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PRINCIPAL CHANGES IN PORTFOLIO SECURITIES

During the Three Months Ended March 31, 2000 (unaudited)

                                           Shares or Principal Amount
                                  --------------------------------------------
                                                                     Held
                                  Additions     Reductions      March 31, 2000
                                  ---------     ----------      --------------
American Tower Corp. 
5.00% Conv. Notes due 2010....... 9,500,000                          9,500,000
Calpine Capital Trust 
5.75% Conv. Pfd. HIGH TIDES ........ 77,500                            202,500
Cisco Systems ..................... 917,500 (1)                      1,835,000
Fort James Corp.................... 110,000                            610,000
Honeywell Int’l Co. ............... 100,000                            100,000
Legato Systems Inc................. 280,000                            280,000
Nextel Communications Inc. 
5.25% Conv. Notes due 2010 ..... 10,000,000                         10,000,000
Oracle Corp. ...................... 295,000 (1)                        590,000
RCN Corp. .......................... 67,500                            240,000
Solectron Corp................... 1,000,000 (1)                      2,000,000
Vertex Pharmaceuticals Inc. 
5.00% Conv. Sub. Notes due 2007  10,000,000                         10,000,000
Williams Communications Group, Inc. 248,700                            468,700
Consolidated Papers, Inc. ...........             410,000                    —
Corning Inc. ........................              25,000              435,000
DST Systems Inc. ....................              70,000                    —
Gillette Co. ........................             439,120                    —
Global Crossing Ltd. ................             202,500              720,000
Houston Industries Inc. 
7.00% Conv. ACES due 2000 ...........              60,000               90,000
MCI WorldCom, Inc. ..................              65,000              550,000
Nextel Communications Inc. ..........              80,000              520,000
Nokia Corp. ADR .....................              25,000              460,000
QRS Corp. ...........................              67,500              435,000
Royal Dutch Petroleum Co. ...........              80,000                    —
Sterling Commerce, Inc. .............             575,000                    —
Tiffany & Co. .......................              25,000              175,000
(1) By stock split.
 

Common Stock
Listed on the New York Stock Exchange
and the Pacific Exchange
The Adams Express Company
Seven St. Paul Street, Suite 1140, Baltimore, MD 21202
Website: www.adamsexpress.com
E-mail: contact@adamsexpress.com
Telephone: (410) 752-5900 or (800) 638-2479
Counsel: Chadbourne & Parke L.L.P.
Independent Accountants: PricewaterhouseCoopers LLP

Transfer Agent, Registrar & Custodian of Securities
The Bank of New York
101 Barclay Street
New York, NY 10286
The Bank's Shareholder Relations Department: (800) 432-8224
E-mail: Shareowner-svcs@bankofny.com

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