BALTIMORE, MARYLAND -- MARCH 13, 2008 - The Adams Express Company (NYSE: ADX) held its Annual Meeting in Baltimore today and provided this update. The information was updated through March 6, 2008:
PERFORMANCE AND REALIZED CAPITAL GAINS
The year-to-date total return for the Company, after adjusting for income dividends as well as capital gains distributions paid, was -8.9% on net asset value and -10.8% on market value. Comparable figures for the Standard & Poor's 500 Index and the Lipper Large Cap Core Mutual Fund Average were -10.8% and -11.1%, respectively. Net realized capital gains for the Company were $0.07 per share.
SECURITIES TRANSACTIONS
Since January 1, 2008, the Company has added one new name to its portfolio with the purchase of shares of Prudential Financial Inc. The Company has added to its existing holdings in CVS/Caremark, Morgan Stanley, Northeast Utilities, Oshkosh Truck, Prosperity Bancshares, Spirit AeroSystems Holdings, Wachovia Corp., Wells Fargo, Tata Motors, and Zimmer Holdings. Holdings have been reduced in PepsiCo, Rohm & Haas, and State Street. The Company holds a cash position at 5.3% of net assets.
The Adams Express Company is a Baltimore-based closed-end investment company. It is traded on the New York Stock Exchange under the symbol ADX. The Chairman's comments at the Annual Meeting will be available on the Company's website, www.adamsexpress.com on Monday, March 17, 2008.
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For further information, please contact:
Joseph M. Truta, President
Lawrence L. Hooper, Jr., Vice President, General Counsel & Secretary
(410) 752-5900 or (800) 638-2479
E-mail: contact@adamsexpress.com
Website: www.adamsexpress.com
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