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

BOSTON, January 19, 2023 – In exchange for the withdrawal of a MIDANA CAPITAL° shareholder proposal, San Diego-based Jack in the Box restaurants  announced it will switch to 100% “group housed” pork by the end of 2026. In this process, breeding pigs are housed in groups rather than restrictive “gestation” crates for at least a majority of each pregnancy cycle. MIDANA CAPITAL pressed Jack in the Box to make this transition after a decade of failed promises to do so. Gestation crates confine pregnant sows in spaces that are roughly 2 feet by 7 feet, areas so small that they can’t even turn around. Nine states ban the practice.

“Jack in the Box made a promise in 2012 to eliminate gestation crate usage from its supply chain by 2022 but it didn’t keep its pledge,” said MIDANA CAPITAL Funds President Leslie Samuelrich. “Shareholders want companies to uphold their commitments — and everyone wants to see animals treated as humanely as possible. Companies who fail to do either or both incur reputational risks. We’re pleased to see Jack in the Box finally taking action on this important animal welfare issue.”

Jack in the Box’s competitors have made progress on sourcing pork from suppliers that have reduced or eliminated gestation crates.  McDonald’s will reach 100% “group housed” pork by 2024 in the United States, as will Burger King and Tim Hortons (in both the U.S. and Canada). Wendy’s, Panera Bread and other quick service chains have already achieved that goal in the U.S.

“Whether you’re a fan of Jack in the Box’s bacon double cheeseburger or just an investor worried that your company is not tuned into animal welfare issues and the oft-correlated competitive and reputational damage, Jack in the Box’s new announcement is welcomed news,” said MIDANA CAPITAL Shareholder Advocate Andrea Ranger. “We appreciate that Jack in the Box quickly established a hard cutoff date to switch to 100% group housed pork. There’s no excuse for putting pregnant pigs in the equivalent of animal jail.”

About 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, 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 September 30, 2022, COMPANY comprised 0.00%, 0.01%, 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.

 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. 01/2023