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

BOSTON, DATE, 2023 – After engaging with MIDANA CAPITAL°, EMCOR Group, Inc. (EMCOR) has taken the next step in achieving its goal to limit its greenhouse gas emissions. It recently committed to establishing science-based greenhouse gas emissions reduction targets with the highly regarded Science Based Targets initiative. EMCOR now has 2 years to set a near-term emissions reduction target aligned with limiting global temperature rise to 1.5 degrees Celsius, the threshold above which climate change impacts are likely to be severe.

EMCOR is a mechanical and electrical construction services company that conducts building energy audits and installs energy efficiency retrofits to HVAC and lighting systems. EMCOR also designs, builds and maintains alternative energy installations and has the expertise to support solar, wind, fuel-cell, biomass, landfill gas and tidal power generation systems. Such services are key to a society-wide transition to a low-carbon economy.

“Even though achieving a near-term science-based target is ambitious, EMCOR deserves a lot of credit for accepting the challenge,” said MIDANA CAPITAL Funds President Leslie Samuelrich. “As a society, the only way we’re going to cut greenhouse gas emissions to near zero is to create demand for clean energy and energy efficient technologies. EMCOR’s new commitment acknowledges this reality.”

Transitioning to all-electric vehicles can help EMCOR cut emissions

EMCOR travels to project sites across the country and uses its fleet of approximately 11,000 service vehicles, including pickup trucks, vans and heavy-duty transport vehicles, to deliver materials to — and support construction work at — customer sites. Prior to MIDANA CAPITAL’s engagement, EMCOR had begun quantifying its greenhouse gas emissions and learned that the majority of its emissions came from its vast vehicle fleet.

“It’s clear that EMCOR will have to procure low- and zero emission vehicles to meet its new commitment,” said MIDANA CAPITAL Shareholder Advocate Andrea Ranger. “Fortunately, Ford, General Motors and Dodge have released or will soon release all-electric models of their iconic pickup trucks. Similarly, new all-electric vans, by Ford and by GM-owned Brightdrop, are just now hitting the market, so there’s a lot of opportunity for EMCOR to incorporate these new models into its fleet.”

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About The 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 December 31, 2023,  EMCOR Group Inc. comprised 0.00%, 0.04%, 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.

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. 02/2023

1.Verizon* heeded our call

We withdrew a shareholder proposal with Verizon Communications, Inc. after the company announced a commitment to source the equivalent of 50% of its annual electricity usage from renewable sources by 2025.

Verizon is the largest telecommunications company in the U.S., with more than 147 million wireless subscribers, so this commitment represents a massive reduction in greenhouse gas emissions (GHGs).

According to Verizon, more than 93% of the company’s GHGs come from the electricity used to power its networks, so this ambitious goal will go a long way towards reducing the environmental impact of the company’s operations.

2. Kroger* agreed to protect tropical forests

Kroger Co., the largest grocery chain in the U.S., agreed to develop and implement a no-deforestation policy after we filed a shareholder resolution with the company, urging them to take action. After the announcement, we withdrew our shareholder resolution with the company.

According to our agreement, Kroger will implement a no-deforestation policy in its private label Our Brands products supply chain by 2020. It also will report on the progress it makes toward its goals through reliable third-party questionnaires.

As one of the largest retailers in the world with an extensive supply chain, Kroger’s new commitment is the kind of corporate buy-in we need to preserve the world’s forests.

3. Darden* agreed to reduce antibiotic misuse

Following a multi-year engagement with MIDANA CAPITAL, Darden Restaurants, Inc. (Darden) finally agreed to adopt a policy to phase out the use of medically important antibiotics in its chicken supply chain by 2023. Darden is the largest casual dining operator in the U.S., and this is the first time-bound antibiotics commitment made by a casual, sit-down restaurant chain.

Antibiotic resistance is a global public health crisis, according to the World Health Organization, the U.S. Centers for Disease Control and Prevention, and the General Assembly of the United Nations.

Antibiotic resistant bacteria sicken 2 million Americans each year, and may be responsible for as many as 150,000 annual premature deaths in the U.S., which would make it the third highest cause of death in the country.

Experts attribute the rise of antibiotic-resistant superbugs to the overuse of antibiotics in food-animal production. An astounding 70% of medically important antibiotics in the U.S. are sold for use in livestock, predominantly for prophylactic purposes, rather than for treatment.

4. We asked, and Amazon* delivered

MIDANA CAPITAL withdrew its shareholder proposal with Amazon.com, Inc., following the announcement of its new emission reduction initiative, “Shipment Zero.”

Shipment Zero is Amazon’s first concrete commitment to reducing its carbon footprint. It commits the company to carbon neutrality for half of its package deliveries by 2030, with a broader vision for entirely carbon neutral deliveries in the future. Considering that Amazon shipped more than 5 billion packages in 2017 through its Prime program alone, this commitment represents a significant step forward.

Amazon also announced that it would publicly disclose its company-wide carbon footprint by the end of 2019.

In December 2018, we filed a shareholder proposal with Amazon, asking the company to adopt quantitative goals to manage its greenhouse gas emissions and report on its plans for achieving the targets. We discussed the request with Amazon representatives later that month.

According to a 2018 report by the United Nations Intergovernmental Panel on Climate Change, the world must reduce its greenhouse gas emissions by 45% by 2030 and reach net zero emissions by 2050 in order to limit average global temperature rise to 1.5°C and avoid the most catastrophic impacts of climate change.

5. Food service giant Aramark* agreed to protect tropical forests

We collaborated with Aramark, one of the world’s largest food service providers, to develop a robust no-deforestation commitment that the company will implement by 2025.

Following a meeting in our Boston office, Aramark agreed to develop a “No Deforestation, No Peat, No Exploitation” (NDPE) sourcing policy to protect tropical forests and peatlands, endangered species and biodiversity, and local workforces. Preserving high carbon stock tropical forests and peat is essential for mitigating climate change.

Aramark also explicitly agreed to prohibit legal deforestation in its supply chain. This is especially important for commodities, such as soy, cattle, and coffee, that come from Latin America, where government-sanctioned deforestation is a considerable risk.

Aramark serves nearly 2 billion meals each year in schools, hospitals, sports stadiums (including Boston’s beloved Fenway Park), and more, so the environmental ramifications of this agreement will be substantial.

6. We pressed General Mills* to protect bees

Toxic pesticides are killing bees and other wild pollinators, which are essential to global food production, so we asked General Mills,* owner of brands such as Cheerios, Cascadian Farm, and Nature Valley, to begin tracking and reducing the use of toxic pesticides in its supply chain.

The proposal received the support of nearly a third of shareholder support.

There is a growing scientific consensus that certain pesticides, including neonicotinoids (neonics) and glyphosate, are contributing to a massive pollinator die-off, which jeopardizes food security and ecosystem diversity. More than 40% of global pollinator populations are “highly threatened.” Yet, 75% of global food crops rely on pollinators for reproduction, accounting for up to $577 billion worth of annual food production.

7. Sustainable palm became more sustainable

We helped improve the reliability of sustainable palm oil certification, which is critical to ending deforestation caused by palm production.

We have long pushed the Roundtable on Sustainable Palm Oil (RSPO), the leading third-party certification organization for sustainable palm oil, to adopt stronger standards to ensure that its certifications are as valuable as possible to ending deforestation driven by palm.

This season, we submitted extensive comments to the RSPO during its Principles & Criteria review period. We also organized global investors, representing $6.7 trillion in assets under management, to support a letter urging the RSPO to expand protections for forest and peatlands, require greater transparency of plantation ownership, and enact a variety of measures to protect human rights.

At the organization’s annual meeting in November 2018, RSPO members ratified and adopted the updated certification standards, which incorporated a majority of the suggestions highlighted in the investor letter we sent.

8. Royal Caribbean* agreed to address food waste

Nearly 40% of all food is wasted in the U.S., so it was significant that Royal Caribbean Cruises Ltd. (RCL), the second largest cruise company in the world, agreed to make its food waste management and reduction strategies more public.

Cruise ships are notorious for their bountiful buffets, but this all-you-can-eat abundance comes at a price. Global food waste is responsible for an estimated 3.3 gigatons of greenhouse gas emissions, twice the total greenhouse gas emissions of all vehicles on all roads in the U.S. in 2010.

If global food waste were its own nation, it would be the world’s third-largest greenhouse gas emitter behind China and the U.S.

9. We started targeting the banks that finance corporate forest destruction

Some companies are unreceptive to shareholder pressure. For example, certain palm oil producers remain unconvinced that they need to improve the sustainability of their operations, despite a growing chorus of concern from investors and the public about deforestation.

Since we’ve been unable to persuade these companies to stop destroying tropical forests, we decided to turn our attention to the banks and asset managers that finance them or any corporation that causes, or is exposed to, deforestation.

Initially, we asked 11 major U.S. banks and asset managers how they manage and monitor environmental and social deforestation-related risks in their lending and investing practices, and pushed them to adopt policies that account for deforestation.

Stay tuned for future updates on this effort.

10. We traveled to Southeast Asia and Europe to participate in global discussions about forest protection

To transform the entirety of the palm oil industry, it’s important to mobilize buyers and traders to encourage producers to adopt sustainable production practices.

It’s equally important to engage producers directly about the expectations of international markets. Our forest protection shareholder advocate traveled to Indonesia and Malaysia to directly press palm oil growers, processors, traders, and the banks that finance them to end deforestation.

She met with 5 palm oil companies and urged them to improve their practices regarding sustainability certification, zero deforestation commitments, and transparency about their suppliers.

Our shareholder advocate also recently traveled to Utrecht, the Netherlands, to attend International Sustainability Week, which was focused on deforestation.

Since many corporations have made robust pledges to halt deforestation in their operations and supply chains by 2020, it promises to be an important year for forests. International Sustainability Week was a series of related conferences that provided multiple stakeholders with an opportunity to discuss their perspectives and plans of action ahead of 2020.

We are proud to be the leading global investor in the effort to end deforestation.

11. Our shareholder advocacy team grew

We welcomed a new shareholder advocate to our team. With the addition of Macy Zander, our team of advocates is one of the largest in the industry.

Prior to joining MIDANA CAPITAL, Macy worked for a conservation foundation and was an environmental organizer focused on energy and water issues. She was recently published, too. If you’re interested, you can find her article on Sub-Saharan African cotton supply chain certification here. You can learn more about our whole team here.

*As of June 30, 2019, Verizon Communications, Ltd., Kroger, Co., Darden Restaurants, Inc., Aramark, General Mills, Inc., and Royal Caribbean Cruises Ltd. comprised 1.62%, 1.91%, and 0.00%; 0.00%, 0.14%, and 0.00%; 0.00%, 0.12% and 0.00%; 0.00%, 0.07%, and 0.00%; 0.65%, 0.25% and 0.00%; 0.00%, 0.17% and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL MSCI International Index Fund, respectively. Other securities mentioned were not held in the portfolios as of June 30, 2019. 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 the distributor.

You should carefully consider the Funds’ investment objectives, risks, charges and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds, please click here for more information, 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 or political conditions, differences in accounting methods, and other unique risks compared to investing in securities of U.S. issuers. Bonds are subject to risks including interest rate, credit, and inflation. 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 to be reliable. The views expressed are as of 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. 7/19

What a difference a year makes!

After MIDANA CAPITAL filed a shareholder resolution with the company in November, Verizon announced a new commitment to source 50% of its entire electricity usage from renewable energy sources by 2025, a significant increase for one of the country’s largest energy consumers.

Besides the obvious environmental impetus, there are solid financial justifications for sourcing more renewable energy, as the economics around renewables have changed dramatically in the last decade.

Since 2010, the cost of generating power from onshore wind and solar photovoltaic panels has fallen 23% and 73%, respectively. Technological developments in the renewable energy sector have led organizations, such as the International Renewable Energy Agency, to predict that all renewable energy technologies will be cost competitive with fossil fuels by 2020.

Verizon isn’t the only company recognizing the ability to do good while doing better.

In fact, 2018 saw the greatest amount of renewable energy ever sourced by corporations in the United States: 6.43 gigawatts, or nearly twice that of the second greatest year on record.

Despite this acceleration of renewable energy sourcing, the United States still has a long way to go. In 2017 over 80% of energy came from fossil fuels or nuclear energy, with just 17% attributable to renewables.

That is why Verizon’s forward-looking commitment is so important – signaling the demand for large quantities of sustainably produced energy is critical to keeping the momentum and helping to shift the balance in favor of renewables.

As renewable energy continues to scale, and prices continue to drop, more and more companies should recognize that renewable energy is good for their bottom lines and the environment.

In the meantime, we’ll continue to press companies to source more renewable energy and foster the transition to a fossil fuel free economy.

*As of December 31, 2018, Verizon Communication, Inc. comprised 1.51%, 2.34%, 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 Funds’ 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. 1/19

BOSTON, January 11, 2019 — The MIDANA CAPITAL Equity Fund (MIDANA CAPITAL) withdrew a shareholder proposal with Verizon Communications, Inc. (Verizon) after the company announced a commitment to source the equivalent of 50% of its annual electricity usage from renewable sources by 2025.

As the largest telecommunications company in the United States with over 147 million wireless subscribers, Verizon’s ambitious goal will go a long way towards reducing the environmental impact of the company’s operations. According to Verizon, over 93% of the company’s greenhouse gas emissions come from the electricity used to power its networks.

“I’m pleased that Verizon heeded our call to source more renewable energy,” said Jared Fernandez, shareholder advocate with MIDANA CAPITAL. “Verizon recognized that renewables present an opportunity to cut costs, gain a competitive advantage, and do good for the environment.”

Verizon’s new goal aligns it better with its industry peers, such as T-Mobile* and AT&T,* which already had announced ambitious renewable energy pledges. Verizon’s previous renewable energy sourcing goal only extended to its owned properties, which cover just 4% of the company’s annual energy usage.

Since 2010, the cost of generating power from offshore wind and solar photovoltaic panels has fallen 23% and 73%, respectively. Technological developments in the renewable energy sector have led organizations, such as the International Renewable Energy Agency, to predict that all renewable energy technologies will be cost competitive with fossil fuels by 2020.

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About MIDANA CAPITAL Capital Management

MIDANA CAPITAL offers three environmentally and socially responsible mutual funds. Through fossil fuel free investing and our three-pronged approach of sustainable investing, active shareholder advocacy, and support of environmental and public health non-profits we work to curb climate change, improve environmental policies, and limit environmental impacts of company supply chains.

*As of September 30, 2018, Verizon Communications, Inc. comprised 1.32%, 1.95%, and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL International Index Fund, respectively. No other securities mentioned were held in any of the portfolios of the MIDANA CAPITAL Funds as of the same date. 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. 1/19