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Letter to the Editor

Progressive Announces Final Results of Dutch Auction Tender Offer

Based on the final count by the depositary for the tender offer, 16,919,674 Common Shares were properly tendered at prices at or below $88 per share and not withdrawn. Because shareholders tendered less than 17.1 million shares, there was no proration of tendered shares. Accordingly, the company has accepted for purchase and will promptly pay for all 16,919,674 shares at a price of $88 per share. Any shares received in the tender offer that were not tendered properly will be promptly returned to the tendering shareholders.

The Common Shares purchased by the company pursuant to the tender offer comprised approximately 7.8 percent of the company's outstanding shares as of September 30, 2004. After these shares are purchased, approximately 200.1 million shares will remain outstanding.

As previously announced, the completion of the tender offer will not reduce the number of shares available for repurchase by Progressive, as authorized by the Board of Directors in April 2003 and confirmed by the Board in September 2004. Currently, 10,188,101 shares remain available for repurchase under that authorization. The company, therefore, may repurchase additional shares from time to time in the open market or in privately negotiated transactions, subject to applicable laws.

The Progressive group of insurance companies ranks third in the nation for auto insurance based on premiums written.

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