INVESTOR       HANDOUT                                        NOVEMBER    2020           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 November 16, 2020, 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 © 2020 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:            •  60 years of shareholder dividend increases            •  Common stocks are approximately 38% of investment portfolio            •  31 years of favorable reserve development           CUMULATIVE TOTAL RETURN*             Cincinnati Financial Corporation S&P 500 Index S&P Composite 1500 Property & Casualty Insurance Index                                                               $236                                                                        $185     $181                                                                  $174            $171                                                  $170                     $166                                     $160                         $156                $154                                                         $149                                         $138                                $128                  $132            $119                   $110     $113                $101                  2015        2016         2017        2018         2019      YTD  11-2-20         * $100 invested on December 31, 2014, in CINF stock or indexes shown, including reinvestment of dividends.           Periods shown represent each respective fiscal year ending December 31.   Copyright © 2020 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 2015 through 2019 averaged 14.2%            • 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%                                                                                                       50%              29%              26%                                                                                                      40%              23%              20%                                                                                                      30%              17%              14%                                                                                                      20%              11%               8%               5%                                                                                     10%              Value Creation Ratio Creation  Value  2%                                                                                                           Total Shareholder Return Shareholder  Total                -1%                                      Investment Income                             0%                                                        & Other in 2017                -4%                                      includes 7.0% benefit                                                         from tax reform               -7%                                                                                    -10%                         2015            2016             2017             2018             2019          Actual VCR:       3.4%                      14.5%                      22.9%                      (0.1)% 30.5%                       VCR - Investment Income & Other VCR - P&C Underwriting VCR - Bond Portfolio Gains                        VCR - Equity Portfolio Gains Total Shareholder Return (TSR)   Copyright © 2020 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. 3
 PERFORMANCE TARGETS & TRENDS           • 3.0% VCR for YTD 9-30-20 was below target:                   10% to 13% annual average over the next five-year period               • 2.8% contribution from non-GAAP operating income, 1.3% contribution from investment portfolio net                 gains and losses (negative 1.1% net contribution from other items)           • Related performance drivers at YTD 9-30-20 compared with long-term targets:              • 6% growth in P&C net written premiums, vs. 3% YTD 6-30-20 estimated for the industry              • 101.8% combined ratio, exceeds 95% to 100% long-term target range              • 4% investment income growth ahead of 3.3% five-year CAGR as of year-end 2019           • Strong YTD underwriting performance before catastrophe effects;              solid cash flow              • 3.2 percentage point improvement in combined ratio for accident year 2020                 before catastrophe losses              • 27% increase in cash flow from operating activities, to $1.1 billion             PANDEMIC FINANCIAL EFFECTS           • Premiums: Growth slowed, but 3Q20 net written premiums still grew 3%               • 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: $72 million YTD 9-30-20 that were pandemic-related              • $26 million for business interruption claims (Cincinnati Re or Cincinnati Global), $22 million legal expenses              • $8 million for credit losses-uncollectible premiums, $16 million personal auto policyholder credit   Copyright © 2020 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. 4
 BUSINESS INTERRUPTION          • The prevailing view by courts across the country has been that an             economic loss alone doesn't qualify as direct physical damage or             loss to property, which is the trigger for business interruption             coverage.            • Includes courts in Alabama, California, Florida, Georgia, Illinois, Iowa, Michigan,               Mississippi, New Jersey, New York, Oklahoma, Texas, West Virginia and the District               of Columbia.          • We’re confident in our legal strategy given our understanding of the             law and decisions in the substantial majority of other business             interruption court cases rendered to date.                                                                             9           NORTH STATE DELI CASE           • October 7, 2020: Trial court granted motion for partial summary            judgment to the plaintiffs, finding that their policies provide coverage            for their claims for loss of use and access to covered property            mandated by government shutdown orders.          • November 5, 2020: We filed our notice of appeal of the trial court’s            decision to the Court of Appeals of North Carolina.          • As of November 16, 2020, there have been no further developments            in the North State Deli case.   Copyright © 2020 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. 5
 THIRD-QUARTER 2020 HIGHLIGHTS           • EPS $2.99 per share vs. $1.49 per share in 3Q19             • Non-GAAP operating income decreased 65%, or $116 million, including $152 million                 from higher catastrophe losses             • $1.90 of the EPS increase vs. 3Q19 was from the larger 3Q20 increase in the fair value                 of equity securities still held          • Investment income rose 4%             • Dividend income was up 10%, interest income was up 3%          • Property casualty net written premiums grew 3%             • Higher average renewal pricing: commercial lines, personal lines and E&S up mid-single-                digit percentage rate          • Combined ratio of 103.6%, 9.4 points worse than 3Q19             • 3Q20 increase included 13.0 points from higher 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 0.7% of total bond portfolio at 9-30-20,                   no municipal exposure exceeded 0.2%             • 37.9% of investment portfolio in common stocks to grow book value                   • No single security exceeded 7.5% 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 8.5% debt-to-total-capital at 9-30-20                 • 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 © 2020 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                • 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                • 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                     • 35% increase in field staff since the end of 2014, supporting healthy premium growth              DRIVE PREMIUM GROWTH             • New agency appointments bring potential for growth over time                •  187 appointed in 2019, including 70 for personal lines only, writing an estimated $11 billion in aggregate of                    annual property casualty premiums from all carriers they represent                •  105 appointed YTD 9-30-20 marketing most or all lines, 41 personal lines only             • Expanding marketing and service capabilities                •  Enhanced marketing, products and services for high net worth (HNW) clients of our agencies                     • $141 million in third-quarter 2020 HNW net written premiums, up 28% from 2019;                 •  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.TM acquisition expected to produce profitable premium growth over time              • 6% growth in YTD 9-30-20 P&C net written premiums                •  Commercial lines up 4%, personal lines up 5%, E&S up 15%, Cincinnati Re up 52%                •  Higher average renewal pricing: commercial lines, personal lines and E&S up mid-single-digit percentage rate                •  Term life insurance earned premiums up 6%   Copyright © 2020 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 45 STATES                                              1,832 agency relationships with 2,550 locations                                                                      (as of September 30, 2020)                                                                             Our Commercial Top Five = 38%                                                                            Ohio, Pennsylvania, Illinois,                                                                            Indiana, North Carolina                                                                              Our Personal Top Five = 46%                                                                             Ohio, Georgia, North Carolina,                                                                              Alabama, Indiana                                                                              Market Share Top Five              P&C Market Share:                                              Ohio: 4.4%                    1% and higher                                            Montana: 2.6%                    Less than 1%                                             Indiana: 2.3%                                                                             Kentucky: 2.2%                    Inactive states                                          Vermont: 2.2%                    Headquarters                                             Based on 2019 data excluding A&H, Flood and Crop                PREMIUM GROWTH POTENTIAL              STEADILY INCREASE OUR SHARE WITHIN APPOINTED AGENCIES               ► Cincinnati’s share of $79 billion total* premiums (including approximately $4 billion E&S) produced by currently                appointed agencies is approximately 7%.                                         Market share per agency reporting location by year appointed                                               Based on 2019 standard market P&C agency written premiums                                                       (Excludes excess and surplus lines)                                                                                                           12.5%                                                                                  5.7%                                                     2.4%                       0.3%                     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 55% since the end of 2009                 ─   Agencies appointed during 2015-19 produce $36 billion total* of standard lines business              * Estimated annual property casualty premiums written with all carriers represented by agencies appointed by Cincinnati Insurance   Copyright © 2020 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. 8
 CINCINNATI FINANCIAL AT A GLANCE            • Top 25 U.S. P&C insurer           • A.M. Best rating: A+ Superior           • $5.6 billion 2019 premiums:                  59% Commercial         25% Personal        5% Excess & Surplus                    5% Life                3% 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           • 60 consecutive years of shareholder dividend increases               • Only seven U.S. public companies can match this record               • 7.1% increase from 2019 ordinary cash dividend declared               • Yield is attractive, 2.8% in mid-November 2020               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 © 2020 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. 9
 INCOME AND SHAREHOLDER DIVIDENDS               $12.00                            Per share basis                                                   2017 net income      2019 net income               $10.00                            included $2.98 benefit included $7.90 net                                                   from net deferred     investment gain                $8.00                              income tax liability     while 2018                                                   revaluation due to   included $1.94 net                                                    U.S. tax reform               $6.00                                                     investment loss                $4.00                $2.00                $0.00                             2015          2016           2017           2018           2019                       9 mos 19       9 mos 20              -$2.00               -$4.00               -$6.00               -$8.00                                         Non-GAAP Operating Income         Net Income        Ordinary dividends declared                STRONG OPERATING CASH FLOW              CONTRIBUTED TO $405M OF YTD 9-30-20 NET PURCHASES IN INVESTMENT PORTFOLIO               (In millions)                                                  Decrease in 2017 reflects                                                     $102M increase in                 $1,200                            catastrophe losses paid                 $1,000                   $800                   $600                   $400                   $200                      $0                               2015          2016           2017          2018           2019                       9 mos 19      9 mos 20   Copyright © 2020 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission.  10
 CASH DIVIDEND PAYOUT RATIO              STRONG CAPITAL, CASH FLOW SUPPORT PAYOUT LEVELS                    120%                                       69% average payout for 2010 through 2019                                                                              (net income basis)                   100%                     80%                     60%                     40%                     20%                       0%                              2010       2011*       2012       2013       2014        2015       2016      2017**      2018        2019                                  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%                           2010        2011        2012       2013        2014       2015        2016        2017       2018        2019   Copyright © 2020 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission.  11
 PROPERTY CASUALTY RESERVES                     FAVORABLE DEVELOPMENT FOR 31 CONSECUTIVE YEARS                                                              Values shown are carried loss and loss expense reserves net of reinsurance                                                                                      Vertical bar represents reasonably likely range                                                                                                                                                           Reserve range at 12-31-19                               (In millions)                                                                                                               Low end $5,418                                                                                                                                                           High end $5,862                                                                                                                                                           Carried at 74th    percentile                                                                                                                                                                                  $5,746                                                                                                                                               $5,408                                                                                                          $5,032                                                                    $4,737                                $4,379                           Calendar year                         development                          (Favorable)    ($184)                              ($168)                                       ($119)                                      ($167)                ($248)                                       2015                                 2016                                 2017                                2018                                 2019                       GREATER PRICING PRECISION                      IMPROVING PROFIT MARGINS                                               Commercial auto 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                                                                                                                                                                                                                90%                               12%                                                                                                                                                                                                              88%                                                                                                                                                                                                                86%                              8%                                                                                                                                                                                                                84%                                                                                                                                                                                                                       Policy retention Policy                                 4%                       Average renewal price  price change renewal  Average                                                                                                                                                                                                              82%                                0%                                                                                                                                                                              80%                                            Most adequately priced                     Near (+ or -) price adequacy                     Least adequately priced                      Policy retention   Copyright © 2020 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission.                                                                                12
 COMMERCIAL CASUALTY RATIOS                       LOSS & ALAE BY ACCIDENT YEAR, DEVELOPED THROUGH 12-31-19                                                                                                                                                                                           61.0%                                                                                                                                                                          59.6%                               60%                                                                                                                                                                      60.0%                                55%                                                                                                                        53.8%                                         55.0%                                                         51.8%           51.8%                                                            52.9%                       IBNR portion for AY19 was                                                                                                           49.6%           50.3%                                       “picked” 2.1 points higher                                50%       48.5%                                                                                                                         than AY18 at 12 months           50.0%                                                                                         45.7%                               45%                        47.4%           47.5%                                                                                                                         45.0%                                          46.3%                                                                               AY15 paid ratio at 48 months returned                                                                                                                               to more typical level, reversing upward                                40%                                                                         41.6%                  direction of AY14 at 48 months                                        40.0%                                                                                           39.4%                               35%                                                                                                                                                                      35.0%                                                          31.9%                                                            35.8%          31.5%            Higher umbrella paid losses account for                                                                           30.3%                           30.6%                                             2.2 points of the 3.1 point increase to                                           29.3%                                                                           28.4%                               30%                                                        27.1%                                            31.5%           31.5% for AY16 paid ratio at 48 months       30.0%                                25%        22.9%                           22.1%                                                                                                                         25.0%                                                          21.0%                                                                           21.7%            21.8%                                                                                                                          19.8%                                                                                          18.6%           18.3%                               20%                                                                                                                         21.8%                                        20.0%                                                                                                                                                                           13.8%                               15%        13.3%           13.1%                                                                                                                                         15.0%                                                                          11.5%                                                           12.0%            11.4%                                                                                          10.5%           10.3%           10.7%                                                                                                                                                                           13.8%                               10%                                                                                                                                                                      10.0%                                  5%                                                                                                                                                                     5.0%                           Lines = Ratio for Paid at Various Measurement PointsMeasurement  forat  = RatioVarious  LinesPaid                                                                                                                                                                                                 3.5%                      RatioEarnedPremiums toALAE    & Bars  Loss= Estimated Ultimate                                   0%                                                                                                                                                                     0.0%                                           2010            2011            2012            2013            2014            2015             2016         '17@36mo        '18@24mo        '19@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 12-31-17                                  60%                                                                                                                                                        56.9%         60.0%                                                                                                                                                                          54.7%                               55%                                                                        52.7%                                           52.4%                                         55.0%                                                                                         51.5%                                            50.7%                                                         49.6%           49.5%                               50%       48.0%                                                                            48.2%                                                                         50.0%                                                                                                                                                          Estimated ultimate “picks” for more                                45%                                                                                                                        recent years currently assume paid            45.0%                                                          46.1%           45.3%                                                                                    will continue to rise                                          44.3%                                            44.3%                               40%                                                                         43.0%                                                                                        40.0%                                            AY09 at 48 months higher than AY08,                                                but AY10 was lower than AY09                               35%                                                                                                                      AY14 paid ratio increase of 3.5 points (vs.     35.0%                                                                                          31.9%                                                            AY13) at 48 months, but is 0.5 points                                                                                                           30.2%                           30.6%                                                          29.9%           29.3%                                            33.4%                        lower than 31.1 average for AY11 & AY12                                 30%        27.8%                                                                                                                                                         30.0%                                                                                                                          27.1%            30.6%                                25%                                        22.9%                           22.2%                                                                                         25.0%                                                          21.2%                           21.0%                                          20.7%                                                                                                            19.8%                               20%                                                                                        18.6%           18.3%                                                         20.0%                                                                                                                                                           19.8%                               15%                                        13.3%           13.1%                                                                                                         15.0%                                          12.2%                                                           11.5%                                                            12.0%                                                          10.5%                                                           10.5%           10.3%            10.7%                               10%                                                                                                                                         12.0%                        10.0%                                  5%                                                                                                                                                                     5.0%                             Lines = Ratio for Paid at Various Measurement PointsMeasurement  forat  = RatioVarious  LinesPaid                                                                4.5%                                 0%                                                                                                                                                                     0.0%          RatioEarnedPremiums toALAE    & Bars  Loss= Estimated Ultimate                                             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   Copyright © 2020 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission.                                                                                13
 OUTPERFORMING THE INDUSTRY              FIVE-YEAR AVERAGE COMBINED RATIO 5.9 POINTS BETTER                                                                Statutory combined ratio                                                 Industry data excludes mortgage and financial guaranty                105%                 100%                  95%                  90%                  85%                  80%                  75%                                2015                   2016                    2017                   2018                   2019                                   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 12-31-19: 5-year = 6.4%, 10-year = 6.8%                PREMIUM GROWTH VS. INDUSTRY              5.9% 5-YEAR CAGR EXCEEDED INDUSTRY’S 5.0%                                                    Property casualty net written premium growth                         2018 industry increase primarily due to U.S. tax reform as companies changed ceding arrangements with offshore affiliates                  10.0%                   8.0%                   6.0%                   4.0%                   2.0%                   0.0%                                 2015                    2016                    2017                    2018                    2019                                        Cincinnati                 Estimated industry excluding mortgage and financial guaranty (A.M. Best)   Copyright © 2020 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission.  14
 MARKET FOR 75% OF AGENCY’S TYPICAL RISKS           2019 NET EARNED PREMIUMS                             Consolidated                            $5.604 Billion Commercial                                            Lines 59%               E&S Lines 5%                                             Property Casualty                                                                          $5.334 Billion                Life 5%                                                              Cincinnati                                                                                     Global 3%                                                          Excess & Surplus Cincinnati Re 3%                                                              5%                                                   Other Commercial               Homeowner 11%               Other 6%                                                                        Personal Auto 12%                                                       5%                                                    Workers'                                                   Compensation 6%                             Other Personal 3%                                Personal Lines                                   25%                                                                                           Commercial                                                       Commercial Auto                     Property 18%                                                         13%                Commercial                                                                             Casualty 21%                        Approximately 20% of commercial premiums = policies with average annual premiums <$10,000 & 25% >$100,000; 83% HO accounts include auto              ADDITIONAL AGENCY STATISTICS            • 30% of 2,458 year-end 2019 reporting locations include:               • 13% private equity, 10% national brokers, 7% banks               • Percentages have approximately doubled in five years           • 2019 premium contribution (standard lines market)               • 14% private equity-owned agencies        8% bank owned               •  9% national brokers        69% privately owned or regional/cluster agencies           • 4.0% for largest contributor, among the largest are:               • Acrisure, A.J. Gallagher, Assured Partners, BB&T, BroadStreet Partners, HUB, Marsh & McLennan,                  PayneWest, Prime Risk Partners, USI           • 80 locations acquired during 2019, including:               • 38 by a private equity firm, 21 by a regional or national broker, 1 by a bank, 17 by another                  Cincinnati agency, 3 by a non-Cincinnati agency   Copyright © 2020 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. 15
 INVESTMENT INCOME            4% GROWTH YTD 9-30-20: DIVIDENDS UP 10%, INTEREST UP 2% (PRETAX)              (In millions)             $650             $625             $600             $575             $550             $525             $500             $475             $450                            2015                2016                 2017                2018                2019            Pretax bond yield:    4.70%          4.60%                4.42%                4.25%               4.10%           (Bonds at amortized cost)                                   Pretax book yield for bonds acquired in 2019: 4.14%            Pretax book yield as of 12-31-19 for bonds maturing in 2020=4.28%, 2021=4.28%, 2022=4.15%            Portion of bond portfolio maturing: 3.9% in 2020, 6.4% in 2021, 7.1% in 2022, 14.7% in 2023-24              INVESTMENT PORTFOLIO            INVEST FOR INCOME AND APPRECIATION                                              $20.0 billion fair value at September 30, 2020                     (in billions)          Tax-Exempt Fixed                                                Maturities                                                $4.250                       Taxable Fixed Maturities                                                      Common Equities                            $7.907                                                                      $7.589                                                                             Preferred Equities                                                                                 $0.278                                            Investment leverage: 208% at September 30, 2020                                Bond portfolio fair value exceeds insurance reserves liability by 26%   Copyright © 2020 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                               September 30, 2020                                                                                 Portfolio Highlights at 9-30-20                                                        S&P 500                        Sector               CFC                      • Apple is largest holding                                                        Weightings         • 7.4% of publicly traded common stock portfolio                                                                          • 2.8% of total investment portfolio              Information technology         27.8%        28.1%           • Next four largest holdings, totaling 16.1% of publicly traded               Healthcare                     13.5         14.2             common stock portfolio:                                                                              Microsoft, BlackRock, Accenture and JPMorgan Chase              Financial                      12.5          9.7                                                                      • 10% increase in YTD 9-30-20 dividend income              Industrials                    12.0          8.3              Consumer discretionary          9.4         11.6                                                                      • Appreciated value from cost totaled               Consumer staples                7.2          7.0           $4.0 billion (pretax)              Materials                       5.5          2.6               Energy                          3.6          2.1        • Annual portfolio returns: (2019 & 2018)              Real estate                     3.0          2.6           31.9% & (3.3)% [S&P 500: 31.5% & (4.4)%]              Utilities                       2.9          3.0              Telecomm services               2.6         10.8            * Publicly traded common stock core portfolio, approximately 50 holdings (excludes energy MLP’s, one private equity)              BOND PORTFOLIO RISK PROFILE            $12.157 BILLION AT SEPTEMBER 30, 2020             • Credit risk – A3/A average rating                 • 82.4% are rated investment grade, 3.8% are noninvestment grade, 13.8% are unrated            • Interest rate risk                 • 4.7 years effective duration, 7.6 years weighted average maturity                • Generally laddered maturity structure                   • 17% of year-end 2019 portfolio matures by the end of 2022, 32% by 2024, 66% by 2029                • With 37.9% of the investment portfolio invested in common stocks at 9-30-20,                    we estimated shareholders’ equity would decline 4.7% if interest rates were to rise by                    100 basis points            • Bond portfolio is well-diversified                • Largest issuer (corporate bond) = 0.6% of total bond portfolio                • Municipal bond portfolio, well-diversified with approximately 1,600 issuers                     • $4.250 billion with an average rating of Aa2/AA by Moody’s and S&P Global   Copyright © 2020 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                                                           Coverage & Retention Summary                                                 (Estimated 2020 ceded premiums)                                                                        (As of January 1, 2020)                       Property catastrophe                                                                        For a single event:                       ($44 million)                                                                                       • Retain 100% of first $100 million in losses                       • Treaty has one reinstatement provision                                                            • Retention varies between $100-$800 million                       • $60 million of additional earthquake coverage is included                       • Up to $50 million of additional coverage is provided by an                                        • Max exposure for $800M event = $249 million                         aggregate excess of loss catastrophe treaty              (Excludes Cincinnati Global)                    • PML – combined including Cincinnati Re & Cincinnati Global                          • Retain first $150 million of each loss; $11 million estimated ceded premiums                            1-in-100 year event = 3.0%     1-in-250 year = 4.3%                          • Cincinnati Re has separate, similar coverage up to $30 million                                                     (% of shareholders’ equity at 12-31-19)                        Property per risk & $50 million                                                             For a single loss:                           property excess treaties                                                                        • Retain 100% of first $10 million in losses                       ($34 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 Lloyd’s of London                       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 12, 2020. Ratings are under continuous review and subject to change and/or affirmation.    Copyright © 2020 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission.                                                                                18
 VALUATION COMPARISON TO PEERS                  2.4                                              Ratio of closing price on 11-10-20 to latest reported tangible book value                 2.2                  2.0                  1.8                  1.6                  1.4                  1.2                  1.0                  0.8                  0.6   Copyright © 2020 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission.  19