Cincinnati Financial Corporation

2008 Second-quarter Letter to Shareholders

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Inside Cincinnati

Since our last Letter to Shareholders, these associates also merited promotions:

Jane Abney – Chief Underwriting Specialist Michael Allen – Programmer Kirsten Amspaugh – Senior Communications Analyst and Manager, Administration Mary Ashley – Senior Systems Analyst Dick Aten, CPCU, AIC, AIM – Associate Manager Debbie Athas – Claims Specialist Michele Baker, AIS – Underwriting Specialist Lynnette Beach, AU – Underwriting Superintendent Tony Betliskey – Storage Engineer Stephanie Borg – Underwriting Specialist Tiffany Brandabur, AIM, API – Underwriting Manager Shanda Breen, AIC – Senior Claims Specialist Doug Brockway, CPCU – Regional Director Marty Bruce, CPCU, AIM, ARe, ARM – Associate Territory Manager Bob Carey, Jr., AU – Underwriting Specialist Liz Carley – Superintendent, Headquarters Claims Mark Casey – Chief Underwriting Specialist Steven Catania – Network Systems Lead Danielle Chaney – Senior Programmer Analyst Robert Chasteen – PeopleSoft Group Manager Christopher Coffaro – State Agent Scott Courtney, CPCU, AIC, ARM – Senior Loss Control Consultant Kyle Crawford – Senior Diamond Support Analyst Scott Cupp, API – Senior Underwriter Adam Davis, AU – State Agent Dana Dawson, AIM – Underwriting Superintendent Evan Derr – Senior Underwriter Mike DeStazio, AIC – Regional Associate Manager, Casualty Claims David Dietz, AIC – Associate Superintendent Rebecca Duff – Senior Loss Control Consultant Rick Dugan, AIC – Regional Manager, Casualty Claims Sean Ernst – Senior Underwriter Hank Faglie, Jr., CPCU, AIC, AIM – Supervisor, Casualty Claims Greg Feistel – Field Claims Superintendent Joe Fisher, AIS – Chief Underwriting Specialist Bill Foltz, AIC – Senior Claims Representative Leslie Fredricks – Senior Diamond Support Analyst Tim Fritz – Senior Claims Representative Patricia Garbacik – Claims Specialist Laura Lee Gayfield, CPCU, ARM – Underwriting Specialist Joe Gilmer, CPCU, CIC – Regional Director Sharon Grubbs – Filings Specialist Mark Guanciale, CIC – Regional Director Chris Guibord, AIM – Chief Underwriting Specialist Kevin Hagedorn – Underwriting Superintendent Mike Hageman – Supervising Forensic Examiner Jason Hardesty – Accountant Lesley Harris, AIC – Claims Specialist Beth Hemmelgarn – Senior Systems Engineer Ted Hilgeman, CPCU, CPA – Manager, Corporate Accounting Richard Hill, AIC – Associate Superintendent Kerri Hinkel, AIM, API – Senior Web Content Analyst Al Hoeweler, Jr., CPCU – Chief Underwriting Specialist Mary Alice Hounshell, AIC – Senior Claims Specialist Robyn Jacobs – Director, Data Entry Bill Jansen – Field Audit Manager Timothy Johnson, AIC – Claims Specialist Dave Keller, AFSB – Bond Field Director Dennis Kennett – Senior Machinery & Equipment Representative Steve Kistner, AIC – Senior Claims Representative Ron Klimkowski, AIC, CIC – Field Supervisor, Sales & Marketing Brian Krieger – Senior Claims Specialist Mike Lane, CPCU, AIM, AIT, API – Senior Group Manager Robert Leist – Systems Engineer Nancy Liebowitz, CPCU, AU – Underwriting Superintendent LeAnna Mack – Business Analyst Melissa Madden – Systems Analyst

Bill Mallard – Senior Business Analyst Tim McCord, AIC – Senior Claims Representative Sean McKinley, CLU – Life Field Director Jennifer McKinney-Taylor, CPCU, AIC, AIM, API – Senior Claims Examiner Carrie McKitrick, CPCU, AIM, AIT – Underwriting Superintendent Brad McLaughlin – Underwriting Superintendent Brett Meadors – Underwriting Specialist Trisha Meece, API – Senior Underwriter Chris Mills, AIC – Senior Claims Representative Michael Mirizzi – Underwriting Specialist Holly Moorhead – Senior Personal Lines Marketing Representative Mark Morrow, CPCU, AIM – Regional Field Claims Manager Angie Mosher, AIC – Underwriting Specialist Daniel Muraski – Senior Group Manager Matt Murphy, AIC – Senior Claims Specialist Charlene Naylor, CPCU, AIM – Senior Support Manager Tom Nelson – Senior Life Regional Director Mike Noe – Senior Underwriting Specialist Jim Ogle, CPCU, AIC – Manager, Casualty Claims Nancy Olson, CPCU, AIC – Senior Claims Representative Tina Ostenkamp, AIC – Senior Claims Examiner Brian Rawlings, AIS, AU – Senior Underwriter Kathy Reuter – Manager, Central Files Julie Roudabush – Senior Underwriter Lisa Routh, CPCU, AIM – Senior Division Manager Holly Sanders, CPCU – Senior Underwriter Scott Sanderson, CPCU, AIC – Associate Manager Emily Sandlin – Senior Underwriter Elizabeth Schirm – Superintendent, Executive Risk Claims and Associate Manager, Claims Education Joe Schutte IV – Associate Programmer Stacee Shadd – Specialist, Quality Assurance & Standards Cathy Shell, SCLA – Senior Claims Representative Raymond Shields, Jr. – Claims Specialist Alok Sinhasan – Lead Senior Systems Engineer Denise Slatter – Senior Diamond Support Analyst Matthew Snyder – Unix Administrator Jeffrey Sousa – Underwriting Specialist Traci Stamper – Senior Systems Support Supervisor Mike Stecher – Senior Underwriter Julie Sullivan, AIC, SCLA – Superintendent, Headquarters Claims Brian Sunderman – Senior Underwriter Sheila Sundrla, AIC, AIM, SCLA – Senior Claims Representative Mike Swiadas – Senior Machinery & Equipment Specialist Kay Swisshelm – Superintendent, Central Files Mike Szczepanski – Chief Underwriting Specialist Mark Szuch, CPCU – Chief Underwriting Specialist Ron Tebbe, AIM, API – Underwriting Manager Mike Telarico, CPCU, API, AU, CIC – Regional Director Paul Thibault, ARM – Loss Control Field Director Mike Thomas, AIM – Supervisor, Workers' Compensation: Norcross Rajesh Thurairatnam – Senior Actuarial Analyst Denise Toth, CPCU, AIC – Senior Claims Representative Georgie VanWinkle – Project Manager Gayathri Vijayasarathy – Programmer Analyst Joe Vinson – Loss Control Field Director Paul Voda, AIC, AIM – Superintendent, Headquarters Claims Duane Wagenknecht, CPCU – Field Audit Superintendent Michael Wagonfield – Senior Programmer Analyst Troy Walters – Senior Machinery & Equipment Representative Sean Whalen, AIC – Senior Claims Specialist Kelli Williams – Underwriting Specialist Kevin Yuenger, CPCU, ChFC, CIC, CLU, LUTCF – Life Field Director Scott Zemberi, CPCU, AIM, ARe, AU – Underwriting Superintendent

Professional Development
Offering free education to our agents sets Cincinnati apart from our competition. In August, we revamped our Agent Learning Center so that agents can manage their staff development with ease. They can now appoint an agency training coordinator to see, track and assign training for all agency personnel. The coordinator can also create customized learning plans for individuals by searching our general categories or by assigning courses to meet the needs of those who work in more specific areas. Using a blend of online courses, classroom and Web events, agents can benefit from tailored training programs that meet the individual needs of new and established team members.

We encourage and reward associates who continue their professional insurance education, earning credentials by meeting high academic, ethical and length-of-experience standards. Congratulations to associates who completed a series of courses to earn the Chartered Property Casualty Underwriter (CPCU) designation: Scot Feldmeyer, James Kelso and Amy Stitzel.

The ABC Award recognizes exemplary productivity, service and quality in exceptional associates. The ABC Award committee recently granted the quarterly Above and Beyond the Call (ABC) award to Doug Helton, IT Claims/CSU Development Support; Robert Meyer, IT Infrastructure; and Lynn Stahr, IT Project & Request Management. Congratulations to these quarterly winners!

Financial Services
The company's three financial services subsidiaries continue to successfully leverage our insurance relationships and broaden our offerings. As of June, 30, 2008, CFC Investment Company, which offers equipment and vehicle leases and loans, reported 2,328 accounts representing $80 million in net receivables. CinFin Capital Management Company, which offers asset management services, reported $883 million under management in 56 accounts as of June 30, 2008. During the first six months of the year, The Cincinnati Specialty Underwriters Insurance Company and our wholly-owned brokerage, CSU Producer Resources Inc., have begun marketing excess and surplus lines insurance in 10 states and remain on track to market in the planned 33 of our 34 active states before year-end. Cincinnati Specialty Underwriters has added the property line of business in five states and will continue to introduce new lines of business throughout the remainder of the year, including miscellaneous professional and excess casualty. Availability of CSU's new offerings has enhanced your company's ability to write new standard market property casualty business, as we work with agents to round out accounts that require admitted and non-admitted market solutions.

This report contains forward-looking statements that involve potential risks and uncertainties. For factors that could cause results to differ materially from those discussed, please see the most recent edition of our safe harbor statement under the Private Securities Litigation Reform Act of 1995. To view or print the edition in effect as of this report's initial publication date, please view this document as a printable PDF.

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