The Progressive Corporation Investor Presentation — December 2021

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level at ProgressiveSafe Harbor Statement

Under the Private Securities Litigation Reform Act of 1995:

Investors are cautioned that certain statements in this presentation not based upon historical fact are forward -looking statemen ts as defined in the Private Securities Litigation Reform Act of 1995. These

statements often use words such as “estimate,” “expect,” “intend,” “plan,” “believe,” and other words and terms of similar me aning, or are tied to future periods, in connection with a discussion of future

operating or financial performance. Forward -looking statements are based on current expectations and projections about future ev ents, and are subject to certain risks, assumptions and uncertainties

that could cause actual events and results to differ materially from those discussed herein. These risks and uncertainties in clude, without limitation, uncertainties related to:

• our ability to underwrite and price risks accurately and to charge adequate rates to policyholders;

• our ability to establish accurate loss reserves;

• the impact of severe weather, other catastrophe events and climate change;

• the effectiveness of our reinsurance programs and the continued availability of reinsurance and

performance by reinsurers;

• the highly competitive nature of property -casualty insurance markets;

• whether we innovate effectively and respond to our competitors’ initiatives;

• whether we effectively manage complexity as we develop and deliver products and customer experiences;

• how intellectual property rights affect our competitiveness and our business operations;

• whether we adjust claims accurately;

• our ability to maintain a recognized and trusted brand;

• our ability to attract, develop and retain talent and maintain appropriate staffing levels;

• compliance with complex and changing laws and regulations;

• litigation challenging our business practices, and those of our competitors and other companies;

• the impacts of a security breach or other attack involving our computer systems or the systems of

one or more of our vendors;

• the secure and uninterrupted operation of the facilities, systems, and business functions that are

critical to our business;

• the success of our efforts to acquire or develop new products or enter into new areas of business

and navigate related risks;

• our continued ability to send and accept electronic payments;

• the possible impairment of our goodwill or intangible assets• the performance of our fixed -income and equity investment portfolios;