Boston, March 25, 2022 – MIDANA CAPITAL° has withdrawn a shareholder proposal filed with Lowe’s* after the home improvement retailer agreed to both disclose the impact of its sourcing on primary forests, which are forests that have never been logged and have experienced minimal human disturbance, and develop a strategy to mitigate climate, biodiversity and human rights risks associated with its wood sourcing. The company also pledged to report on how it is operationalizing its Wood Sourcing Policy, which includes pledges to avoid high conservation value forests and wood from the habitat of threatened species. Lowe’s is one of the world’s largest home improvement retailers and a major purchaser of wood products.

“In evaluating an end to sourcing from primary forests, Lowe’s has taken an important step toward addressing deforestation risk,” said Thomas Peterson, shareholder advocate with MIDANA CAPITAL. “If we are to limit warming to 1.5 degrees Celsius and mitigate biodiversity collapse, companies that buy and sell wood products must take action to stop sourcing from primary forests, which are among the most carbon-dense and ecologically significant places on Earth.”

As requested in MIDANA CAPITAL’s shareholder proposal, Lowe’s has agreed to produce a report to assess how it might eliminate deforestation and primary forest degradation. The company has also committed to exploring a requirement that suppliers obtain Free, Prior, and Informed Consent (FPIC) from indigenous communities.

In addition, Lowe’s recently announced plans to set science-based net zero emissions targets this year. These targets will cover emissions from Lowe’s supply chain, including forestry-related emissions.

Deforestation and primary forest degradation are responsible for approximately 13% of global greenhouse gas emissions and contribute to biodiversity loss. Roughly 90% of Lowe’s wood comes from North America, including from Canada’s boreal forest. Boreal forests harbor significant biodiversity and are critical carbon storehouses, holding approximately a third of all terrestrial carbon. Canada’s boreal, which constitutes 25% of the world’s remaining intact forest and stores twice as much carbon per hectare as tropical forests, experiences the third-highest rate of intact forest loss globally, releasing tens of millions of metric tons of carbon annually. Demand for wood products is a primary driver of industrial clearcutting in Canada.

MIDANA CAPITAL’s engagement with Lowe’s follows our landmark shareholder proposal with Procter & Gamble*, which earned a majority shareholder vote in fall 2020 and called on the company to take action on deforestation and forest degradation, with a focus on wood pulp sourcing from Canada’s boreal forest. Since that majority vote, Procter & Gamble has improved its deforestation policies, but has stopped short of ending sourcing from primary forests.

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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, 2021, Lowe’s Companies, Inc. comprised 0.00%, 0.82%, and 0.00%; and The Procter & Gamble Company comprised 0.65%, 1.82%, 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. 3/22

Bees are dying off at an unsustainable rate, with serious consequences for our natural world. They play a vital role as pollinators, and losing them would have a devastating ripple effect across all ecosystems. That’s a key reason why we’re working to stop the use of bee-killing pesticides.

Glyphosate is a chemical that causes ecosystem damage by disrupting natural food chains by affecting bees, which are critical plant pollinations. Glyphosate has been found to alter foraging behavior, including making it difficult for bees to navigate back to their hives. The chemical also damages larvae growth in bees and disrupts their gut microbiomes, which make it harder for bees to thrive and do their jobs as pollinators.

The most widely used herbicide in the world, Roundup, has been detected in a stunning 90% of the food products tested by the U.S government. Further, a 2017 study showed that Americans’ exposure to glyphosate increased by 500% compared to exposure in 1996.

The health effects posed by glyphosate are deeply troubling. It has been classified by the World Health Organization as a ‘probable carcinogen,’ and is associated with non-Hodgkin lymphoma. A 2019 study showed that exposure to glyphosate raises the risk of developing non-Hodgkin lymphoma by 41%. Moreover, several studies have shown glyphosate as a reproductive toxicant, and the International Federation of Gynecology and Obstetrics recommends a global phase out of the product due to these risks.

Bayer, the parent company of Monsanto which manufactures Roundup, paid $10 billion to settle 95,000 claims that Roundup significantly contributed to the development of cancer. The basis for most of these claims stemmed from insufficient warning of the potential health risks, or the lack of recommendations for protective equipment for those who use the product frequently. The company continues to sell these products without warning labels.

Despite the danger to pollinators and people, glyphosate continues to be sold for use on lawns and gardens. These sales of glyphosate-based products also pose material risks to the companies that distribute them. That’s another reason why in the past year MIDANA CAPITAL° worked with two of the world’s largest home improvement retailers – Home Depot* and Lowes* – and competitor Tractor Supply Company* to push for the phase-out of glyphosate-based products from their shelves.

MIDANA CAPITAL met with these three home improvement retailers to discuss their exposure to litigation and regulatory risks and we filed a shareholder resolution with Home Depot, which agreed to make natural pesticide products more accessible to consumers.

Though the home improvement industry still has a way to go to protect both pollinators and consumers from glyphosate, we’re glad to report this progress. MIDANA CAPITAL will continue to press companies for a complete phase-out of glyphosate-based products in the coming year.

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 Home Depot, Inc. comprised 1.11%, 1.86%, and 0.00%; Tractor Supply Company 1.03%, 0.12%, and 0.00%; and Lowe’s Companies, Inc. 0.00%, 0.79%, 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. 5/21