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[5] Excludes approximately $3 billion of investment sales receivable net of investment purchases payable that are not

subject to SFAS 157.

In many situations, inputs used to measure the fair value of an asset or liability position may fall into different levels of the

fair value hierarchy. In these situations, the Company will determine the level in which the fair value falls based upon the

lowest level input that is significant to the determination of the fair value. In most cases, both observable (e.g., changes in

interest rates) and unobservable (e.g., changes in risk assumptions) inputs are used in the determination of fair values that

the Company has classified within Level 3. Consequently, these values and the related gains and losses are based upon both

observable and unobservable inputs.

F-36

Source: HARTFORD FINANCIAL S, 10-K, February 12, 2009