ADAMS NATURAL RESOURCES FUND, INC.

Adams Natural Resources Fund, Inc. is a publicly owned investment manager that invests globally in public equity markets. The firm manages a closed-end equity fund concentrating on the energy and materials sectors. It invests in stocks of companies across all market capitalizations within the energy and natural resources sector, specifically including oil companies, exploration and production, utilities, services, and basic materials sectors. The firm utilizes a fundamental analysis and a bottom-up stock picking strategy. This approach focuses on earnings growth prospects, defendable market position, market competition, macroeconomic backdrop, cash flow generation, valuation, capital allocation, return on capital, mileposts and catalysts, and point in cycle identification to guide its investment decisions. The performance of its portfolios is benchmarked against a composite index comprising 80% Dow Jones Oil and Gas Index and 20% Dow Jones Basic Materials Index. The firm was established in 1929 and operates from its headquarters in Baltimore, Maryland, with an additional office located in Boston, Massachusetts.