MARKEL CORP

Ticker: MKL CUSIP: 570535104 Class: COMMON STOCK

Narwhal Capital Management's Holding History (CIK: 0001461287)

Note: Option positions (PUT/CALL) are excluded.

Q4 2025

Shares 105 Value ($000) $226 Avg Close $2025.92 Range $1812.24 - $2207.59

Q3 2025

Shares 105 Value ($000) $201 Avg Close $1960.42 Range $1889.91 - $2075.92

Q2 2025

Shares 105 Value ($000) $210 Avg Close $1875.20 Range $1621.89 - $2004.24

Q2 2020

Shares 275 Value ($000) $254 Avg Close $908.95 Range $761.06 - $1049.56

Q1 2020

Shares 275 Value ($000) $255 Avg Close $1143.50 Range $710.52 - $1347.64

Q4 2019

Shares 275 Value ($000) $314 Avg Close $1138.97 Range $1100.00 - $1216.47

Q3 2019

Shares 275 Value ($000) $325 Avg Close $1136.16 Range $1065.01 - $1204.45

Q2 2019

Shares 275 Value ($000) $300 Avg Close $1047.93 Range $970.42 - $1099.00

Q1 2019

Shares 850 Value ($000) $847 Avg Close $1015.52 Range $950.16 - $1081.00

Q4 2018

Shares 1,100 Value ($000) $1,142 Avg Close $1093.58 Range $954.39 - $1203.43

Q3 2018

Shares 1,100 Value ($000) $1,307 Avg Close $1176.81 Range $1078.02 - $1228.32

Q2 2018

Shares 1,100 Value ($000) $1,193 Avg Close $1129.38 Range $1083.92 - $1180.00

Q1 2018

Shares 1,105 Value ($000) $1,293 Avg Close $1125.56 Range $1049.95 - $1194.98

Q4 2017

Shares 1,380 Value ($000) $1,572 Avg Close $1093.18 Range $1054.20 - $1157.30

Q3 2017

Shares 1,398 Value ($000) $1,493 Avg Close $1034.02 Range $963.79 - $1086.68

Q2 2017

Shares 1,648 Value ($000) $1,608 Avg Close $970.65 Range $936.95 - $996.38

Q1 2017

Shares 1,648 Value ($000) $1,608 Avg Close $945.13 Range $887.40 - $992.00

Q4 2016

Shares 1,668 Value ($000) $1,509 Avg Close $891.63 Range $811.05 - $931.94

Q3 2016

Shares 1,708 Value ($000) $1,586 Avg Close $933.01 Range $909.84 - $961.78

Q2 2016

Shares 1,708 Value ($000) $1,627 Avg Close $931.24 Range $880.01 - $989.18

Q1 2016

Shares 1,360 Value ($000) $1,213 Avg Close $859.54 Range $805.03 - $895.03

Q4 2015

Shares 1,360 Value ($000) $1,201 Avg Close $870.15 Range $791.97 - $937.91

Q3 2015

Shares 1,360 Value ($000) $1,091 Avg Close $846.01 Range $775.00 - $898.08

Q2 2015

Shares 1,370 Value ($000) $1,097 Avg Close $777.66 Range $736.96 - $821.00

Q1 2015

Shares 1,370 Value ($000) $1,053 Avg Close $722.91 Range $660.05 - $783.50

Q4 2014

Shares 1,340 Value ($000) $915 Avg Close $678.17 Range $632.65 - $707.36

Q3 2014

Shares 1,135 Value ($000) $722 Avg Close $645.09 Range $623.90 - $666.00

Q2 2014

Shares 705 Value ($000) $462 Avg Close $630.07 Range $593.76 - $655.75

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	105	$226	$2025.92	$1812.24 - $2207.59
Q3 2025	105	$201	$1960.42	$1889.91 - $2075.92
Q2 2025	105	$210	$1875.20	$1621.89 - $2004.24
Q2 2020	275	$254	$908.95	$761.06 - $1049.56
Q1 2020	275	$255	$1143.50	$710.52 - $1347.64
Q4 2019	275	$314	$1138.97	$1100.00 - $1216.47
Q3 2019	275	$325	$1136.16	$1065.01 - $1204.45
Q2 2019	275	$300	$1047.93	$970.42 - $1099.00
Q1 2019	850	$847	$1015.52	$950.16 - $1081.00
Q4 2018	1,100	$1,142	$1093.58	$954.39 - $1203.43
Q3 2018	1,100	$1,307	$1176.81	$1078.02 - $1228.32
Q2 2018	1,100	$1,193	$1129.38	$1083.92 - $1180.00
Q1 2018	1,105	$1,293	$1125.56	$1049.95 - $1194.98
Q4 2017	1,380	$1,572	$1093.18	$1054.20 - $1157.30
Q3 2017	1,398	$1,493	$1034.02	$963.79 - $1086.68
Q2 2017	1,648	$1,608	$970.65	$936.95 - $996.38
Q1 2017	1,648	$1,608	$945.13	$887.40 - $992.00
Q4 2016	1,668	$1,509	$891.63	$811.05 - $931.94
Q3 2016	1,708	$1,586	$933.01	$909.84 - $961.78
Q2 2016	1,708	$1,627	$931.24	$880.01 - $989.18
Q1 2016	1,360	$1,213	$859.54	$805.03 - $895.03
Q4 2015	1,360	$1,201	$870.15	$791.97 - $937.91
Q3 2015	1,360	$1,091	$846.01	$775.00 - $898.08
Q2 2015	1,370	$1,097	$777.66	$736.96 - $821.00
Q1 2015	1,370	$1,053	$722.91	$660.05 - $783.50
Q4 2014	1,340	$915	$678.17	$632.65 - $707.36
Q3 2014	1,135	$722	$645.09	$623.90 - $666.00
Q2 2014	705	$462	$630.07	$593.76 - $655.75