The Adams Express Company Declares Dividend and Announces First Quarter Performance

First Quarter NAV Performance Tops Benchmarks

For the three months ended March 31st, the total return on Adams Express' net asset value, after adjusting for income dividends and capital gain distributions paid, was -7.5%. Comparable figures for the Standard & Poor's 500 Index and the Lipper Large Cap Core Mutual Fund Average were -9.4% and -10.2%, respectively. The total return on Adams Express' market value, after adjustment, was -11.1%.

For the twelve months ended March 31st, the total return on Adams Express' net asset value, after adjusting for income dividends as well as capital gain distributions paid, was -3.3%. Comparable figures for the Standard & Poor's 500 Index and the Lipper Large Cap Core Mutual Fund Average were -5.1% and -5.6%, respectively. The total return on Adams Express' market value, after adjustment, was -4.1%.

Adams Express' net asset value at March 31, 2008, is compared with the year earlier in the following table:

                                       Net Asset Value
                                  3/31/08            3/31/07
    Net assets                $1,262,297,665     $1,386,292,178
    Shares outstanding        87,133,182         86,079,089
    Net assets per share      $14.49*            $16.10

    *After capital gain distribution of $0.02 per share paid in March 2008.

The net capital gain realized on investments at the end of the first quarter was $0.10 per share.

The Company repurchased 575,308 shares of its Common Stock during the quarter.

Securities Transactions

During the first quarter, three new names were added to the Company's portfolio with the purchases of shares of Prudential Financial Inc., Transocean Inc., and Visa Inc. The Company added to its existing holdings in CVS/Caremark, Morgan Stanley, Northeast Utilities, Oshkosh, Prosperity Bancshares, Spirit AeroSystems, Tata Motors, Wachovia, Wells Fargo, and Zimmer. The holdings in PepsiCo, Rohm & Haas, and State Street were reduced.

The First Quarter Report is expected to be released on or about April 18, 2008.

    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.

                   For further information, please contact

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

                      E. Mail: contact@adamsexpress.com
                     Website: http://www.adamsexpress.com

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SOURCE The Adams Express Company

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