Cincinnati Financial's CEO Hosts Annual Shareholder Meeting (Transcript)

Cincinnati Financial Corp. (CINF)

Annual Shareholder Meeting Call

April 28, 2012 09:30 am ET

Executives

Ken Stecher - Chairman of the Board

Lisa Love - SVP, General Counsel and Corporate Secretary

Blake Slater - Cincinnati Insurance AVP

Steve Johnston - President & CEO

Analysts

Presentation

Ken Stecher

Welcome everyone. It's an honor to be with you at Cincinnati Financial's Corporation's annual meeting of shareholders. I am Ken Stecher, Chairman of Cincinnati Financial Corporation. While I have attended many of these meetings, this is the first time I will be your host.

At this time I would like to formulate and call the meeting to order. If any registered shareholder wishes to turn in a proxy, please raise your hand and one of the inspectors of election will collect it. Also any registered shareholder wishing to vote in person can now come to see the inspectors of election here to my left to facilitate your voting in person. I will now ask Lisa Love, the Corporation's Secretary, General Counsel to read the notice of the meeting.

Lisa Love

Thank you Mr. Chairman. I certify that on March 16 th 2012 notice of the annual meeting of the shareholders was mailed to those persons who were shareholders of record of the company on March 1, 2012. That notice provided that the annual meeting be held at 9:30 AM on Saturday, April 28, 2012 at the Cincinnati Art Museum. And that the items of business to be considered at the meeting are; electing 10 directors for one-year terms; ratifying the selection of Deloitte & Touché LLP as the company's independent registered public accounting firm for 2012; voting on a non-binding proposal to approve compensation for the company's named executive officers, adopting the Cincinnati Financial Corporation 2012 stock compensation plan; and any other business that may properly come before the meeting. I will include a copy of the notice along with the minutes of the meeting in the company's records.

Ken Stecher

Thank you Lisa. Let me now introduce our appointed inspectors of elections. Molly Grimm, the Cincinnati Insurance Secretary; Chuck Hertlein, Dinsmore and Shohl LLP; Tom Hogan Cincinnati Insurance Associate Counsel; Todd Pendery, Cincinnati Insurance Vice President and Blake Slater, Cincinnati Insurance Assistant Vice President.

Inspectors please tabulate the shares represented in person or by proxy at this meeting. While inspectors tabulate the shares, let me follow with some introductions.

First I would like to introduce your company's directors. Please hold your applause until each of them have been announced. Please stand as your name is called. The nominees for election at this year's meeting are Bill Bahl; Steve Johnston; Ken Lichtendahl; Rodney McMullen; Gretchen Price; John Schiff, Jr.; Tom Schiff; John Steele, Jr,; and Tony Woods and I also am standing for reelection today.

Continue to serve as you directors are Greg Bier; Linda Clement-Holmes; Douglas Skidmore; and Larry Webb.

Thank you all for your efforts on behalf of the shareholders of Cincinnati Financial.

Next I will introduce the company officers accompanying me on stage. Jack Schiff, Jr., Chairman of the Executive Committee. And many of you know the number of years that he has served as our chairman, so thank you Jack; Steven Johnston, our President and Chief Executive Officer; Mike Sewell, our Chief Financial Officer, (inaudible), Executive Vice President of the Cincinnati Insurance Companies; Martin Hollenbeck, President of CFC Investment Company and Chief Investment Officer; Tom Joseph, President of Cincinnati Casualty Company; Dave Popplewell, President of The Cincinnati Life Insurance Company; and Lisa Love, Senior Vice President, General Counsel and Corporate Secretary.

We have many company officers in attendance today and I would ask each of those, each of you would stand please. And I wasn't to ask that all of you continue to stand while I also ask the rest of our associates to also stand for recognition. We have other associates, please stand. I would like to take a moment to just walk them a couple of other guests and then we have Phil Shepardson here from Beckman Weil and Shepardson. Phil? And Chuck Hertlein from Dinsmore & Shohl. They are both expected partners of our company and handle some legal affairs. From Deloitte & Touche Don (inaudible) is here. Don would like to introduce members of your team that are with you?

Unidentified Company Representative

(inaudible).

Ken Stecher

Thank you. I know we also have some retired directors that I would like to acknowledge. Jim Benoski, John Shepherd and Alan Weiler. And we have (inaudible). And that Ted is here I see. Thank you for attending today. We also have quite a few first-time attendees of this meeting. Mark [McBath] is here. Gary [Grimm], Billy [Follick], Debbie and Judy Bradley, John (inaudible), Colleen McFerrin; Dan and Bernadine (inaudible), Bill and Carol Jameson, Leonard and Rochelle [Nurberg], Todd Hillgiman, Carlit Francis, Steve Stifel, Barry Anderson and Larry Woods.

And I want to thank you for your attendance in this meeting. The tradition we always do try to recognize the youngest shareholder. I believe that person today is Bill Schiff. I think he's six years old. And then we have one shareholder who came with our director Larry Webb. His name is Joe (inaudible) he is from (inaudible) China. He is a teacher, Chinese teacher at Lima Senior High School and his province is 4000 miles away. So I think we have the person has come the long distance to attend our meeting. So Mr. (inaudible) he's in the back.

So it's great to have a lot of first-time attendees. I think it shows that we have a lot of interest in our company. We hope today to give you an update on you know the past year course and we look forward to going in the future. This is our 29 th consecutive year that we have had our Annual Shareholder meeting here at the Cincinnati Art Museum and we thank Aaron Betsky, Museum Director and the Museum staff for their gracious welcome. Is Aaron here? He is not okay thank you. At this time, inspectors may be ready with proxies. Mr. Slater, how many shares are represented in today's meeting?

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