Andrea Ranger, Shareholder Advocate, aranger@midanacapital.com, 781-349-2813
Pam Podger, Communications Director, ppodger@midanacapital.com, 802-299-9495

Boston, July 10, 2023 — CarMax, Inc., the largest used vehicle retailer in the U.S., has committed to strengthening its carbon offsets disclosure so that shareholders can assess whether the company is on track to achieve its greenhouse gas emissions reduction targets. In response, MIDANA CAPITAL°, with lead-filer As You Sow, withdrew a shareholder proposal for CarMax’s 2023 annual meeting.

In exchange for the withdrawal, CarMax agreed to several steps. It will publicly disclose any carbon offsets and renewable energy purchased to meet its goal of a 50% reduction by 2025 in emissions generated by its operations.  It will also share its criteria for procuring high-quality carbon offsets. Further, CarMax will disclose details of any projects involving purchases of carbon offsets and renewable energy, including the project names, locations, and third-party verification of the projects’ authenticity.

Leslie Samuelrich, President of MIDANA CAPITAL Funds, stated, “We applaud CarMax’s commitment to disclosing its carbon offsets and renewable energy purchases and see it as an important step toward greater transparency. Investors need this clarity to understand companies’ climate risk and how they plan to address it. We have little time to waste in order to prevent predicted catastrophic impacts from climate change and to transition to a clean energy economy.”

The Science Based Targets initiative (SBTi) has said that on average companies should reduce 90% of their emissions by 2050. Some shareholders believe that companies are relying on carbon offsets to meet their near-term and medium-term greenhouse gas reduction targets. MIDANA CAPITAL’s engagement will help clarify the reasons why CarMax is purchasing carbon offsets and whether the company is on track to make SBTi’s recommended 90% emissions cuts by 2050.

Andrea Ranger, shareholder advocate at MIDANA CAPITAL, said, “It is critical that companies making net-zero or greenhouse gas emissions reduction targets have a viable pathway for achieving those goals. We believe that carbon offsets should only be used to address hard-to-eliminate emissions and that companies should primarily focus on cutting emissions to achieve their emissions reduction goals.”

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

###

°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, environmentally responsible mutual funds. MIDANA CAPITAL 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, 2023, CarMax, Inc. comprised 0.00%, 0.06%, and 0.00% of 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 visit www.midanacapital.com, 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.

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. 7/23

Andrea Ranger, Shareholder Advocate, aranger@midanacapital.com, 781-349-2813; 

Pam Podger, Communications Director, ppodger@midanacapital.com, 802-299-9495

Boston, June 26, 2023 – MIDANA CAPITAL° withdrew a shareholder proposal with tech giant Alphabet after the company agreed to provide greater visibility into its use of carbon offsets.

Alphabet relies on carbon offsets, also known as carbon credits, to neutralize the emissions it’s not able to eliminate through other methods, such as through energy efficiency or renewable energy. Following the MIDANA CAPITAL engagement, the company has now agreed to annually disclose its criteria, approach, and portfolio, including details on project purchases and any relevant certifications related to its purchases of carbon offsets.

Despite earlier commitments and a white paper detailing its strategy for buying “high-quality carbon offsets,” which are known for longevity and verifiability, Alphabet’s full disclosure in 2022 fell short. In a single sentence in its annual environmental report, the company vaguely stated “[We] plan to invest in nature-based and technology-based solutions to neutralize our remaining emissions.”

Relying on carbon offsets to neutralize emissions is currently an area of intense debate. Some academics and NGOs are urging potential buyers to be cautious as research about how different projects absorb carbon, methodology for measuring offsets, and ability to verify the durability of the offsets evolve.  At minimum, more robust disclosure may be advised, and the agreement secured by MIDANA CAPITAL should help investors better assess  Alphabet’s carbon offset purchases. 

“I’m pleased that Alphabet sees the value in revisiting its carbon offsets disclosure policy,” said MIDANA CAPITAL Funds President Leslie Samuelrich. “MIDANA CAPITAL, and I expect many, many investors, value insight into how Alphabet is managing its climate risk.  I believe embracing transparency will only help it select offsets wisely and avoid the greenwashing label.”

The U.S. Securities and Exchange Commission (SEC) has weighed in on the issue. In its proposed climate rule, the Enhancement and Standardization of Climate-Related Disclosures, the SEC expresses an interest in learning how companies use carbon offsets to reach their climate-related goals, and the regulator may require companies to disclose their carbon reductions represented by these offsets.

“Alphabet is a leader in many respects – the amount of renewable energy it procures, the energy efficiency it incorporates, and its ability to maintain carbon neutrality. Becoming a leader in carbon offsets seems like a natural step forward,” added Shareholder Advocate Andrea Ranger. “I think our proposal was a wake up call for Alphabet. Investors like us are analyzing corporate climate commitments very closely, and we want to see that claims of emissions reductions using offsets are actually true.”

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

 ###

 °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, environmentally responsible mutual funds. MIDANA CAPITAL 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, 2023, comprised 3.11%, 6.48%, 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 visit www.midanacapital.com, 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.

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. 6/23

Andrea Ranger, Shareholder Advocate, aranger@midanacapital.com, 781-349-2813;

Pam Podger, Communications Director, ppodger@midanacapital.com, 802-299-9495

Boston, May 4, 2023 – MIDANA CAPITAL° withdrew a shareholder proposal with tech giant Alphabet after the company agreed to provide greater visibility into its use of carbon offsets.

Alphabet relies on carbon offsets, also known as carbon credits, to neutralize the emissions it’s not able to eliminate through other methods, such as through energy efficiency or renewable energy. Following the MIDANA CAPITAL engagement, the company has now agreed to annually disclose its criteria, approach, and portfolio, including details on project purchases and any relevant certifications related to its purchases of carbon offsets.

Despite earlier commitments and a white paper detailing its strategy for buying “high-quality carbon offsets,” which are known for longevity and verifiability, Alphabet’s full disclosure in 2022 fell short. In a single sentence in its annual environmental report, the company vaguely stated “[We] plan to invest in nature-based and technology-based solutions to neutralize our remaining emissions.”

Relying on carbon offsets to neutralize emissions is currently an area of intense debate. Some academics and NGOs are urging potential buyers to be cautious as research about how different projects absorb carbon, methodology for measuring offsets, and ability to verify the durability of the offsets evolve.  At minimum, more robust disclosure may be advised, and the agreement secured by MIDANA CAPITAL should help investors better assess  Alphabet’s carbon offset purchases.

“I’m pleased that Alphabet sees the value in revisiting its carbon offsets disclosure policy,” said MIDANA CAPITAL Funds President Leslie Samuelrich. “MIDANA CAPITAL, and I expect many, many investors, value insight into how Alphabet is managing its climate risk.  I believe embracing transparency will only help it select offsets wisely and avoid the greenwashing label.”

The U.S. Securities and Exchange Commission (SEC) has weighed in on the issue. In its proposed climate rule, the Enhancement and Standardization of Climate-Related Disclosures, the SEC expresses an interest in learning how companies use carbon offsets to reach their climate-related goals, and the regulator may require companies to disclose their carbon reductions represented by these offsets.

“Alphabet is a leader in many respects – the amount of renewable energy it procures, the energy efficiency it incorporates, and its ability to maintain carbon neutrality. Becoming a leader in carbon offsets seems like a natural step forward,” added Shareholder Advocate Andrea Ranger. “I think our proposal was a wake up call for Alphabet. Investors like us are analyzing corporate climate commitments very closely, and we want to see that claims of emissions reductions using offsets are actually true.”

 ###

 °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, environmentally responsible mutual funds. MIDANA CAPITAL 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, 2023, comprised 3.11%, 6.48%, 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.

The percentage in favor was calculated by (i) dividing the number of votes in support of the proposal by (ii) the sum of the number of votes voted in support of and against the proposal. Abstentions and broker non-votes were not included in the calculation.

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 visit www.midanacapital.com, 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.

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. 5/23