Steven J. Johnston
Executive Chairman

Good morning, and welcome friends. I'm Steve Johnston, Chairman of Cincinnati Financial Corporation, and it's an honor to be with you at our Annual Meeting of Shareholders. I would like to formally call the meeting to order.

Our meeting today will follow the agenda set forth in the company's notice of annual meeting. During the meeting, discussion will follow the presentation of each item of business. At that time, comments and questions must relate to the item of business being presented. At the end of the meeting, there will be a general question-and-answer session where we welcome questions provided they relate to the business of the company. If you wish to speak during the general Q&A session, proceed to the microphone, once the floor is open, for questions and wait to be recognized.

Once recognized, please state your name, and if you are a representative of a shareholder, the name of the shareholder you represent. Please keep your questions and comments concise and limited to an appropriate topic and be seated to hear the response. Keep in mind that we will not answer questions that are specifically related to pending or threatened litigation, pertaining to personal grievances or individual concerns or deemed out of order or not suitable by the Corporate Secretary.

At this time, if any shareholder wishes to turn in your proxy, please raise your hand and one of the inspectors of election will collect it. Also, any registered