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	John Eade
Barclays Capital	Jay Gelb
C.S. First Boston	Vinay Misquith
Dowling & Partners	Brenna Sullivan
Fox-Pitt Cochran Caronia	Dan Farrell
Friedman, Billings & Ramsey	Bijan Moazami
Goldman Sachs	Christopher Neczypor
J.P. Morgan	Matt Heimermann
Keefe, Bruyette & Woods	Cliff Gallant
Langen McAlenney	Steven Labbe
BofA Merrill Lynch Research	Alison Jacobowitz
Piper Jaffray	Michael Grasher
Sandler O'Neill	Paul Newsome
Sanford C. Bernstein	Todd Bault
Soleil Securities	Harry Fong
Stifel Nicolaus	Meyer Shields
UBS	Brian Meredith
Wells Fargo Securities	John Hall

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	Gerald Glombicki
Goldman Sachs	Donna Halverstadt
J.P. Morgan	Arun Kumar
Lehman Brothers	Tom Walsh
McDonald Investments	Kevin Gale
BofA Merrill Lynch Research	Angelo Graci
Moody's Investors Service	Paul Bauer
Morgan Stanley	Riley Noreen
Standard & Poor's	Polina Chernyak
UBS Warburg Fixed Income	David Havens