1) Presented on a diluted basis.

2) Represents Progressive's Personal Lines Businesses as a percent of the U.S. personal auto insurance market.

3) Represents U.S. personal auto insurance market net premiums written as reported by A.M. Best Company Inc.; 2004 is estimated.

4) Represents average annual compounded rate of increase (decrease) and assumes dividend reinvestment.

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

continue to VISION, VALUES, OBJECTIVES