1) Defined as net income adjusted for the after-tax effect of net realized gains and losses on securities and nonrecurring items. This is a non-GAAP disclosure. For a complete discussion of operating income, including a description of the nonrecurring items, see Management's Discussion and Analysis and the Ten-Year Summary--GAAP Consolidated Operating Results.

2) Represents Progressive's Personal Lines business; based on U.S. personal auto insurance market net premiums written of an estimated $141.0 billion, $127.8 billion, $119.6 billion, $118.6 billion and $117.3 billion for 2002, 2001, 2000, 1999 and 1998, respectively, as reported by A.M. Best Company Inc.

3) Represents average annual compounded rate of increase (decrease); assumes dividend reinvestment.

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

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