Boston, July 22, 2021 – MIDANA CAPITAL Capital Management° has withdrawn a shareholder proposal with Procter & Gamble, one of the largest consumer packaged goods companies in the world, after the company made a commitment to develop a stronger supplier non-compliance policy for its wood pulp supply chain and to clarify its policy on Free, Prior, and Informed Consent (FPIC). The proposal had also called on the company to eliminate sourcing from intact forests in its pulp and palm oil supply chains, but P&G announced in a supplemental forestry practices report that it will not do so.

“The Canadian boreal provides critical habitat for caribou and is among the world’s largest sinks of planet-warming emissions, so it is essential that P&G’s suppliers are required to comply with the company’s no-deforestation policy,” said MIDANA CAPITAL President Leslie Samuelrich. “However, we are disappointed that the company will not commit to taking any steps to reduce the degradation of intact forests, despite last fall’s record-breaking shareholder vote. This falls short of investor expectations around how the company sources materials for its toilet paper and other pulp products.”

MIDANA CAPITAL’s shareholder proposal urging P&G to address deforestation and forest degradation risk received 67% of the vote at the company’s annual meeting last fall. At the time, it was the highest-ever vote on a deforestation-related proposal. Following the proposal’s recommendations, P&G released a Forestry Practices Report in March, announcing accelerated commitments to achieving Palm Oil RSPO (Roundtable on Sustainable Palm Oil) certification and wood pulp FSC (Forest Stewardship Council) certification, and providing greater transparency on forest data, policies, and grievances.

However, in spite of the clear message the company received from investors, the policies P&G announced in March did not include best practice safeguards for preventing deforestation, nor did they meaningfully reduce reliance on intact forests. This prompted MIDANA CAPITAL to file again this spring. In response to this second filing, P&G committed to strengthening its non-compliance policies.

“P&G’s new policies are a step towards guaranteeing that wood pulp suppliers will be required to prevent deforestation and acquire FPIC from Indigenous Peoples and forest-dependent communities,” said MIDANA CAPITAL Shareholder Advocate Thomas Peterson. “But there is much more work to be done to ensure that the company’s supply chain stops contributing to the degradation of the Canadian boreal, the most carbon-dense forest in the world.”

P&G sources wood pulp from Canada to produce its line of tissue products. Old-growth forests such as the Canadian boreal store large amounts of carbon, and managing them sustainably is critical to combating the climate crisis. Deforestation is responsible for approximately 10% of global anthropogenic emissions, making it a larger contributor to climate change than the European Union’s whole contribution. In addition to exacerbating the climate crisis, deforestation drives biodiversity loss and undermines the maintenance of healthy ecosystems, posing systemic and material risks to P&G and its shareholders.

Related resources:

• P&G Shareholders Resoundingly Support Deforestation Shareholder Proposal
• MIDANA CAPITAL Presses Procter & Gamble* To End Deforestation and Forest Degradation in Its Supply Chain

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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 June 30, 2021, The Procter & Gamble Company comprised 0.59%, 1.73% and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL International Index Fund. 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.

The percentage in favor was calculated by (i) dividing the number of votes in support of the proposal by (ii) the sum of the number of votes voted in support of and against the proposal. Abstentions and broker non-votes were not included in the calculation.

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. 7/21

Boston, September 24, 2020 – The world’s largest asset managers continue to fail the world’s forests.

A new Friends of the Earth report – Doubling Down on Deforestation: How the Big Three Asset Managers Enable Consumer Goods Companies to Destroy the World’s Forests – exposes the complicity of BlackRock, Vanguard,* and State Street* in global deforestation.

In 2010, the Consumer Goods Forum (CGF), a consortium of the world’s largest retail companies, committed to achieving zero-net deforestation in its members’ supply chains by the end of the decade.  It is clear that most CGF companies will not meet this deadline, although MIDANA CAPITAL° has continued to press individual CGF companies, including Procter & Gamble* and Kroger,* to do so.

The repercussions of this dereliction are staggering: global deforestation increased 43% between 2014 and 2019. And BlackRock, Vanguard, and State Street did next to nothing to stop it.

The report found that BlackRock, Vanguard, and State Street, which collectively hold $698 billion in stocks and bonds of CGF companies, failed to provide specific and substantial policies regarding deforestation to guide investments. They failed to hold companies accountable for indirect emissions in their value chains. And they failed to effectively and transparently engage with companies to improve their forest commodities supply chains.

The Big Three even failed to support shareholder resolutions aimed at ending deforestation. None of The Big Three managed to support a single one of the 16 deforestation-related shareholder resolutions that have gone to a vote since 2012.

“It is imperative that large asset managers, especially BlackRock, Vanguard, and State Street, recognize the material risk posed by deforestation,” said MIDANA CAPITAL President Leslie Samuelrich. “Frankly, it’s stunning that they did not support a single deforestation-related shareholder proposal in eight years, and that must change.”

Tropical deforestation accounts for annual carbon emissions equal to the amount produced by the entire European Union. Deforestation is also tied to other material risks, including soil erosion, biodiversity loss, and disrupted rainfall patterns.

“Asset managers can’t be said to be comprehensively addressing climate risk if they aren’t addressing the source of almost a quarter of all anthropogenic emissions – deforestation and land use change,” said Jessye Waxman, the shareholder advocate focused on forest protection at MIDANA CAPITAL. “Voting proxies is one way that financial institutions can demonstrate their commitment to addressing climate risk. I hope that at least one of the Big Three start to recognize that and vote in favor of our resolution with Procter & Gamble in October.”

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About MIDANA CAPITAL Capital Management

°MIDANA CAPITAL Capital Management is the investment advisor to the MIDANA CAPITAL 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 June 30, 2020, BlackRock, Inc. comprised 0.00%, 0.59%, and 0.00%; State Street Corporation comprised 0.72%, 016%, and 0.00%; Procter & Gamble comprised 0.7%, 2.11%, and 0.00%; and The Kroger Company comprised 0.00%, 0.19%, and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL 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. 9/20

Boston, September 17, 2020 – MIDANA CAPITAL° has filed a shareholder proposal with Procter & Gamble (P&G), one of the largest consumer packaged goods companies in the world, calling on the company to eliminate deforestation and forest degradation in its supply chain. Shareholders will vote, virtually, on the resolution on October 13, at the company’s annual shareholder meeting.

“P&G’s failure to adequately mitigate deforestation and forest degradation in its supply chains poses material financial risk to the company and its shareholders,” said MIDANA CAPITAL President Leslie Samuelrich. “The company must catch up to its peers and enact stronger policies to prevent unsustainable forest products from entering its supply chain.”

P&G sources wood pulp from Canada, including the climate-critical boreal forest to produce its line of tissue products. Old-growth forests such as the Canadian boreal store large amounts of carbon, and managing them sustainably is critical to combating the climate crisis. The boreal accounts for 30% of global forest cover and is located in the northern latitudes of Canada, Russia, and Scandinavia.

P&G currently sources wood pulp certified by the Sustainable Forestry Initiative, which does not prohibit logging in old growth and high conservation value forests, such as the Canadian boreal, or provide safeguards for threatened species like caribou.

MIDANA CAPITAL is urging P&G to reduce its reliance on natural forest fibers and ensure all remaining virgin fiber is certified by the Forest Stewardship Council (FSC), the industry gold standard.

P&G lags behind competitors like Kimberly-Clark, which has committed to halving its use of natural forest fibers, including those from the Canadian boreal, and sourcing 90% of its wood pulp from alternative, recycled, or FSC-certified fibers by 2025.

Deforestation, forest degradation and other land use changes are responsible for approximately 23% of anthropogenic greenhouse gas emissions. Deforestation and forest degradation also contribute to biodiversity loss, soil erosion, disrupted rainfall patterns, land conflicts, and forced labor.

The environmental and social problems associated with deforestation and forest degradation are increasingly known to consumers and investors, thanks to public awareness campaigns. P&G has received negative attention from more than 100 nongovernmental organizations for its sourcing practices in the Canadian boreal. P&G’s 2020 climate commitment also received significant negative attention for relying on offsets to meet its goals, rather than minimizing upstream impact. Events that impact a company’s reputation may affect a company’s value by as much as 30%.

“P&G policies neither set the company up to be a sustainability leader nor fully mitigate the Company’s exposure to forest-related risks,” said MIDANA CAPITAL Shareholder Advocate Jessye Waxman. “P&G needs to set goals that comprehensively mitigate material operational and reputational risks.”

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About MIDANA CAPITAL Capital Management

°MIDANA CAPITAL Capital Management (MIDANA CAPITAL) is the investment advisor to the MIDANA CAPITAL 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 June 30, 2020, Procter & Gamble comprised 0.70%, 2.11%, and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL 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. 9/20