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

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

BOSTON, June 28, 2023 – After discussions with MIDANA CAPITAL°, The New York Times Company (The Times) set a net-zero by 2030 greenhouse gas emissions target covering its scope 1 and 2 emissions. MIDANA CAPITAL had approached the newspaper with concerns about the company’s lack of goals for cutting emissions associated with global warming.

For decades, The Times’ reporters have written extensively about the impacts of climate change. In 2020, the company started hosting an event series called “Netting Zero,” featuring discussions by journalists and climate experts on how to have net-zero emissions in the future. However, at that time, The Times had not set or disclosed its own goals for reducing greenhouse gas emissions.

“This new commitment by The Times is news that’s fit to print — and just in time,” said MIDANA CAPITAL Funds President Leslie Samuelrich. “The Intergovernmental Panel on Climate Change just issued a synthesis report calling for ‘deep, rapid, and sustained greenhouse gas emissions reductions,’ and, in response,  U.N. Secretary General Antonio Guterres, urged immediate action to reduce emissions, saying, ‘the climate time-bomb is ticking.’”

In a statement, The Times noted that it had begun to inventory its scope 1 and scope 2 greenhouse gas emissions and that it would publish its results sometime in 2023. Additionally, The Times said it intends to use its building spaces more efficiently, consume resources responsibly and cut greenhouse gas emissions. It also intends to electrify its delivery fleet, update its New York City headquarters to be more sustainable by cutting waste, and source paper from responsibly managed natural resources.

“Committing to reduce its carbon footprint and overall environmental impact is a first step toward putting The New York Times in line with its global peers, including The Guardian, The Wall Street Journal, and The Financial Times,” said MIDANA CAPITAL Shareholder Advocate Andrea Ranger. “Given The Times’ international prominence and the intense public scrutiny it receives, we believe that by implementing rigorous policies, targets and programs to reduce the company’s climate risk, it will help avoid reputational risk.”

The other media outlets mentioned above have set or committed to set near-term science-based targets for their scopes 1 and 2 greenhouse gas emissions with the Science Based Targets initiative that align with limiting global temperature rise to 1.5 degrees Celsius above pre-industrial levels. In addition, The Wall Street Journal and the Financial Times have committed to reduce at least a portion of their scope 3 emissions by 2030.

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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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 March 31, 2023, The New York Times Company comprised 0.00%, 0.03%, 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