8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report:  May 23, 2016 (Date of earliest event reported)
CINCINNATI FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Ohio	0-4604	31-0746871
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
6200 S. Gilmore Road, Fairfield, Ohio		45014-5141
(Address of principal executive offices)		(Zip Code)
Registrant’s telephone number, including area code:  (513) 870-2000
N/A (Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13a-4(c))

Item 7.01 Regulation FD Disclosure

On May 23, 2016, Cincinnati Financial Corporation posted presentation slides in PDF format on cinfin.com/investors that will be used in investor presentations beginning May 24, 2016. Exhibit 99.1 is a copy of the slides. The slides are being furnished pursuant to Item 7.01, and the information contained therein shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended or otherwise subject to the liabilities of that section. This report should not be deemed an admission as to the materiality of any information contained in the investor presentation slides.

Item 9.01 Financial Statements and Exhibits

(c) Exhibits

Exhibit 99.1 – Investor presentation slides

Safe Harbor Statement

This is our “Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995. Our business is subject to certain risks and uncertainties that may cause actual results to differ materially from those suggested by the forward-looking statements in this report. Some of those risks and uncertainties are discussed in our 2015 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 26.

Factors that could cause or contribute to such differences include, but are not limited to:

· Unusually high levels of catastrophe losses due to risk concentrations, changes in weather patterns, environmental events, terrorism incidents or other causes

· Increased frequency and/or severity of claims or development of claims that are unforeseen at the time of policy issuance

· Inadequate estimates, assumptions or reliance on third-party data used for critical accounting estimates

· Declines in overall stock market values negatively affecting the company’s equity portfolio and book value

· Domestic and global events resulting in capital market or credit market uncertainty, followed by prolonged periods of economic instability or recession, that lead to:

o Significant or prolonged decline in the fair value of a particular security or group of securities and impairment of the asset(s)

o Significant decline in investment income due to reduced or eliminated dividend payouts from a particular security or group of securities

o Significant rise in losses from surety and director and officer policies written for financial institutions or other insured entities

· Prolonged low interest rate environment or other factors that limit the company’s ability to generate growth in investment income or interest rate fluctuations that result in declining values of fixed-maturity investments, including declines in accounts in which we hold bank-owned life insurance contract assets

· Recession or other economic conditions resulting in lower demand for insurance products or increased payment delinquencies

· Difficulties with technology or data security breaches, including cyberattacks, that could negatively affect our ability to conduct business and our relationships with agents, policyholders and others

· Disruption of the insurance market caused by technology innovations such as driverless cars that could decrease consumer demand for insurance products

· Delays, inadequate data developed internally or from third parties, or performance inadequacies from ongoing development and implementation of underwriting and pricing methods, including telematics and other usage-based insurance methods, or technology projects and enhancements expected to increase our pricing accuracy, underwriting profit and competitiveness

· Increased competition that could result in a significant reduction in the company’s premium volume

· Changing consumer insurance-buying habits and consolidation of independent insurance agencies that could alter our competitive advantages

· Inability to obtain adequate ceded reinsurance on acceptable terms, amount of reinsurance coverage purchased, financial strength of reinsurers and the potential for nonpayment or delay in payment by reinsurers

· Inability to defer policy acquisition costs for any business segment if pricing and loss trends would lead management to conclude that segment could not achieve sustainable profitability

· Inability of our subsidiaries to pay dividends consistent with current or past levels

· Events or conditions that could weaken or harm the company’s relationships with its independent agencies and hamper opportunities to add new agencies, resulting in limitations on the company’s opportunities for growth, such as:

o Downgrades of the company’s financial strength ratings

o Concerns that doing business with the company is too difficult

o Perceptions that the company’s level of service, particularly claims service, is no longer a distinguishing characteristic in the marketplace

o Inability or unwillingness to nimbly develop and introduce coverage product updates and innovations that our competitors offer and consumers expect to find in the marketplace

· Actions of insurance departments, state attorneys general or other regulatory agencies, including a change to a federal system of regulation from a state-based system, that:

o Impose new obligations on us that increase our expenses or change the assumptions underlying our critical accounting estimates

o Place the insurance industry under greater regulatory scrutiny or result in new statutes, rules and regulations

o Restrict our ability to exit or reduce writings of unprofitable coverages or lines of business

o Add assessments for guaranty funds, other insurance-related assessments or mandatory reinsurance arrangements; or that impair our ability to recover such assessments through future surcharges or other rate changes

o Increase our provision for federal income taxes due to changes in tax law

o Increase our other expenses

o Limit our ability to set fair, adequate and reasonable rates

o Place us at a disadvantage in the marketplace

o Restrict our ability to execute our business model, including the way we compensate agents

· Adverse outcomes from litigation or administrative proceedings

· Events or actions, including unauthorized intentional circumvention of controls, that reduce the company’s future ability to maintain effective internal control over financial reporting under the Sarbanes-Oxley Act of 2002

· Unforeseen departure of certain executive officers or other key employees due to retirement, health or other causes that could interrupt progress toward important strategic goals or diminish the effectiveness of certain longstanding relationships with insurance agents and others

· Events, such as an epidemic, natural catastrophe or terrorism, that could hamper our ability to assemble our workforce at our headquarters location

Further, the company’s insurance businesses are subject to the effects of changing social, global, economic and regulatory environments. Public and regulatory initiatives have included efforts to adversely influence and restrict premium rates, restrict the ability to cancel policies, impose underwriting standards and expand overall regulation. The company also is subject to public and regulatory initiatives that can affect the market value for its common stock, such as measures affecting corporate financial reporting and governance. The ultimate changes and eventual effects, if any, of these initiatives are uncertain.

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	CINCINNATI FINANCIAL CORPORATION
Date:  May 23, 2016	/S/ Michael J. Sewell
	Michael J. Sewell, CPA
	Chief Financial Officer, Senior Vice President and Treasurer

EX-99.1

Exhibit 99.1

CINCINNATI FINANCIAL CORPORATION INVESTOR HANDOUT May 2016

NASDAQ : CINF This presentation contains forward - looking statements that involve risks and uncertainties. Please refer to our various filings with the U.S. 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 April 27, 2016, 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 measures are in our most recent quarterly earnings news release, which is available at cinfin.com/investors.

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STRATEGY OVERVIEW • Competitive advantages: • Relationships leading to agents’ best accounts • Financial strength for stability and confidence • Local decision making and claims excellence • Other distinguishing factors: • 55 years of shareholder dividend increases • Common stocks are approximately 30 % of investments • 27 years of favorable reserve development

PERFORMANCE TARGETS & TRENDS • 5.7% value creation ratio for YTD 03 - 31 - 16 on pace for target: 10 % to 13% annual average for 2013 through 2017 – 2.3% contribution from operating earnings YTD 03 - 31 - 16 – 10.1% five - year VCR average as of 12 - 31 - 15 • Related performance drivers were on track for YTD 03 - 31 - 16: – 8 % premium growth, exceeding estimated industry average – 91.4% combined ratio, better than 95% to 100% long - term target – 11 consecutive quarters of investment income growth • Ranked #1 or #2 in ~75% of agencies appointed 5 + years • Improving through strategic profitability & growth initiatives

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HIGH NET WORTH EXPANSION • $145 million of “legacy” 2015 HNW premiums – 13% of total 2015 personal lines segment – More profitable than middle market • New business written premium growth on track – $5 million of $25 million 2016 target produced in 1Q16 – 90.1% overall personal lines 1Q16 combined ratio • Appointing new agencies

HIGH NET WORTH EXPERTISE • HNW clients of agencies have unique requirements – I nspection of property risks is more in - depth – Insured coverage valuation is a critical component – Claims service is specialized and enhanced • Cincinnati Insurance has gained expertise – Hired leaders averaging more than 20 years of experience – S taff trained by those leaders are prepared to deliver

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CINCINNATI FINANCIAL AT A GLANCE • Top 25 U.S. P/C insurer • A.M. Best rating: A+ Superior • $4.5 billion 2015 premiums: 67% C ommercial 24% Personal 5 % L ife 4% Excess & surplus • Agency - centered business model is time - tested – A gency relationships strengthened by in - person approach over time – L ocal decision - making operating structure is difficult to replicate • 55 consecutive years of shareholder dividend increases – Only eight U.S. public companies can match this record – 31% increase in 2015 dividends paid (26% from special dividend) – Yield is attractive, 2.9% in early - May 2016

FIRST - QUARTER 2016 HIGHLIGHTS • EPS of $1.13 per share vs . 77 cents in 1Q15 – Operating earnings rose $51 million, or 53%, compared with first - quarter 2015 • Investment income rose 4% – Dividend income was up 3 %, interest income was up 4% • Property casualty net written premiums grew 8% – Higher average renewal pricing: personal lines up mid - single - digit percentage rate; commercial lines up low - single - digit rate • Combined ratio of 91.4% improved 6.1 points – 5.1 point improvement before natural catastrophe loss effects

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LONG - TERM VALUE CREATION • Targeting annual rate of growth in book value plus the percentage of dividends to beginning book value to average 10% to 13% from 2013 through 2017 – Value creation ratio (VCR) for 2011 through 2015 averaged 10.1% – 3.4% VCR for 2015 was down 9.2 points from 2014 • Operating earnings component was 1.7 points higher • Realized plus unrealized capital gain component was 11.0 points lower • Three performance drivers: – Premium growth above industry average – Combined ratio consistently within the range of 95% to 100% – Investment contribution • Investment income growth • Compound annual total return for equity portfolio over five - year period exceeding return for S&P 500 Index

Target for the period 2013 - 2017: Annual VCR averaging 10% to 13 % -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% 2011 2012 2013 2014 2015 VCR - Investment Income & Other VCR - P&C Underwriting VCR - Bond Portfolio Gains VCR - Equity Portfolio Gains Total Shareholder Return (TSR) Actual VCR: 6.0% 12.6% 16.1% 12.6% 3.4% Value Creation Ratio Total Shareholder Return INCREASE VALUE FOR SHAREHOLDERS MEASURED BY VALUE CREATION RATIO

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OUTPERFORMING THE INDUSTRY FIVE - YEAR AVERAGE COMBINED RATIO 4 POINTS BETTER 65% 70% 75% 80% 85% 90% 95% 100% 105% 2011 2012 2013 2014 2015 Cincinnati – excl. cat. losses Est. Industry (A.M. Best) – excl. cat. Losses Cincinnati – incl. cat. losses Est. Industry (A.M. Best) – incl. cat. Losses Statutory combined ratio Industry data excludes mortgage and financial guaranty Cincinnati’s historical catastrophe loss annual averages as of 12 - 31 - 15: 5 - year = 6.9%, 10 - year = 5.9%

STRATEGIES FOR LONG - TERM SUCCESS • Financial strength for consistent support to agencies – Diversified fixed - maturity portfolio, laddered maturity structure • No corporate exposure exceeded 0.6% of total bond portfolio at 03 - 31 - 16, no municipal exposure exceeded 0.3% – 31.8% of investment portfolio in common stocks to grow book value • No single security exceeded 3.2% of publicly traded common stock portfolio – Portfolio composition helps mitigate anticipated effects of inflation and a rise in interest rates – Low reliance on debt, with 10.9% debt - to - total - capital at 03 - 31 - 16 • Nonconvertible, noncallable debentures due in 2028 and 2034 – Capacity for growth with premiums - to - surplus at 1.0 - to - 1 • Operating structure reflects agency - centered model – Field focus – staffed for local decision making , agency support – Superior claims service and broad insurance product offerings • Profit improvement and premium growth initiatives

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MANAGE INSURANCE PROFITABILITY • Ongoing underwriting expertise enhancement – Predictive modeling tools and analytics to improve property casualty pricing precision and segmentation on an individual policy basis – Data management for better underwriting and more granular pricing decisions – S taff specialization and augmentation aimed at lowering loss ratios • I mproving efficiencies and ease of use with technology – Streamlining processing for agencies and the company – Helps optimize personalized service • Focus where needed, investments for the future – Addressing auto profitability with rate adequacy and risk selection initiatives – Strategic investments with modest short - term effects on expense ratios • Headquarters staff additions include high n et w orth and reinsurance assumed initiatives • 15% increase in field staff since the end of 2011, supporting healthy premium growth

DRIVE PREMIUM GROWTH • New agency appointments bring potential for growth over time – 114 appointed in 2015, $4.2B aggregate premiums from all carriers – 26 appointed in 1Q16 marketing most or all lines, 34 for personal lines only • Expanding marketing and service capabilities – Enhanced marketing, products and services for high net worth clients of our agencies; contributed 20% of full - year 2015 personal lines new business – Expanded use of reinsurance assumed to further deploy capital, diversify risk – Ongoing development of target market programs and cross - selling – Expansion of Cincinnati Customer C are C enter for small commercial policies • 8 % growth in 1Q16 P&C net written premiums – Commercial lines up 6 %, personal lines up 6%, E&S up 7 % – Higher average renewal pricing: personal lines up mid - single digit percentage rate; commercial lines up low - single - digit rate – Term life insurance earned premiums up 9 %

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SELECT GROUP OF AGENCIES IN 40 STATES P&C Market Share: 1,551 agency relationships with 1,993 locations Our Commercial Top Five = 39% Ohio, Illinois, Pennsylvania, Indiana, North Carolina Our Personal Top Five = 55% Ohio, Georgia, Indiana, Illinois , Michigan 1% and higher Less than 1% Inactive states Headquarters (no branches ) (as of March 31, 2016) Market Share Top Five Ohio: 4.7% Indiana: 2.8% Kentucky : 2 .4% Montana: 2.1% Alabama : 2.1% Based on 2014 data excluding A&H

PREMIUM GROWTH POTENTIAL STEADILY INCREASE OUR SHARE WITHIN APPOINTED AGENCIES 0.8% 5.2% 8.4% 16.5% 1 year or less 2-5 years 6-10 years 10 years or more ► Cincinnati share of $39 billion total* premiums (including approximately $3 billion E&S) produced by currently appointed agencies is approximately 11% Market share per agency reporting location by year appointed Based on 2014 standard market P&C agency written premiums (Excludes excess and surplus lines) ► New appointments also drive premium growth opportunity ─ Agency relationship net count increased by 31 % since the end of 2009 ─ Agencies appointed during 2011 - 15 produce $14 billion total* of standard lines business * Estimated annual property casualty premiums written with all carriers represented by agencies appointed by Cincinnati Insurance

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APPENDIX Income, Dividend & Cash Flow Trends Balancing Growth and Profitability Infographic Reserve Adequacy & Prior Accident Year Development Pricing Precision & Premium Growth Trends Business Mix & Reinsurance Ceded Program Investment Portfolio Management & Performance Financial Strength Ratings & Valuation Comparison to Peers

INCOME AND SHAREHOLDER DIVIDENDS $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 2012 2013 2014 2015 3 mos 15 3 mos 16 Operating Income Net Income Dividends declared Per share basis

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GROWTH DRIVERS AND OPPORTUNITIES 75 % g r o w th 22 nd New in 2015: First national television commercial launched in 2015 Largest U.S. Property Casualty insurer group based on net written premiums 2012 2013 2014 2015 I ndust r y 3. 8 % CFC 8.0 % 40 states No. 1 or No. 2 carrier in nearly & Cincinnati Re EXECUTIVE CAPSTONE™ 5 - year net premium growth of agencies after 5 years 114 New agencies appointed in 2015 for a total of 1,526 agency relationships CAGR

EXPERTISE TO PROFITABLY MANAGE GROWTH 2016 Annual Shareholders Meeting 22 profitability ( a t 1 2 - 3 1 - 1 5 ) ( G A A P) Combined ratio improvement 109.3% 96.1% 93.8% 95.6% 91.1% $4.4 billion Property casualty policyholder surplus 21 Field marketing representatives average years of industry experience Increasing use of predictive analytics Segmenting on a policy - by - policy basis Expanding loss control expertise Leads to 22 11 12 13 14 15

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CASH DIVIDEND PAYOUT RATIO 0% 20% 40% 60% 80% 100% 120% 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011* 2012 2013 2014 2015 Dividend Payout Ratio – Net Income Dividend Payout Ratio – Operating Income 63% average for years 2006 through 2015 (net income basis) Strong Capital and Cash Flow Support Recent Payout Levels * 2011 payout ratios (159% net income basis, 211% operating income basis) not fully shown on graph due to record - high catastrophe losses

DIVIDEND AS A PERCENTAGE OF NET CASH FLOW FROM OPERATIONS 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

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STRONG OPERATING CASH FLOW CONTRIBUTED TO $111M 1Q16 NET P URCHASES IN INVESTMENT P ORTFOLIO $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 $1,100 2012 2013 2014 2015 3 mos 15 3 mos 16 (In millions)

$3,905 $3,813 $3,942 $4,156 $4,379 2011 2012 2013 2014 2015 Reserve range at 12 - 31 - 15 Low end $4,125 High end $4,507 Carried at 67 th percentile Values shown are carried loss and loss expense reserves net of reinsurance Vertical bar represents reasonably likely range Calendar year development (Favorable) ($ 285) ($ 396) ($ 147) ($ 98) ($ 184) In millions PROPERTY CASUALTY RESERVES FAVORABLE DEVELOPMENT FOR 27 CONSECUTIVE YEARS

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Commercial auto full - year 2015 renewal price increase averages and policy retention by modeled pricing segments illustrates pricing precision effects Most adequate refers to policies that need less price increase based on pricing adequacy of expiring premium per pricing mode ls 80% 82% 84% 86% 88% 0% 5% Most adequately priced Near (+ or -) price adequacy Least adequately priced Policy retention Average renewal price change Policy retention GREATER PRICING PRECISION IMPROVING PROFIT MARGINS

PREMIUM GROWTH VS. INDUSTRY 8.0% CAGR APPROXIMATELY DOUBLED INDUSTRY 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 2011 2012 2013 2014 2015 Cincinnati Estimated industry excluding mortgage and financial guaranty (A.M. Best) Property casualty net written premium growth

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MARKET FOR 75% OF AGENCY’S TYPICAL RISKS 2015 NET EARNED PREMIUMS Commercial Property 19% Commercial Casualty 23% Commercial Auto 13% Workers' Compensation 9% Other Commercial 6% Excess & Surplus 4% Homeowner 11% Personal Auto 12% Other Personal 3% E&S Lines 4% Commercial Lines 67% Personal Lines 24% Life 5% Consolidated $4.480 Billion Property Casualty $4.271 Billion

SOLID REINSURANCE CEDED PROGRAM BALANCES COSTS WITH SHAREHOLDERS ’ EQUITY PROTECTION Major Treaties (Estimated 2016 ceded premiums) Coverage and Retention Summary at 01 - 01 - 16 Property catastrophe ($41 million) • Treaty has one reinstatement provision • $100 million additional coverage collateralized by catastrophe bond for severe convective storm or earthquake losses in certain geographic regions For a single event: • Retain 100% of first $100 million in losses • Retain 5.0% at $100 - 600 million • Max exposure for $600M event = $125 million Property per risk & $25 million property excess treaties ($24 million) For a single loss: • Retain 100% of first $10 million in losses • Retain 0% of losses $10 - 50 million • Facultative reinsurance for >$50 million Casualty per occurrence ($12 million) For a single loss: • Retain 100% of first $10 million in losses • Retain 0% of losses $10 - 25 million • Facultative reinsurance for >$25 million Casualty excess treaties ($3 million for two treaties combined) Workers’ comp, extra - contractual & clash coverage: • $25 million excess of $25 million (first excess treaty) • $20 million excess of $50 million (second treaty) Primary reinsurers are Swiss Re, Munich Re, Hannover Re, Partner Re and Lloyds of London

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INVESTMENT INCOME 4 % GROWTH IN 1Q16: DIVIDENDS UP 3 %, INTEREST UP 4% (PRETAX) $400 $425 $450 $475 $500 $525 $550 $575 2011 2012 2013 2014 2015 Pretax bond yield: 5.31% 5.15% 4.90% 4.76% 4.70% (Bonds at amortized cost) Pretax book yield for bonds acquired in 2015: 4.00% Pretax book yield as of 12 - 31 - 15 for bonds maturing in 2016=4.37%, 2017=4.77%, 2018=5.78% Portion of bond portfolio maturing: 4.8% in 2016, 6.0% in 2017, 9.4% in 2018, 18.2% in 2019 - 20

INVESTMENT PORTFOLIO INVEST FOR INCOME AND APPRECIATION Taxable Fixed Maturities $6.503 Tax - Exempt Fixed Maturities $ 3.381 Common Equities $4.720 Preferred Equities $0.221 $ 14.8 billion fair value at March 31, 2016 Investment leverage: 221% at March 31, 2016 Bond portfolio fair value exceeds insurance reserves liability by 33% (in billions)

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DIVERSIFIED EQUITY PORTFOLIO * BALANCES INCOME STABILITY & CAPITAL APPRECIATION POTENTIAL March 31, 2016 Sector CFC S&P 500 Weightings Information technology 18.0% 20.8% Industrials 14.5 10.1 Financial 13.1 15.6 Healthcare 12.2 14.3 Consumer discretionary 11.7 12.9 Consumer staples 11.2 10.4 Energy 7.9 6.8 Materials 5.2 2.8 Utilities 4.0 3.5 Telecomm services 2.2 2.8 * Publicly traded common stock core portfolio, approximately 50 holdings (excludes energy MLP’s, one private equity) Portfolio Highlights at 03 - 31 - 16 • Apple Inc. largest holding • 3.2% of publicly traded common stock portfolio • 1.0% of total investment portfolio • 3 % increase in 1Q16 dividend income • Unrealized gains totaled $1.9 billion (pretax) • Seven largest contributors represent 31%: Honeywell , ExxonMobil, P&G, BlackRock, Johnson and Johnson, Hasbro and Microsoft • Annual portfolio returns: (2015 & 2014) - 3.6% & 12.3% ( S&P 500: 1.4% & 13.7%)

BOND PORTFOLIO RISK PROFILE $9.884 BILLION AT MARCH 31, 2016 • Credit risk – A2/A average rating – 90.9% are rated investment grade, 4.7% are noninvestment grade, 4.4% are unrated – No European sovereign debt – Euro - based securities are 3.4% of bond portfolio (mostly corporate bonds) • Interest rate risk – 4.8 years effective duration, 7.0 years weighted average maturity – Generally laddered maturity structure • 20% of year - end 2015 portfolio matures by the end of 2018, 38% by 2020, 76% by 2025 – With 31.8% of the investment portfolio invested in common stocks at 03 - 31 - 16, we estimated shareholders’ equity would decline 4.6% if interest rates were to rise by 100 basis points • Bond portfolio is well - diversified – Largest issuer (corporate bond) = 0.6% of total bond portfolio – Municipal bond portfolio, well - diversified with more than 1,400 issues • $ 3.381 billion with an average rating of Aa2/AA by Moody’s and Standard & Poor’s

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Source: SNL Financial as of May 3, 2016. Ratings are under continuous review and subject to change and/or affirmation . A.M. Best Fitch Moody's S&P Cincinnati A+ A+ A1 A+ Auto Owners A++ - - - Travelers A++ AA Aa2 AA Acuity A+ - - A+ Allied A+ - A1 A+ Fireman's Fund A+ - - AA Harleysville A+ - A1 A+ Hartford A+ - A1 A+ Central Mutual A - - - CNA A A A3 A EMC A - - - Frankenmuth A - - - General Casualty A A+ - A+ Hanover A A - A3 A Liberty Mutual A A - A2 A Safeco A A - A2 A Selective A A+ A2 A - United Fire Group A - - - West Bend A - - - Westfield A - - - Zurich A - A2 A+ State Auto A - - - - FINANCIAL STRENGTH RATINGS COMPARISON

VALUATION COMPARISON TO PEERS 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 Ratio of closing price on 05 - 18 - 16 to latest reported tangible book value

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