 The Board of Directors of Adams Natural Resources Fund, Inc. NYSE: PEO has reviewed the tender offer amendments Offer made on June 15 and 16 by Bulldog Investors, LLC and Ancora Advisors, LLC the Group, and remains confident that the Offer is not in long-term shareholders best interests. To remain a PEO shareholder, you do nothing and ignore the Offer. After careful consideration of the Offer, the Board has concluded that: 