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

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

Boston, May 15, 2023 – MIDANA CAPITAL’s° shareholder proposals filed with The Hartford Financial Services Group, Inc. and The Travelers Companies, Inc. are going to a vote at the companies’ annual general meetings on May 17^th and May 24^th, respectively. MIDANA CAPITAL filed the proposals in December requesting that the companies phase out underwriting new fossil fuel projects in line with the Paris Agreement’s aim to limit global warming to 1.5℃ over pre-industrial temperatures.

MIDANA CAPITAL’s proposals raise concerns that The Hartford and Travelers are exposed to climate risk. Both companies underwrite policies meant to protect customers’ homes and businesses from the impacts of climate-driven catastrophes while simultaneously underwriting policies for the fossil fuel industry, whose emissions amplify the effects of those catastrophes.

“Insurers seem to think developing more gas and oil will somehow ease us into a clean energy transition, but developing new wells, pipelines, and other fossil fuel infrastructure is fundamentally incompatible with protecting people and the planet,” said MIDANA CAPITAL Funds President Leslie Samuelrich. “Insurance should be about protection, not enabling systemic threats like climate change.”

Net-zero goals and insuring new renewables projects are not enough

While both The Hartford and Travelers have adopted partial underwriting exclusions on insuring thermal coal mining, coal plant construction and operation, and tar sands-related risks, neither company has agreed to limit underwriting new oil and gas projects, even in ecologically-sensitive areas like the Arctic. U.S. insurer Chubb*, the largest publicly-traded commercial property and casualty insurer in the world, announced in March that it will no longer underwrite oil and gas extraction projects in government-protected conservation areas and that it will press existing clients to cut methane leaks and emissions from flaring.

Although The Hartford set a goal to achieve net-zero emissions by 2050 across its full range of operations, the company has not announced plans to address how its underwriting strategies support its net-zero commitment. Travelers has neither set a net-zero goal nor has it addressed the incongruency of insuring fossil fuel development with protecting its customers from severe weather enhanced by a warming climate.

“Both The Hartford and Travelers are insuring new renewable energy projects, and we applaud that,” said MIDANA CAPITAL Shareholder Advocate Andrea Ranger. “But developing more renewables is only half the answer. Climate experts tell us that the other half is giving up extracting and burning even more oil and gas. For an industry that relies on science, I hope insurers will extract new oil and gas projects from their underwriting portfolios.”

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.

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°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, Chubb Limited comprised 0.00%, 0.44%, and 0.00%, The Hartford Financial Services Group, Inc. comprised 0.00%, 0.12%, and 0.00%, and The Travelers Companies, Inc. comprised 1.12%, 0.22%, 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. 5/23

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

Mark Morgenstein, Media Relations Director, mmorgenstein@midanacapital.com, 678-427-1671

Boston, February 22, 2023 – In response to MIDANA CAPITAL° re-filing of a shareholder proposal in December, Chubb Limited, the world’s largest commercial property and casualty insurer, has once again asked the SEC for permission to block the proposal from its proxy ballot. In 2022, MIDANA CAPITAL filed a virtually identical proposal asking the company to stop underwriting new coal, oil and methane gas projects. The SEC denied Chubb’s request. Subsequently, the proposal went to a vote at Chubb’s 2022 annual general meeting and garnered the support of 19.4% of the shareholder votes cast.

Like most U.S. property and casualty insurers, Chubb lags behind its European peers in adopting meaningful exclusions. Despite the outbreak of the war in Ukraine and constraints on fossil fuel supply,  a number of European property and casualty insurers now exclude more oil and methane gas development in their fossil fuel underwriting.  By contrast, in January 2022, a global NGO insurance campaign identified Chubb as a major underwriter of South American offshore oil and gas drilling projects, providing Brazil’s national oil company coverage for 60% of its general civil liability and 50% of its transport-related risks. This state-owned Brazilian company has the fifth-largest documented oil and gas expansion plans of any oil and gas company in the world.

“It boggles the mind to think that an insurance company would willingly create risk for itself and its shareholders by supporting new fossil fuel supply,” said MIDANA CAPITAL Funds President Leslie Samuelrich. “We have to transition away from fuels that create carbon pollution and drive global warming. And let me be clear: We’re not asking Chubb to summarily cancel existing contracts. We’re asking Chubb to be more forward-thinking about a slice of its business and phase out of underwriting new fossil fuel projects. It’s a low bar to clear considering the existential risk of climate change.”

Chubb argued to the SEC that MIDANA CAPITAL’s proposal should be excluded because it probes too deeply into matters of a complex nature upon which shareholders, as a group, would not be in a position to make an informed judgment.

“Chubb’s argument seems to underestimate the intelligence of its shareholders,” said MIDANA CAPITAL Shareholder Advocate Andrea Ranger. “I’m sure many are able to come to the fairly obvious conclusion that insurance policies enabling new coal, oil and gas supplies are fueling increasingly severe climate change impacts. It’s not rocket science.”

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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 December 31, 2022, Chubb Limited comprised 0.00%, 0.55%, 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.

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. 2/23