PEO Adams Natural Resources Fund Inc

Adams Diversified Equity Fund, Inc. (NYSE: ADX) declared today a year-end distribution of $1.96 per share. The total distributions by the Fund for 2024 will be $2.50 per share, including the distributions totaling $0.54 per share made in 2024 prior to today’s announcement. The annual distribution rate represented by these distributions is 10.9%.

The Fund’s estimated sources for the distribution to be paid on December 23, 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
December 23, 2024	$1.96		$0.04 (2%)	$0.30 (15%)	$1.62 (83%)	$0.00 (0%)
YTD 2024	$2.50		$0.17 (7%)	$0.30 (12%)	$2.03 (81%)	$0.00 (0%)

Fund Performance and Distribution Rate Information:

Average Annual Total Return (on NAV for the 5-year period ended on October 31, 2024)1		Annualized Current Distribution Rate (expressed as a percentage of NAV as of October 31, 2024) 2		Cumulative Total Return (on NAV for the fiscal year through October 31, 2024) 1		Cumulative Fiscal Year Distribution Rate (as a percentage of NAV as of October 31, 2024) 3
15.7%		32.6%		20.1%		10.4%

 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 October 31, 2024.

3 The Cumulative Fiscal Year Distribution Rate is the distributions per share for the current fiscal year period, expressed as a percentage of the Fund’s NAV per share as of October 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.

This marks the 60th consecutive year that the Fund has paid out capital gains and the 89th consecutive year it has paid out dividends to its shareholders.

"We are pleased to announce our 2024 annual distribution rate of 10.9%, which exceeds both our prior and current minimum distribution commitments. We are proud of our unbroken commitment to shareholders and long history of reliably providing distributions under all market conditions. This year continues that long tradition,” said the Fund’s CEO, James P. Haynie.

The payable date for the distribution is December 23, 2024, and the record/ex-dividend date is November 22, 2024. The year-end distribution is payable in stock (default) or cash at the election of each shareholder. The cash election cutoff and share valuation date will be December 11, 2024. The issue price for shares will be the Fund’s closing NYSE market price on the share valuation date.

About 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 a minimum annual distribution rate of 8% of NAV paid evenly each quarter throughout the year, providing reliability for long-term shareholders. A portion of any distribution may be treated as paid from sources other than net income, including but not limited to short-term capital gain, long-term capital gain, and return of capital. The final determination of the source of all distributions for tax reporting purposes in a calendar year, including the percentage of qualified dividend income, will be made after year-end. 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/contact │800.638.2479