Copyright © 2023 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. 1 INVESTOR HANDOUT NOVEMBER 2023 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 26, 2023, 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 © 2023 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: • 63 years of shareholder dividend increases • Common stocks are approximately 42% of investment portfolio • 34 years of favorable reserve development CUMULATIVE TOTAL RETURN* $106  $148  $127  $169  $155 $156  $96  $126  $149  $191  $157  $180  $97  $120  $126  $148  $170  $180  2018 2019 2020 2021 2022 YTD  11-3-23 Cincinnati Financial Corporation S&P 500 Index S&P Composite 1500 Property & Casualty Insurance Index * $100 invested on December 31, 2017, in CINF stock or indexes shown, including reinvestment of dividends.   Periods shown represent each respective fiscal year ending December 31.
 Copyright © 2023 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 2018 through 2022 averaged 11.2% • 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  -20% -10% 0% 10% 20% 30% 40% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 2018 2019 2020 2021 2022 VCR - Investment Income & Other VCR - P&C Underwriting VCR - Bond Portfolio Gains VCR - Equity Portfolio Gains Total Shareholder Return (TSR) Actual VCR:      (0.1)%                      30.5%                     14.7%                      25.7% (14.6)% Target for the next five-year period:  Annual VCR averaging 10% to 13% Va lu e  Cr ea tio n  Ra tio To ta l S ha re ho ld er  R et ur n
 Copyright © 2023 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. 4 PERFORMANCE TARGETS & TRENDS • 4.4% VCR for YTD 9-30-23, on an annualized basis, is below annual target:       10% to 13% annual average over the next five-year period  • Negative 1.2% contribution from non-operating items, including negative 2.7% from an  increase in the unrealized loss position of the fixed-maturity securities portfolio • Related performance drivers at YTD 9-30-23 compared with long-term targets: • 9% growth in P&C net written premiums, vs. 10% 6-month 2023 reported for the industry • 97.5% combined ratio, within our 95% to 100% long-term target range • 14% investment income growth exceeded 5.1% five-year CAGR as of year-end 2022 • Growth from underwriting operations drove operating cash flow • $1.5 billion in net cash flow from operating activities YTD 9-30-23, up 4% PANDEMIC FINANCIAL EFFECTS, NOT MATERIAL SINCE 2020 • 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 for 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 • Changes in estimated losses and expenses in 2022 and 2021 were immaterial • Regarding business interruption claims through October 2023, the vast majority  of all of the cases decided by courts at all levels that have considered the issue  have concluded that these claims are not covered by commercial property  policies
 Copyright © 2023 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. 5 THIRD-QUARTER 2023 HIGHLIGHTS • EPS of negative $0.63 per share vs. negative $2.63 per share in 3Q22 • Non-GAAP operating income increased 125% to $261 million • $1.22 of the $2.00 EPS improvement vs. 3Q22 was from the change in the fair value of  equity securities still held • Investment income rose 17% • Interest income was up 19%, dividend income was up 5%  • Property casualty net written premiums grew 12% • Higher average renewal pricing: commercial lines up near the low end of the high-single- digit percentage rate, personal lines up at the high-single-digit percentage rate and E&S  up at the high-single-digit percentage rate • Combined ratio of 94.4%, 9.5 percentage points lower than 3Q22 • 3Q23 improvement included 4.8 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 9-30-23,  no municipal exposure exceeded 0.2% • 42.3% of investment portfolio in common stocks to grow book value   • No single security exceeded 7.9% 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 7.1% debt-to-total-capital at 9-30-23 • Nonconvertible, noncallable debentures due in 2028 and 2034 • Capacity for growth with premiums-to-surplus at 1.2-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 © 2023 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 • 12% increase in field associates since the end of 2017, supporting healthy premium growth DRIVE PREMIUM GROWTH • New agency appointments bring potential for growth over time • 209 appointed in 2022, including 64 for personal lines only, writing an estimated $7 billion in  aggregate of annual property casualty premiums from all carriers they represent • 236 appointed YTD 9-30-23 marketing most or all lines, 70 personal lines only • Expanding marketing and service capabilities • Enhanced marketing, products and services for personal lines Cincinnati Private ClientSM brand  • $919 million in full-year 2022 Cincinnati Private Client net written premiums, up 39% from 2021 • $938 million YTD 9-30-23 Cincinnati Private Client net written premiums, up 37% from YTD 9-30-22 • 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 producing profitable premium growth over time  • 9% growth in YTD 9-30-23 P&C net written premiums • Commercial up 4%, personal up 24%, E&S up 11%, Cincinnati Re down 5%, Cincinnati Global up 21% • Higher average renewal pricing (percentage rate increases): commercial lines up near the low end of  high-single-digits, personal lines up near the high end of mid-single-digits and E&S up high-single-digits • Term life insurance earned premiums up 3%
 Copyright © 2023 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: 2,053 agency relationships with 3,054 locations Our Commercial Top Five = 36% Ohio, Illinois, Pennsylvania,  North Carolina, Indiana Our Personal Top Five = 46% Ohio, New York, Georgia,  California, Illinois 1% and higher Less than 1% Inactive states Headquarters (as of September 30, 2023) Market Share Top Five Ohio: 4.3% Montana: 2.8% Vermont: 2.5% Kentucky: 2.2% Indiana: 2.1% Based on 2022 data excluding A&H, Flood and Crop  PREMIUM GROWTH POTENTIAL  STEADILY INCREASE OUR SHARE WITHIN APPOINTED AGENCIES 0.4% 1.3% 3.1% 9.2% 1 year or less 2-5 years 6-10 years 10 years or more ► Cincinnati’s share of $140 billion total* premiums (including approximately $5 billion E&S) produced by currently  appointed agencies is approximately 5%. Market share per agency reporting location by year appointed Based on 2022 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 2012 ─ Agencies appointed during 2018-22 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 © 2023 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 2022 NET EARNED PREMIUMS E&S Lines 7% Commercial  Lines 56% Personal Lines 23% Other 10% Life 4% Consolidated $7.219 Billion Commercial  Property 16% Commercial  Casualty 21% Commercial Auto  12% Workers'  Compensation 4% Other Comm 5% Excess & Surplus 7% Cincinnati Re 8% Cincinnati  Global 3% Homeowner 12% Personal Auto 9% Other Personal 3% Approximately 15% of commercial premiums = policies with average annual premiums <$10,000 & 35% >$100,000; 83% HO accounts include auto  Property Casualty $6.924 Billion CINCINNATI FINANCIAL AT A GLANCE • Top 25 U.S. P&C insurer • A.M. Best rating: A+ Superior • $7.2 billion 2022 premiums: 56% Commercial 23% Personal 7% Excess & Surplus  4% Life 7% 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 • 63 consecutive years of shareholder dividend increases • We believe only seven U.S. public companies can match this record • 9% increase from YTD 9-30-22 ordinary cash dividends declared • Yield is attractive, 3.0% in early-November 2023
 Copyright © 2023 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 1.5%, adjusted ethnic minority pay gap of 1.2% (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 44% (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, 75% are independent, 33% 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 © 2023 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 -$10.00 -$8.00 -$6.00 -$4.00 -$2.00 $0.00 $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 $14.00 $16.00 $18.00 2018 2019 2020 2021 2022 9 mos 22 9 mos 23 Non-GAAP Operating Income Net Income Ordinary dividends declared Per share basis 2019 net income  included $7.90 net  investment gain  while 2018 included  $1.94 net  investment loss 2021 net income  included $11.69 net  investment gain  while 2022 included  $7.30 net  investment loss STRONG OPERATING CASH FLOW CONTRIBUTED TO $1.1B OF YTD 9-30-23 NET PURCHASES IN INVESTMENT PORTFOLIO $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 $2,200 2018 2019 2020 2021 2022 9 mos 22 9 mos 23 (In millions)
 Copyright © 2023 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% 2013 2014 2015 2016 2017* 2018 2019 2020 2021 2022** Dividend Payout Ratio – Net Income Dividend Payout Ratio – Operating Income 35% average payout for 2013 through 2022  (net income basis) • * 2017 net income included $495 million benefit from net deferred income tax liability revaluation due to U.S. tax reform • ** 2022 ratio to net income not shown and is not meaningful due to negative net income of $486 million  DIVIDEND AS A PERCENTAGE OF  NET CASH FLOW FROM OPERATIONS 0% 5% 10% 15% 20% 25% 30% 35% 40% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
 Copyright © 2023 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 34 CONSECUTIVE YEARS $5,408  $5,746  $6,400  $6,902  $7,931  2018 2019 2020 2021 2022 Reserve range at 12-31-22 Low end $7,393 High end $8,099 Carried at 76th 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) ($167)                                       ($248) ($131)                                       ($428)         ($159) GREATER PRICING PRECISION IMPROVING PROFIT MARGINS 70% 75% 80% 85% 90% 0% 5% 10% 15% 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 2022 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 © 2023 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. 13 COMMERCIAL UMBRELLA RATIOS – ACTUAL PAID AT 48 MONTHS  LOSS & ALAE BY ACCIDENT YEAR, DEVELOPED THROUGH 12-31-22 30.5% 36.7% 30.8% 43.7% 42.7% 49.0% 61.4% 47.9% 52.2% 74.7% 29.4% 38.1% 29.9% 39.3% 36.1% 36.7% 42.4% 23.7% 7.9% 1.0% 19.6% 23.5% 19.3% 29.4% 26.7% 26.8% 42.4% 14.2% 9.2% 15.4% 20.9% 20.7% 22.2% 25.6% 23.7% 6.9% 5.8% 6.4% 10.8% 10.1% 12.3% 9.2% 6.1% 7.9% 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% 65.0% 70.0% 75.0% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% 65% 70% 75% 2013 2014 2015 2016 2017 2018 2019 '20@36mo '21@24mo '22@12mo Total Loss & ALAE Paid-developed to date Paid 48 mo Paid 36 mo Paid 24 mo AY17 & AY18 paid ratio at 48 months  was more stable following increase for  experience by AY16 at 48 months Umbrella paid losses  for AY19 rose  sharply during 2022 Until ultimate losses for  AY22 are more clear, we  intend to remain prudent  in reserving 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 COMMERCIAL CASUALTY EXCLUDING UMBRELLA – ACTUAL PAID AT 48 MONTHS  LOSS & ALAE BY ACCIDENT YEAR, DEVELOPED THROUGH 12-31-22 COVERAGES OTHER THAN UMBRELLA REPRESENT APPROXIMATELY 2/3 OF PREMIUMS EARNED 51.1% 55.0% 57.3% 53.5% 55.5% 60.3% 60.4% 54.0% 56.4% 60.1% 49.1% 50.5% 51.5% 46.6% 42.7% 42.9% 32.9% 19.4% 10.7% 3.5% 30.7% 33.8% 32.5% 32.4% 31.2% 34.4% 32.9% 20.7% 22.5% 21.8% 22.1% 22.3% 24.1% 22.6% 19.4% 12.2% 12.4% 12.6% 12.5% 11.9% 14.4% 13.4% 10.1% 10.7% 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% 65.0% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% 65% 2013 2014 2015 2016 2017 2018 2019 '20@36mo '21@24mo '22@12mo Total Loss & ALAE Paid-developed to date Paid 48 mo Paid 36 mo Paid 24 mo Paid ratios at 48 months have been fairly stable over time Assumes elevated ratios for  commercial umbrella for AY18 &  AY19 may also occur for  general liability or other  commercial casualty coverages,  despite fairly stable paid ratio  pattern so far through 2022 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 © 2023 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 8.6% 5-YEAR CAGR EXCEEDED INDUSTRY’S 6.9% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 2018 2019 2020 2021 2022 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 6.0 POINTS BETTER 75% 80% 85% 90% 95% 100% 105% 2018 2019 2020 2021 2022 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 12-31-22: 5-year = 8.6%, 10-year = 7.4% Statutory combined ratio Industry data excludes mortgage and financial guaranty
 Copyright © 2023 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. 15 INVESTMENT INCOME 14% GROWTH YTD 9-30-23: INTEREST UP 17%, DIVIDENDS UP 1% (PRETAX) $500 $550 $600 $650 $700 $750 $800 2018 2019 2020 2021 2022 (In millions) Pretax bond yield: 4.25%                                4.10% 4.06%                                4.05%                        4.05% (Bonds at amortized cost) Pretax book yield for bonds acquired: 3.47% in 2021, 5.01% in 2022  Pretax book yield as of 12-31-22 for bonds maturing in 2023=3.80%, 2024=4.34%, 2025=4.59% Portion of bond portfolio maturing: 5.8% in 2023, 7.9% in 2024, 8.7% in 2025, 15.0% in 2026-27 INVESTMENT PORTFOLIO INVEST FOR INCOME AND APPRECIATION Taxable Fixed Maturities $9.175 Tax-Exempt Fixed  Maturities $3.668 Common Equities $9.678 Preferred Equities $0.353 Investment leverage: 220% at September 30, 2023 Bond portfolio fair value exceeds insurance reserves liability by approximately 7% $22.9 billion fair value at September 30, 2023 (in billions)
 Copyright © 2023 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 9-30-23 • Apple is largest holding  • 7.9% of publicly traded common stock portfolio • 3.3% of total investment portfolio • Next four largest holdings, totaling 19.0% of publicly traded  common stock portfolio: Microsoft, Broadcom, UnitedHealth and JPMorgan • 1% increase in YTD 9-30-23 dividend income • Appreciated value from cost totaled  $5.6 billion (pretax) • Annual portfolio returns: (2022 & 2021) (10.9%) & 29.6% [S&P 500: (18.1%) & 28.7%] * Publicly traded common stock core portfolio, approximately 50 holdings (excludes private equity) September 30, 2023 Sector CFC S&P 500 Weightings Information technology 31.1% 27.5% Financial 12.9 12.8 Healthcare 12.7 13.3 Industrials 11.7 8.3 Consumer staples 7.8 6.6 Consumer discretionary 7.5 10.7 Materials 4.9 2.4 Energy 4.9 4.7 Utilities 2.8 2.4 Real estate 2.3 2.4 Telecomm services 1.4 8.9 BOND PORTFOLIO RISK PROFILE $12.843 BILLION AT SEPTEMBER 30, 2023 • Credit risk – A2/A average rating  • 80.6% are rated investment grade, 3.9% are noninvestment grade, 15.5% are unrated • Interest rate risk  • 4.7 years effective duration, 7.6 years weighted average maturity • Generally laddered maturity structure • 22% of year-end 2022 portfolio matures by the end of 2025, 37% by 2027, 65% by 2032 • With 42.3% of the investment portfolio invested in common stocks at 9-30-23, we estimated shareholders’ equity would decline 4.6% 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 • $3.668 billion with an average rating of Aa2/AA by Moody’s and S&P Global
 Copyright © 2023 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 2023 ceded premiums) Coverage & Retention Summary (As of January 1, 2023) Property catastrophe  ($49 million) • Treaty has one reinstatement provision • Up to $40 million additional coverage provided by separate treaties  • Coverage combinations include business written on a direct basis & Cincinnati Re • Cincinnati Re: $20 million per occurrence limit in excess of $80 million per event • $8 million estimated annual ceded premiums for these separate treaties  • Cincinnati Global has separate treaties for reinsurance  For a single event: • Retain 100% of first $200 million in losses • Retention varies between $200 million & $1.1 billion • Max exposure for $1.1 billion event = $542 million • PML – combined including Cincinnati Re & Cincinnati Global 1-in-100 year event = 5.1%     1-in-250 year = 7.6% (% of shareholders’ equity at 12-31-22)  Property per risk & $50 million  property excess treaties ($60 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 ($19 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 ($4 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 Ruck, Partner Re, TransRe and Lloyd’s of London ADDITIONAL AGENCY STATISTICS • 39% of 2,861 year-end 2022 reporting locations include: • 19% private equity, 14% national brokers, 6% banks • Private equity percentage was nearly double compared with year-end 2017 • National brokers up 6 percentage points, banks down 1 point compared with year-end 2017 • 2022 contribution to new business written premiums (standard lines market) • 22% private equity-owned agencies        17% national brokers • 5% bank-owned       56% privately-owned or regional/cluster agencies • 5.9% for largest contributor, among the largest are: • Acrisure, A.J. Gallagher, Assurex, Assured Partners, BroadStreet Partners, HUB, Keystone, MMA, Truist,  USI • 116 locations acquired during 2022, including: • 43 by a private equity firm, 28 by a regional or national broker, 27 by another Cincinnati agency,   16 by a non-Cincinnati agency, 2 by a bank
 Copyright © 2023 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 - A2 A Liberty Mutual A - A2 A Safeco A - A2 A State Auto A - - A West Bend A - - - Westfield A - - - Zurich A - A2 A United Fire Group A- - - - Source:  S&P Global Market Intelligence as of October 1, 2023. 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 2.6 2.8 3.0 3.2 3.4 3.6 3.8 Ratio of closing price on 11-03-23 to latest reported tangible book value