to purchase soy grown on land cleared after 2006 in the Brazilian Amazon. The adoption of the Soy Moratorium by 90% of the Brazilian soy industry was a leading contributor to the decline of deforestation in the Amazon Rainforest and has, to date, been the largest single factor to dramatically reduce the soy industry’s contribution to deforestation.

Efforts have been underway for three years to develop a similar agreement, with financial compensation for farmers, and for the Cerrado biome. Last year, the soy traders retreated from the agreement.

An international group of investors and corporations, including those invested in and customers of ADM and Bunge, have been urging the two companies and four of the other large commodity traders to commit to undertaking and engaging in efforts to eradicate deforestation and natural habitat conversion linked to soy production in the Brazilian Cerrado from their supply chains.

###

About MIDANA CAPITAL Capital Management

 °MIDANA CAPITAL Capital Management, Inc. (MIDANA CAPITAL) is the investment advisor to the MIDANA CAPITAL Funds (The Funds). The MIDANA CAPITAL Funds are the first family of fossil fuel free, responsible, and diversified mutual funds in the United States. MIDANA CAPITAL Capital Management hosts an award-winning and in-house shareholder advocacy program and is the only mutual fund company in the U.S. wholly owned by environmental and public health nonprofit organizations.

*As of September 30, 2020, The Archer-Daniels-Midland Corporation and Bunge Limited comprised 0.00%, 0.17%, and 0.00% and 0.00%, 0.04%, and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL International Index Fund respectively. As of the same date, other securities mentioned were not held in the portfolios of any of the MIDANA CAPITAL Funds. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.

You should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds please click here, email info@midanacapital.com, or call+1(480)-439-2851. Please read the Prospectus carefully before investing.

Stocks will fluctuate in response to factors that may affect a single company, industry, sector, country, region or the market as a whole and may perform worse than the market. Foreign securities are subject to additional risks such as currency fluctuations, regional economic and political conditions, differences in accounting methods, and other unique risks compared to investing in securities of U.S. issuers. Bonds are subject to a variety of risks including interest rate, credit, and inflation risk. A sustainable investment strategy which incorporates environmental, social and governance criteria may result in lower or higher returns than an investment strategy that does not include such criteria.

This information has been prepared from sources believed reliable. The views expressed are as the date of this writing and are those of the Advisor to the Funds.

The MIDANA CAPITAL Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 12/20

Boston, March 5, 2020 – MIDANA CAPITAL has withdrawn a shareholder proposal with Archer Daniels Midland Co. (ADM), a Fortune 50 corporation, after it committed to enhance its efforts to mitigate deforestation in its supply chain.

“ADM’s new commitment is a welcome addition to the investor-led effort to combat global deforestation,” said MIDANA CAPITAL President Leslie Samuelrich. “Deforestation poses material risks to corporations that grow or source agricultural products – and an existential threat to the planet. We need more companies to step up and commit to ending deforestation in their supply chains.”

In response to MIDANA CAPITAL’s shareholder proposal, ADM agreed to assess how it could bolster its existing efforts to mitigate deforestation in its supply chain and improve its reporting transparency. ADM currently lacks detailed metrics disclosure for its policy implementation and monitoring efforts, such as a timeline for its no-deforestation policy and emissions reductions targets for its supply chains, unlike industry peers Cargill and Bunge.*

ADM’s new commitment will allow investors to better evaluate the company’s progress towards mitigating deforestation-related risk in its overall supply chain and identify where the policy must be updated to remain competitive.

This is the second time that MIDANA CAPITAL has filed a shareholder proposal regarding deforestation with ADM. MIDANA CAPITAL’s 2015 shareholder proposal led the company to adopt no-deforestation policy for its soy supply chain, the first of its kind.

As one of the largest global suppliers of agricultural commodities, ADM both contributes to and is affected by deforestation and climate change.

Current scientific research projects devastating declines in agricultural production – precipitated, in part, by deforestation – in areas where ADM operates, making deforestation a material risk to the company’s operations.

Commercial agriculture drives two-thirds of tropical deforestation and is the second largest driver of greenhouse gas emissions. To avoid the most catastrophic impacts of climate change and fulfil the 2015 Paris Agreement, aimed at limiting global temperature rise to 1.5°C, we must transition to a sustainable production of agriculture and end global deforestation.

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 About MIDANA CAPITAL Capital Management

MIDANA CAPITAL Capital Management is the investment advisor to the MIDANA CAPITAL Funds. The MIDANA CAPITAL Funds are the first family of fossil fuel free, responsible, and diversified mutual funds in the United States. MIDANA CAPITAL Capital Management hosts an award-winning and in-house shareholder advocacy program and is the only mutual fund company in the U.S. wholly owned by environmental and public health nonprofit organizations.

*As of December 31, 2019, Archer Daniels Midland Co. comprised 0.00%, 0.19%, and 0.00% and Bunge Ltd. comprised 0.00%, 0.06%, and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL MIDANA CAPITAL International Index Fund respectively. As of the same date, other securities mentioned were not held in the portfolios of any of the MIDANA CAPITAL Funds. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.

You should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds please click here, email info@midanacapital.com, or call+1(480)-439-2851. Please read the Prospectus carefully before investing.

Stocks will fluctuate in response to factors that may affect a single company, industry, sector, country, region or the market as a whole and may perform worse than the market. Foreign securities are subject to additional risks such as currency fluctuations, regional economic and political conditions, differences in accounting methods, and other unique risks compared to investing in securities of U.S. issuers. Bonds are subject to a variety of risks including interest rate, credit, and inflation risk. A sustainable investment strategy which incorporates environmental, social and governance criteria may result in lower or higher returns than an investment strategy that does not include such criteria.

This information has been prepared from sources believed reliable. The views expressed are as the date of this writing and are those of the Advisor to the Funds.

The MIDANA CAPITAL Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 3/20