Cincinnati Financial Corporation

2009 Second-quarter Letter to Shareholders

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Colorado Agency Appointed

Colorado Agency Appointed to Represent The Cincinnati Insurance Company

Cincinnati, June 1, 2009 — Cincinnati Financial Corporation (Nasdaq: CINF) today announced that its lead property casualty insurance subsidiary, The Cincinnati Insurance Company, appointed Moody Insurance Agency in Denver, Colorado, as the first independent agency in that state to market its business insurance policies and services. Cincinnati Insurance executives initiated the relationship at the company’s headquarters, welcoming agency representatives Brad Moody, CPCU, president, and Kim Burkhardt, CPCU, ARM, director of sales development. This marks the 36th state of operation for the insurer.

As previously announced, the company plans to enter its 37th state, Wyoming, later this year.

President and CEO, Kenneth W. Stecher said, “We’ve had our eye on Colorado for several years. Operating within its stable regulatory and business climate, we see Colorado as an opportunity to support our goal of growth and diversify our geographic footprint, mitigating catastrophe losses. Opening Colorado and Wyoming adds to our now sizeable presence in the western states – entering Texas in 2008, New Mexico and eastern Washington in 2007, Utah in 2000, Idaho in 1999 and Montana in 1998. We entered Arizona in 1971.”

Stecher continued, “In 2009, we are targeting 65 appointments of independent agencies writing an aggregate $1 billion in property casualty premiums annually with all carriers they represent. This target includes appointments in our current states and approximately eight more appointments we anticipate making in Colorado and Wyoming this year.”

Executive Vice President J.F. Scherer commented, “Agents in Colorado and Wyoming tell us they are eager to bring their commercial clients Cincinnati’s industry-leading claims service, broad coverages, highly competitive multi- year policies and solid financial strength. To provide agents with local support, our experienced field marketing representatives Lee Sanders, CIC, and Michelle Gregov, CPCU, CIC, are relocating to the Denver area. They will meet with additional agencies to find those that best fit the Cincinnati Insurance mission and will work hard to get those agents up and running quickly to deliver our steady underwriting approach to the businesses of Colorado.”

“With a healthy premium-to-surplus ratio, we have both the capacity and desire to grow with our superior, independent agency force in our current markets and in these new areas,” Scherer concluded.




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