January 16, 2009

Online currency trading – It is not restricted with respect to the proportion of its investment in bonds, preferred stocks, and common stocks; the percentage of its assets invested; the percentage of voting securities of any one issuer; nor with respect to investments in companies for the purpose of exercising control or management.

The company policy is to limit its investment in any one company to not over 25 per cent of its gross assets at the time and not to concentrate investments. When existing conditions appear to make it advisable, the company may concentrate investments in one industry or group of industries with a view to protecting the value of its assets. The company may buy and sell real estate to the extent of not more than 5 per cent of the assets of the company at the time, but the policy is not to conduct such operations. The same holds true with regard to authorized activities in the commodities markets. Adams Express has acted as an underwriter of securities in the past. It may borrow money and issue debt securities, but it has had no indebtedness since 1948, with one inconsequential exception.

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