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Cincinnati Financial

Cincinnati Financial. C O R P O R A T I O N. Sandler O'Neill & Partners, L.P. Financial Services Conference June 8, 2006. Cincinnati Financial. C O R P O R A T I O N.

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Cincinnati Financial

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  1. Cincinnati Financial C O R P O R A T I O N Sandler O'Neill & Partners, L.P. Financial Services Conference June 8, 2006

  2. Cincinnati Financial C O R P O R A T I O N Jack Schiff, Jr., CPCU, chairman, chief executive officer Ken Stecher, chief financial officer, executive vice president J.F. Scherer, senior vice president – Sales & Marketing Marty Hollenbeck, CFA, vice president – Investments Heather Wietzel, vice president – Investor Relations

  3. Nasdaq: CINF • Today’s presentation contains forward-looking statements that involve risks and uncertainties. Please refer to our various filings with the Securities and Exchange Commission for factors that could cause results to materially differ from those discussed. • The forward-looking information in this presentation has been publicly disclosed, most recently on June 6, 2006, and should be considered to be effective only as of that date. Its inclusion in this document is not intended to be an update or reaffirmation of the forward-looking information as of any later date. • Reconciliations of non-GAAP and non-statutory data are available at www.cinfin.com.

  4. Headquarters(no branches) Property CasualtyField Territories Regional Property Casualty Insurer • Market capitalization of $8.1 billion • 22nd largest publicly traded U.S. property casualty insurer based on revenues • Serving select group of agencies in 32 states • Market for 75% of agency’s typical risks • Well capitalized and highly rated with A.M. Best rating of A++

  5. Distinguishing Cincinnati • Cultivate relationships with independent agents • Making decisions at the local level • Achieve claims excellence • Responding to reported claims • Reserving for not-yet-paid claims • Invest for long-term total-return • Covering insurance liabilities by purchasing fixed-maturity securities • Using available cash to purchase equity securities

  6. Record Results in 2005 * See the Financials & Analysis tab of the Investors page of www.cinfin.com for non-GAAP and non-statutory reconciliation information.

  7. Positive 2006 Outlook • Strong full-year insurance performance, targeting: • Written premium growth flat to up slightly • GAAP combined ratio of 92% to 94% • Catastrophe losses in 4% to 4.5% range • Investment income growth at high end of 6.5% to 7.0% range • Option expensing

  8. Enhancing Return to Shareholders Total Return Analysis December 31 totals • Focus on total return – appreciation plus dividends plus share repurchase • 1.85 million shares repurchased in first-quarter 2006 • 11.8% 10-year compound growth of paid dividends (1995-2005) • 9.8% increase in 2006 indicated annual cash dividend rate • 46th consecutive annual cash dividend increase

  9. Cincinnati Financial C O R P O R A T I O N Jack Schiff, Jr., CPCU, chairman, chief executive officer Ken Stecher, chief financial officer, executive vice president J.F. Scherer, senior vice president – Sales & Marketing Marty Hollenbeck, CFA, vice president – Investments Heather Wietzel, vice president – Investor Relations

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