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The following is a Petition to the Board of Directors (“Board”) of the Adams Express Company (“ADX”). The purpose of this Petition is to recommend to its Board the creation of a Special Committee of the Board to commission a study by a reputable third party financial services firm to explore ways to narrow ADX’s persistent discount in an effort to maximize shareholders’ value. The conclusion of such a Study should be made available to its shareholders at its Annual Shareholders’ Meeting in March, if practicable.

For those ADX shareholders who believe that such a recommendation is a reasonable and constructive request, the following is an e-mail link to The Adams Express Company: http://www.adamsexpress.com/feedback.

Shareholders should copy the “Petition” below and paste it into the “Message” box and forward to the Company to express your support for such a recommendation.

Petition to the Board of Adams Express Company

The Issue: We the shareholders of Adams Express Company (“ADX”) are disheartened with the persistent gap between ADX’s current share price and its net asset value (“The Discount”). This is particularly frustrating in light of the exemplary investment performance of its investment management team.

Proactive Steps to Enhance Shareholders’ Value: We the shareholders believe there may be several viable options that could potentially enhance the Shareholders’ value by facilitating the narrowing of The Discount. We the Shareholders believe these options, as well as others, should be fully explored and vetted by ADX’s Board.

Options to Be Explored: While not inclusive, such options include:

  1. A managed distribution policy to increase the distribution yield to its shareholders;
  2. A “like-kind” exchange tender offer;
  3. A conversion to an actively managed ETF or mutual funds.

Shareholders’ Recommendation: We the Shareholders’ recommend that the Board of ADX appoint a Special Committee (“Committee”) to explore the various options and actions by the Board and its management to facilitate the narrowing of The Discount. This Committee shall engage a reputable, independent third-party financial services’ firm to undertake such a Study with that objective.

Conclusion: The conclusion of the Study should be made available in a written report to the shareholders at Adams Express Company’s 2010 Annual Shareholders’ Meeting, if practicable.

A Reasonable Request: We the Shareholders of ADX believe if effective action could be taken to narrow The Discount, the costs of such a Committee would be deminimous compared to the potential value created on behalf of ADX’s shareholders.

We the Shareholders appreciate the Board’s consideration of this recommendation as it is the mission of the Board to represent its shareholders’ best interest over all other stakeholders.

Disclosure: While I own a small position in ADX, I am more motivated by the conclusion that there is significant value in ADX that is not being recognized.

Source: Petition to the Board of the Adams Express Company