CFC on WatchNeg

November 13, 2000

The ratings on Cincinnati Financial Corp. (CFC) as well as its related property/casualty and life insurance operations were placed on CreditWatch with negative implications by S&P, reflecting concerns with regard to the group’s profitability. S&P indicated that it expects to meet with CFC management in coming months for the purpose of reviewing the group’s earning prospects and resolving the CreditWatch status.