PEO Adams Natural Resources Fund Inc

Adams Diversified Equity Fund, Inc. (NYSE: ADX) has declared a distribution of $0.47 per share payable February 28, 2025 to shareholders of record on January 27, 2025, including $0.03 net investment income, $0.12 short-term capital gain, and $0.19 long-term capital gain realized in 2024 and $0.13 from 2025 sources. The full distribution is optionally payable in additional shares of common stock (default) or in cash by specific stockholder election received before 4 p.m. (ET) on February 14, 2025, the valuation date. The issue price for shares will be the Fund’s closing NYSE market price on the valuation date.

The Fund’s estimated sources for the distribution to be paid on February 28, 2025 and for all distributions declared in 2025 to date are as follows:

Date Paid	Distribution per Share	Net Investment Income	Net Realized Short-Term Gains	Net Realized Long-Term Gains	Return of Capital
February 28, 2025	$0.47	$0.06 (13%)	$0.12 (26%)	$0.19 (40%)	$0.10 (21%)
YTD 2025	$0.47	$0.06 (13%)	$0.12 (26%)	$0.19 (40%)	$0.10 (21%)

Fund Performance and Distribution Rate Information:

Average Annual Total Return on NAV for the 5-year period ended on December 31, 2024 1		Annualized Current Distribution Rate (as a percentage of NAV as of December 31, 2024) 2		Cumulative Total Return on NAV for the fiscal year through December 31, 2024 1		Cumulative Fiscal Year Distribution Rate (as a percentage of NAV as of December 31, 2024) 3
15.0%		8.3%		23.6%		2.1%

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. Distributions are assumed to be reinvested at the lower of the net asset value or the closing NYSE market price on the distribution’s valuation date for those receiving shares for the distribution. 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 December 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 December 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.

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 90 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