THE ADAMS EXPRESS COMPANY

Board of Directors

Enrique R. Arzac(1,4)            W. Perry Neff(1,2)
Douglas G. Ober (1)              Susan C. Schwab(1,3)
Daniel E. Emerson(2,4)           Landon Peters(2,4)
Thomas H. Lenagh(2,3)            John J. Roberts(1,4)
W.D. MacCallan(1,3)              Robert J.M. Wilson(3,4)

1. Member of Executive Committee
2. Member of Audit Committee
3. Member of Compensation Committee
4. Member of Retirement Committee


Officers

Douglas G. Ober                Chairman and
                                  Chief Executive Officer
Joseph M. Truta                President
Richard F. Koloski             Executive Vice President
Barbara L. Rishel              Vice President--Research
Richard B. Tumolo              Vice President--Research
Lawrence L. Hooper, Jr.        Vice President, Secretary and
                                    General Counsel
Maureen A. Jones               Vice President and Treasurer
Christine M. Griffith          Assistant Treasurer
Geraldine H. Stegner           Assistant Secretary


                        STOCK DATA


Price (3/31/00)                          $37.375
Net Asset Value (3/31/00)                $43.30
Discount:                                 13.7%

New York Stock Exchange and Pacific Exchange ticker
   symbol: ADX

NASDAQ Mutual Fund Quotation Symbol: XADEX

Newspaper stock listings are generally under the abbreviation:
   AdaEx


                   DISTRIBUTIONS IN 2000


From Investment Income                    $0.17
  (paid or declared)
From Net Realized Gains                    0.07
                                          -----
    Total                                 $0.24
                                          =====


                 2000 DIVIDEND PAYMENT DATES


                        March 1, 2000
                        June 1, 2000
                        September 1, 2000*
                        December 27, 2000*
                 *Anticipated