ADAMS NATURAL RESOURCES FUND ANNOUNCES FIRST-HALF PERFORMANCE AND DECLARES DISTRIBUTION

BALTIMORE, MARYLAND, July 21, 2022 — The Board of Directors of Adams Natural Resources Fund, Inc. (NYSE: PEO) today declared a distribution of $.10 per share from net investment income payable September 1, 2022, to shareholders of record August 18, 2022. This represents the third payment this year toward the Fund’s annual 6% minimum distribution rate commitment. Details regarding the Fund’s annual 6% minimum distribution rate commitment can be found at adamsfunds.com.

FIRST-HALF PERFORMANCE

 “In a period where most asset classes and equity sectors declined, Energy was the exception and was the only one in the S&P 500 to advance – providing positive return in an overall bear market,” said Mark Stoeckle, CEO of Adams Funds.

For the six months ended June 30, 2022, the total return on Adams Natural Resources’ net asset value, with dividends and capital gains reinvested, was 17.9%. This compares to a total return of 18.9% for the Fund’s benchmark, which is comprised of the S&P 500 Energy Sector (74% weight) and the S&P 500 Materials Sector (26% weight) over the same period. Effective January 1, 2022, the Fund’s benchmark weightings were changed from S&P 500 Energy Sector (70%) and S&P 500 Materials Sector (30%) to the current weightings. The total return on the market price of the Fund’s shares for the period was 19.0%.

For the twelve months ended June 30, 2022, the total return on Adams Natural Resources’ net asset value, with dividends and capital gains reinvested, was 27.7%.  Comparable return for the Fund’s benchmark (using weightings as adjusted over the period) was 27.8%.  The Fund’s total return on market price was 26.6%.

NET ASSET VALUE

The Semi-Annual Report to Shareholders is expected to be released on or about July 27, 2022.

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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 80 years across many market cycles. The Funds are committed to paying an annual distribution rate of 6% 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:

800.638.2479 │ investorrelations@adamsfunds.com