Ten Year Summary -- Financial Highlights | Ten Year Summary -- GAAP Consolidated Operating Results

The Progressive Corporation and Subsidiaries

Ten Year Summary -- GAAP Consolidated Operating Results

(unaudited - not covered by report of independent auditors)

All share and per share amounts were adjusted for the April 22, 2002, 3-for-1 stock split.

1) Amount represents change in unearned premiums reserve less change in prepaid reinsurance premiums.

2) In 1994, the "supplemental reserve" was eliminated, resulting in a one-time decrease to losses and loss adjustment expenses of $71.0 million, or $.21 per share.

3) 2000 reflects a foreign currency translation loss.

4) 2003 reflects interest income related to an income tax refund; 1999 reflects a gain on the sale of the corporate aircraft.

5) Reflects investment expenses after taxes and other tax adjustments.

6) Presented on a diluted basis. In 1997, the Company adopted SFAS 128, "Earnings Per Share," and, as a result, restated prior periods per share amounts, if applicable.

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