X0306 4 2022-04-21 1 0000216851 ADAMS NATURAL RESOURCES FUND, INC. PEO 0001009234 ARZAC ENRIQUE R ADAMS FUNDS 500 EAST PRATT STREET, SUITE 1300 BALTIMORE MD 21202 1 0 0 0 Common Stock 2022-04-21 5 A 0 E 43.83 0 A 7421.72 D Common Stock 2022-04-21 5 J 0 E 42.684 0 A 43.41 I By Trust Common Stock 2022-04-21 5 A 0 E 566 21.96 A 4261.41 I By Trust Common Stock 8428 I By Trust Common Stock 3025 I Indirect/Other These shares accrued as dividend equivalents on deferred stock units (shares received in lieu of director retainer fees). The Issuer's stock traded in a range of $16.52 - $22.36 during 2022. Dr. Arzac's cumulative beneficial ownership reflects the exempt transactions reported herein and also certain changes in direct and indirect ownership balances resulting from transfers among accounts. This fractional share was acquired in exempt transactions as a result of dividend reinvestment. The Issuer's stock traded in a range of $16.52 - $22.36 during 2022. By the Enrique R. Arzac TTEE The Enrique R. Arzac TR UA DTD 12/28/2012 Trust. Of these shares, 359 shares accrued as dividend equivalents on 400 restricted stock units, which were granted in 2007 and deferred until retirement on 04/21/2022. Another 207 shares accrued as dividend equivalents on 400 restricted stock units, which were granted in 2013 and deferred until retirement on 04/21/2022. The Issuer's stock average trading price on 04/21/2022 was $21.96. A fractional share in the amount of 0.02 was issued as part of DSUs (granted in lieu of a 2007 deferred cash retainer) & DE shares earned. An additional fractional share in the amount of 0.26 was issued as part of DSUs (granted in lieu of a 2013 deferred cash retainer) & DE shares earned. The fractional shares were surrendered as non-transferrable to a registered account. Gail L. Valenti as Attorney-in-Fact for Enrique R. Arzac 2022-04-26