PEO Adams Natural Resources Fund Inc

Adams Natural Resources Fund, Inc. (NYSE: PEO) has determined that $22.75 per share is the issue price for the Fund’s third quarter distribution to shareholders. This price is the mean between the high and low sales prices of the Fund’s stock on the New York Stock Exchange on August 21, 2024, the valuation date.

The shares of common stock will be issued in connection with payment of the $0.54 third quarter distribution, the first distribution paid pursuant to the Fund’s new managed distribution policy. The policy commits to pay a minimum 8% annual rate of average net asset value (“NAV”) distributed evenly at 2% of average NAV per quarter, with the fourth quarter distribution to be the greater of 2% of average NAV or the amount needed to satisfy minimum distribution requirements of the Internal Revenue Code for regulated investment companies. Average NAV is based on the average of the previous four quarter-end NAVs per share prior to each declaration date.

The Fund’s estimated sources for the distribution to be paid on August 30, 2024 and for all distributions declared in 2024 to date are as follows:

	Distribution per Share		Net Investment Income	Net Realized Short-Term Gains	Net Realized Long-Term Gains	Return of Capital
August 30, 2024	$0.54		$0.32 (59%)	$0.00 (0%)	$0.22 (41%)	$0.00 (0%)
YTD 2024	$0.74		$0.51 (69%)	$0.00 (0%)	$0.23 (31%)	$0.00 (0%)

Fund Performance and Distribution Rate Information:

Average Annual Total Return (on NAV for the 5-year period ended on July 31, 2024)1		Annualized Current Distribution Rate (expressed as a percentage of NAV as of July 31, 2024) 2		Cumulative Total Return (on NAV for the fiscal year through July 31, 2024)1		Cumulative Fiscal Year Distribution Rate (as a percentage of NAV as of July 31, 2024)3
14.4%		7.8%		12.9%		2.7%

1 Total return is calculated assuming a purchase of a Fund share at the beginning of the period and a sale on the last day of the period at reported net asset value per share, excluding any brokerage commissions. Distributions are assumed to be reinvested at the price received in the Fund’s dividend reinvestment plan. For periods greater than one year, returns are presented on an annualized basis.

2 The annualized Current Distribution Rate is the current quarter’s distribution rate per share annualized and expressed as a percentage of the Fund’s NAV per share as of July 31, 2024.

3 The Cumulative Fiscal Year Distribution Rate is the distributions per share for the fiscal year period (January 1, 2024 to July 31, 2024), expressed as a percentage of the Fund’s NAV per share as of July 31, 2024.

You should not draw any conclusions about the Fund's investment performance from the amount of the current distribution or from the terms of the Fund's Distribution Policy. The amounts and sources of distributions reported herein are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

The Fund has paid out capital gains to its shareholders for more than 73 consecutive years and has paid dividends for more than 90 consecutive years.

Adams Funds

Since 1929, Adams Funds has consistently helped generations of investors reach their investment goals. Adams Funds is comprised of two closed-end funds, Adams Diversified Equity Fund, Inc. (NYSE: ADX) and Adams Natural Resources Fund, Inc. (NYSE: PEO). The Funds are actively managed by an experienced team with a disciplined approach and have paid dividends for more than 85 years across many market cycles. The Funds are committed to paying an annual distribution rate of 8% of NAV or more, providing reliable income to long-term investors. Shares can be purchased through our transfer agent or through a broker. For more information about Adams Funds, please visit: adamsfunds.com.

For further information please contact:adamsfunds.com/about/contact800.638.2479