Document:

<PAGE>
                                                                     EXHIBIT 4.2

--------------------------------------------------------------------------------

                          6.125% SENIOR NOTES DUE 2034

                             SUPPLEMENTAL INDENTURE

                                     between

                        CINCINNATI FINANCIAL CORPORATION

                                       and

                    THE BANK OF NEW YORK TRUST COMPANY, N.A.

                                   as Trustee

                          Dated as of November 1, 2004

--------------------------------------------------------------------------------

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                              PAGE
                                                                                              ----
<S>                                                                                           <C>
                                    ARTICLE 1
                                   DEFINITIONS

Section 1.01. Definition of Terms........................................................      2

                                   ARTICLE 2
                                THE SECURITIES

Section 2.01. Designation................................................................      4
Section 2.02. Principal Amount; Series Treatment for Additional Securities...............      5
Section 2.03. Form of Securities; Global Form............................................      5
Section 2.04. Restrictive Legends........................................................      6
Section 2.05. Transfer Restrictions......................................................      9
Section 2.06. Additional Interest........................................................     11

                                   ARTICLE 3
                            REDEMPTION OF THE NOTES

Section 3.01. Optional Redemption by Company.............................................     12
Section 3.02. Selection of Notes to Be Redeemed..........................................     12
Section 3.03. Redemption Notice..........................................................     13
Section 3.04. Effect of Redemption Notice................................................     13
Section 3.05. Deposit of Redemption Price................................................     14
Section 3.06. Securities Redeemed in Part................................................     14

                                   ARTICLE 4
                                  DEFEASANCE

Section 4.01. Defeasance By The Company..................................................     14

                                   ARTICLE 5
                                 MISCELLANEOUS

Section 5.01. Rule 144A Information; No Resales By Affiliates............................     14
Section 5.02. Ratification Of Indenture..................................................     15
Section 5.03. Trustee Not Responsible For Recitals.......................................     15
Section 5.04. Governing Law..............................................................     15
Section 5.05. Separability...............................................................     15
Section 5.06. Counterparts...............................................................     15
</TABLE>

                                       i
<PAGE>

      SUPPLEMENTAL INDENTURE dated as of November 1, 2004 (the "SUPPLEMENTAL
INDENTURE") between Cincinnati Financial Corporation, an Ohio corporation (the
"COMPANY"), and The Bank of New York Trust Company, N.A., a national banking
association, as trustee (the "TRUSTEE") under the Indenture dated as of November
1, 2004 (the "INDENTURE") between the Company and the Trustee.

      WHEREAS, the Company executed and delivered the Indenture to the Trustee
to provide, among other things, for unsecured debentures, notes or other
evidences of indebtedness to be issued by the Company from time to time in one
or more series under the Indenture;

      WHEREAS, Section 9.01(g) of the Indenture provides that the Company and
the Trustee may enter into an indenture supplemental to the Indenture to
establish the form or terms of Securities (as defined in the Indenture) of any
series as provided by Sections 2.01 and 2.02 of the Indenture;

      WHEREAS, the Board of Directors of the Company has duly adopted
resolutions authorizing the Company to execute and deliver this Supplemental
Indenture;

      WHEREAS, pursuant to the terms of the Indenture, the Company desires to
enter into this Supplemental Indenture to provide for the establishment of a new
series of its Securities to be known as its 6.125% Senior Notes due 2034 (the
"NOTES");

      WHEREAS, the Company has requested that the Trustee execute and deliver
this Supplemental Indenture and all things necessary to make (i) this
Supplemental Indenture a valid instrument in accordance with its terms, and (ii)
the Notes, when executed by the Company and authenticated and delivered by the
Trustee, the valid obligations of the Company, have been done;

      NOW THEREFORE, in consideration of the purchase and acceptance of the
Notes by the Holders thereof, and for the purpose of setting forth, as provided
in the Indenture, the form and terms of the Notes, the Company covenants and
agrees with the Trustee as follows:

<PAGE>

                                    ARTICLE 1
                                   DEFINITIONS

      Section 1.01. Definition of Terms.

      Unless the context otherwise requires:

      (a) a term defined in the Indenture has the same meaning when used in this
Supplemental Indenture unless the definition of such term is amended and
supplemented pursuant to this Supplemental Indenture;

      (b) a term defined anywhere in this Supplemental Indenture has the same
meaning throughout;

      (c) the singular includes the plural and vice versa;

      (d) a reference to a Section or Article is to a Section or Article of this
Supplemental Indenture;

      (e) headings are for convenience of reference only and do not affect
interpretation;

      (f) the following terms have the meanings given to them in this Section
1.01(f):

      "ADDITIONAL INTEREST" shall have the meaning set forth in the Registration
Rights Agreement.

      "COMPARABLE TREASURY ISSUE" means the United States Treasury security or
securities selected by an Independent Investment Banker as having an actual or
interpolated maturity comparable to the remaining term of the Notes to be
redeemed that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities
of comparable maturity to the remaining term of such Notes.

      "COMPARABLE TREASURY PRICE" means, with respect to any Redemption Date for
the Notes, (a) the average of the Reference Treasury Dealer Quotations for such
Redemption Date, after excluding the highest and lowest of such Reference
Treasury Dealer Quotations, or (b) if the Trustee obtains fewer than four such
Reference Treasury Dealer Quotations, the average of all such quotations.

      "EXCHANGE OFFER" means the exchange offer by the Company of Exchange Notes
for Initial Notes pursuant to the Registration Rights Agreement.

                                       2
<PAGE>

      "EXCHANGE OFFER REGISTRATION STATEMENT" means a registration statement
relating to an Exchange Offer on an appropriate form and all amendments and
supplements to such registration statement, in each case including the
prospectus contained therein, all exhibits thereto and all material incorporated
by reference therein.

      "EXCHANGE NOTES" means the debt securities of the Company to be offered to
Holders in exchange for the Initial Notes pursuant to the Exchange Offer or
otherwise pursuant to a Registration of the Exchange Notes containing terms
identical to the Notes for which they are exchanged (except that (i) interest
thereon shall accrue from the last date on which interest was paid on the
corresponding series of Notes (unless the Exchange Note is issued after an
interest record date and prior to the corresponding interest payment date, in
which case interest shall accrue from such interest payment date) or, if no such
interest has been paid, from the first date that the corresponding series of
Notes was originally issued under the Indenture as supplemented by this
Supplemental Indenture and (ii) the provisions relating to Additional Interest
(other than any Additional Interest accrued through the date of issuance of such
Exchange Notes) will be eliminated).

      "GLOBAL NOTE" shall have the meaning set forth in Section 2.03(b).

      "INDEPENDENT INVESTMENT BANKER" means one of the Reference Treasury
Dealers appointed by the Trustee after consultation with the Company.

      "INITIAL NOTES" means (i) all Notes issued on the first date that Notes
were originally issued under this Supplemental Indenture, (ii) any additional
Notes of this series issued under Section 2.02 in any offering not registered
under the Securities Act and (iii) any Notes issued in replacement therefor, but
not including any Exchange Notes issued in exchange therefor.

      "INTEREST" means with respect to the Notes any interest payable on the
Notes including Additional Interest, if any.

      "NOTES" shall have the meaning set forth in the recitals above.

      "REDEMPTION DATE" shall have the meaning assigned in Section 3.01.

      "REFERENCE TREASURY DEALER" means (x) each of J.P. Morgan Securities Inc.
and UBS Securities LLC or their respective affiliates; provided, however, that
if either of the foregoing shall cease to be a primary U.S. government
securities dealer in the United States (a "PRIMARY TREASURY DEALER"), the
Company will substitute therefor another Primary Treasury Dealer, and (y) three
other Primary Treasury Dealers selected by the Company.

      "REFERENCE TREASURY DEALER QUOTATIONS" means, with respect to each
Reference Treasury Dealer and any Redemption Date, the average, as determined

                                       3
<PAGE>

by the Trustee, of the bid and asked prices for the Comparable Treasury Issue
(expressed in each case as a percentage of its principal amount) quoted in
writing to the Trustee by such Reference Treasury Dealer as of 3:30 p.m., New
York City time, on the third Business Day preceding such Redemption Date.

      "REGISTRATION" means a registered exchange offer for the Securities by the
Company or other registration of the Notes under the Securities Act pursuant to
and in accordance with the terms of the Registration Rights Agreement.

      "REGISTRATION RIGHTS AGREEMENT" means the Registration Rights Agreement,
dated as of November 1, 2004, among the Company and J.P. Morgan Securities Inc.
and UBS Securities LLC, as Representatives of the several Initial Purchasers.

      "REGISTRATION STATEMENT" means the Registration Statement pursuant to and
as defined in the Registration Rights Agreement.

      "RESTRICTED LEGEND" means the legend set forth in Section 2.04(a) hereof.

      "RULE 144A" means Rule 144A under the Securities Act.

      "TREASURY RATE" means, with respect to any Redemption Date for the Notes,
the rate per year equal to the semiannual equivalent or interpolated (on a day
count basis) yield to maturity of the Comparable Treasury Issue, assuming a
price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for such Redemption
Date.

      "SECURITIES ACT" means the Securities Act of 1933, as amended.

                                    ARTICLE 2
                                 THE SECURITIES

      SECTION 2.01. Designation. (a) The Company hereby establishes a series of
Securities designated the "6.125% Senior Notes due 2034" for issuance under the
Indenture. Their Stated Maturity shall be November 1, 2034 and they shall bear
interest at the rate of 6.125% per annum from the Issue Date or from the most
recent Interest Payment Date to which interest has been paid or duly provided
for, as the case may be, payable semi-annually in arrears on each November 1 and
May 1 (each, an Interest Payment Date), commencing May 1, 2005, until the
principal thereof is paid or made available for payment.

      The Notes are not subject to any sinking fund.

                                       4
<PAGE>

      Interest on the Notes (including Additional Interest) shall be computed on
the basis of a 360 day year comprised of twelve 30 day months.

      (b) The Notes shall be issuable in registered form without coupons in
denominations of $1,000 and any integral multiple thereof.

      (c) The principal of, premium, if any, and interest on the Notes shall be
payable at the office or agency of the Company designated for that purpose as
the Place of Payment, as provided in Section 4.02 of the Indenture; provided,
however, that interest may be payable at the option of the Company by check
mailed to the address of the Person entitled thereto as such address shall
appear on the Security Register on the record date for such interest payment.

      SECTION 2.02. Principal Amount; Series Treatment for Additional
Securities.

      (a) The Notes shall be initially limited to an aggregate principal amount
of $375,000,000, except for Notes authenticated and delivered upon registration
of transfer of, or in exchange for, or in lieu of, other Securities of this same
series pursuant to Sections 3.02, 3.03, 3.04 or 10.02 of the Indenture. The
Company may, without notice to or the consent of the Holders of the outstanding
Notes, issue additional notes of the same tenor as the Notes by Company Order,
so that such additional notes and the outstanding Notes shall form a single
series of Securities under the Indenture as supplemented by this Supplemental
Indenture.

      (b) Any additional Notes issued under Section 2.02(a) shall have the same
terms in all respects as the corresponding series of outstanding Notes, except
that interest will accrue on the additional Notes from the most recent date to
which interest has been paid on the corresponding series of Notes (other than
the additional Notes) or, if no interest has been paid on the corresponding
series of Notes, from the first date that the corresponding series of Notes was
originally issued under the Indenture as supplemented by this Supplemental
Indenture.

      (c) For all purposes of the Indenture and this Supplemental Indenture, all
Notes, whether Initial Notes, Exchange Notes or additional Notes issued under
Section 2.02(a) shall constitute one series of Notes and shall vote together as
one series of Notes.

      Section 2.03. Form of Securities; Global Form.

      (a) The Notes shall be substantially in the forms of Exhibit A hereto. The
terms and provisions contained in the form of Notes set forth in Exhibit A shall
constitute, and are hereby expressly made, a part of the Indenture as
supplemented by this Supplemental Indenture.

                                       5
<PAGE>

      Any of the Notes may have such letters, numbers or other marks of
identification and such notations, legends, endorsements or changes as the
officers executing the same may approve (execution thereof to be conclusive
evidence of such approval) and as are not inconsistent with the provisions of
the Indenture as supplemented by this Supplemental Indenture, or as may be
required by the Depository or as may be required for the Initial Notes to be
tradeable on any market developed for trading of securities pursuant to Rule
144A or as may be required to comply with any applicable law or with any rule or
regulation made pursuant thereto or with any rule or regulation of any
securities exchange or automated quotation system on which the Notes may be
listed, or to conform to usage, or to indicate any special limitations or
restrictions to which any particular Notes are subject.

      (b) So long as any Notes of this series are eligible for book-entry
settlement with the Depository, or unless otherwise required by law, or
otherwise contemplated by Section 2.05(b), all of the Notes of this series shall
be represented by one or more Notes in global form registered in the name of the
Depository or the nominee of the Depository (each and collectively, the "GLOBAL
NOTE"). The transfer and exchange of beneficial interests in any such Global
Note shall be effected through the Depository in accordance with the Indenture
and the applicable procedures of the Depository. Except as provided in Section
2.05(b), beneficial owners of a Global Note shall not be entitled to have
certificates registered in their names, will not receive or be entitled to
receive physical delivery of certificates in definitive form and will not be
considered holders of such Global Note.

      Any Global Note shall represent such of the outstanding Notes of a series
as shall be specified therein and shall provide that it shall represent the
aggregate amount of outstanding Notes of that series from time to time endorsed
thereon and that the aggregate amount of outstanding Notes represented thereby
may from time to time be increased or reduced to reflect redemptions, transfers
or exchanges permitted hereby. Any endorsement of a Global Note to reflect the
amount of any increase or decrease in the amount of outstanding Notes
represented thereby shall be made by the Trustee in such manner and upon
instructions given by the holder of such Notes in accordance with the Indenture.
Payment of principal of and interest and premium, if any, on any Global Note
shall be made to the holder of such Note.

      SECTION 2.04. Restrictive Legends. (a) Except as otherwise provided in
paragraph (c), each Initial Note shall bear the following legend on the face
thereof:

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "SECURITIES ACT"), OR ANY STATE OR OTHER SECURITIES LAWS. NEITHER THIS NOTE
NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,

                                       6
<PAGE>

TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH
REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. BY ITS ACQUISITION HEREOF, THE
HOLDER (1) REPRESENTS THAT IT IS A "QUALIFIED INSTITUTIONAL BUYER" (AS DEFINED
IN RULE 144A UNDER THE SECURITIES ACT ("RULE 144A")), (2) AGREES NOT TO OFFER,
SELL OR OTHERWISE TRANSFER SUCH NOTE PRIOR TO THE DATE WHICH IS THE LATER OF (X)
TWO YEARS (OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144(k) OF THE
SECURITIES ACT) AFTER THE LATER OF THE LAST DATE OF ISSUANCE OF ANY NOTE OF THIS
SERIES (OR ANY PREDECESSOR OF THIS NOTE) AND THE LAST DATE ON WHICH CINCINNATI
FINANCIAL CORPORATION OR ANY AFFILIATE OF CINCINNATI FINANCIAL CORPORATION WAS
THE OWNER OF THIS NOTE (OR ANY PREDECESSOR OF THIS NOTE) AND (Y) SUCH LATER
DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW (THE "RESALE RESTRICTION
TERMINATION DATE") EXCEPT (A) TO CINCINNATI FINANCIAL CORPORATION OR ANY
SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN
DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS
A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS
OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE
IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR (D)
PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS
NOTE IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND;
PROVIDED THAT CINCINNATI FINANCIAL CORPORATION, THE TRUSTEE, THE TRANSFER AGENT
AND THE REGISTRAR WILL HAVE THE RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER
(I) PURSUANT TO CLAUSE (D)TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL,
CERTIFICATION AND/OR OTHER INFORMATION REASONABLY SATISFACTORY TO EACH OF THEM,
AND (II) IN EACH OF THE FOREGOING CASES, TO REQUIRE THAT A CERTIFICATE OF
TRANSFER IN THE FORM APPEARING ON THE OTHER SIDE OF THIS NOTE IS COMPLETED AND
DELIVERED BY THE TRANSFEROR TO CINCINNATI FINANCIAL CORPORATION AND THE TRUSTEE.
THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE
RESTRICTION TERMINATION DATE.

      (b) Each Global Note shall also bear the following legend on the face
thereof:

                                       7
<PAGE>

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY OR A NOMINEE
THEREOF. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN
DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO
THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY
SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITORY.

      Each Global Note for which the Depository Trust Company is the Depository
shall also bear the following legend on the face thereof:

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC") TO THE COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUIRED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

      (c) (i) If the Company determines (upon the advice of counsel and such
other certifications and evidence as the Company may reasonably require) that
any Note is eligible for resale pursuant to Rule 144(k) under the Securities Act
(or a successor provision) and that the Restricted Legend is no longer necessary
or appropriate in order to ensure that subsequent transfers of such Note (or a
beneficial interest therein) are effected in compliance with the Securities Act,
or

      (ii) after an Initial Note is (x) sold pursuant to an effective
registration statement under the Securities Act, pursuant to the Registration
Rights Agreement or otherwise, or (y) exchanged for an Exchange Note,

the Company may instruct the Trustee to cancel such Note and issue to the Holder
thereof (or to its transferee) a new Note of like tenor and amount, registered
in the name of the Holder thereof (or its transferee), that does not bear the
Restricted Legend, and the Trustee will comply with such instruction. If a Note
to be reissued under this Section 2.04(c) without a Restricted Legend is
represented by a Global Note bearing the Restricted Legend, the principal amount
of the legended Global Note shall be reduced by the principal amount of the Note
to be

                                       8
<PAGE>

reissued without the Restricted Legend and the principal amount of a Global Note
without the Restricted Legend of the appropriate series of Notes shall be
increased by an equal principal amount. If a Global Note without the Restricted
Legend of the appropriate series of Notes is not then outstanding, the Company
shall execute and the Trustee shall authenticate and deliver a Global Note of
the appropriate series of Notes without the Restricted Legend to the Depository.

      SECTION 2.05. Transfer Restrictions. (a) By its acceptance of any Note
bearing the Restricted Legend, each Holder of such a Note acknowledges the
restrictions on transfer of such Note set forth in this Supplemental Indenture
and in the Restricted Legend and agrees that it will transfer such Note only as
provided in this Supplemental Indenture and the Restricted Legend. The Company
and the Trustee as Securities registrar shall not register a transfer of any
Note unless such transfer complies with the restrictions on transfer of such
Note set forth in this Supplemental Indenture and the Restricted Legend. In
connection with any transfer of Notes, each Holder agrees by its acceptance of
the Notes to furnish the Trustee as Security registrar or the Company such
certifications, legal opinions or other information as either of them may
reasonably require to confirm that such transfer is being made pursuant to an
exemption from, or a transaction not subject to, the registration requirements
of the Securities Act; provided that the Trustee shall not be required to
determine (but may rely on a determination made by the Company with respect to)
the sufficiency of any such certifications, legal opinions or other information.

      The Trustee shall retain copies of all letters, notices and other written
communications received pursuant to the Indenture or this Section 2.05(a). The
Company shall have the right to inspect and make copies of all such letters,
notices or other written communications at any reasonable time upon the giving
of reasonable written notice to the Trustee.

      The Trustee shall have no obligation or duty to monitor, determine or
inquire as to compliance with any restrictions on transfer imposed under this
Supplemental Indenture or under applicable law with respect to any transfer of
any interest in any Security (including any transfers between or among members
of, or participants in, the Depository or beneficial owners of interests in any
Global Note) other than to require delivery of such certificates and other
documentation or evidence as are expressly required by, and to do so if and when
expressly required by the terms of, this Supplemental Indenture, and to examine
the same to determine substantial compliance as to form with the express
requirements hereof.

      (b) The following provisions shall apply only to Global Notes:

            (i) Each Global Note authenticated under this Supplemental Indenture
      shall be registered in the name of the Depository or a nominee thereof and
      delivered to such Depository or a nominee thereof or the

                                       9
<PAGE>

      Trustee if the Trustee is acting as custodian for the Depository or its
      nominee with respect to such Global Note, and each such Global Note shall
      constitute a single Security for all purposes of the Indenture and this
      Supplemental Indenture.

            (ii) Notwithstanding any other provision in the Indenture, as
      supplemented by this Supplemental Indenture, no Global Note may be
      exchanged in whole or in part for Notes registered, and no transfer of a
      Global Note in whole or in part may be registered, in the name of any
      Person other than the Depository or a nominee thereof unless (A) the
      Depository (x) has notified the Company that it is unwilling or unable to
      continue as Depository for such Global Note or (y) has ceased to be a
      clearing agency registered under the Securities Exchange Act of 1934, (B)
      an Event of Default has occurred and is continuing with respect to the
      Notes or (C) the Company, in its sole discretion, notifies the Trustee in
      writing that it no longer wishes to have the Notes represented by a Global
      Note. Any Global Note exchanged pursuant to clause (A) or (B) above shall
      be so exchanged in whole and not in part and any Global Note exchanged
      pursuant to clause (C) above may be exchanged in whole or from time to
      time in part as directed by the Company. Any Note issued in exchange for a
      Global Note or any portion thereof shall be a Global Note; provided that
      any such Note so issued that is registered in the name of a Person other
      than the Depository or a nominee thereof shall not be a Global Note.

            (iii) Notes issued in exchange for a Global Note or any portion
      thereof pursuant to clause (ii) above shall be issued in definitive, fully
      registered form, without interest coupons, shall have an aggregate
      principal amount equal to that of such Global Note or portion thereof to
      be so exchanged, shall be registered in such names and be in such
      authorized denominations as the Depository shall designate and shall bear
      any legends required hereunder. Any Global Note to be exchanged in whole
      shall be surrendered by the Depository to the Trustee, as Securities
      registrar. With regard to any Global Note to be exchanged in part, either
      such Global Note shall be so surrendered for exchange or, if the Trustee
      is acting as custodian for the Depository or its nominee with respect to
      such Global Note, the principal amount thereof shall be reduced, by an
      amount equal to the portion thereof to be so exchanged, by means of an
      appropriate adjustment made on the records of the Trustee. Upon any such
      surrender or adjustment, the Trustee shall authenticate and make available
      for delivery the Note issuable on such exchange to or upon the written
      order of the Depository or an authorized representative thereof.

            (iv) In the event of the occurrence of any of the events specified
      in clause (ii) above, the Company will promptly make available to the

                                       10
<PAGE>

      Trustee a reasonable supply of certificated Notes in definitive, fully
      registered form, without interest coupons.

            (v) Neither any members of, or participants in, the Depository
      ("AGENT MEMBERS") nor any other Persons on whose behalf Agent Members may
      act shall have any rights under the Indenture as supplemented by this
      Supplemental Indenture with respect to any Global Notes registered in the
      name of the Depository or any nominee thereof, and the Depository or such
      nominee, as the case may be, may be treated by the Company, the Trustee
      and any agent of the Company or the Trustee as the absolute owner and
      holder of such Global Notes for all purposes whatsoever. Notwithstanding
      the foregoing, nothing herein shall prevent the Company, the Trustee or
      any agent of the Company or the Trustee from giving effect to any written
      certification, proxy or other authorization furnished by the Depository or
      such nominee, as the case may be, or impair, as between the Depository,
      its Agent Members and any other Person on whose behalf an Agent Member may
      act, the operation of customary practices of such Persons governing the
      exercise of the rights of a holder of any Note.

            (vi) At such time as all interests in a Global Note have been
      redeemed, repurchased, converted, canceled or exchanged for Notes in
      certificated form, such Global Note shall, upon receipt thereof, be
      canceled by the Trustee in accordance with standing procedures and
      instructions existing between the Depository and the Trustee. At any time
      prior to such cancellation, if any interest in a Global Note is redeemed,
      repurchased, converted, canceled or exchanged for Notes in certificated
      form, the principal amount of such Global Note shall, in accordance with
      the standing procedures and instructions existing between the Depository
      and the Trustee, be appropriately reduced, and an endorsement shall be
      made on such Global Note, by the Trustee, at the direction of the Trustee,
      to reflect such reduction.

      Section 2.06. Additional Interest.

      If a Registration Default (as defined in the Registration Rights
Agreement) occurs with respect to any Notes of this series, the interest rate
borne by such Notes shall be increased as provided in the Registration Rights
Agreement.

      Additional Interest (as defined in the Registration Rights Agreement)
shall, for the purposes of the Notes, constitute "INTEREST" used in Article Four
of the Indenture and interest for purposes of this Supplemental Indenture and
Global Note.

                                       11
<PAGE>

                                   ARTICLE 3
                             REDEMPTION OF THE NOTES

      Section 3.01 . Optional Redemption by Company. The Company may redeem the
Notes, at any time in whole and from time to time in part, at the option of the
Company, prior to the Stated Maturity at a redemption price (the "REDEMPTION
PRICE") equal to the greater of (i) 100% of the principal amount of such Notes
and (ii) the sum of the present values of the remaining scheduled payments of
principal and interest thereon (exclusive of interest accrued but not paid to
the Redemption Date (as defined below)) discounted to the redemption date on a
semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at
the Treasury Rate plus 15 basis points, plus in each case accrued interest
thereon but not paid to the Redemption Date.

      Except as set forth above, the Securities will not be redeemable by the
Company prior to maturity.

      The Company shall give notice to the Trustee of any redemption specifying
the date of such redemption by Company Order at least 30 days but not more than
60 days before the date such Notes are to be redeemed (each, a "REDEMPTION
DATE").

      Unless the Company defaults in payment of the Redemption Price, on and
after any Redemption Date interest will cease to accrue on the Notes or portions
thereof called for redemption.

      The Company shall pay interest to a Person other than the Holder of record
on the Regular Record Date if the Company elects to redeem the Notes on a date
that is after a Regular Record Date but on or prior to the corresponding
Interest Payment Date. In this instance, the Company shall pay accrued interest
on the Notes being redeemed to, but not including, the Redemption Date to the
same Person to whom the Company shall pay the Redemption Price of those Notes.

      The Notes are not subject to any sinking fund.

      Section 3.02. Selection of Notes to Be Redeemed. If less than all of the
Notes are to be redeemed, unless the procedures of the Depositary provide
otherwise, the Trustee shall select the Notes to be redeemed by lot, on a pro
rata basis or by another method the Trustee considers fair and appropriate (so
long as such method is not prohibited by the rules of any stock exchange or
quotation association on which the Notes are then traded or quoted). Subject to
the previous sentence, the Trustee shall make the selection within five Business
Days after it receives the notice provided for in Section 3.01 from outstanding
Notes not previously called for redemption. The Trustee may select for
redemption portions of the principal amount of Notes that have denominations
larger than $1,000.

                                       12
<PAGE>

      Notes and portions of Notes that the Trustee selects shall be in principal
amounts of $1,000 or an integral multiple of $1,000. Provisions of this
Supplemental Indenture that apply to Notes called for redemption also apply to
portions of Notes called for redemption. The Trustee shall notify the Company
promptly of the Notes or portions of the Notes to be redeemed.

      Section 3.03. Redemption Notice. At least 30 days but not more than 60
days before a Redemption Date, the Company shall mail a notice of redemption (a
"REDEMPTION NOTICE") by first-class mail, postage prepaid, to each Holder of
Notes to be redeemed.

      The notice shall identify the Notes to be redeemed and shall state:

      (1)   the Redemption Date;

      (2)   the Redemption Price;

      (3)   the name and address of the Paying Agent;

      (4)   that Notes called for redemption will be redeemed on the Redemption
            Date;

      (5)   that Notes called for redemption must be surrendered to the Paying
            Agent to collect the Redemption Price;

      (6)   if fewer than all of the outstanding Notes are to be redeemed, the
            certificate numbers, if any, and principal amounts of the particular
            Notes to be redeemed;

      (7)   that, unless the Company defaults in making payment of such
            Redemption Price, interest and Additional Interest, if any, on Notes
            called for redemption will cease to accrue on and after the
            Redemption Date; and

      (8)   the CUSIP number(s) of the Notes.

      At the Company's request, the Trustee shall give the Redemption Notice in
the Company's name and at the Company's expense; provided that the Company makes
such request at least seven Business Days prior to the date by which such
Redemption Notice must be given to Holders in accordance with this Section 3.03
and the text of such notice is completed by the Company.

      Section 3.04. Effect of Redemption Notice. Once the Redemption Notice is
given, Notes called for redemption become due and payable on the Redemption Date
and at the Redemption Price stated in the notice. Upon surrender to the Paying
Agent, such Notes shall be paid at the Redemption Price stated in the notice.

                                       13
<PAGE>

      Section 3.05. Deposit of Redemption Price. Prior to 11:00 a.m., New York
City time, on the Redemption Date, the Company shall deposit with the Paying
Agent money sufficient to pay the Redemption Price of all Notes to be redeemed
on that date other than Notes or portions of Notes called for redemption which
on or prior thereto have been delivered by the Company to the Trustee for
cancellation. If such money is then held by the Company in trust and is not
required for such purpose it shall be discharged from such trust.

      Section 3.06. Securities Redeemed in Part. Upon surrender of a Note that
is redeemed in part, the Company shall execute and the Trustee shall
authenticate and deliver to the Holder a new Note in an authorized denomination
equal in principal amount to the unredeemed portion of the Security surrendered.

                                   ARTICLE 4
                                   DEFEASANCE

      Section 4.01. Defeasance By The Company. The Notes shall be subject to
defeasance at the option of the Company in accordance with the terms and
conditions set forth in Article 11 of the Indenture.

                                   ARTICLE 5
                                  MISCELLANEOUS

      Section 5.01. Rule 144A Information; No Resales By Affiliates. (a) Within
the period prior to the expiration of the holding period applicable to sales
thereof under Rule 144(k) under the Securities Act (or any successor provision),
the Company covenants and agrees that it shall, during any period in which it is
not subject to Section 13 or 15(d) under the Securities Exchange Act of 1934,
make available to any Holder or beneficial Holder of Initial Notes in connection
with any sale thereof and any prospective purchaser of Initial Notes designated
by such Holder or beneficial Holder, the information required pursuant to Rule
144A(d)(4) under the Securities Act upon the request of any Holder or beneficial
Holder of the Initial Notes and it will take such further action as any Holder
or beneficial Holder of such Initial Notes may reasonably request, all to the
extent required from time to time to enable such Holder or beneficial Holder to
sell its Initial Notes without registration under the Securities Act within the
limitation of the exemption provided by Rule 144A, as such Rule may be amended
from time to time. Upon the request of any Holder or any beneficial Holder of
the Initial Notes, the Company will deliver to such Holder a written statement
as to whether it has complied with such requirements.

      (b) Any Initial Notes that, prior to the expiration of the holding period
applicable to sales thereof under Rule 144(k) under the Securities Act (or any
successor provision), are purchased or owned by the Company or any affiliate

                                       14
<PAGE>

thereof (within the meaning of Rule 144) that is controlled by the Company may
not be resold by the Company or such affiliate unless registered under the
Securities Act or resold pursuant to an exemption from the registration
requirements of the Securities Act in a transaction which results in such
Initial Notes no longer being "RESTRICTED SECURITIES" (as defined under Rule
144).

      Section 5.02. Ratification Of Indenture.

      The Indenture, as supplemented by this Supplemental Indenture, is in all
respects ratified and confirmed, and this Supplemental Indenture shall be deemed
part of the Indenture in the manner and to the extent herein and therein
provided.

      Section 5.03. Trustee Not Responsible For Recitals.

      The recitals herein contained are made by the Company and not by the
Trustee, and the Trustee assumes no responsibility for the correctness thereof.
The Trustee makes no representation as to the validity or sufficiency of this
Supplemental Indenture.

      Section 5.04. Governing Law.

      This Supplemental Indenture and each Note shall be governed by and
construed in accordance with the laws of the State of New York without regard to
the principles of conflicts of laws thereof.

      Section 5.05. Separability.

      In case any one or more of the provisions contained in this Supplemental
Indenture or in the Notes shall for any reason be held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability
shall not affect any other provisions of this Supplemental Indenture or of the
Notes, but this Supplemental Indenture and the Notes shall be construed as if
such invalid or illegal or unenforceable provision had never been contained
herein or therein.

      Section 5.06. Counterparts.

      This Supplemental Indenture may be executed in any number of counterparts
each of which shall be an original; but such counterparts shall together
constitute but one and the same instrument.

                                       15
<PAGE>

      IN WITNESS WHEREOF, the Company has caused this Supplemental Indenture to
be signed and acknowledged by its duly authorized officers, and The Bank of New
York Trust Company, N.A., has caused this Supplemental Indenture to be signed by
one of its duly authorized officers, as of the day and year first above written.

                                      CINCINNATI FINANCIAL CORPORATION

                                      By: /s/ John J. Schiff, Jr.
                                          --------------------------------------
                                          Name: John J. Schiff, Jr.
                                          Title: President and Chief
                                                 Executive Officer

                                      By: /s/ Kenneth W. Stecher
                                          --------------------------------------
                                          Name: Kenneth W. Stecher
                                          Title: Treasurer

                                      THE BANK OF NEW YORK TRUST COMPANY, N.A.,
                                          as Trustee
                                      By: /s/ Geoffrey D. Anderson
                                          --------------------------------------
                                          Name: Geoffrey D. Anderson
                                          Title: Assistant Vice President

<PAGE>

                                                                      EXHIBIT A1

                                 [FACE OF NOTE]

[Unless and until a Note is exchanged for an Exchange Note or sold in connection
with an effective Registration Statement pursuant to the Registration Rights
Agreement, the Notes shall bear the legend set forth below on the face thereof
:]

                    [INSERT RESTRICTIVE LEGEND, IF REQUIRED]

                                      A1-1
<PAGE>

                                                             CUSIP No. 172062AD3

                        CINCINNATI FINANCIAL CORPORATION
                          6.125% Senior Notes Due 2034

No. 1
$375,000,000

      CINCINNATI FINANCIAL CORPORATION, a corporation duly organized and
existing under the laws of Ohio (herein called the "COMPANY", which term
includes any successor Person under the Indenture referred to herein), for value
received, hereby promises to pay to CEDE & Co., or registered assigns, the
principal sum of THREE HUNDRED SEVENTY FIVE MILLION DOLLARS ($375,000,000) on
November 1, 2034, and to pay interest thereon from November 1, 2004, or from the
most recent Interest Payment Date to which interest has been paid or duly
provided for, semiannually in arrears on May 1 and November 1 in each year
commencing May 1, 2005, at the rate of 6.125% per annum, until the principal
hereof is paid or made available for payment. The interest so payable, and
punctually paid or duly provided for, on any Interest Payment Date will, as
provided in such Indenture, be paid to the Person in whose name this Note (or
one or more predecessor Notes) is registered at the close of business on the
Regular Record Date for such interest, which shall be the April 15 or October 15
(whether or not a Business Day), as the case may be, next preceding such
Interest Payment Date; provided, however, that interest at Stated Maturity will
be payable to the Person to whom principal shall be payable. Except as otherwise
provided in the Indenture, any such interest not so punctually paid or duly
provided for will forthwith cease to be payable to the Holder on such Regular
Record Date and may either be paid to the Person in whose name this Note (or one
or more predecessor Notes) is registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest to be fixed by the
Trustee, notice whereof shall be given to Holders of Notes of this series not
less than 10 days prior to such Special Record Date, or be paid at any time in
any other lawful manner not inconsistent with the requirements of any securities
exchange on which the Notes of this series may be listed, and upon such notice
as may be required by such exchange, all as more fully provided in said
Indenture. Payment of the principal of and interest on this Note will be made at
the Place of Payment which, subject to the right of the Company to vary or
terminate the appointment of such agency, shall initially be the principal
office of the Trustee, in such coin or currency of the United States of America
as at the time of payment is legal tender for payment of public and private
debts; provided, however, that, at the option of the Company, payment of
interest may be made by check mailed to the address of the Person entitled
thereto as such address shall appear in the Security Register.

                                      A1-2
<PAGE>

      Reference is hereby made to the further provisions of this Note set forth
on the pages following the certificate of authentication hereon, which further
provisions shall for all purposes have the same effect as if set forth at this
place.

      Unless the certificate of authentication hereon has been executed by the
Trustee referred to below, directly or through an Authenticating Agent, by
manual signature of an authorized officer, this Note shall not be entitled to
any benefit under the Indenture or be valid or obligatory for any purpose.

                                      A1-3
<PAGE>

      IN WITNESS WHEREOF, Cincinnati Financial Corporation has caused this
instrument to be signed by its duly authorized officers.

Dated: November 1, 2004

                                       CINCINNATI FINANCIAL CORPORATION

                                       By: _____________________________________
                                           Title:

                                       By: _____________________________________
                                           Title:

                                      A1-4
<PAGE>

                          CERTIFICATE OF AUTHENTICATION

      This is one of the Notes of the series designated herein and referred to
in the within-mentioned Indenture.

                                       The Bank of New York Trust Company,
                                           N.A., as Trustee

                                       By: _____________________________________
                                           Authorized Signatory

                                      A1-5
<PAGE>

                              [REVERSE OF SECURITY]
                        CINCINNATI FINANCIAL CORPORATION
                              6.125% Notes Due 2034

      This Note is one of a duly authorized issue of Securities of the Company
(herein called the "NOTES"), issued and to be issued in one or more series under
the Indenture, dated as of November 1, 2004 and the Supplemental Indenture,
dated as of November 1, 2004 (collectively herein called the "INDENTURE"),
between the Company and The Bank of New York Trust Company, N.A. (herein called
the "TRUSTEE," which term includes any successor trustee under the Indenture),
to which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Trustee and the Holders of the Notes
and of the terms upon which the Notes are, and are to be, authenticated and
delivered. This Note is one of the Notes of the series designated herein,
limited in aggregate principal amount to $375,000,000.

      The Notes are redeemable, at any time in whole and from time to time in
part, at the option of the Company, prior to the Stated Maturity at the
Redemption Price and on any Redemption Date as provided in the Indenture.

      This Note is not subject to any sinking fund.

      As provided in the Indenture, defeasance may occur at any time of (a) the
entire indebtedness of the Company on this Note and (b) certain restrictive
covenants and the related defaults and Events of Default, upon compliance by the
Company with certain conditions set forth therein, which provisions apply to
this Note.

      If an Event of Default with respect to Notes of this series shall occur
and be continuing, the principal of the Notes of this series may be declared due
and payable in the manner and with the effect provided in the Indenture.

      The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series
(including these Notes) to be affected under the Indenture at any time by the
Company and the Trustee with the consent of the Holders of greater than 50% in
principal amount of the Securities at the time Outstanding of each series
affected. The Indenture also contains provisions permitting the Holders of
specified percentages in principal amount of the Securities at the time
Outstanding of each series affected, on behalf of the Holders of all Securities
of such series, to waive compliance by the Company with certain provisions of
the Indenture and certain past defaults under the Indenture and their
consequences. Any such consent or

                                      A2-1
<PAGE>

waiver by the Holder of this Note shall be conclusive and binding upon such
Holder and upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Note.

      As set forth in, and subject to, the provisions of the Indenture, no
Holder of any Note will have any right to institute any proceeding with respect
to the Indenture or for any remedy thereunder, unless such Holder shall have
previously given to the Trustee written notice of a continuing Event of Default
with respect to such Security, the Holders of not less than 25% in principal
amount of the Outstanding Notes shall have made written request, and offered
indemnity, to the Trustee to institute such proceeding as trustee, and the
Trustee shall not have received from the Holders of a majority in principal
amount of the Outstanding Notes a direction inconsistent with such request and
shall have failed to institute such proceeding within 60 days; provided,
however, that such limitations do not apply to a suit instituted by the Holder
hereof for the enforcement of payment of the principal of or interest on this
Note on or after the respective due dates expressed herein.

      No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, places, and rate, and in the coin or currency, herein prescribed.

      As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Note is registrable in the Security Register,
upon surrender for registration of transfer at the office or agency of the
Company maintained for that purpose, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Company and the
Security Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Notes of this series and of
like tenor, of authorized denominations and for the same aggregate principal
amount, will be issued to the designated transferee or transferees.

      The Notes of this series are issuable only in global or definitive
registered form, without coupons, in denominations of $1,000 and integral
multiples thereof. As provided in the Indenture and subject to certain
limitations therein set forth and to the limitations described below, if
applicable, Notes are exchangeable at the office or agency of the Company for a
like aggregate principal amount of Notes of a different authorized denomination,
as requested by the Holder surrendering the same.

      [TO BE INCLUDED IN INITIAL NOTES, NOT EXCHANGE NOTES: If a Registration
Default (as defined in the Registration Rights Agreement)

                                      A2-2
<PAGE>

occurs, then the Company shall pay Additional Interest (as defined in the
Registration Rights Agreement) (in addition to the interest otherwise due
hereon) to the Holder as provided in the Registration Rights Agreement.]

      [TO BE INCLUDED IN EXCHANGE NOTES: There shall also be payable in respect
of this Security all Additional Interest that may have accrued on the Note for
which this Note was exchanged (as defined in such Note) pursuant to the Exchange
Offer, such Additional Interest to be calculated in accordance with the terms of
such Security and payable at the same time and in the same manner as periodic
interest on this Note.]

      This Note is exchangeable for Notes in definitive registered form only if
(x) the Depository notifies the Company that it is unwilling or unable to
continue as Depository for this Global Note or if at any time the Depository
ceases to be a clearing agency registered under the Securities Exchange Act of
1934, as amended, (y) the Company in its sole discretion determines that this
Note shall be exchangeable for definitive Notes in registered form and so
notifies the Trustee or (z) an Event of Default has occurred and is continuing;
provided that the definitive Notes so issued in exchange for this Global Note
shall be in denominations of $1,000 and integral multiples thereof and be of
like aggregate principal amount and tenor as the portion of this Global Note to
be exchanged, and provided further that, unless the Company agrees otherwise,
Notes of this series in definitive registered form will be issued in exchange
for this Global Note, or any portion hereof, only if such Notes in definitive
registered form were requested by written notice to the Trustee or the Security
Registrar by or on behalf of a Person who is beneficial owner of an interest
hereof given through the Holder hereof. Except as provided above, owners of
beneficial interests in this Global Note will not be entitled to receive
physical delivery of Notes in definitive registered form and will not be
considered the Holders thereof for any purpose under the Indenture.

      No service charge shall be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

      Prior to the due presentment of this Note for registration of transfer,
the Company, the Trustee and any agent of the Company or the Trustee may treat
the Person in whose name this Note is registered as the owner hereof for all
purposes, whether or not this Note is overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.

      The Indenture and the Notes shall be governed by and construed in
accordance with the laws of the State of New York.

                                      A2-3
<PAGE>

      All terms used in this Note which are defined in the Indenture shall have
the meanings assigned to them in the Indenture.

                                  ABBREVIATIONS

      The following abbreviations, when used in the inscription on the face of
this instrument, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM  --               as tenants in common
TEN ENT  --               as tenants by the entireties
JT TEN  --                as joint tenants with right of survivorship and not
                          as tenants in common

UNIF GIFT MIN ACT  --     Custodian     Under
                          Uniform Gifts to
                          Minors Act

                          (Cust) (Minor) (State)

      Additional abbreviations may also be used though not in the above list.

                                      A2-4
<PAGE>

                            [FORM OF TRANSFER NOTICE]

      FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto

PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE

______________________________

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE

______________________________

______________________________

______________________________

the within Note and all rights thereunder, hereby irrevocably constituting and
appointing ____________ attorney to transfer said Security on the books of the
Company, with full power of substitution in the premises.

Dated:

                                       ________________________________________
                                       Signature

      NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS
WRITTEN UPON THE FACE OF THE WITHIN INSTRUMENT IN EVERY PARTICULAR, WITHOUT
ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

                                      A2-5
<PAGE>

                     [THE FOLLOWING PROVISION TO BE INCLUDED
                     ON ALL NOTES OTHER THAN EXCHANGE NOTES]

      In connection with any transfer of this Note occurring prior to the date
which is the earlier of (i) the date of an effective Registration or completion
of the Exchange Offer (as defined in the Registration Rights Agreement) or (ii)
two years (or such lesser period as may be provided in any amendment to Rule
144(k) under the Securities Act) after the later of the original issuance of
this Note or the last date on which this Note was held by the Company or an
Affiliate of the Company, the undersigned confirms that without utilizing any
general solicitation or general advertising that this Note is being transferred
in accordance with its terms:

                                   [Check One]

      (1) [ ]  to the Company or a subsidiary of the Company;

      (2) [ ]  pursuant to an effective registration statement under the
               Securities Act of 1933; or

      (3) [ ]  to a "qualified institutional buyer" (as defined in Rule 144A
               under the Securities Act of 1933) that purchases for its own
               account or for the account of a qualified institutional buyer to
               whom notice is given that such transfer is being made in reliance
               on Rule 144A, in each case pursuant to and in compliance with
               Rule 144A under the Securities Act of 1933; or

      (4) [ ]  pursuant to another available exemption from the registration
               requirements of the Securities Act of 1933.

      Unless one of the boxes is checked, the Trustee will refuse to register
any of the Notes evidenced by this certificate in the name of any Person other
than the registered holder thereof, provided, however, that if box (4) is
checked, the Trustee may require, prior to registering any such transfer of the
Notes, such legal opinions, certifications and other information as the Company
has reasonably requested to confirm that such transfer is being made pursuant to
an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act of 1933.

                                                 Signature

Signature Guarantee:

Signature must be guaranteed                     Signature

                                      A2-6
<PAGE>

      Signatures must be guaranteed by an "eligible guarantor institution"
meeting the requirements of the Registrar, which requirements include membership
or participation in the Security Transfer Agent Medallion Program ("STAMP") or
such other "signature guarantee program" as may be determined by the Registrar
in addition to, or in substitution for, STAMP, all in accordance with the
Securities and Exchange Act of 1934, as amended.

                                      A2-7
<PAGE>

      TO BE COMPLETED BY PURCHASER IF (3) ABOVE IS CHECKED.

      The undersigned represents and warrants that it is purchasing this Note
for its own account or an account with respect to which it exercises sole
investment discretion and that it and any such account is a "qualified
institutional buyer" within the meaning of Rule 144A under the Securities Act of
1933, and is aware that the sale to it is being made in reliance on Rule 144A
and acknowledges that it has received such information regarding the Company as
the undersigned has requested pursuant to Rule 144A or has determined not to
request such information and that it is aware that the transferor is relying
upon the undersigned's foregoing representations in order to claim the exemption
from registration provided by Rule 144A.

Dated:________________                     ____________________________________
                                           NOTICE: To be executed by an
                                           executive officer

                                      A2-8
<PAGE>

                                                                      Schedule I

                 [Include as Schedule I only for a Global Note]

                    SCHEDULE OF EXCHANGES OF DEFINITIVE NOTES

                        CINCINNATI FINANCIAL CORPORATION
                          6.125% Senior Notes due 2034

No. [ ]

      The following exchanges of a part of this Global Note for Definitive Notes
have been made:

<TABLE>
<CAPTION>
                                                                      PRINCIPAL AMOUNT OF
                   AMOUNT OF DECREASE IN    AMOUNT OF INCREASE IN       THIS GLOBAL NOTE     SIGNATURE OF AUTHORIZED
                    PRINCIPAL AMOUNT OF      PRINCIPAL AMOUNT OF    FOLLOWING SUCH DECREASE  SIGNATORY OF TRUSTEE OR
DATE OF EXCHANGE      THIS GLOBAL NOTE         THIS GLOBAL NOTE          (OR INCREASE)          SECURITY CUSTODIAN
-----------------------------------------------------------------------------------------------------------
<S>                <C>                      <C>                     <C>                      <C>

</TABLE>

                                      A2-9<PAGE>
                                                                     EXHIBIT 4.3

                        CINCINNATI FINANCIAL CORPORATION

                          6.125% Senior Notes due 2034

                          Registration Rights Agreement

      This REGISTRATION RIGHTS AGREEMENT dated November 1, 2004 (the
"AGREEMENT") is entered into by and among Cincinnati Financial Corporation, an
Ohio corporation (the "COMPANY"), and J.P. Morgan Securities Inc. and UBS
Securities LLC, as representatives of the Initial Purchasers listed on Schedule
1 to the Purchase Agreement referred to below (each an "INITIAL PURCHASER" and,
collectively, the "INITIAL PURCHASERS").

      The Company and the Initial Purchasers are parties to the Purchase
Agreement dated November 1, 2004 (the "PURCHASE AGREEMENT"), which provides for
the sale by the Company to the Initial Purchasers of $375,000,000 aggregate
principal amount of the Company's 6.125% Senior Notes due 2034 (the
"SECURITIES"). As an inducement to the Initial Purchasers to enter into the
Purchase Agreement, the Company has agreed to provide to the Initial Purchasers
and their direct and indirect transferees the registration rights set forth in
this Agreement. The execution and delivery of this Agreement is a condition to
the closing under the Purchase Agreement.

      In consideration of the foregoing, the parties hereto agree as follows:

      1. Definitions. As used in this Agreement, the following terms shall have
the following meanings:

      "BUSINESS DAY" shall mean any day that is not a Saturday, Sunday or other
day on which commercial banks in New York City or Cincinnati, Ohio are
authorized or required by law to remain closed.

      "CLOSING DATE" shall mean the Closing Date as defined in the Purchase
Agreement.

      "COMPANY" shall have the meaning set forth in the preamble and shall also
include the Company's successors.

      "EXCHANGE ACT" shall mean the Securities Exchange Act of 1934, as amended
from time to time.

      "EXCHANGE DATES" shall have the meaning set forth in Section 2(b)(ii)
hereof.

      "EXCHANGE OFFER" shall mean the exchange offer by the Company of Exchange
Securities for Registrable Securities pursuant to Section 2(a)-(e) hereof.

<PAGE>

      "EXCHANGE OFFER REGISTRATION" shall mean a registration under the
Securities Act effected pursuant to Section 2(a)-(e) hereof.

      "EXCHANGE OFFER REGISTRATION STATEMENT" shall mean an exchange offer
registration statement on Form S-4 (or, if applicable, on another appropriate
form) and all amendments and supplements to such registration statement, in each
case including the Prospectus contained therein, all exhibits thereto and any
document incorporated by reference therein.

      "EXCHANGE SECURITIES" shall mean senior notes issued by the Company under
the Indenture containing terms identical to the Securities (except that the
Exchange Securities will not be subject to restrictions on transfer or to any
increase in annual interest rate for failure to comply with this Agreement) and
to be offered to Holders of Securities in exchange for such Securities pursuant
to the Exchange Offer.

      "HOLDERS" shall mean the Initial Purchasers, for so long as they own any
Registrable Securities, and each of their successors, assigns and direct and
indirect transferees who become owners of Registrable Securities under the
Indenture; provided that for purposes of Sections 4 and 5 of this Agreement, the
term "Holders" shall include Participating Broker-Dealers.

      "INDENTURE" shall mean the Indenture and the Supplemental Indenture
relating to the Securities, each dated as of the date hereof, between the
Company and The Bank of New York Trust Company, N.A., as trustee, and as the
same may be amended from time to time in accordance with the terms thereof.

      "INITIAL PURCHASERS" shall have the meaning set forth in the preamble.

      "INSPECTOR" shall have the meaning set forth in Section 3(a)(xiii) hereof.

      "MAJORITY HOLDERS" shall mean the Holders of a majority of the aggregate
principal amount of the outstanding Registrable Securities; provided that
whenever the consent or approval of Holders of a specified percentage of
Registrable Securities is required hereunder, any Registrable Securities owned
directly or indirectly by the Company or any of its affiliates shall not be
counted in determining whether such consent or approval was given by the Holders
of such required percentage or amount; and provided, further, that if the
Company shall issue any additional Securities under the Indenture prior to
consummation of the Exchange Offer or, if applicable, the effectiveness of any
Shelf Registration Statement, such additional Securities and the Registrable
Securities to which this Agreement relates shall be treated together as one
class for purposes of determining whether the consent or approval of Holders of
a specified percentage of Registrable Securities has been obtained.

      "PARTICIPATING BROKER-DEALERS" shall have the meaning set forth in Section
4(a) hereof.

                                       2
<PAGE>

      "PERSON" shall mean an individual, partnership, limited liability company,
corporation, trust or unincorporated organization, or a government or agency or
political subdivision thereof.

      "PROSPECTUS" shall mean the prospectus included in a Registration
Statement, including any preliminary prospectus, and any such prospectus as
amended or supplemented by any prospectus supplement, including a prospectus
supplement with respect to the terms of the offering of any portion of the
Registrable Securities covered by a Shelf Registration Statement, and by all
other amendments and supplements to such prospectus, and in each case including
any document incorporated by reference therein.

      "PURCHASE AGREEMENT" shall have the meaning set forth in the preamble.

      "REGISTRABLE SECURITIES" shall mean the Securities; provided that the
Securities shall cease to be Registrable Securities (i) when a Registration
Statement with respect to such Securities has been declared effective under the
Securities Act and such Securities have been exchanged or disposed of pursuant
to such Registration Statement, (ii) when such Securities are eligible to be
sold pursuant to Rule 144(k) (or any similar provision then in force, but not
Rule 144A) under the Securities Act or (iii) when such Securities cease to be
outstanding.

      "REGISTRATION DEFAULT" includes any of the following: (i) the Company
fails to file any of the Registration Statements required by this Agreement on
or before the date specified for such filing, (ii) any of such Registration
Statements is not declared effective by the SEC on or prior to the date
specified for such effectiveness, (iii) the Company fails to complete the
Exchange Offer on or prior to the date specified for such completion; or (iv)
the Shelf Registration Statement is declared effective but thereafter ceases to
be effective or usable in connection with resales of the Securities during the
period specified in the Agreement, subject to the Company's right to suspend the
availability of the Shelf Registration Statement for certain periods.

      "REGISTRATION EXPENSES" shall mean any and all expenses incident to
performance of or compliance by the Company with this Agreement, including
without limitation: (i) all SEC, stock exchange or National Association of
Securities Dealers, Inc. registration and filing fees; (ii) all fees and
expenses incurred in connection with compliance with state securities or blue
sky laws (including reasonable fees and disbursements of counsel for any
Underwriters or Holders in connection with blue sky qualification of any
Exchange Securities or Registrable Securities); (iii) all expenses of any
Persons in preparing or assisting in preparing, word processing, printing and
distributing any Registration Statement, any Prospectus and any amendments or
supplements thereto, any underwriting agreements, securities sales agreements or
other similar agreements and any other documents relating to the performance of
and compliance with this Agreement; (iv) all rating agency fees; (v) all fees
and disbursements relating to the qualification of the Indenture under
applicable securities laws; (vi) the fees and disbursements of the Trustee and
its counsel; (vii) the fees and disbursements of counsel for the Company and, in
the case of a Shelf Registration

                                       3

<PAGE>

Statement, the fees and disbursements of one counsel for the Holders (which
counsel shall be selected by the Majority Holders and which counsel may also be
counsel for the Initial Purchasers); and (viii) the fees and disbursements of
the independent public accountants of the Company, including the expenses of any
special audits or "comfort" letters required by or incident to the performance
of and compliance with this Agreement, but excluding fees and expenses of
counsel to the Underwriters (other than fees and expenses set forth in clause
(ii) above) or the Holders and underwriting discounts and commissions, brokerage
commissions and transfer taxes, if any, relating to the sale or disposition of
Registrable Securities by a Holder.

      "REGISTRATION STATEMENT" shall mean any registration statement of the
Company that covers any of the Exchange Securities or Registrable Securities
pursuant to the provisions of this Agreement and all amendments and supplements
to any such registration statement, including post-effective amendments, in each
case including the Prospectus contained therein, all exhibits thereto and any
document incorporated by reference therein.

      "SEC" shall mean the United States Securities and Exchange Commission.

      "SECURITIES ACT" shall mean the Securities Act of 1933, as amended from
time to time.

      "SHELF EFFECTIVENESS PERIOD" shall have the meaning set forth in Section
2(g)(iii) hereof.

      "SHELF REGISTRATION" shall mean a registration effected pursuant to
Section 2(f)- (h) hereof.

      "SHELF REGISTRATION STATEMENT" shall mean a "shelf" registration statement
of the Company that covers all or a portion of the Registrable Securities (but
no other securities unless approved by the Holders whose Registrable Securities
are to be covered by such Shelf Registration Statement) on an appropriate form
under Rule 415 under the Securities Act, or any similar rule that may be adopted
by the SEC, and all amendments and supplements to such registration statement,
including post-effective amendments, in each case including the Prospectus
contained therein, all exhibits thereto and any document incorporated by
reference therein.

      "STAFF" shall mean the staff of the SEC.

      "TRUST INDENTURE ACT" shall mean the Trust Indenture Act of 1939, as
amended from time to time.

      "TRUSTEE" shall mean the trustee with respect to the Securities under the
Indenture.

      "UNDERWRITER" shall have the meaning set forth in Section 3(e) hereof.

                                       4
<PAGE>

      "UNDERWRITTEN OFFERING" shall mean an offering in which Registrable
Securities are sold to an Underwriter for reoffering to the public.

      2. Registration Under the Securities Act. (a) To the extent not prohibited
by any applicable law or applicable interpretations of the Staff, the Company
shall (i) file an Exchange Offer Registration Statement covering an offer to the
Holders to exchange all the Registrable Securities for Exchange Securities no
later than the 90th day after the date that the Securities are first issued,
(ii) use its reasonable best efforts to cause the Exchange Offer Registration
Statement to become effective under the Securities Act no later than the 150th
day after the Securities are first issued, (iii) use its reasonable best efforts
to commence the Exchange Offer within 30 days after the Exchange Offer
Registration Statement is declared effective by the SEC and keep the Exchange
Offer open for a period of not less than 20 Business Days (or longer, if
required by applicable law) after the date on which the notice of the Exchange
Offer is mailed to Holders of the Securities and (iv) complete the Exchange
Offer not later than the 180th day after the Securities are first issued.

      (b) The Company shall commence the Exchange Offer by mailing the related
Prospectus, appropriate letters of transmittal and other accompanying documents
to each Holder stating, in addition to such other disclosures as are required by
applicable law, substantially the following:

      (i)   that the Exchange Offer is being made pursuant to this Agreement and
            that all Registrable Securities validly tendered and not properly
            withdrawn will be accepted for exchange;

      (ii)  the dates of acceptance for exchange (which shall be a period of at
            least 20 Business Days from the date such notice is mailed) (the
            "EXCHANGE DATES");

      (iii) that any Registrable Security not tendered will remain outstanding
            and continue to accrue interest but will not retain any rights under
            this Agreement;

      (iv)  that any Holder electing to have a Registrable Security exchanged
            pursuant to the Exchange Offer will be required to surrender such
            Registrable Security, together with the appropriate letters of
            transmittal, to the institution and at the address (located in the
            Borough of Manhattan, The City of New York) and in the manner
            specified in the notice, prior to the close of business on the last
            Exchange Date; and

      (v)   that any Holder will be entitled to withdraw its election, not later
            than the close of business on the last Exchange Date, by sending to
            the institution and at the address (located in the Borough of
            Manhattan, The City of New York) specified in the notice, a
            telegram, telex, facsimile transmission or

                                       5
<PAGE>

            letter setting forth the name of such Holder, the principal amount
            of Registrable Securities delivered for exchange and a statement
            that such Holder is withdrawing its election to have such Securities
            exchanged.

      (c) As a condition to participating in the Exchange Offer, a Holder will
be required to represent to the Company that:

      (i)   any Exchange Securities to be received by it will be acquired in the
            ordinary course of its business;

      (ii)  at the time of the commencement of the Exchange Offer, it has no
            arrangement or understanding with any Person to participate in the
            distribution (within the meaning of the Securities Act) of the
            Exchange Securities in violation of the provisions of the Securities
            Act;

      (iii) it is not an "affiliate" (within the meaning of Rule 405 under the
            Securities Act) of the Company, or if it is an affiliate, it will
            comply with the registration and prospectus delivery requirements of
            the Securities Act to the extent applicable;

      (iv)  if it is not a broker-dealer, it is not engaged in, and do not
            intend to engage in, the distribution of the Exchange Securities;
            and

      (v)   if such Holder is a broker-dealer that will receive Exchange
            Securities for its own account in exchange for Registrable
            Securities that were acquired as a result of market-making or other
            trading activities, then such Holder will deliver a Prospectus in
            connection with any resale of such Exchange Securities; and

      (vi)  it is not acting on behalf of any person who could not truthfully
            make the foregoing representations.

      (d)   As soon as practicable after the last Exchange Date, the Company
            shall:

      (i)   accept for exchange Registrable Securities or portions thereof
            validly tendered and not properly withdrawn pursuant to the Exchange
            Offer; and

      (ii)  deliver, or cause to be delivered, to the Trustee for cancellation
            all Registrable Securities or portions thereof so accepted for
            exchange by the Company and issue, and cause the Trustee to promptly
            authenticate and deliver to each Holder, Exchange Securities equal
            in principal amount to the principal amount of the Registrable
            Securities surrendered by such Holder.

      (e) The Company shall complete the Exchange Offer as provided above and
shall comply in all material respects with the applicable requirements of the
Securities

                                       6
<PAGE>

Act, the Exchange Act and other applicable laws and regulations in connection
with the Exchange Offer. The Exchange Offer shall not be subject to any
conditions, other than that the Exchange Offer does not violate any applicable
law or applicable interpretations of the Staff.

      (f) In the event that (i) after the date the Securities are issued, there
is a change in law or applicable interpretations of the law by the staff of the
SEC, and as a result, the Company is not permitted to complete the Exchange
Offer as contemplated by this Agreement, (ii) any Holder of the Securities is
prohibited by law or SEC policy to participate in the Exchange Offer, (iii) any
Holder of the Securities does not receive freely tradable Exchange Notes, (iv)
the Exchange Offer Registration Statement is not declared effective or the
Exchange Offer is not consummated prior to the dates specified in this
Agreement, or (v) any Initial Purchaser so requests with respect to Securities
that are not eligible to be exchanged for Exchange Securities in the Exchange
offer and that are held by it following consummation of the Exchange Offer, the
Company is requested to do so by any Initial Purchaser, the Company shall use
its reasonable best efforts to cause to be filed as soon as practicable after
such determination, date or request, as the case may be, a Shelf Registration
Statement providing for the sale of all the Registrable Securities by the
Holders thereof and to have such Shelf Registration Statement declared effective
by the SEC.

      (g) In the event that the Company is required to file a Shelf Registration
Statement, the Company shall use its reasonable best efforts to:

      (i)   file a Shelf Registration Statement with the SEC after such
            obligation arises;

      (ii)  cause the Shelf Registration Statement to be declared effective by
            the SEC as promptly as reasonably practicable after filing, but no
            later than the 210th day after the Securities are first issued; and

      (iii) keep the Shelf Registration Statement effective for a period of two
            years after the date the Shelf Registration Statement is declared
            effective (or one year in the case of a Shelf Registration Statement
            effected at the request of the Initial Purchasers), or such shorter
            period that will terminate when all of the Securities covered by the
            Shelf Registration Statement are sold thereunder or are already
            freely tradable ("SHELF EFFECTIVENESS PERIOD").

      (h) The Company further agrees to supplement or amend the Shelf
Registration Statement and the related Prospectus if required by the rules,
regulations or instructions applicable to the registration form used by the
Company for such Shelf Registration Statement or by the Securities Act or by any
other rules and regulations thereunder for shelf registration or if reasonably
requested by a Holder of Registrable Securities with respect to information
relating to such Holder, and to use its reasonable best efforts to cause any
such amendment to become effective and such Shelf Registration Statement and
Prospectus to become usable as soon as thereafter practicable.

                                       7
<PAGE>

The Company agrees to furnish to the Holders of Registrable Securities copies of
any such supplement or amendment promptly after it has being used or filed with
the SEC.

      (i) The Company shall pay all Registration Expenses in connection with any
registration pursuant to Section 2(a)-(h) hereof. Each Holder shall pay all
underwriting discounts and commissions, brokerage commissions and transfer
taxes, if any, relating to the sale or disposition of such Holder's Registrable
Securities pursuant to the Shelf Registration Statement.

      (j) An Exchange Offer Registration Statement pursuant to Section 2(a)-(e)
hereof or a Shelf Registration Statement pursuant to Section 2(f)-(h) hereof
will not be deemed to have become effective unless it has been declared
effective by the SEC.

      (k) If (i) the Exchange Offer Registration Statement is not filed prior to
the date specified in Section 2(a)(i), (ii) the Exchange Offer Registration
Statement or the Shelf Registration Statement, as the case may be, is not
declared effective prior to the date specified in Section 2(a)(ii) or Section
2(g)(ii), respectively, (iii) the Exchange Offer is not completed prior to the
date specified in Section 2(a)(iv), or (iv) the Shelf Registration Statement, if
required hereby, has been declared effective and thereafter either ceases to be
effective or the Prospectus contained therein ceases to be usable at any time
during the Shelf Effectiveness Period, and such failure to remain effective or
usable exists for more than 30 days (whether or not consecutive) in any 12-month
period, then the Company shall pay additional interest to each Holder of the
Securities equal to 0.25% per annum upon the occurrence of each Registration
Default which amount shall increase by an additional 0.25% per annum for each
subsequent 90-day period that a Registration Default remains uncured; however,
in no event shall the rate of additional interest exceed .50% per annum
("ADDITIONAL INTEREST"). Such Additional Interest will accrue only for those
days that a Registration Default occurs and is continuing. All accrued
Additional Interest will be paid to the Holders of the Securities in the same
manner as interest payments on the Securities, with payments being made on the
interest payment dates for the Securities. Following the cure of all
Registration Defaults, no more Additional Interest will accrue.

      (l) Without limiting the remedies available to the Initial Purchasers and
the Holders, the Company acknowledge that any failure by the Company to comply
with its obligations under Section 2(a)-(h) hereof may result in material
irreparable injury to the Initial Purchasers or the Holders for which there is
no adequate remedy at law, that it will not be possible to measure damages for
such injuries precisely and that, in the event of any such failure, the Initial
Purchasers or any Holder may obtain such relief as may be required to
specifically enforce the Company's obligations under Section 2(a)-(h) hereof.

      3. Registration Procedures. (a) In connection with its obligations
pursuant to Section 2(a)-(h) hereof, the Company shall as expeditiously as
possible:

      (i) prepare and file with the SEC a Registration Statement on the
appropriate form under the Securities Act, which form (x) shall be selected by
the Company, (y)

                                       8
<PAGE>

shall, in the case of a Shelf Registration, be available for the sale of the
Registrable Securities by the Holders thereof and (z) shall comply as to form in
all material respects with the requirements of the applicable form and include
all financial statements required by the SEC to be filed therewith; and use its
reasonable best efforts to cause such Registration Statement to become effective
and remain effective for the applicable period in accordance with Section 2
hereof;

      (ii) prepare and file with the SEC such amendments and post-effective
amendments to each Registration Statement as may be necessary to keep such
Registration Statement effective for the applicable period in accordance with
Section 2 hereof and cause each Prospectus to be supplemented by any required
prospectus supplement and, as so supplemented, to be filed pursuant to Rule 424
under the Securities Act; and keep each Prospectus current during the period
described in Section 4(3) of and Rule 174 under the Securities Act that is
applicable to transactions by brokers or dealers with respect to the Registrable
Securities or Exchange Securities;

      (iii) in the case of a Shelf Registration, furnish to each Holder of
Registrable Securities that are covered by the Shelf Registration Statement, to
counsel for the Initial Purchasers, to counsel for such Holders and to each
Underwriter of an Underwritten Offering of Registrable Securities, if any,
without charge, as many copies of each Prospectus, including each preliminary
Prospectus, and any amendment or supplement thereto, in order to facilitate the
sale or other disposition of the Registrable Securities thereunder; and the
Company consents to the use of such Prospectus and any amendment or supplement
thereto in accordance with applicable law by each of the Holders of Registrable
Securities and any such Underwriters in connection with the offering and sale of
the Registrable Securities covered by and in the manner described in such
Prospectus or any amendment or supplement thereto in accordance with applicable
law;

      (iv) use its reasonable best efforts to register or qualify the
Registrable Securities under all applicable state securities or blue sky laws of
such jurisdictions as any Holder of Registrable Securities covered by a
Registration Statement shall reasonably request in writing by the time the
applicable Registration Statement is declared effective by the SEC; cooperate
with such Holders in connection with any filings required to be made with the
National Association of Securities Dealers, Inc.; and do any and all other acts
and things that may be reasonably necessary or advisable to enable each Holder
to complete the disposition in each such jurisdiction of the Registrable
Securities owned by such Holder; provided that the Company shall not be required
to (1) qualify as a foreign corporation or other entity or as a dealer in
securities in any such jurisdiction where it would not otherwise be required to
so qualify, (2) file any general consent to service of process in any such
jurisdiction or (3) subject itself to taxation in any such jurisdiction if it is
not so subject;

      (v) in the case of a Shelf Registration, notify each Holder of Registrable
Securities that are covered by the Shelf Registration Statement, counsel for
such Holders and counsel for the Initial Purchasers promptly and, if requested
by any such Holder or counsel, confirm such advice in writing (1) when a
Registration Statement has become

                                       9
<PAGE>

effective and when any post-effective amendment thereto has been filed and
becomes effective, (2) of any request by the SEC or any state securities
authority for amendments and supplements to a Registration Statement and
Prospectus or for additional information after the Registration Statement has
become effective, (3) of the issuance by the SEC or any state securities
authority of any stop order suspending the effectiveness of a Registration
Statement or the initiation of any proceedings for that purpose, (4) if, between
the effective date of a Registration Statement and the closing of any sale of
Registrable Securities covered thereby, the representations and warranties of
the Company contained in any underwriting agreement, securities sales agreement
or other similar agreement, if any, relating to an offering of such Registrable
Securities cease to be true and correct in all material respects or if the
Company receives any notification with respect to the suspension of the
qualification of the Registrable Securities for sale in any jurisdiction or the
initiation of any proceeding for such purpose, (5) of the happening of any event
during the period a Shelf Registration Statement is effective that makes any
statement made in such Registration Statement or the related Prospectus untrue
in any material respect or that requires the making of any changes in such
Registration Statement or Prospectus in order to make the statements therein not
misleading and (6) of any determination by the Company that a post-effective
amendment to a Registration Statement would be appropriate;

      (vi) use its reasonable best efforts to obtain the withdrawal of any order
suspending the effectiveness of a Registration Statement at the earliest
possible moment and provide immediate notice to each Holder of the withdrawal of
any such order;

      (vii) in the case of a Shelf Registration, furnish to each Holder of
Registrable Securities, without charge, at least one conformed copy of each
Registration Statement and any post-effective amendment thereto (without any
documents incorporated therein by reference or exhibits thereto, unless
requested);

      (viii) in the case of a Shelf Registration, cooperate with the Holders of
Registrable Securities to facilitate the timely preparation and delivery of
certificates representing Registrable Securities to be sold and not bearing any
restrictive legends and enable such Registrable Securities to be issued in such
denominations and registered in such names (consistent with the provisions of
the Indenture) as such Holders may reasonably request at least one Business Day
prior to the closing of any sale of Registrable Securities;

      (ix) in the case of a Shelf Registration, upon the occurrence of any event
contemplated by Section 3(a)(v)(5) hereof, use its reasonable best efforts to
prepare and file with the SEC a supplement or post-effective amendment to such
Shelf Registration Statement or the related Prospectus or any document
incorporated therein by reference or file any other required document so that,
as thereafter delivered to purchasers of the Registrable Securities, such
Prospectus will not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements therein, in the light of
the circumstances under which they were made, not misleading; and the Company
shall notify the Holders of Registrable Securities to suspend use of the

                                       10
<PAGE>

Prospectus as promptly as practicable after the occurrence of such an event, and
such Holders hereby agree to suspend use of the Prospectus until the Company has
amended or supplemented the Prospectus to correct such misstatement or omission;

      (x) a reasonable time prior to the filing of any Registration Statement,
any Prospectus, any amendment to a Registration Statement or amendment or
supplement to a Prospectus or of any document that is to be incorporated by
reference into a Registration Statement or a Prospectus after initial filing of
a Registration Statement, provide copies of such document to the Initial
Purchasers and their counsel (and, in the case of a Shelf Registration
Statement, to the Holders of Registrable Securities and their counsel) and make
such of the representatives of the Company as shall be reasonably requested by
the Initial Purchasers or their counsel (and, in the case of a Shelf
Registration Statement, the Holders of Registrable Securities or their counsel)
available for discussion of such document; and the Company shall not, at any
time after initial filing of a Registration Statement, file any Prospectus, any
amendment of or supplement to a Registration Statement or a Prospectus, or any
document that is to be incorporated by reference into a Registration Statement
or a Prospectus, of which the Initial Purchasers and their counsel (and, in the
case of a Shelf Registration Statement, the Holders of Registrable Securities
and their counsel) shall not have previously been advised and furnished a copy
or to which the Initial Purchasers or their counsel (and, in the case of a Shelf
Registration Statement, the Holders of Registrable Securities or their counsel)
shall reasonably object;

      (xi) obtain a CUSIP number for all Exchange Securities or Registrable
Securities, as the case may be, not later than the effective date of a
Registration Statement;

      (xii) cause the Indenture to be qualified under the Trust Indenture Act in
connection with the registration of the Exchange Securities or Registrable
Securities, as the case may be; cooperate with the Trustee and the Holders to
effect such changes to the Indenture as may be required for the Indenture to be
so qualified in accordance with the terms of the Trust Indenture Act; and
execute, and use its reasonable best efforts to cause the Trustee to execute,
all documents as may be required to effect such changes and all other forms and
documents required to be filed with the SEC to enable the Indenture to be so
qualified in a timely manner;

      (xiii) in the case of a Shelf Registration, make available for inspection
by a representative of the Holders of the Registrable Securities (an
"INSPECTOR"), any Underwriter participating in any disposition pursuant to such
Shelf Registration Statement, any attorneys and accountants designated by the
Holders of Registrable Securities and any attorneys and accountants designated
by such Underwriter, at reasonable times and in a reasonable manner, all
pertinent financial and other records, documents and properties of the Company,
and cause the respective officers, directors and employees of the Company to
supply all information reasonably requested by any such Inspector, Underwriter,
attorney or accountant in connection with a Shelf Registration Statement;
provided that if any such information is identified by the Company as being
confidential or proprietary, each Person receiving such information

                                       11
<PAGE>

shall take such actions as are reasonably necessary to protect the
confidentiality of such information to the extent such action is otherwise not
inconsistent with, an impairment of or in derogation of the rights and interests
of any Inspector, Holder or Underwriter);

      (xiv) in the case of a Shelf Registration, use its reasonable best efforts
to cause all Registrable Securities to be listed on any securities exchange or
any automated quotation system on which similar securities issued or guaranteed
by the Company are then listed if requested by the Majority Holders, to the
extent such Registrable Securities satisfy applicable listing requirements;

      (xv) if reasonably requested by any Holder of Registrable Securities
covered by a Shelf Registration Statement, promptly include in a Prospectus
supplement or post-effective amendment such information with respect to such
Holder as such Holder reasonably requests to be included therein and make all
required filings of such Prospectus supplement or such post-effective amendment
as soon as the Company has received notification of the matters to be so
included in such filing; and

      (xvi) in the case of a Shelf Registration, enter into such customary
agreements and take all such other actions in connection therewith (including
those requested by the Holders of a majority in principal amount of the
Registrable Securities being sold) in order to expedite or facilitate the
disposition of such Registrable Securities including, but not limited to, an
Underwritten Offering and in such connection, (1) to the extent possible, make
such representations and warranties to the Holders and any Underwriters of such
Registrable Securities with respect to the business of the Company and its
subsidiaries and the Registration Statement, Prospectus and documents
incorporated by reference or deemed incorporated by reference, if any, in each
case, in form, substance and scope as are customarily made by issuers to
underwriters in underwritten offerings and confirm the same if and when
requested, (2) obtain opinions of counsel to the Company (which counsel and
opinions, in form, scope and substance, shall be reasonably satisfactory to the
Holders and such Underwriters and their respective counsel) addressed to each
selling Holder and Underwriter of Registrable Securities, covering the matters
customarily covered in opinions requested in underwritten offerings, (3) obtain
"comfort" letters from the independent registered public accountants of the
Company (and, if necessary, any other independent registered public accountant
of any subsidiary of the Company, or of any business acquired by the Company for
which financial statements and financial data are or are required to be included
in the Registration Statement) addressed to each selling Holder and Underwriter
of Registrable Securities, such letters to be in customary form and covering
matters of the type customarily covered in "comfort" letters in connection with
underwritten offerings and (4) deliver such documents and certificates as may be
reasonably requested by the Holders of a majority in principal amount of the
Registrable Securities being sold or the Underwriters, and which are customarily
delivered in underwritten offerings, to evidence the continued validity of the
representations and warranties of the Company made pursuant to clause (1) above
and to evidence compliance with any customary conditions contained in an
underwriting agreement.

                                       12
<PAGE>

      (b) In the case of a Shelf Registration Statement, the Company may require
each Holder of Registrable Securities to furnish to the Company such information
regarding such Holder and the proposed disposition by such Holder of such
Registrable Securities as the Company may from time to time reasonably request
in writing.

      (c) In the case of a Shelf Registration Statement, each Holder of
Registrable Securities agrees that, upon receipt of any notice from the Company
of the happening of any material pending corporate development or other similar
event, such Holder will forthwith discontinue disposition of Registrable
Securities pursuant to the Shelf Registration Statement for one or more periods
not to exceed 90 days in any twelve-month period, and if so directed by the
Company, such Holder will deliver to the Company all copies in its possession,
other than permanent file copies then in such Holder's possession, of the
Prospectus covering such Registrable Securities that is current at the time of
receipt of such notice.

      (d) If the Company shall give any notice pursuant to Section 3(c) hereof
to suspend the disposition of Registrable Securities pursuant to a Shelf
Registration Statement, the Company shall extend the period during which such
Shelf Registration Statement shall be maintained effective pursuant to this
Agreement by the number of days during the period from and including the date of
the giving of such notice to and including the date when such dispositions
resume.

      (e) The Holders of Registrable Securities covered by a Shelf Registration
Statement who desire to do so may sell such Registrable Securities in an
Underwritten Offering. In any such Underwritten Offering, the investment bank or
investment banks and manager or managers (each an "UNDERWRITER") that will
administer the offering will be selected by the Holders of a majority in
principal amount of the Registrable Securities included in such offering and
shall be reasonably satisfactory to the Company.

      4. Participation of Broker-Dealers in Exchange Offer. (a) The Staff has
taken the position that any broker-dealer that receives Exchange Securities for
its own account in the Exchange Offer in exchange for Securities that were
acquired by such broker-dealer as a result of market-making or other trading
activities (a "PARTICIPATING BROKER-DEALER") may be deemed to be an
"underwriter" within the meaning of the Securities Act and must deliver a
prospectus meeting the requirements of the Securities Act in connection with any
resale of such Exchange Securities.

      The Company understands that it is the Staff's position that if the
Prospectus contained in the Exchange Offer Registration Statement includes a
plan of distribution containing a statement to the above effect and the means by
which Participating Broker-Dealers may resell the Exchange Securities, without
naming the Participating Broker-Dealers or specifying the amount of Exchange
Securities owned by them, such Prospectus may be delivered by Participating
Broker-Dealers to satisfy their prospectus delivery obligation under the
Securities Act in connection with resales of Exchange Securities for their own
accounts, so long as the Prospectus otherwise meets the requirements of the
Securities Act.

                                       13
<PAGE>

      (b) In light of the above, and notwithstanding the other provisions of
this Agreement, the Company agrees to amend or supplement the Prospectus
contained in the Exchange Offer Registration Statement for a period of up to 180
days after the last Exchange Date (as such period may be extended pursuant to
Section 3(d) of this Agreement), if requested by the Initial Purchasers or by
one or more Participating Broker-Dealers, in order to expedite or facilitate the
disposition of any Exchange Securities by Participating Broker-Dealers
consistent with the positions of the Staff recited in Section 4(a) above. The
Company further agrees that Participating Broker-Dealers shall be authorized to
deliver such Prospectus during such period in connection with the resales
contemplated by this Section 4.

      (c) The Initial Purchasers shall have no liability to the Company or any
Holder with respect to any request that they may make pursuant to Section 4(b)
above.

      5. Indemnification and Contribution. (a) The Company agrees to indemnify
and hold harmless each Initial Purchaser and each Holder, their respective
affiliates, directors and officers and each Person, if any, who controls any
Initial Purchaser or any Holder within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act, from and against any and all
losses, claims, damages and liabilities (including, without limitation,
reasonable legal fees and other expenses incurred in connection with any suit,
action or proceeding or any claim asserted, as such fees and expenses are
incurred), that arise out of, or are based upon, any untrue statement or alleged
untrue statement of a material fact contained in any Registration Statement or
any Prospectus or any omission or alleged omission to state therein a material
fact required to be stated therein or necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not
misleading, except insofar as such losses, claims, damages or liabilities arise
out of, or are based upon, any untrue statement or omission or alleged untrue
statement or omission made in reliance upon and in conformity with any
information relating to any Initial Purchaser or information relating to any
Holder furnished to the Company in writing through any Initial Purchaser or any
selling Holder expressly for use therein. In connection with any Underwritten
Offering permitted by Section 3, the Company will also indemnify the
Underwriters, if any, selling brokers, dealers and similar securities industry
professionals participating in the distribution, their respective affiliates and
each Person who controls such Persons (within the meaning of the Securities Act
and the Exchange Act) to the same extent as provided above with respect to the
indemnification of the Holders, if requested in connection with any Registration
Statement.

      (b) Each Holder agrees, severally and not jointly, to indemnify and hold
harmless the Company, the Initial Purchasers and the other selling Holders, the
directors of the Company, each officer of the Company who signed the
Registration Statement and each Person, if any, who controls the Company, any
Initial Purchaser and any other selling Holder within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act to the same extent as
the indemnity set forth in paragraph (a) above, but only with respect to any
losses, claims, damages or liabilities that arise out of, or are

                                       14
<PAGE>

based upon, any untrue statement or omission or alleged untrue statement or
omission made in reliance upon and in conformity with any information relating
to such Holder furnished to the Company in writing by such Holder expressly for
use in any Registration Statement and any Prospectus.

      (c) If any suit, action, proceeding (including any governmental or
regulatory investigation), claim or demand shall be brought or asserted against
any Person in respect of which indemnification may be sought pursuant to either
paragraph (a) or (b) above, such Person (the "INDEMNIFIED PERSON") shall
promptly notify the Person against whom such indemnification may be sought (the
"INDEMNIFYING PERSON") in writing; provided that the failure to notify the
Indemnifying Person shall not relieve it from any liability that it may have
under this Section 5 except to the extent that it has been materially prejudiced
(through the forfeiture of substantive rights or defenses) by such failure; and
provided, further, that the failure to notify the Indemnifying Person shall not
relieve it from any liability that it may have to an Indemnified Person
otherwise than under this Section 5. If any such proceeding shall be brought or
asserted against an Indemnified Person and it shall have notified the
Indemnifying Person thereof, the Indemnifying Person shall retain counsel
reasonably satisfactory to the Indemnified Person to represent the Indemnified
Person and any others entitled to indemnification pursuant to this Section 5
that the Indemnifying Person may designate in such proceeding and shall pay the
reasonable fees and expenses of such counsel related to such proceeding, as
incurred. In any such proceeding, any Indemnified Person shall have the right to
retain its own counsel, but the fees and expenses of such counsel shall be at
the expense of such Indemnified Person unless (i) the Indemnifying Person and
the Indemnified Person shall have mutually agreed to the contrary; (ii) the
Indemnifying Person has failed within a reasonable time to retain counsel
reasonably satisfactory to the Indemnified Person; (iii) the Indemnified Person
shall have reasonably concluded that there may be legal defenses available to it
that are different from or in addition to those available to the Indemnifying
Person; or (iv) the named parties in any such proceeding (including any
impleaded parties) include both the Indemnifying Person and the Indemnified
Person and representation of both parties by the same counsel would be
inappropriate due to actual or potential differing interests between them. It is
understood and agreed that the Indemnifying Person shall not, in connection with
any proceeding or related proceeding in the same jurisdiction, be liable for the
fees and expenses of more than one separate firm (in addition to any local
counsel) for all Indemnified Persons, and that all such reasonable fees and
expenses shall be reimbursed as they are incurred. Any such separate firm (x)
for any Initial Purchaser, its affiliates, directors and officers and any
control Persons of such Initial Purchaser shall be designated in writing by the
Initial Purchasers, (y) for any Holder, its directors and officers and any
control Persons of such Holder shall be designated in writing by the Majority
Holders and (z) in all other cases shall be designated in writing by the
Company. The Indemnifying Person shall not be liable for any settlement of any
proceeding effected without its written consent, but if settled with such
consent or if there be a final judgment for the plaintiff, the Indemnifying
Person agrees to indemnify each Indemnified Person from and against any loss or
liability by reason of such settlement or judgment. Notwithstanding the
foregoing sentence, if at any time an Indemnified Person shall have requested
that an Indemnifying Person reimburse the Indemnified Person for fees

                                       15
<PAGE>

and expenses of counsel as contemplated by this paragraph, the Indemnifying
Person shall be liable for any settlement of any proceeding effected without its
written consent if (i) such settlement is entered into more than 60 business
days after receipt by such Indemnifying Person of the aforesaid request, (ii)
the Indemnifying Person shall not have reimbursed the Indemnified Person in
accordance with such request prior to the date of such settlement and (iii) such
Indemnified Person shall have given the Indemnifying Person at least 30 days'
prior written notice of its intention to settle. No Indemnifying Person shall,
without the written consent of the Indemnified Person, effect any settlement of
any pending or threatened proceeding in respect of which any Indemnified Person
is or could have been a party and indemnification could have been sought
hereunder by such Indemnified Person, unless such settlement (A) includes an
unconditional release of such Indemnified Person, in form and substance
reasonably satisfactory to such Indemnified Person, from all liability on claims
that are the subject matter of such proceeding and (B) does not include any
statement as to or any admission of fault, culpability or a failure to act by or
on behalf of any Indemnified Person.

      (d) If the indemnification provided for in paragraphs (a) and (b) above is
unavailable to an Indemnified Person or insufficient in respect of any losses,
claims, damages or liabilities referred to therein, then each Indemnifying
Person under such paragraph, in lieu of indemnifying such Indemnified Person
thereunder, shall contribute to the amount paid or payable by such Indemnified
Person as a result of such losses, claims, damages or liabilities (i) in such
proportion as is appropriate to reflect the relative benefits received by the
Company from the offering of the Securities and the Exchange Securities, on the
one hand, and by the Holders from receiving Securities or Exchange Securities
registered under the Securities Act, on the other hand, or (ii) if the
allocation provided by clause (i) is not permitted by applicable law, in such
proportion as is appropriate to reflect not only the relative benefits referred
to in clause (i) but also the relative fault of the Company on the one hand and
the Holders on the other in connection with the statements or omissions that
resulted in such losses, claims, damages or liabilities, as well as any other
relevant equitable considerations. The relative fault of the Company on the one
hand and the Holders on the other shall be determined by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact
or the omission or alleged omission to state a material fact relates to
information supplied by the Company or by the Holders and the parties' relative
intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission.

      (e) The Company and the Holders agree that it would not be just and
equitable if contribution pursuant to this Section 5 were determined by pro rata
allocation (even if the Holders were treated as one entity for such purpose) or
by any other method of allocation that does not take account of the equitable
considerations referred to in paragraph (d) above. The amount paid or payable by
an Indemnified Person as a result of the losses, claims, damages and liabilities
referred to in paragraph (d) above shall be deemed to include, subject to the
limitations set forth above, any legal or other expenses reasonably incurred by
such Indemnified Person in connection with any such action or claim.
Notwithstanding the provisions of this Section 5, in no event shall a Holder be
required to contribute any amount in excess of the amount by which the total
price at

                                       16
<PAGE>

which the Securities or Exchange Securities sold by such Holder exceeds the
amount of any damages that such Holder has otherwise been required to pay by
reason of such untrue or alleged untrue statement or omission or alleged
omission. No Person guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the Securities Act) shall be entitled to contribution from
any Person who was not guilty of such fraudulent misrepresentation.

      (f) The remedies provided for in this Section 5 are not exclusive and
shall not limit any rights or remedies that may otherwise be available to any
Indemnified Person at law or in equity.

      (g) The indemnity and contribution provisions contained in this Section 5
shall remain operative and in full force and effect regardless of (i) any
termination of this Agreement, (ii) any investigation made by or on behalf of
the Initial Purchasers or any Holder or any Person controlling any Initial
Purchaser or any Holder, or by or on behalf of the Company or the officers or
directors of or any Person controlling the Company, (iii) acceptance of any of
the Exchange Securities and (iv) any sale of Registrable Securities pursuant to
a Shelf Registration Statement.

      6. General.

      (a) No Inconsistent Agreements. The Company represents, warrants and
agrees that (i) the rights granted to the Holders hereunder do not in any way
conflict with and are not inconsistent with the rights granted to the holders of
any other outstanding securities issued or guaranteed by the Company under any
other agreement and (ii) the Company has not entered into, or on or after the
date of this Agreement will enter into, any agreement that is inconsistent with
the rights granted to the Holders of Registrable Securities in this Agreement or
otherwise conflicts with the provisions hereof.

      (b) Amendments and Waivers. The provisions of this Agreement, including
the provisions of this sentence, may not be amended, modified or supplemented,
and waivers or consents to departures from the provisions hereof may not be
given unless the Company has obtained the written consent of Holders of at least
a majority in aggregate principal amount of the outstanding Registrable
Securities affected by such amendment, modification, supplement, waiver or
consent; provided that no amendment, modification, supplement, waiver or consent
to any departure from the provisions of Section 5 hereof shall be effective as
against any Holder of Registrable Securities unless consented to in writing by
such Holder. Any amendments, modifications, supplements, waivers or consents
pursuant to this Section 6(b) shall be by a writing executed by each of the
parties hereto.

      (c) Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand-delivery, registered
first-class mail, telex, telecopier, or any courier guaranteeing overnight
delivery (i) if to a Holder, at the most current address given by such Holder to
the Company by means of a notice given in accordance with the provisions of this
Section 6(c), which address initially is, with

                                       17
<PAGE>

respect to the Initial Purchasers, the address set forth in the Purchase
Agreement; (ii) if to the Company, initially at the Company's address set forth
in the Purchase Agreement and thereafter at such other address, notice of which
is given in accordance with the provisions of this Section 6(c); and (iii) to
such other persons at their respective addresses as provided in the Purchase
Agreement and thereafter at such other address, notice of which is given in
accordance with the provisions of this Section 6(c). All such notices and
communications shall be deemed to have been duly given: at the time delivered by
hand, if personally delivered; five Business Days after being deposited in the
mail, postage prepaid, if mailed; when answered back, if telexed; when receipt
is acknowledged, if telecopied; and on the next Business Day if timely delivered
to an air courier guaranteeing overnight delivery. Copies of all such notices,
demands or other communications shall be concurrently delivered by the Person
giving the same to the Trustee, at the address specified in the Indenture.

      (d) Successors and Assigns. This Agreement shall inure to the benefit of
and be binding upon the successors, assigns and transferees of each of the
parties, including, without limitation and without the need for an express
assignment, subsequent Holders; provided that nothing herein shall be deemed to
permit any assignment, transfer or other disposition of Registrable Securities
in violation of the terms of the Purchase Agreement or the Indenture. If any
transferee of any Holder shall acquire Registrable Securities in any manner,
whether by operation of law or otherwise, such Registrable Securities shall be
held subject to all the terms of this Agreement, and by taking and holding such
Registrable Securities such Person shall be conclusively deemed to have agreed
to be bound by and to perform all of the terms and provisions of this Agreement
and such Person shall be entitled to receive the benefits hereof. The Initial
Purchasers (in their capacity as Initial Purchasers) shall have no liability or
obligation to the Company with respect to any failure by a Holder to comply
with, or any breach by any Holder of, any of the obligations of such Holder
under this Agreement.

      (e) Third Party Beneficiaries. Each Holder shall be a third party
beneficiary to the agreements made hereunder between the Company, on the one
hand, and the Initial Purchasers, on the other hand, and shall have the right to
enforce such agreements directly to the extent it deems such enforcement
necessary or advisable to protect its rights or the rights of other Holders
hereunder.

      (f) Counterparts. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

      (g) Headings. The headings in this Agreement are for convenience of
reference only, are not a part of this Agreement and shall not limit or
otherwise affect the meaning hereof.

                                       18
<PAGE>

      (h) Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York, without regard to the
conflicts of laws rules of such state.

      (j) Miscellaneous. This Agreement contains the entire agreement between
the parties relating to the subject matter hereof and supersedes all oral
statements and prior writings with respect thereto. If any term, provision,
covenant or restriction contained in this Agreement is held by a court of
competent jurisdiction to be invalid, void or unenforceable or against public
policy, the remainder of the terms, provisions, covenants and restrictions
contained herein shall remain in full force and effect and shall in no way be
affected, impaired or invalidated. The Company and the Initial Purchasers shall
endeavor in good faith negotiations to replace the invalid, void or
unenforceable provisions with valid provisions the economic effect of which
comes as close as possible to that of the invalid, void or unenforceable
provisions.

                                       19
<PAGE>

      IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first written above.

                                   CINCINNATI FINANCIAL CORPORATION

                                   By: /s/ Kenneth W. Stecher
                                       -----------------------------------------
                                       Name: Kenneth W. Stecher
                                       Title: Treasurer

Accepted as of the date  hereof

J.P. Morgan Securities Inc.
UBS Securities LLC

Acting severally on behalf of themselves and the
      several Initial Purchasers referred to herein

By: UBS Securities LLC

By: /s/ William J. Woolfrey
    ------------------------------------------
    Name: William J. Woolfrey
    Title: Executive Director
           Debt Capital Markets

By: /s/ Joseph Moore
    ------------------------------------------
    Name: Joseph Moore
    Title: Director
           Debt Capital Markets

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00073-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00073-of-00352.parquet"}]]