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

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

Boston, August 21, 2023 – After MIDANA CAPITAL° and Trinity Health filed a shareholder proposal with Hormel Foods Corp. (Hormel) in 2019, the company has made progress on an important public health issue: reducing the overuse of medically-important antibiotics in food animals. Prior to MIDANA CAPITAL’s engagement, Hormel had not disclosed how its animals were being dosed with antibiotics on its company-owned turkey and pork farms and on farms it contracted with for those animals.

Medically-important antibiotics are medications that people use to fight bacterial infections on a range of illnesses. The rise of antibiotic superbugs in recent years has put a spotlight on how routinely overprescribing powerful antibiotics in food animals poses a health threat. In fact, U.S. Centers for Disease Control and Prevention (CDC) reports that superbugs infect more than 2 million Americans and kill at least 23,000 each year.

In exchange for a withdrawal of the 2019 shareholder proposal, Hormel agreed to publish the amounts of medically-important antibiotics routinely administered in the food and water supplies of turkey and pork raised on company-owned farms and in contract turkey farms. To its credit, Hormel voluntarily began reporting on antibiotics used on three pork farms in its supply chain.

Surprisingly, Hormel then made the bold move of setting targets to eliminate routine use of medically-important antibiotics announcing on its website, “We will strive to achieve a 10% year-over-year reduction in medically important antibiotic use at our company-owned turkey farms and company-owned sow farm…” Hormel noted that, until 2025, it will study how to make antibiotic reductions in its pork supply and then will start doing so.

“We are glad to see Hormel taking these strong steps to protect public health,” said MIDANA CAPITAL Funds President Leslie Samuelrich, “Having just experienced the stunning impacts of a global health crisis, we can’t afford to misuse medications that are key to saving lives.”

Hormel has now published its second antibiotics stewardship report which demonstrates progress toward its 10% year-over-year reductions in medically-important antibiotics. For turkeys, it succeeded in an 8% reduction in 2022; however, the company needs to invest greater efforts to adopt better stewardship practices within its own sow farm and those of its pork suppliers. Rather than cutting antibiotic use in pork, it has continued to increase doses of important classes of antibiotics.

“What I’m seeing from this multi-year engagement is the power of shareholder advocacy to affect change,” stated MIDANA CAPITAL Shareholder Advocate Andrea Ranger. “Hormel is really scrutinizing the practices used on its farms and partner farms, and it’s now figuring out how to proactively treat illnesses without reaching for medically-important antibiotics. It’s a win for people, a win for Hormel, and a win for keeping antibiotics effective.”

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 June 30, 2023, Hormel Foods Corporation 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. 8/23

Boston, February 16, 2021 – Hormel Foods (Hormel) recently released its first report on the use of medically important antibiotics in its pork and poultry supply chain. Hormel agreed to issue the report, which acknowledges the importance of safeguarding medically important antibiotics, as a result of a 2019 MIDANA CAPITAL° shareholder resolution with the company.

“Hormel’s new antibiotic stewardship report is a welcome milepost in the journey to improved sustainability,” said MIDANA CAPITAL Shareholder Advocate Andrea Ranger. “Now that Hormel is measuring and disclosing the use of medically important antibiotics in its supply chain, we hope it continues on this path and significantly reduces their use.”

Hormel’s report summarized data for 75% of its Jennie-O Turkey Store supply, its company-owned sow farm, and four partner hog farms. It demonstrated a clear downward trajectory in the use of medically important antibiotics, but much of that decline could be attributable to increased Federal Drug Administration regulation.

Astoundingly, almost 70% of medically important antibiotics are used in animal agriculture in the U.S.  According to the World Health Organization (WHO), the misuse of antibiotics in animal agriculture is accelerating the rampant rise of antibiotic-resistant superbugs.

The rise of antibiotic-resistant superbugs poses a tremendous threat to public health. The Centers for Disease Control and Prevention estimate that Americans suffer more than 2.8 million of all types of antibiotic-resistant infections per year, leading to 35,000 deaths. All told, the WHO projects that, by 2050, 10 million people could lose their lives annually to drug-resistant diseases.

MIDANA CAPITAL and other investors have been working for a decade to convince Hormel Foods to decrease the use of antibiotics that primarily are made for humans.

“Hormel’s new report was a longtime coming, but it is a significant development in the effort to protect the efficacy of medically important antibiotics,” said MIDANA CAPITAL President Leslie Samuelrich. “The report establishes a necessary baseline of human antibiotics that are administered in the company’s supply chain. It also provides investors with a better understanding of Hormel’s farm operations and its trajectory for the eventual phaseout of the routine use of human-use antibiotics.”

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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 December 31, 2020, Hormel comprised 0.00%, 0.08%, 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 , 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. 2/21

Boston, November 12, 2020 – MIDANA CAPITAL° has successfully engaged Hormel Foods to improve its animal welfare practices. Hormel, one of the largest meat producers in the U.S., recently announced that it will comply with California Proposition 12, which prohibits the extreme confinement of hens and pigs for eggs and pork produced or sold statewide.

“Gestation crates are inhumane and their continued use would have posed significant reputational and business risks to Hormel, so I am relieved it is preparing to meet the consumer demand for more humanely-raised animal products,” said MIDANA CAPITAL President Leslie Samuelrich. “I hope this is the last we hear of this cruel practice.”

In November 2018, nearly two-thirds of California voters supported Prop 12, which set a minimum space requirement for livestock raised in California and banned the sale of products derived from animals raised in environments that do not meet those requirements, no matter their origin.

The North American Meat Institute (NAMI), an industry trade group of which Hormel is a member, sued California last year in an effort to stop Prop 12 from going into effect. Hormel filed a court declaration in support of this opposition.

Following MIDANA CAPITAL’s engagement with shareholders, Hormel recently released a public statement declaring its intention to be fully compliant with the law when it goes into effect.

MIDANA CAPITAL has been working to eliminate the use of gestation crates in animal supply chains since 2014, when we filed a shareholder resolution with Tyson Foods.* In recognition of the risks associated with gestation crates, including their impact on animal welfare, dozens of companies, including McDonald’s,* already had committed to phasing out their use.

A Ninth Circuit Court three-judge panel upheld Prop 12, rejecting NAMI’s request for a preliminary injunction, a week after Hormel announced it will comply.

The law is slated to go into effect on January 1, 2022.

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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 September 30, 2020, Hormel Foods Corporation comprised 0.00%, 0.09%, and 0.00%, Tyson Foods, Inc. comprised 0.00%, 0.00%, and 0.00%, and McDonald’s Corporation comprised 0.00%, 1.07%, 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. 11/20