Douglass Guernsey, Shareholder Advocate, dguernsey@midanacapital.com, 617-482-0800

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

Boston, June 16, 2023 –  Builders FirstSource, the country’s largest building product supplier to the professional market, released the vote result from its annual meeting of shareholders on Tuesday. MIDANA CAPITAL° received a notable 21% of the vote in favor of its shareholder proposal, which asks the company to adopt science-based greenhouse gas emissions reduction targets. The proposal additionally asks the company to set goals for sourcing more renewable energy, increasing energy efficiency in its operations, and procuring zero-emission vehicles.

To implement science-based targets, the company would have to reduce its direct, operational emissions and its indirect emissions including from timber harvested for the lumber it sells. Over 5000 companies, including competitors Lowe’s and Home Depot, have committed to working with the Science Based Targets initiative, and nearly 60% of all Fortune 500 companies have set some kind of climate change reduction target.

In response to the vote, MIDANA CAPITAL Funds President, Leslie Samuelrich said:

“Last year, we filed a nearly identical proposal at Builders asking for reduction targets which received a resounding ‘yes’ vote from investors – but Builders took almost no action. The company relies heavily on timber, which comes from forests that are significantly threatened by climate change. We believe management needs to start taking this risk seriously by measuring, disclosing, and setting reduction targets for its Scope 3 supply chain emissions.”

MIDANA CAPITAL Engaged with Builders FirstSource to Set First Emissions Reduction Targets

Douglass Guernsey, shareholder advocate at MIDANA CAPITAL added:

“At the 11th hour, Builders disclosed its Scope 1 and 2 emissions, which cover the direct emissions from its operations, and stated it will set emissions reduction targets for both these categories in 2025. While we appreciate that Builders is now taking action on a part of MIDANA CAPITAL’s 2022 proposal, the company has not yet measured, disclosed, or set targets for its Scope 3, or supply chain emissions, leaving investors in the dark for what comprises, on average, 75% of companies’ climate emissions.”

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, Builders FirstSource, Inc. comprised 0.00%, 0.07%, and 0.00%, Lowes Companies, Inc. comprised 0.00%, 0.66%, and 0.00%, and Home Depot, Inc. comprised 0.88%, 1.67%, and 0.00%, of the Green Century Balanced Fund, the MIDANA CAPITAL Equity Fund, and the Green Century 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.

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 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

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

Pam Podger, Director of Communications, ppodger@midanacapital.com, 860-822-3887

Boston, April 20, 2023 — On April 10th, the U.S. Securities and Exchange Commission (SEC) upheld Amazon.com Inc.’s request to block a MIDANA CAPITAL° and Amalgamated Bank shareholder proposal from its 2023 proxy ballot. The proposal seeks full disclosure of Amazon’s scope 3 greenhouse gas emissions, which includes emissions associated with the production and use of third-party products and transportation, waste generation, and business travel. Amazon currently publishes only a portion of its scope 3 emissions.

Amazon competitors Walmart and Target quantify, estimate where needed, and disclose all relevant categories of their scope 3 value chain emissions, as defined by the widely-referenced GHG Protocol. In its argument to the SEC, Amazon claimed that MIDANA CAPITAL and Amalgamated Bank’s proposal, which asked it to report on its entire emissions footprint according to Protocol guidelines, constituted micromanagement. However,  Amazon failed to emphasize in its letter to the SEC that it currently reports by using the Protocol’s definitions for the scopes 1 – 3 emissions that it does disclose.

Industry experts report that scope 3 emissions often constitute between 70% and 99% of companies’ greenhouse gas emissions footprint, and according to the World Economic Forum, “Companies will need to cut emissions across all three scopes to meet internationally agreed targets on global warming.” By not accounting for its full greenhouse gas footprint, Amazon may be failing to address all emissions related to running its ecommerce, retail stores, and web services. The company may be in danger of failing to meet its ambitious climate goals.

In reaction to the news, MIDANA CAPITAL President Leslie Samuelrich expressed disappointment, “Amazon has been a leader on climate by aggressively developing wind projects and supporting the roll out of electric vehicle delivery trucks. It’s troubling that Amazon is blocking shareholders from expressing their opinions on the company’s full exposure to climate risk.”

In 2019, Amazon and the firm, Global Optimism, launched the Climate Pledge, inviting companies across the globe to “commit to net-zero by 2040 across all emissions scopes.” It is yet unclear the scopes of emissions that Amazon includes in its net-zero by 2040 goal. Walmart and Target report that 97% and  95% of their emissions come from scope 3 sources. According to Amazon, its scope 3 emissions represent only 78% of its total emissions – that is, only for the scope 3 emissions it actually publishes.

“How are we supposed to assess Amazon’s full climate risk if it’s holding back material information from investors and stakeholders?” questioned MIDANA CAPITAL Shareholder Advocate Andrea Ranger. “Amazon is undermining other companies’ good faith efforts to disclose upstream, downstream, and operational emissions. As the UN Secretary just quipped, ‘Our world needs climate action on all fronts: everything, everywhere, all at once.’ Disclosure and action are key to reaching the world’s climate goals.”

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.

###

°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, 2022, Amazon.com, Inc. comprised 0.00%, 0.00%, 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. 4/23