Copyright © 2022 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. 1 INVESTOR HANDOUT MARCH 2022 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 February 24, 2022, 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 © 2022 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. 2 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: • 61 years of shareholder dividend increases • Common stocks are approximately 44.6% of investment portfolio • 33 years of favorable reserve development CUMULATIVE TOTAL RETURN* $102  $109  $151  $130  $173  $186  $122  $116  $153  $181  $233  $215  $120 $116  $144  $151  $178  $186  2017 2018 2019 2020 2021 YTD  2-28-22 Cincinnati Financial Corporation S&P 500 Index S&P Composite 1500 Property & Casualty Insurance Index * $100 invested on December 31, 2016, in CINF stock or indexes shown, including reinvestment of dividends.   Periods shown represent each respective fiscal year ending December 31.
 Copyright © 2022 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. 3 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 2017 through 2021 averaged 18.7% • 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  -20% -10% 0% 10% 20% 30% 40% -10% -5% 0% 5% 10% 15% 20% 25% 30% 2017 2018 2019 2020 2021 VCR - Investment Income & Other VCR - P&C Underwriting VCR - Bond Portfolio Gains VCR - Equity Portfolio Gains Total Shareholder Return (TSR) Actual VCR:      22.9%                      (0.1)%                     30.5%                     14.7% 25.7% Target for the next five-year period:  Annual VCR averaging 10% to 13% Investment Income     & Other in 2017  includes 7.0% benefit  from tax reform Va lu e  Cr ea tio n  Ra tio To ta l S ha re ho ld er  R et ur n
 Copyright © 2022 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. 4 PERFORMANCE TARGETS & TRENDS • 25.7% VCR for 2021 was above target:       10% to 13% annual average over the next five-year period  • 9.7% contribution from non-GAAP operating income, 15.3% contribution from investment portfolio  net gains and losses • Related performance drivers at 12-31-21 compared with long-term targets: • 10% growth in P&C net written premiums, vs. 9% full-year 2021 projection for the industry • 88.3% combined ratio, better than 95% to 100% long-term target range • 3.7% investment income five-year CAGR, 18.0% equity portfolio five-year compound annual total  return versus 18.5% for the S&P 500 Index • Strong 2021 underwriting performance before catastrophe effects;  solid cash flow • 1.5 percentage point improvement in combined ratio for accident year 2021                                  before catastrophe losses • 33% increase in net cash flow from operating activities, to $2.0 billion PANDEMIC FINANCIAL EFFECTS, NOT MATERIAL FOR 2021 • Premiums: Growth slowed for several quarters; minimal effect by mid-2021  • Insured exposure levels were reduced for some lines of business due to economic effects • Growth for net written premiums slowed from 10% growth for 1Q20 and full-year 2019 • Loss and expenses: $85 million full-year 2020 that were pandemic-related • $31 million for business interruption claims (Cincinnati Re or Cincinnati Global) • $30 million legal expenses • $8 million for credit losses-uncollectible premiums • $16 million personal auto policyholder credit • Regarding business interruption claims through February 2022, the vast  majority of trial courts across the country and all of the appellate courts that  have considered the issue so far have concluded that business interruption  losses are not covered by commercial property policies
 Copyright © 2022 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. 5 FOURTH-QUARTER 2021 HIGHLIGHTS • Net income of $9.04 per share vs. $6.47 per share in 4Q20 • Non-GAAP operating income rose 22% to $320 million • $2.12 of the $2.57 EPS increase vs. 4Q20 was from the change in the fair value of equity  securities still held • Investment income rose 8% • Dividend income was up 14%, interest income was up 4% • Property casualty net written premiums grew 10% • Higher average renewal pricing: commercial lines up mid-single-digit percentage rate,  personal auto up low-single-digit percentage rate, homeowner up mid-single-digit  percentage rate and E&S up near the low end of the high-single-digit percentage rate • Combined ratio of 84.2%, 3.1 points better than 4Q20 • 4Q21 improvement included a decrease of 1.1 points from catastrophe losses STRATEGIES FOR LONG-TERM SUCCESS • Financial strength for consistent support to agencies • Diversified fixed-maturity portfolio, laddered maturity structure • No corporate exposure exceeded 0.9% of total bond portfolio at 12-31-21,  no municipal exposure exceeded 0.2% • 44.6% of investment portfolio in common stocks to grow book value   • No single security exceeded 8.0% 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 6.0% debt-to-total-capital at 12-31-21 • Nonconvertible, noncallable debentures due in 2028 and 2034 • Capacity for growth with premiums-to-surplus at 0.9-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 © 2022 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. 6 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 • Associate 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 • To improve profitability with rate adequacy and risk selection/loss control initiatives • To diversify risk by expanding operations into new geographies and product areas  • Strategic investments with modest short-term effects on expense ratios • 17% increase in field associates since the end of 2016, supporting healthy premium growth DRIVE PREMIUM GROWTH • New agency appointments bring potential for growth over time • 214 appointed in 2021, including 59 for personal lines only, writing an estimated $8 billion in aggregate of  annual property casualty premiums from all carriers they represent • Expanding marketing and service capabilities • Enhanced marketing, products and services for high net worth (HNW) clients of our agencies • $663 million in full-year 2021 HNW net written premiums, up 28% from 2020 • Increased opportunities for agencies to cross-serve their clients to meet insurance needs • Expansion of reinsurance assumed through Cincinnati Re® to further deploy capital, diversify risk • Cincinnati Global Underwriting Ltd.SM acquisition expected to produce profitable premium growth over time  • 10% growth in 2021 P&C net written premiums • Commercial lines up 8%, personal lines up 6%, E&S up 22%, Cincinnati Re up 53%, Cincinnati Global up 6% • Higher average renewal pricing: commercial lines up mid-single-digit percentage rate, personal auto up low- single-digit percentage rate, homeowner up mid-single-digit percentage rate and E&S up high-single-digit • Term life insurance earned premiums up 7%
 Copyright © 2022 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. 7 SELECT GROUP OF AGENCIES IN 46 STATES P&C Market Share: 1,921 agency relationships with 2,721 locations Our Commercial Top Five = 37% Ohio, Illinois, Pennsylvania,  North Carolina, Indiana Our Personal Top Five = 45% Ohio, Georgia, New York,  Illinois, North Carolina 1% and higher Less than 1% Inactive states Headquarters (as of December 31, 2021) Market Share Top Five Ohio: 4.5% Montana: 2.7% Vermont: 2.3% Indiana: 2.2% Kentucky: 2.2% Based on 2020 data excluding A&H, Flood and Crop  PREMIUM GROWTH POTENTIAL  STEADILY INCREASE OUR SHARE WITHIN APPOINTED AGENCIES 0.3% 1.9% 4.3% 11.6% 1 year or less 2-5 years 6-10 years 10 years or more ► Cincinnati’s share of $99 billion total* premiums (including approximately $5 billion E&S) produced by currently  appointed agencies is approximately 6%. Market share per agency reporting location by year appointed Based on 2020 standard market P&C agency written premiums (Excludes excess and surplus lines) ► New appointments also drive premium growth opportunity ─ Agency relationship net count increased by 46% since the end of 2011 ─ Agencies appointed during 2017-21 produce $44 billion total* of standard lines business * Estimated annual property casualty premiums written with all carriers represented by agencies appointed by Cincinnati Insurance
 Copyright © 2022 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. 8 MARKET FOR 75% OF AGENCY’S TYPICAL RISKS 2021 NET EARNED PREMIUMS E&S Lines 6% Commercial  Lines 56% Personal Lines 24% Other 9% Life 5% Consolidated $6.482 Billion Commercial  Property 17% Commercial  Casualty 21% Commercial Auto  13% Workers'  Compensation 4% Other Commercial 5% Excess & Surplus 6% Cincinnati Re 6% Cincinnati  Global 3% Homeowner 12% Personal Auto 10% Other Personal 3% Approximately 20% of commercial premiums = policies with average annual premiums <$10,000 & 30% >$100,000; 83% HO accounts include auto  Property Casualty $6.184 Billion CINCINNATI FINANCIAL AT A GLANCE • Top 25 U.S. P&C insurer • A.M. Best rating: A+ Superior • $6.5 billion 2021 premiums: 56% Commercial 24% Personal 6% Excess & Surplus  5% Life 6% Cincinnati Re 3% Cincinnati Global • 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 • 61 consecutive years of shareholder dividend increases • Only seven U.S. public companies can match this record • 5% increase from 2021 ordinary cash dividends declared • Yield is attractive, 2.0% in early-March 2022
 Copyright © 2022 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. 9 SUSTAINABILITY EFFORTS TO CREATE LONG-TERM VALUE  ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS ARE IMPORTANT • We aim to create a sustainable enterprise that delivers long-term value for our stakeholders, including  shareholders, associates, independent insurance agents, policyholders and communities. It is our  responsibility to be a steady, fair and responsible employer, insurance carrier and corporate citizen. • We are committed to the development and financial wellness of our workforce, to managing climate  risk and to ethical governance and operations. Several key items are listed below. • Providing equal opportunity for all associates, helping them to meet their goals – Competitive pay, 401(k) program with generous company match, stock ownership opportunities – Adjusted gender pay gap of 1.0%, adjusted ethnic minority pay gap of 1.9% (in favor of ethnic minorities) • Responding to climate risk: Eco-friendly operations and reducing energy emissions – Company fleet fuel efficiency up 16% (since 2010), headquarters electric consumption down 17% (since 2015) – Doing green business, such as repairing insured buildings to qualify for green certification • Governing with integrity and operating with purpose – Board of directors with diverse experience, 79% are independent, 29% are women – Formal Ethical Business Practices Plan helps ensure associates understand high ethical standards – Formal risk management programs include efforts to keep systems and data secure You can find more information about our sustainability efforts and related Environmental, Social and Governance (ESG) disclosures at cinfin.com/sustainability. Income, Dividend & Cash Flow Trends Reserve Adequacy & Prior Accident Year Development Pricing Precision, Premium Growth & Profit Trends Investment Portfolio Management & Performance Reinsurance Ceded Program &  Additional Agency Statistics  Financial Strength Ratings & Valuation Comparison to Peers Appendix
 Copyright © 2022 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. 10 INCOME AND SHAREHOLDER DIVIDENDS $0.00 $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 $14.00 $16.00 $18.00 2017 2018 2019 2020 2021 Non-GAAP Operating Income Net Income Ordinary dividends declared 2017 net income  included $2.98 benefit  from net deferred  income tax liability  revaluation due to  U.S. tax reform Per share basis 2019 net income  included $7.90 net  investment gain  while 2018  included $1.94 net  investment loss STRONG OPERATING CASH FLOW CONTRIBUTED TO $1.1B OF 2021 NET PURCHASES IN INVESTMENT PORTFOLIO $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 2017 2018 2019 2020 2021 (In millions)
 Copyright © 2022 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. 11 CASH DIVIDEND PAYOUT RATIO STRONG CAPITAL, CASH FLOW SUPPORT PAYOUT LEVELS 0% 20% 40% 60% 80% 100% 120% 2012 2013 2014 2015 2016 2017** 2018 2019 2020 2021 Dividend Payout Ratio – Net Income Dividend Payout Ratio – Operating Income 51% average payout for 2012 through 2021  (net income basis) **  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 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
 Copyright © 2022 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. 12 PROPERTY CASUALTY RESERVES FAVORABLE DEVELOPMENT FOR 33 CONSECUTIVE YEARS $5,032  $5,408  $5,746  $6,400  $6,902  2017 2018 2019 2020 2021 Reserve range at 12-31-21 Low end $6,446 High end $7,014 Carried at 80th percentile (In millions) Values shown are carried loss and loss expense reserves net of reinsurance Vertical bar represents reasonably likely range Calendar year development  (Favorable) ($119)                                       ($167) ($248)                                       ($131)         ($428) GREATER PRICING PRECISION IMPROVING PROFIT MARGINS 75% 77% 79% 81% 83% 85% 87% 89% 0% 4% 8% 12% Most adequately priced Near (+ or -) price adequacy Least adequately priced Policy retention Po lic y  re te nt io n Av er ag e  re ne w al  p ric e  ch an ge Commercial auto 2021 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
 Copyright © 2022 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. 13 COMMERCIAL CASUALTY RATIOS – ACTUAL PAID AT 48 MONTHS  INDICATES NO DISCERNABLE TREND FOR SOCIAL INFLATION LOSS & ALAE BY ACCIDENT YEAR, DEVELOPED THROUGH 12-31-21 51.8% 45.0% 49.7% 49.9% 51.2% 51.8% 54.7% 55.1% 54.0% 56.2% 49.9% 41.5% 44.9% 42.0% 41.3% 36.6% 32.1% 23.5% 8.8% 2.4% 30.3% 27.1% 30.6% 28.4% 31.5% 29.9% 32.1% 22.1% 18.6% 18.3% 19.8% 21.7% 21.8% 23.5% 23.5% 11.5% 10.5% 10.3% 10.7% 12.0% 11.4% 13.8% 12.2% 8.8% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 50.0% 55.0% 60.0% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% 2012 2013 2014 2015 2016 2017 2018 '19@36mo '20@24mo '21@12mo Total Loss & ALAE Paid-developed to date Paid 48 mo Paid 36 mo Paid 24 mo AY15 paid ratio at 48 months returned  to more typical level, reversing upward  direction of AY14 at 48 months Higher umbrella paid losses drove  the AY16 increase in the paid ratio at  48 months, but AY17 reversed that  upward direction  Higher umbrella paid losses  contributed to the AY18 increase  in the paid ratio at 48 months COMMERCIAL CASUALTY RATIOS – RISING PAID RATIO FOR  ACCIDENT YEAR 2014 INFLUENCED PRUDENT RESERVING LOSS & ALAE BY ACCIDENT YEAR, DEVELOPED THROUGH 12-31-17  48.0% 49.6% 49.5% 51.5% 52.7% 48.2% 50.7% 52.4% 54.7% 56.9% 44.3% 46.1% 45.3% 44.3% 43.0% 33.4% 30.6% 19.8% 12.0% 4.5% 27.8% 29.9% 29.3% 31.9% 30.2% 27.1% 30.6% 20.7% 21.2% 22.9% 21.0% 22.2% 18.6% 18.3% 19.8% 12.2% 10.5% 13.3% 13.1% 11.5% 10.5% 10.3% 10.7% 12.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 50.0% 55.0% 60.0% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% 2008 2009 2010 2011 2012 2013 2014 '15@36 mo '16@24mo '17@12mo Total Loss & ALAE Paid-developed to date Paid 48 mo Paid 36 mo Paid 24 mo AY14 paid ratio increase of 3.5 points (vs.  AY13) at 48 months, but is 0.5 points  lower than 31.1 average for AY11 & AY12   Estimated ultimate “picks” for more  recent years currently assume paid  will continue to rise AY09 at 48 months higher than AY08,  but AY10 was lower than AY09 L in e s  =  R a tio  fo r  P a id  a t  V a ri o u s  M e a su re m e n t  P o in ts B a rs  =  E st im a te d  U lti m a te  L o ss  &  A L A E  R a tio  to  E a rn e d  P re m iu m s
 Copyright © 2022 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. 14 PREMIUM GROWTH VS. INDUSTRY 7.2% 5-YEAR CAGR EXCEEDED INDUSTRY’S 5.9% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 2017 2018 2019 2020 2021 Cincinnati Estimated industry excluding mortgage and financial guaranty (A.M. Best) Property casualty net written premium growth 2018 industry increase primarily due to U.S. tax reform as companies changed ceding arrangements with offshore affiliates  OUTPERFORMING THE INDUSTRY FIVE-YEAR AVERAGE COMBINED RATIO 6.5 POINTS BETTER 75% 80% 85% 90% 95% 100% 105% 2017 2018 2019 2020 2021 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 12-31-21: 5-year = 8.2%, 10-year = 7.3% Statutory combined ratio Industry data excludes mortgage and financial guaranty
 Copyright © 2022 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. 15 INVESTMENT INCOME 7% GROWTH 2021: DIVIDENDS UP 12%, INTEREST UP 5% (PRETAX) $500 $525 $550 $575 $600 $625 $650 $675 $700 $725 2017 2018 2019 2020 2021 (In millions) Pretax bond yield: 4.42% 4.25%                                4.10% 4.06%                                4.05% (Bonds at amortized cost) Pretax book yield for bonds acquired in 2021: 3.47% Pretax book yield as of 12-31-21 for bonds maturing in 2022=3.65%, 2023=3.78%, 2024=4.27% Portion of bond portfolio maturing: 5.4% in 2022, 6.1% in 2023, 7.6% in 2024, 16.0% in 2025-26 INVESTMENT PORTFOLIO INVEST FOR INCOME AND APPRECIATION Taxable Fixed Maturities $8.858 Tax-Exempt Fixed  Maturities $4.164 Common Equities $10.862 Preferred Equities $0.453 Investment leverage: 188% at December 31, 2021 Bond portfolio fair value exceeds insurance reserves liability by 26% $24.3 billion fair value at December 31, 2021 (in billions)
 Copyright © 2022 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. 16 DIVERSIFIED EQUITY PORTFOLIO* BALANCES INCOME STABILITY & CAPITAL APPRECIATION POTENTIAL Portfolio Highlights at 12-31-21 • Apple is largest holding  • 7.9% of publicly traded common stock portfolio • 3.5% of total investment portfolio • Next four largest holdings, totaling 18.5% of publicly traded  common stock portfolio: Microsoft, Accenture, BlackRock and JPMorgan Chase • 12% increase in 2021 dividend income • Appreciated value from cost totaled  $7.2 billion (pretax) • Annual portfolio returns: (2021 & 2020) 29.6% & 14.7% [S&P 500: 28.7% & 18.4%] * Publicly traded common stock core portfolio, approximately 50 holdings (excludes energy MLP’s, one private equity) December 31, 2021 Sector CFC S&P 500 Weightings Information technology 31.1% 29.2% Financial 14.2 10.7 Healthcare 13.5 13.3 Industrials 11.1 7.8 Consumer discretionary 8.3 12.5 Consumer staples 6.9 5.9 Materials 4.4 2.5 Energy 4.0 2.7 Real estate 2.7 2.8 Utilities 2.2 2.5 Telecomm services 1.6 10.1 BOND PORTFOLIO RISK PROFILE $13.022 BILLION AT DECEMBER 31, 2021 • Credit risk – A3/A average rating  • 80.2% are rated investment grade, 5.3% are noninvestment grade, 14.5% are unrated • Interest rate risk  • 4.8 years effective duration, 8.0 years weighted average maturity • Generally laddered maturity structure • 19% of year-end 2021 portfolio matures by the end of 2024, 35% by 2026, 63% by 2031 • With 44.6% of the investment portfolio invested in common stocks at 12-31-21, we estimated shareholders’ equity would decline 3.8% if interest rates were to rise by  100 basis points • Bond portfolio is well-diversified • Largest issuer (corporate bond) = 0.8% of total bond portfolio • Municipal bond portfolio, well-diversified with approximately 1,700 issuers • $4.164 billion with an average rating of Aa2/AA by Moody’s and S&P Global
 Copyright © 2022 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. 17 SOLID REINSURANCE CEDED PROGRAM BALANCES COSTS WITH SHAREHOLDERS’ EQUITY PROTECTION Major Treaties   (Estimated 2022 ceded premiums) Coverage & Retention Summary (As of January 1, 2022) Property catastrophe  ($47 million) • Treaty has one reinstatement provision • Cincinnati Re has separate catastrophe excess of loss coverage • $48 million total available aggregate limit in excess of $80 million per loss • Cincinnati Global has separate treaties for reinsurance  For a single event: • Retain 100% of first $100 million in losses • Retention varies between $100-$900 million • Max exposure for $900M event = $299 million • PML – combined including Cincinnati Re & Cincinnati Global 1-in-100 year event = 3.3%     1-in-250 year = 4.6% (% of shareholders’ equity at 12-31-21)  Property per risk & $50 million  property excess treaties ($45 million) For a single loss: • Retain 100% of first $10 million in losses • Retain 0% of losses $10-100 million • Facultative reinsurance for >$100 million Casualty per occurrence ($15 million) For a single loss: • Retain 100% of first $10 million in losses • Retain 0% of losses $10-25 million • Facultative reinsurance for >$25 million Casualty excess treaties ($3 million for two treaties combined) Workers’ comp, extra-contractual & clash coverage: • $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, TransRe and Lloyd’s of London ADDITIONAL AGENCY STATISTICS • 36% of 2,721 year-end 2021 reporting locations include: • 17% private equity, 13% national brokers, 6% banks • Percentages have approximately doubled in five years • 2021 contribution to new business written premiums (standard lines market) • 21% private equity-owned agencies        16% national brokers • 6% bank-owned       57% privately-owned or regional/cluster agencies • 5.5% for largest contributor, among the largest are: • Acrisure, A.J. Gallagher, Assured Partners, BroadStreet Partners, Brown & Brown, HUB, Lockton, MMA,  Truist, USI • 147 locations acquired during 2021, including: • 53 by a regional or national broker, 50 by a private equity firm, 21 by another Cincinnati agency,   21 by a non-Cincinnati agency, 2 by a bank
 Copyright © 2022 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. 18 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+ Selective A+ A+ A2 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 - A2 A Safeco 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 February 3, 2022. Ratings are under continuous review and subject to change and/or affirmation.  VALUATION COMPARISON TO PEERS 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 Ratio of closing price on 03-01-22 to latest reported tangible book value