Analyst Coverage

Progressive is covered by the analysts listed below. Please note that any opinions, estimates or forecasts regarding Progressive's performance made by these analysts are theirs and do not represent opinions, forecasts or predictions of The Progressive Corporation or its management. Progressive does not by its reference below or distribution imply any endorsement of or concurrence with such information, conclusions or recommendations. The below may not represent a comprehensive list of analysts choosing to cover Progressive.

Equity

The following equity analysts cover and issue earnings estimates on Progressive:

Firm	Analyst
Argus Research	David Anthony
Bank of America	Alain Karaoglan
Bear Stearns	David Small
Calyon Securities	Harry Fong
Citigroup	Joshua Shanker
C.S. First Boston	Charles Gates
Dowling & Partners	Brenna Sullivan
Fox-Pitt Cochran Caronia	Gary Ransom
Friedman, Billings & Ramsey	Bijan Moazami
Goldman Sachs	Tom Cholnoky
HSBC Global Research	Laura Breckner
J.P. Morgan	Matt Heimermann
Keefe, Bruyette & Woods	Cliff Gallant
Keybanc Capital Markets	Beth Malone
Langen McAlenney	Steven Labbe
Lehman Brothers	Jay Gelb
Merrill Lynch	Alison Jacobowitz
Morgan Stanley	William Wilt
Sandler O'Neill	Paul Newsome
Sanford Bernstein	Todd Bault
Stifel Nicolaus	Meyer Shields
UBS	Brian Meredith
Wachovia Securities	Susan Spivak

Fixed Income

The following fixed income analysts cover Progressive's debt security issues:

Firm	Analyst
Barclays Capital	Seth Glasser
Citigroup	David MacGown
C.S. First Boston Fixed Income	Thierry Perrein
Fitch Ratings	Donald Thorpe
Goldman Sachs	Donna Halverstadt
J.P. Morgan	Arun Kumar
Lehman Brothers	Tom Walsh
McDonald Investments	Kevin Gale
Merrill Lynch	Angelo Graci
Moody's Investors Service	Paul Bauer
Morgan Stanley	Riley Noreen
Standard & Poor's	Polina Chernyak
UBS Warburg Fixed Income	David Havens