Mercantile President Named to Board of Directors

Date: 
09/27/2001

BALTIMORE, MARYLAND - SEPTEMBER 27, 2001 - The Adams Express Company and Petroleum & Resources Corporation, the closed-end investment companies, today announced that Edward J. Kelly, III, president and chief executive officer of Mercantile Bankshares Corporation, has been named to the Boards of Directors of both companies, effective October 1, 2001.

Kelly, who moved to Baltimore in March to accept the leadership position at Mercantile, was formerly co-head of Investment Banking Client Management and head of the global financial institutions group at J.P. Morgan Chase in New York. An attorney and former partner of Davis Polk & Wardwell, Kelly earned his law degree from the University of Virginia School of Law and completed his undergraduate work at Princeton University.

"We are delighted to welcome Ned Kelly as a board member. His capital markets and investment industry experience will be an asset to the Boards," said Douglas G. Ober, chairman and chief executive officer.

Kelly was introduced to Ober through board member John Roberts. "The companies share a strong tradition in the investment business and I have followed that business for many years," said Kelly, who advised banks, insurance companies and asset management firms at J.P. Morgan. The companies' Baltimore headquarters was another consideration in joining the Boards, he said. He also serves on the boards of John Hopkins University and Hartford Financial Services Group.

The Adams Express Company (ADX) and Petroleum & Resources Corporation (PEO) are Baltimore-based closed-end investment companies. They trade on the New York Stock Exchange and Pacific Exchange.

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For further information please contact:

Joseph M. Truta, President
Lawrence L. Hooper, Jr., Vice President, Secretary & General Counsel
410-752-5900 or 800-638-2479

E-mail: contact@adamsexpress.com
Website: www.adamsexpress.com

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Mercantile President Named to Board of Directors

Stock and Distribution

Nav & Stock Price Per Share
Net Asset Value: $ 12.51
Closing Price:

$ 10.68

Discount: -14.6%

This is the closing price from the NYSE on 02/03/2012.

annual DISTRIBUTION Rate
2011 6.1%
5-Year Average 5.8%

The annual distribution rate is the total dividends and capital gain distributions during the year divided by the average month-end market price of the Company's Common Stock for the calendar year in years prior to 2011 and for the 12 months ended October 31 in 2011.  As of September 8, 2011, the Board of Directors committed to an annual distribution rate of at least 6%.