Explanation of Responses:
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(1)
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The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan.
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(2)
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The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1,125.13 to $1,125.37, inclusive. The reporting person undertakes to provide to any security holder of Markel Corporation or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
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(3)
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The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1,127.15 to $1,128.10, inclusive. The reporting person undertakes to provide to any security holder of Markel Corporation or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
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(4)
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The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1,128.20 to $1,129.00, inclusive. The reporting person undertakes to provide to any security holder of Markel Corporation or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
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(5)
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The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1,129.54 to $1,130.36, inclusive. The reporting person undertakes to provide to any security holder of Markel Corporation or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
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(6)
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The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1,130.54 to $1,130.64, inclusive. The reporting person undertakes to provide to any security holder of Markel Corporation or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
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(7)
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The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1,132.20 to $1,133.10, inclusive. The reporting person undertakes to provide to any security holder of Markel Corporation or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
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(8)
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The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1,136.05 to $1,136.70, inclusive. The reporting person undertakes to provide to any security holder of Markel Corporation or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
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(9)
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The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1,137.18 to $1,138.17, inclusive. The reporting person undertakes to provide to any security holder of Markel Corporation or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
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(10)
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The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1,138.20 to $1,138.64, inclusive. The reporting person undertakes to provide to any security holder of Markel Corporation or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
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(11)
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The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1,139.50 to $1,139.73, inclusive. The reporting person undertakes to provide to any security holder of Markel Corporation or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
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(12)
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Holdings under the Markel Corporation 401(K) Plan are reported in units. The information reported herein is based on a plan statement dated as of September 30, 2019 and utilizes the most recent closing stock price on that date of $1,181.90 per share. As of September 30, 2019, a unit under the Plan represented one share of Common Stock.
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(13)
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Beneficial ownership of securities is expressly disclaimed.
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