INVESTOR       HANDOUT                                        NOVEMBER    2019           NASDAQ: CINF          This presentation contains forward-looking statements that involve risks and          uncertainties. Please refer to our various filings with the U.S. Securities and          Exchange Commission for factors that could cause results to materially differ from          those discussed.          The forward-looking information in this presentation has been publicly disclosed,          most recently on October 24, 2019, and should be considered to be effective only as          of that date.          Its inclusion in this document is not intended to be an update or reaffirmation of the          forward-looking information as of any later date.          Reconciliations of non-GAAP measures are in our most recent quarterly earnings          news release, which is available at cinfin.com/investors.   Copyright © 2019 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. 1
 STRATEGY OVERVIEW               •    Competitive advantages:                   •    Relationships leading to agents’ best accounts                   •    Financial strength for stability and confidence                   •    Local decision making and claims excellence               •    Other distinguishing factors:                   •    59 years of shareholder dividend increases                   •    Common stocks are approximately 37% of investment portfolio                   •    30 years of favorable reserve development                CUMULATIVE TOTAL RETURN*                   Cincinnati Financial Corporation       S&P 500 Index       S&P Composite 1500 Property & Casualty Insurance Index                                                                                                                           $260                                                                                                                                          $206                                                                                                                                  $185                                                                                              $176                                                                                                       $175        $170                                                                                  $164                                                             $161                       $157                                                                         $147                                $150                                                                   $129                                        $122        $126                         $114  $115           $115                   $103                           2014                 2015                 2016                 2017                 2018            YTD  10-31-19              * $100 invested on December 31, 2013, in CINF stock or indexes shown, including reinvestment of dividends.                Periods shown represent each respective fiscal year ending December 31.   Copyright © 2019 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission.   2
 LONG-TERM VALUE CREATION               • Targeting average Value Creation Ratio of 10% to 13% over the next                   five-year period                   • Value creation ratio (VCR) = annual rate of growth in book value plus the percentage of dividends                       to beginning book value                    • VCR for 2014 through 2018 averaged 10.7%               • Three performance drivers:                   • Premium growth above industry average                    • Combined ratio consistently within the range of 95% to 100%                    • Investment contribution                      • Investment income growth                       • Compound annual total return for equity portfolio over five-year period exceeding return for S&P 500 Index                INCREASE VALUE FOR SHAREHOLDERS              MEASURED BY VALUE CREATION RATIO                                         Target for the next five-year period:  Annual VCR averaging 10% to 13%                    23%                                                                                                                  35%                    20%                                                                                                                  30%                    17%                                                                                                                                        25%                   14%                                                                                                                                        20%                   11%                                                                                                                                        15%                   8%                                                                                                                                        10%                   5%                                                                                                                                        5%                   2%                Value Creation Ratio                                                                                                                                         0%     Total Shareholder Return                   -1%                                                                                               Investment Income                                                                                                   & Other in 2017                          -5%                   -4%                                                                         includes 7.0% benefit                                                                                                from tax reform                   -7%                                                                                                                  -10%                                 2014                  2015                  2016                  2017                   2018              Actual VCR:     12.6%                        3.4%                      14.5%                      22.9%    (0.1)%                              VCR - Investment Income & Other      VCR - P&C Underwriting              VCR - Bond Portfolio Gains                               VCR - Equity Portfolio Gains         Total Shareholder Return (TSR)   Copyright © 2019 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission.   3
 PERFORMANCE TARGETS & TRENDS          • 22.8% VCR for YTD 09-30-19 is exceeding target:                  10% to 13% annual average over the next five-year period              • 6.3% contribution from non-GAAP operating income, 16.6% contribution from investment                portfolio net gains and losses (negative 0.1% net point contribution from other items)           • Related performance drivers at YTD 9-30-19 consistent with long-term targets:             • 9% growth in P&C net written premiums vs. 1% YTD 6-30-19 estimated for the industry             • 94.6% combined ratio, better than 95% to 100% long-term target range             • 4% investment income growth, despite bond yield below year-end 2018 portfolio average          • Ranked  #1 or #2 in ~two-thirds of agencies appointed 5+ years          • Improving through strategic profitability & growth initiatives            STRATEGIES FOR LONG-TERM SUCCESS           • Financial strength for consistent support to agencies             • Diversified fixed-maturity portfolio, laddered maturity structure                 • No corporate exposure exceeded 0.7% of total bond portfolio at 09-30-19,                   no municipal exposure exceeded 0.2%             • 37.0% of investment portfolio in common stocks to grow book value                   • No single security exceeded 5.0% of publicly traded common stock portfolio             • Portfolio composition helps mitigate anticipated effects of inflation and a rise in interest rates              • Low reliance on debt, with 8.1% debt-to-total-capital at 9-30-19                 • Nonconvertible, noncallable debentures due in 2028 and 2034             • Capacity for growth with premiums-to-surplus at 1.0-to-1          • Operating structure reflects agency-centered model             • Field focus – staffed for local decision making, agency support             • Superior claims service and broad insurance product offerings          • Profit improvement and premium growth initiatives   Copyright © 2019 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. 4
 MANAGE INSURANCE PROFITABILITY             • Ongoing underwriting expertise enhancement                 • Predictive modeling tools and analytics to improve property casualty pricing precision                    and segmentation on an individual policy basis                • Data management for better underwriting and more granular pricing decisions                • Staff specialization and augmentation aimed at lowering loss ratios            • Improving efficiencies and ease of use with technology                • Streamlines processing for agencies and the company                • Helps optimize personalized service            • Investing for the future                • Addressing auto profitability with rate adequacy and risk selection/loss control initiatives                 • Strategic investments with modest short-term effects on expense ratios                     • Headquarters staff additions include high net worth and reinsurance assumed initiatives                     • 30% increase in field staff since the end of 2013, supporting healthy premium growth              DRIVE PREMIUM GROWTH             • New agency appointments bring potential for growth over time                •  167 appointed in 2018, including 69 for personal lines only, writing an estimated $6 billion in aggregate of                    annual property casualty premiums from all carriers they represent                •  88 appointed YTD 9-30-19 marketing most or all lines, 58 personal lines only             • Expanding marketing and service capabilities                •  Enhanced marketing, products and services for high net worth (HNW) clients of our agencies                     • $400M in HNW approximate annualized premiums at 9-30-19, up from $310M at year-end 2018                •  Increased opportunities for agencies to cross-serve their clients to meet insurance needs                •  Expansion of reinsurance assumed through Cincinnati ReSM to further deploy capital, diversify risk                •  Cincinnati Global Underwriting Ltd.SM acquisition expected to produce profitable premium growth over time              • 9% growth in YTD 9-30-19 P&C net written premiums                •  Commercial lines up 4%, personal lines up 4% (HNW up 30%), E&S up 21%, Cincinnati Re up 48%                     • Cincinnati Global contributed 3 percentage points to overall growth percentage                 •  Higher average renewal pricing: personal lines up mid-single-digit percentage rate; commercial lines and E&S                    up low-single-digit percentage rate                •  Term life insurance earned premiums up 9%   Copyright © 2019 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. 5
 SELECT GROUP OF AGENCIES IN 44 STATES                                              1,795 agency relationships with 2,445 locations                                                                      (as of September 30, 2019)                                                                             Our Commercial Top Five = 38%                                                                            Ohio, Illinois, Pennsylvania,                                                                            Indiana, North Carolina                                                                              Our Personal Top Five = 49%                                                                             Ohio, Georgia, Michigan,                                                                                North Carolina, Indiana                                                                              Market Share Top Five              P&C Market Share:                                              Ohio: 4.4%                    1% and higher                                            Indiana: 2.4%                    Less than 1%                                             Montana: 2.4%                                                                             Vermont: 2.4%                    Inactive states                                          Kentucky: 2.3%                    Headquarters                                             Based on 2018 data excluding A&H, Flood and Crop                PREMIUM GROWTH POTENTIAL              STEADILY INCREASE OUR SHARE WITHIN APPOINTED AGENCIES               ► Cincinnati’s share of $66 billion total* premiums (including approximately $4 billion E&S) produced by currently                appointed agencies is approximately 8%.                                        Market share per agency reporting location by year appointed                                               Based on 2018 standard market P&C agency written premiums                                                       (Excludes excess and surplus lines)                 13.8%                                                                                  6.6%                                                     2.0%                       0.7%                     1 year or less                2-5 years                   6-10 years               10 years or more              ►  New appointments also drive premium growth opportunity                 ─   Agency relationship net count increased by 52% since the end of 2009                 ─   Agencies appointed during 2014-18 produce $28 billion total* of standard lines business              * Estimated annual property casualty premiums written with all carriers represented by agencies appointed by Cincinnati Insurance   Copyright © 2019 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. 6
 ACQUISITION OF CINCINNATI GLOBAL UNDERWRITING          EXPANDS MARKET REACH, DEPLOYS MORE CAPITAL, FURTHER DIVERSIFIES EARNINGS          • Expected to be accretive to earnings in 2019             • Assuming a combined ratio of 98% or better for Cincinnati Global business           •  $209 million* in 2018 gross written premiums, with mix of:              • 61% property (direct & facultative) focused on global medium-to-large commercial risks             • 34% property (binder) focused on North American commercial property & homeowner             • 5% aviation, mostly smaller airlines and some general aviation, generally no U.S. risks           • Supports agency-centered strategy with insurance solutions for accounts              requiring specialization through Lloyd’s          • Reduced execution risk as Cincinnati Global management remains intact          • Modeled Probable Maximum Loss (PML) estimates increase enterprise PML              by approximately 17% (additional exposure of $50 million to $60 million for a 1-in-250 year event)              * Assumes an exchange rate of 1.3 U.S. dollars per GBP, and a share of approximately 91% of Syndicate revenues and profit as “Names” currently provide approximately 9% of capital              THIRD-QUARTER 2019 HIGHLIGHTS           • EPS of $1.49 per share vs. $3.38 per share in 3Q18             • Non-GAAP operating income rose 31% to $179 million             • $285 million ($1.72 per share) decrease in EPS from the change in unrealized gains and                 losses of equity securities still held          • Investment income rose 5%             • Dividend income was up 11%, interest income was down 1%          • Property casualty net written premiums grew 8%             • Higher average renewal pricing: personal lines up mid-single-digit percentage rate;                 commercial and E&S up low-single-digits          • Combined ratio of 94.2%, 2.6 points better than 3Q18             • 3Q19 improvement included 4.4 points from lower catastrophe losses, improvement                 occurred for several major lines of business (before catastrophe effects)    Copyright © 2019 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. 7
 CINCINNATI FINANCIAL AT A GLANCE           • Top 25 U.S. P&C insurer          • A.M. Best rating: A+ Superior          • $5.2 billion 2018 premiums:                61% Commercial       26% Personal     5% Excess & Surplus                  5% Life              3% Cincinnati Re          • Agency-centered business model is time-tested             • Agency relationships strengthened over time by in-person approach             • Local decision-making operating structure is difficult to replicate             • Centralized organization versus branch office structure contributes to low expense ratio          • 59 consecutive years of shareholder dividend increases             • Only seven U.S. public companies can match this record             • 5.6% increase in 2018 ordinary dividends paid             • Yield is attractive, 2.0% in early-November 2019              Appendix             Income, Dividend & Cash Flow Trends            Reserve Adequacy & Prior Accident Year Development            Pricing Precision, Premium Growth Trends & Business Mix            Investment Portfolio Management & Performance            Reinsurance Ceded Program & Financial Strength Ratings             Valuation Comparison to Peers   Copyright © 2019 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. 8
 INCOME AND SHAREHOLDER DIVIDENDS                              Per share basis              $8.00                                                       2017 net income             2018 net income               $7.00                                  included $2.98 benefit       included $2.44 net                                                        from net deferred           investment loss                                                       income tax liability           while 2017               $6.00                                   revaluation due to          included $0.89 net                                                         U.S. tax reform            investment gain              $5.00               $4.00               $3.00               $2.00               $1.00               $0.00                           2014           2015           2016           2017           2018                        9 mos 18       9 mos 19                                         Non-GAAP Operating Income         Net Income        Ordinary dividends declared                STRONG OPERATING CASH FLOW              CONTRIBUTED TO $443M OF YTD 9-30-19 NET PURCHASES IN INVESTMENT PORTFOLIO                 (In millions)                                 Decrease in 2017 reflects                                                                  $102M increase in                 $1,200                                                               catastrophe losses paid                              $54M increase in 2019                 $1,100                                                                                              despite $114M more in                                                                                                                     catastrophe losses paid                $1,000                  $900                  $800                  $700                  $600                  $500                  $400                  $300                  $200                  $100                               2014          2015           2016          2017           2018                      9 mos 18       9 mos 19   Copyright © 2019 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission.   9
 CASH DIVIDEND PAYOUT RATIO              STRONG CAPITAL, CASH FLOW SUPPORT PAYOUT LEVELS                    120%                                                                                73% average payout for 2009 through 2018                                                                                                (net income basis)                   100%                     80%                     60%                     40%                     20%                       0%                              2009        2010       2011*      2012       2013        2014       2015       2016       2017**      2018                                  Dividend Payout Ratio – Net Income                 Dividend Payout Ratio – Operating Income                *   2011 payout ratios (159% net income basis, 211% operating income basis) not fully shown on graph due to record-high catastrophe losses               **  2017 net income included $495 million benefit from net deferred income tax liability revaluation due to U.S. tax reform                DIVIDEND AS A PERCENTAGE OF               NET CASH FLOW FROM OPERATIONS                 100%                  90%                  80%                  70%                  60%                  50%                  40%                  30%                  20%                  10%                   0%                           2009        2010        2011       2012        2013       2014        2015        2016       2017        2018   Copyright © 2019 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission.   10
 PROPERTY CASUALTY RESERVES              FAVORABLE DEVELOPMENT FOR 30 CONSECUTIVE YEARS                                   Values shown are carried loss and loss expense reserves net of reinsurance                                                  Vertical bar represents reasonably likely range                                                                                                        Reserve range at 12-31-18                                                                                                       Low end $5,037                                                                                                       High end $5,481                                                                                                       Carried at 84th percentile                                                                                                                        $5,408                                                                                                 $5,032                                                                        $4,737                                                $4,379                      $4,156                   Calendar year                 development                  (Favorable) ($98)                 ($184)                                       ($168)                                      ($119) ($167)                            2014                    2015                     2016                    2017                     2018                GREATER PRICING PRECISION               IMPROVING PROFIT MARGINS                           Commercial auto 1st      half 2019 renewal price increase averages and policy retention by                                          modeled pricing segments illustrates pricing precision effects                              Most adequate refers to policies that need less price increase based on pricing adequacy of expiring premium per pricing models                     12%                                                                                                                                          89%                                                                                                                                           87%                      8%                                                                                                                   85%                                                                                                                                           83%                                                                                                                                           81%                                                                                                                                               Policy retention                    4%                                                                                                                                          79%               Average renewal price change                                                                                                                                          77%                      0%                                                                                                                   75%                             Most adequately priced       Near (+ or -) price adequacy     Least adequately priced      Policy retention   Copyright © 2019 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission.   11
 COMMERCIAL CASUALTY RATIOS                       LOSS & ALAE BY ACCIDENT YEAR, DEVELOPED THROUGH 12-31-18                                                                                                                                                                                            60.5%                               60%                                                                                                                                                                      60.0%                                                                                                                                                                          55.7%                               55%                                                       52.0%                                                            53.0%                                         55.0%                                         50.6%                           51.3%                                            51.1%           51.1%                                                         49.1%                                                                                                          IBNR portion for AY18 was                                50%                                                                        47.6%                                                          “picked” 2.3 points higher     50.0%                                                                                                                                                                          than AY17 at 12 months                               45%        47.5%                                                                                                                                                         45.0%                                                          45.9%           45.8%           45.1%                               40%                                                                                                                                                                      40.0%                                35%                                                                                                                       AY15 paid ratio at 48 months returned          35.0%                                                                          31.9%                            36.5%           36.0%                                                                                          30.3%                                                          to more typical level, reversing upward                                           29.9%           29.3%                                                           30.6%                                                                                                                                           28.4%             direction of AY14 at 48 months                               30%                                                                        27.1%                                                                                         30.0%                                                                                                                                           28.4%                               25%                        22.9%                           22.1%                                                                                                         25.0%                                          21.2%                           21.0%                                                                            21.7%                                                                                                                                           19.8%                                                                                                          18.6%           18.3%                               20%                                                                                                                         21.7%                                        20.0%                                15%                        13.3%           13.1%                                                                                                                         15.0%                                                                                          11.5%                                                            12.0%           11.4%                                          10.6%                                                           10.5%           10.3%            10.7%                               10%                                                                                                                                         11.4%                        10.0%                                  5%                                                                                                                                                                     5.0%                            Lines = Ratio for Paid at Various Measurement Points  Measurement  at  Various  Paid for   Ratio  =  Lines                                                       4.1%                                 0%                                                                                                                                                                     0.0%         Premiums  Earned to   Ratio ALAE  &  Loss   Ultimate   = Estimated  Bars                                           2009            2010            2011            2012            2013            2014             2015         '16@36mo        '17@24mo        '18@12mo                                             Total Loss & ALAE                     Paid-developed to date                      Paid 48 mo                     Paid 36 mo                    Paid 24 mo                         COMMERCIAL CASUALTY RATIOS                       LOSS & ALAE BY ACCIDENT YEAR, DEVELOPED THROUGH 9-30-19                                                                                                                                                                                           59.6%                                                                                                                                                                                                        60.0%                               60%                                                                                                                                                                           53.8%                         55.0%                               55%                                                                                                                        53.0%                                                                         51.9%           51.8%                                            50.8%                                                         48.8%                                                            49.8%                               50%                                                                                                                                                                      50.0%                                                                                                          45.7%                               45%                                                                                                                                                                      45.0%                                                                                                                                                                                                         40.0%                               40%        37.6%                           37.4%           37.6%                                           @57mo                                                          36.9%                                                           36.0%                                                                                                                                           35.0%                               35%                                                                        33.4%                                                                                         35.0%                                                                          31.9%                                                                                          30.3%                           30.6%                                          29.9%           29.3%                               30%                                                                        27.1%                            28.4%          29.0%                                         30.0%                                                                                                                                                          @45mo                                                                                                                                                                                                        25.0%                               25%                        22.9%                           22.1%                                          21.2%                           21.0%                                                                            21.7%                                                                                                                                           19.8%                               20%                                                                        18.6%           18.3%                                           19.1%                         20.0%                                                                                                                                                                          @33mo                               15%                        13.3%           13.1%                                                                                                                         15.0%                                                                                          11.5%                                                            12.0%           11.4%                                          10.6%                                                           10.5%           10.3%            10.7%                                          10.8%                               10%                                                                                                                                                        @21mo         10.0%                                  5%                                                                                                                                                                     5.0%                           Lines = Ratio for Paid at Various Measurement Points  Measurement  at  Various  Paid for   Ratio  =  Lines                                 0%                                                                                                                                                                     0.0%         Premiums  Earned to   Ratio ALAE  &  Loss   Ultimate   = Estimated  Bars                                           2009            2010            2011            2012            2013            2014             2015         '16@45mo        '17@33mo        '18@21mo                                     Total Loss & ALAE              Paid 60 mo            Paid 48 mo             Paid 36 mo             Paid 24 mo   Copyright © 2019 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission.                                                                                 12
 OUTPERFORMING THE INDUSTRY              FIVE-YEAR AVERAGE COMBINED RATIO 5.7 POINTS BETTER                                                                 Statutory combined ratio                                                 Industry data excludes mortgage and financial guaranty                105%                 100%                  95%                  90%                  85%                  80%                  75%                  70%                  65%                                2014                   2015                    2016                   2017                   2018                                   Cincinnati – excl. cat. losses Est. Industry (A.M. Best) – excl. cat. Losses Cincinnati – incl. cat. losses Est. Industry (A.M. Best) – incl. cat. Losses                             Cincinnati’s historical catastrophe loss annual averages as of 12-31-18: 5-year = 6.2%, 10-year = 6.8%                PREMIUM GROWTH VS. INDUSTRY              5.3% 5-YEAR CAGR EXCEEDED INDUSTRY’S 4.8%                                                     Property casualty net written premium growth                         2018 industry increase primarily due to U.S. tax reform as companies changed ceding arrangements with offshore affiliates                  8.0%                   6.0%                   4.0%                   2.0%                   0.0%                                 2014                    2015                    2016                    2017                    2018                                        Cincinnati                 Estimated industry excluding mortgage and financial guaranty (A.M. Best)   Copyright © 2019 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission.   13
 MARKET FOR 75% OF AGENCY’S TYPICAL RISKS          2018 NET EARNED PREMIUMS                          Consolidated                          $5.170 Billion Commercial                                        Lines 61%              E&S Lines 5%                                       Property Casualty                                                                  $4.920 Billion               Life 5%                                                       Excess & Surplus Cincinnati Re 3%                                                         5%          Cincinnati Re 3%                     Other Commercial          Homeowner 11% Personal Auto 12%                                                   5%                                               Workers'                                              Compensation 7%                                                                                    Other Personal 3%                           Personal Lines                              26%                                                                                  Commercial                                                 Commercial Auto                  Property 19%                                                   14%              Commercial                                                                     Casualty 21%                      Approximately 20% of commercial premiums = policies with average annual premiums <$10,000 & 25% >$100,000; 84% HO accounts include auto             ADDITIONAL AGENCY STATISTICS           • 27% of 2,344 year-end 2018 reporting locations include:             • 11% private equity, 9% national brokers, 7% banks             • Percentages have approximately doubled in five years          • 2018 premium contribution (standard lines market)             • 15% private equity-owned agencies        7% bank owned             •  9% national brokers        69% privately owned or regional/cluster agencies          • 3.9% for largest contributor, among the largest are:             •  Acrisure, A.J. Gallagher, Assured Partners, BB&T, Brown & Brown, BroadStreet Partners, HUB, Marsh &                 McLennan, PayneWest, USI          • 63 locations acquired during 2018, including:             • 18 by a private equity firm, 18 by a regional or national broker, 10 by a bank, 14 by another                 Cincinnati agency, 3 by a non-Cincinnati agency   Copyright © 2019 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. 14
 INVESTMENT INCOME              4% GROWTH FOR YTD 9-30-19: DIVIDENDS UP 11%, INTEREST FLAT (PRETAX)                (In millions)                $625                $600                $575                $550                $525                $500                $475                $450                $425                                2014                    2015                    2016                    2017                    2018              Pretax bond yield:    4.76%                4.70%                   4.60%                   4.42%                   4.25%             (Bonds at amortized cost)                                             Pretax book yield for bonds acquired in 2018: 4.38%             Pretax book yield as of 12-31-18 for bonds maturing in 2019=5.92%, 2020=4.75%, 2021=4.40%             Portion of bond portfolio maturing: 5.5% in 2019, 5.4% in 2020, 7.1% in 2021, 14.8% in 2022-23                INVESTMENT PORTFOLIO              INVEST FOR INCOME AND APPRECIATION                                                     $18.8 billion fair value at September 30, 2019                        (in billions)                Tax-Exempt Fixed                                                         Maturities                                                         $4.073                          Taxable Fixed Maturities                                                                    Common Equities                                $7.527                                                                                   $6.956                                                                                          Preferred Equities                                                                                               $0.220                                                   Investment leverage: 203% at September 30, 2019                                     Bond portfolio fair value exceeds insurance reserves liability by 31%   Copyright © 2019 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission.   15
 DIVERSIFIED EQUITY PORTFOLIO*            BALANCES INCOME STABILITY & CAPITAL APPRECIATION POTENTIAL                               September 30, 2019                                                                                 Portfolio Highlights at 9-30-19                                                        S&P 500                        Sector               CFC                      • Microsoft is largest holding                                                        Weightings        • 5.0% of publicly traded common stock portfolio                                                                         • 1.9% of total investment portfolio              Information technology         22.7%        21.9%          • Next four largest holdings, totaling 14.5% of publicly traded               Financial                      15.7         12.9             common stock portfolio:                                                                              Apple, JPMorgan Chase, CME Group and Accenture              Industrials                    12.5          9.4                                                                      • 9mos19 preferred & common stock dividends                       Healthcare                     11.7         13.7                                                                         up 11%              Consumer discretionary         10.8         10.1              Energy                          6.5          4.5        • Appreciated value from cost totaled               Consumer staples                6.3          7.6           $3.6 billion (pretax)              Materials                       5.0          2.7              Telecomm services               3.5         10.4        • Annual portfolio returns: (2018 & 2017)                                                                         (3.3)% & 21.0% [S&P 500: (4.2)% & 21.8%]              Utilities                       2.7          3.6              Real estate                     2.6          3.2            * Publicly traded common stock core portfolio, approximately 50 holdings (excludes energy MLP’s, one private equity)              BOND PORTFOLIO RISK PROFILE            $11.6 BILLION AT SEPTEMBER 30, 2019             • Credit risk – A3/A average rating                 • 86.0% are rated investment grade, 2.5% are noninvestment grade, 11.5% are unrated            • Interest rate risk                 • 4.8 years effective duration, 7.7 years weighted average maturity                • Generally laddered maturity structure                   • 18% of year-end 2018 portfolio matures by the end of 2021, 33% by 2023, 67% by 2028                • With 37.0% of the investment portfolio invested in common stocks at 9-30-19,                    we estimated shareholders’ equity would decline 4.8% if interest rates were to rise by                    100 basis points            • Bond portfolio is well-diversified                • Largest issuer (corporate bond) = 0.7% of total bond portfolio                • Municipal bond portfolio, well-diversified with approximately 1,450 issuers                     • $4.073 billion with an average rating of Aa2/AA by Moody’s and S&P Global   Copyright © 2019 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. 16
 SOLID REINSURANCE CEDED PROGRAM            BALANCES COSTS WITH SHAREHOLDERS’ EQUITY PROTECTION                                Major Treaties                           Coverage & Retention Summary                            (Estimated 2019 ceded premiums)                            (As of January 1, 2019)             Property catastrophe                                 For a single event:             ($43 million)                                            • Retain 100% of first $100 million in losses             • Treaty has one reinstatement provision                 • Retain 5.0% at $100-600 million             • Collateralized catastrophe bond coverage:              $80 million for severe convective storms (excl. FL) or  • Max exposure for $600M event = $125 million              $200 million for earthquake (excl. CA) or various combinations • PML – combined for direct business plus Cincinnati Re              (Deductibles: $8M/event, $190M aggregate)                    1-in-100 year event = 2.7%     1-in-250 year = 4.3%                                                                                 (% of shareholders’ equity at 12-31-18)              Property per risk & $50 million                      For a single loss:               property excess treaties                               • Retain 100% of first $10 million in losses             ($30 million)                                            • Retain 0% of losses $10-100 million                                                                      • Facultative reinsurance for >$100 million             Casualty per occurrence                              For a single loss:             ($12 million)                                            • Retain 100% of first $10 million in losses                                                                      • Retain 0% of losses $10-25 million                                                                      • Facultative reinsurance for >$25 million             Casualty excess treaties                             Workers’ comp, extra-contractual & clash coverage:             ($3 million for two treaties combined)                   • $25 million excess of $25 million (first excess treaty)                                                                      • $20 million excess of $50 million (second treaty)                                         Primary reinsurers are Swiss Re, Munich Re, Hannover Re, Partner Re and Lloyds of London              AGGREGATE EXCESS OF LOSS CATASTROPHE TREATY            RENEWED FOR ONE YEAR EFFECTIVE 7-1-19                              Summary of Coverage Limits                               Summary of Retention               • $50 million per occurrence for combinations of business written • Retain first $125 million of each loss               on a direct basis and by Cincinnati Re               • $8 million for catastrophe events affecting only Cincinnati Re, • Retain first $45 million in aggregate               subject to certain deductibles               • $31 million for earthquakes in certain Western states       •  Retain first $20 million of each loss               • $31 million for brushfires or wildfires in certain Western states • Retain first $40 million of each loss                       Note: There are many combinations of occurrences resulting in coverage up to the $50 million aggregate limit. Cincinnati Global is excluded from the treaty.   Copyright © 2019 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. 17
 FINANCIAL STRENGTH RATINGS COMPARISON                                                                                              A.M. Best                           Fitch                          Moody's                            S&P                         Cincinnati                                                              A+                                A+                               A1                              A+                          Auto Owners                                                             A++                                -                                -                                -                         Travelers A++                                                                                             AA                              Aa2                               AA                         Acuity                                                                   A+                                -                                -                               A+                         Allied                                                                   A+                                -                               A1                               A+                         Fireman's Fund                                                           A+                                -                                -                               AA                         Harleysville                                                             A+                                -                               A1                               A+                         Hartford                                                                 A+                                -                               A1                               A+                         Central Mutual                                                            A                                -                                -                                -                         CNA                                                                       A                               A+                               A2                                A                         EMC                                                                       A                                -                                -                                -                         Frankenmuth                                                               A                                -                                -                                -                         General Casualty                                                          A                               A+                                -                               A+                         Hanover                                                                   A                                A                               A2                                A                         Liberty Mutual                                                            A                                A-                              A2                                A                         Safeco                                                                    A                                A-                              A2                                A                         Selective                                                                 A                               A+                               A2                                A                         United Fire Group                                                         A                                -                                -                                -                         West Bend                                                                 A                                -                                -                                -                         Westfield                                                                 A                                -                                -                                -                         Zurich                                                                    A                                -                               A2                                A                         State Auto                                                               A-                                -                                -                                -                                      Source:  S&P Global Market Intelligence as of October 25, 2019. Ratings are under continuous review and subject to change and/or affirmation.                        VALUATION COMPARISON TO PEERS                          2.8                         2.6                                         Ratio of closing price on 11-06-19 to latest reported tangible book value                         2.4                         2.2                         2.0                         1.8                         1.6                         1.4                         1.2                         1.0                         0.8                         0.6   Copyright © 2019 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission.                                                                                 18