1 BECKMAN, WEIL, SHEPARDSON AND FALLER, LLC ATTORNEYS AT LAW 1200 Mercantile Center - 120 East Fourth Street - Cincinnati, Ohio 45202-4007 Telephone: (513) 621-2100 - Fax: (513) 621-0106 April 4, 1997 Cincinnati Financial Corporation Cincinnati Financial Center Post Office Box 145496 Cincinnati, Ohio 45214-5496 Gentlemen: With respect to the Registration Statement on Form S-8 filed by Cincinnati Financial Corporation with the Securities and Exchange Commission for the purpose of registering under the Securities Act of 1933, as amended, $2,000,000 of Deferred Compensation Obligations ("Obligations") of Cincinnati Financial Corporation, we have examined such documents and questions of law as we have considered necessary or appropriate for the purpose of this opinion and, on the basis of such examination, we advise you that, in our opinion, when the Obligations have been issued and sold as contemplated by the Registration Statement and by the Cincinnati Financial Corporation Top Hat Savings Plan, the Obligations will be legally issued, fully paid and non-assessable. We consent to the filing of this opinion as an exhibit to the Registration Statement. Very sincerely yours, BECKMAN, WEIL, SHEPARDSON AND FALLER, LLC By W. Philip Shepardson, Jr. ---------------------------- W. Philip Shepardson, Jr. 18