<SEC-DOCUMENT>0001214659-23-005178.txt : 20230411
<SEC-HEADER>0001214659-23-005178.hdr.sgml : 20230411
<ACCEPTANCE-DATETIME>20230411103022
ACCESSION NUMBER:		0001214659-23-005178
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230411
DATE AS OF CHANGE:		20230411
EFFECTIVENESS DATE:		20230411

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HARTFORD FINANCIAL SERVICES GROUP, INC.
		CENTRAL INDEX KEY:			0000874766
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				133317783
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13958
		FILM NUMBER:		23812628

	BUSINESS ADDRESS:	
		STREET 1:		ONE HARTFORD PLAZA
		CITY:			HARTFORD
		STATE:			CT
		ZIP:			06155
		BUSINESS PHONE:		8605475000

	MAIL ADDRESS:	
		STREET 1:		ONE HARTFORD PLAZA
		CITY:			HARTFORD
		STATE:			CT
		ZIP:			06155

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HARTFORD FINANCIAL SERVICES GROUP INC/DE
		DATE OF NAME CHANGE:	19990402

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ITT HARTFORD GROUP INC /DE
		DATE OF NAME CHANGE:	19930328

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GREEN CENTURY FUNDS
		CENTRAL INDEX KEY:			0000877232
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		114 STATE STREET
		STREET 2:		SUITE 200
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		617-482-0800

	MAIL ADDRESS:	
		STREET 1:		C/O UMB FUND SERVICES
		STREET 2:		803 WEST MICHIGAN STREET SUITE A
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53233
</SEC-HEADER>
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<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NAME OF REGISTRANT:</B> The Hartford Financial
Services Group, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NAME OF PERSON RELYING ON EXEMPTION:</B> Green
C<FONT STYLE="background-color: white">entury Equity Fund</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ADDRESS OF PERSON RELYING ON EXEMPTION:</B>
114 State Street, Suite 200, Boston, MA 02109</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Written materials are submitted pursuant to
Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934.&nbsp;Submission is not required of this filer under the terms
of the Rule but is made voluntarily in the interest of public disclosure and consideration of these important issues.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<DIV STYLE="padding: 1pt 4pt 1pt 0in; border: black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Shareholder Proposal No.4 on The Hartford Financial
Services Group, Inc.&rsquo;s 2023 Proxy Statement:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Adopt and Disclose a Policy for the </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Time-Bound Phase Out of Underwriting Risks Associated
with </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New Fossil Fuel Exploration and Development
Projects </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The Hartford Financial Services Group, Inc. Symbol:
HIG</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Filed by: Green Century Equity Fund</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Green Century Capital Management, Inc., (&ldquo;the
Proponent&rdquo;) is the investment advisor to the Green Century Equity Fund, which seeks your support for the climate-related proposal
filed at The Hartford Financial Services Group, Inc. (&ldquo;The Hartford&rdquo; or &ldquo;the Company&rdquo;) in the 2023 proxy statement
asking the Company to align its underwriting strategies with the emission reduction scenarios published by Intergovernmental Panel on
Climate Change (IPCC) or International Energy Agency (IEA) designed to limit global temperature rise to 1.5&deg;C. The Proponent believes
that underwriting <U>projects</U> that create <U>new</U> supply of coal, oil, and gas will contribute to systemic financial risk, adversely
affecting the Company and diversified investors. Further, continuing to enable fossil fuel emissions threatens to in<FONT STYLE="background-color: white">crease
insured losses, adversely impact debt and equity holdings, and amplify regulatory, competitive, reputational, and portfolio risks.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>RESOLVED:</B> Shareholders request that the Board of Directors adopt
and disclose a policy for the time-bound phase out of The Hartford&rsquo;s underwriting risks associated with new fossil fuel exploration
and development projects, aligned with the IPCC&rsquo;s recommendation to limit global temperature rise to 1.5 degrees Celsius.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Supporting Statement: </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The board and management, in its discretion, should define the scope,
time frames and parameters of the policy, with an eye toward:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the well-accepted definition that new fossil fuel exploration and development projects include exploration for and/or development
of oil, gas, and coal resources or reserves beyond those fields or mines that have already been permitted;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the pathways and time frames set forth by the International Energy Agency&rsquo;s Net Zero by 2050 scenario or the IPCC&rsquo;s low/no
overshoot scenarios<B>.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; color: #006600"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>RATIONALE FOR A &ldquo;YES&rdquo; VOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD><B>Physical Risk Due to a Changing Climate - </B>IPCC and IEA reports indicate that expanding fossil fuel supply is likely to push
the world beyond the recommended limit of a 1.5&deg;C temperature rise.<SUP>12</SUP> Exceeding the 1.5&deg;C limit is predicted to result
in <FONT STYLE="background-color: white">dangerous physical risks, and, in some cases, irreversible natural resource damage, challenging</FONT>
the Company&rsquo;s ability to assess risk or cover claims.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD><B>Regulatory Risk</B> - Public commitments to achieve net-zero emissions are coming under increasing scrutiny by the SEC.<SUP>3</SUP>
Companies without transparent plans to achieve near- and medium-term emissions reductions may be subject to regulatory enforcement under
the SEC&rsquo;s proposed climate rule.<SUP>4</SUP> Adopting underwriting restrictions on new fossil fuel projects would demonstrate tangible
progress toward fulfilling the Company&rsquo;s net-zero goal.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD><B>Competitive Risk - </B>The Hartford lags peers in setting ambitious climate-related underwriting exclusions. Investors seeking
climate leadership may turn elsewhere to invest.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD><B>Reputational Risk</B> - Failure to adopt more ambitious policies exposes The Hartford to public awareness campaigns and negative
media coverage focused on the insurance industry&rsquo;s role in fossil fuel expansion and the Company&rsquo;s contributions to climate
change.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD><B>Portfolio Risk</B> - Emissions associated with underwriting new risks for fossil fuel clients may increase the potential for negative
impacts on insurers&rsquo; equity and debt holdings, weakening their own financial stability. Insurance-associated emissions may adversely
impact diversified holders who may not be able to diversify away from large, system-wide risks such as climate change.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border: black 1pt solid"><B>This is not a solicitation
of authority to vote your proxy. Please DO NOT send us your proxy card; Green Century Equity Fund is not able to vote your proxies, nor
does this communication contemplate such an event. Green Century Equity Fund urges shareholders to vote for Item Number 4 following the
instruction provided on the management&rsquo;s proxy mailing.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>I.</B></TD><TD><B>EXECUTIVE SUMMARY</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Property and casualty insurers such as The Hartford are particularly
exposed to an increasingly erratic climate caused, in part, by the emissions from their coal, oil, and gas clients. Predicted increases
in the frequency and impact of natural catastrophes may lead to significantly greater insured losses and harm to diversified investors,
including the insurers themselves, whose debt and equity investments may lose value from climate-related natural catastrophe losses.<SUP>5</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While The Hartford has taken the positive step of setting a net-zero
emissions by 2050 goal across its full range of business, it concedes that &ldquo;critical metrics and standards still need to be established
to measure progress toward our net zero goal,&rdquo; and that it is &ldquo;focused on doing the essential work and necessary due diligence
over the next few years.&rdquo;<SUP>6</SUP> Meanwhile, the IPCC has repeatedly warned that the world must start reducing greenhouse gas
emissions now in order to avoid significant economic disruption and natural resource damage.<SUP>7</SUP> Delaying near-term action to
focus on quantifying greenhouse gas emissions may increase The Hartford&rsquo;s risk. Adopting a policy for the time-bound phase out of
underwriting new fossil fuel projects would demonstrate concrete action toward attainment of its net-zero by 2050 goal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://www.ipcc.ch/site/assets/uploads/sites/2/2019/06/SR15_Full_Report_High_Res.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://iea.blob.core.windows.net/assets/deebef5d-0c34-4539-9d0c-10b13d840027/NetZeroby2050-ARoadmapfortheGlobalEnergySector_CORR.pdf</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
Pg 47.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://www.sec.gov/spotlight/enforcement-task-force-focused-climate-esg-issues</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>4</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://www.mckinsey.com/capabilities/strategy-and-corporate-finance/our-insights/understanding-the-secs-proposed-climate-risk-disclosure-rule</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>5</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://www.unepfi.org/fileadmin/documents/universal_ownership_full.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>6</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://newsroom.thehartford.com/newsroom-home/news-releases/news-releases-details/2022/The-Hartford-Announces-Goal-Of-Net-Zero-Greenhouse-Gas-Emissions-For-All-Operations-By-2050/default.aspx</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>7</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://www.ipcc.ch/report/ar6/wg2/downloads/report/IPCC_AR6_WGII_SummaryForPolicymakers.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Such a policy could also help The Hartford avoid scrutiny by the SEC,
which is more closely examining companies&rsquo; net-zero by 2050 commitments for elements of greenwashing<SUP>8</SUP> and lessen competitive
risk as European and North American peers, including Chubb, have adopted partial underwriting restrictions on oil and gas development.<SUP>9</SUP>
Further, The Hartford has the opportunity to reduce its reputational risk from public awareness campaigns focused on the insurance industry&rsquo;s
role in fossil fuel expansion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>II.</B></TD><TD><B>THE PROPOSAL ADDRESSES SHORT- AND LONG-TERM MATERIAL RISKS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Why is a time-bound phase
out of underwriting <U>new</U> fossil fuel supply <U>projects</U> an appropriate strategy for The Hartford?</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The proposal&rsquo;s core ask - which is a commitment to the <B>time-bound
phase out <U>new</U> fossil fuel supply <U>projects</U></B> - is an appropriate strategy for The Hartford because it addresses both short-term
regulatory, competitive, and reputational risks as well as long-term climate risk, which may adversely impact its ability to provide insurance,
cover claims, and pay dividends to investors. Long-term risk also applies to diversified holders, including The Hartford, who may be unable
to diversify away from systemic financial risks stemming from climate change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>III.</B></TD><TD><B>FAILING TO ADDRESS THE ROOT CAUSE OF CLIMATE CHANGE CREATES ONGOING RISKS FOR THE HARTFORD</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Hartford&rsquo;s underwriting practices, which could extend
the life of or expand extraction of gas and oil, run counter to its stated goal to reach net-zero emissions by 2050. </B>The Hartford
has taken the positive step of setting a net-zero emissions by 2050 goal across its full range of businesses, but it concedes that &ldquo;critical
metrics and standards still need to be established to measure progress toward our net zero goal.&rdquo;<SUP>10</SUP> As part of measuring
its scope 3 emissions, The Hartford will need to account for insurance-associated emissions from its oil and gas clients and limiting
exposure to the fossil fuel industry is a concrete and logical step that the Company can take in the near future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">A changing climate impedes insurance
companies&rsquo; abilities </FONT>to model the frequency and intensity of natural catastrophes and associated secondary perils.<SUP>11,12
</SUP><FONT STYLE="background-color: white">As insurance customers are increasingly </FONT>exposed to erratic and difficult-to-model severe
weather events, The Hartford may be challenged to accurately assess its underwriting risks, fulfill its prudential mandate, and maintain
shareholder value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>_____________________________</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><SUP>8</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://www.sec.gov/spotlight/enforcement-task-force-focused-climate-esg-issues</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><SUP>9</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://news.chubb.com/2023-03-22-Chubb-Announces-New-Climate-and-Conservation-Focused-Underwriting-Standards-for-Oil-and-Gas-Extraction</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><SUP>10</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://newsroom.thehartford.com/newsroom-home/news-releases/news-releases-details/2022/The-Hartford-Announces-Goal-Of-Net-Zero-Greenhouse-Gas-Emissions-For-All-Operations-By-2050/default.aspx</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><SUP>11</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://www.spglobal.com/ratings/en/research/articles/210923-global-reinsurers-grapple-with-climate-change-risks-12116706</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><SUP>12</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://riskandinsurance.com/from-cat-5-to-secondary-perils-how-insurance-is-battling-climate-change-from-an-underwriting-and-investment-perspective/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Further, underwriting new
fossil fuel projects for short-term gain, will likely lock in decades of emissions once projects are fully operational.<SUP>13, 14</SUP></B></FONT>
This means that projects built today may produce well into the future, even as scientists and global organizations state that any emissions
from now onward are not aligned with IPCC low/no overshoot 1.5&#8304;C scenarios or the IEA&rsquo;s Net-Zero Roadmap.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Hartford&rsquo;s wish to maintain a pragmatic and flexible underwriting
approach for new coal, oil, and gas projects contravenes climate science.</B> Climate researchers are increasingly confident that unchecked
emissions growth will lead to significant physical impacts, even in the near- to medium-term.<SUP>15,16</SUP> Yet, <FONT STYLE="background-color: white">The
Hartford believes that maintaining flexibility is warranted given that </FONT>&ldquo;geopolitical and economic events have underscored
the need for insurers to remain pragmatic and flexible in their underwriting approach during the energy transition.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On the face of it, this is a reasonable, tempered approach to a complex
economic and political situation. Yet, despite the outbreak of the war in Ukraine, the European Union&rsquo;s greenhouse gas emissions
are set to decline by less than 1% in 2023, and three Europe-based insurers, including Munich Re, the world&rsquo;s largest reinsurer,
Hannover Re, and Swiss Re have <I>increased </I>their underwriting restrictions for upstream and midstream oil and gas development since
the beginning of the war.<SUP>17,18,19 </SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The proposal&rsquo;s request for a time-bound phase out of underwriting
new fossil fuel supply projects provides sufficient flexibility for board and management implementation. </B>In its opposition statement,
the Company states that &ldquo;divestitures and exclusions are not the optimal foundation to reach net-zero&rdquo; but fails to acknowledge
that <U>it has already adopted underwriting exclusions</U> on coal power projects and new and existing clients in the coal and tar sands
industries. The Hartford has embraced an exclusion/divestiture approach, ostensibly to withdraw its support from high-emitting and environmentally
damaging industries, yet it now rejects such an approach, even when the proposal clearly provides discretion for the Company to set its
own timeframe for an underwriting phase out.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>IV.</B></TD><TD><B>THE COMPANY FACES REGULATORY RISK FROM INCREASED SEC SCRUTINY </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Under the SEC&rsquo;s proposed climate risk disclosure rule, companies
that have adopted net-zero by 2050 commitments may need to disclose transition plans for achieving their greenhouse gas emissions reduction
targets.<SUP>20</SUP></B> If this portion of the rule is adopted, then The Hartford would need to demonstrate that its internal strategies
align with its net-zero goal in order to avoid the appearance of greenwashing. A policy that excludes underwriting new fossil fuel projects
would demonstrate that The Hartford takes seriously its net-zero commitment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>_____________________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> https://mediamanager.sei.org/documents/Publications/Climate/SEI-DB-2015-Carbon-lock-in-supply-side.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> https://www.wri.org/insights/carbon-lock-in-definition</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> https://www.ipcc.ch/2022/04/04/ipcc-ar6-wgiii-pressrelease/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> https://www.washingtonpost.com/climate-environment/2022/02/28/ipcc-united-nations-climate-change-adaptation/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> https://global.insure-our-future.com/worlds-largest-reinsurer-announces-major-new-oil-and-gas-policy/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP> https://global.insure-our-future.com/hannover-re-oil-gas-exit/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> https://global.insure-our-future.com/swiss-re-leads-insurance-exodus-from-oil-and-gas/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>20</SUP> https://www.mckinsey.com/capabilities/strategy-and-corporate-finance/our-insights/understanding-the-secs-proposed-climate-risk-disclosure-rule</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Hartford cites regulatory risks related to adopting underwriting
exclusions for fossil fuel development, but it already has underwriting exclusions on new fossil fuel development. </B>In its opposition
statement, the Company raises the regulatory concern that the proposal does not account for the risks and complexities faced by a highly-regulated
insurance company adopting a broad, exclusionary policy,<SUP>21</SUP> but The Harford <U>already adopted </U>a broad, exclusionary policy
when it announced underwriting exclusions in 2019 for new and existing risks related to coal and tar sands. The Proponent sees an expansion
of this policy as functionally the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1A1A1A"><B>The Hartford must consider climate risk in its underwriting
and investment decisions.</B> Even though certain states are contemplating limiting insurers&rsquo; abilities to assess environmental,
social, and governance risks, assessing environmental risk is a core function of The Hartford&rsquo;s ability to determine its risk appetite.
Exclusionary policies on underwriting new fossil fuel projects are an extension of its strategy to limit climate risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1A1A1A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1A1A1A">Recently in Connecticut, state lawmakers introduced
a bill that would impose an annual 5% surcharge on fossil fuel industry premiums for any insurer licensed in the state. The rationale
behind the bill was that state and local governments would bear the increasing costs of climate change impacts, while &ldquo;the insurance
industry continues to earn profits on the underwriting of the activities that directly contribute to climate change.&rdquo;<SUP>22</SUP>
Although the bill did not pass, it may be a harbinger of similar bills in other states.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>V.</B></TD><TD><B>THE HARTFORD LAGS INDUSTRY PEERS IN SETTING AMBITIOUS UNDERWRITING EXCLUSIONS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In its opposition statement, The Hartford writes that <B>&ldquo;The
implication of the Proposal is that investors cannot put trust in the good efforts of a company on net zero without proscriptive policies,
which we believe is inherently incorrect.&rdquo; </B>In making such an assumption, the Company is overlooking the fact that, as of 2022,
a total of 41, 23, and 14 global insurers have adopted underwriting restrictions for coal, tar sands oil, and conventional oil and gas
expansion, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investors observe that The Hartford lags behind competitors and peers,
as its current restrictions on fossil fuel underwriting are no longer best practice. Commitments made by global insurers exceed The Hartford&rsquo;s
underwriting exclusion of tar sands risks and its partial underwriting exclusions of risks related to coal plant construction and coal-related
operations:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><B>Chubb </B>- In March 2023, Chubb was the first U.S insurer to announce oil and gas development restrictions. It will now require
oil and gas extraction clients to reduce methane emissions and will no longer provide insurance coverage for oil and gas projects in government-protected
conservation and other protected areas.<SUP>23</SUP></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>21</SUP> https://www.sec.gov/Archives/edgar/data/874766/000087476622000028/hartfordproxy2022.htm</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>22</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://www.insurancejournal.com/news/east/2023/03/07/710909.htm</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>23</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://news.chubb.com/2023-03-22-Chubb-Announces-New-Climate-and-Conservation-Focused-Underwriting-Standards-for-Oil-and-Gas-Extraction</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><B>AIG </B>- In March 2022, AIG committed to a net-zero emissions goal by 2050, using science-based emissions reduction targets, and
to not invest in or provide insurance cover for any new Arctic energy exploration.<SUP>24</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><B>Swiss Re</B> &ndash; Starting in July 2023, Swiss Re will no longer provide individual insurance covers for oil and gas companies
responsible for the world&rsquo;s 10% most carbon-intensive oil and gas production.<SUP>25</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><B>Generali </B>- In June 2021, Generali announced that it would no longer underwrite upstream oil and gas activities.<SUP>26</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><B>Suncorp </B>- Suncorp has committed to not directly invest in, finance, or underwrite new oil and gas exploration or production
by 2025.<SUP>27</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><B>Zurich</B> - In November 2021, Zurich ruled out underwriting upstream oil greenfield exploration projects from companies without
transition plans.<SUP>28</SUP></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>VI.</B></TD><TD><B>THE HARTFORD IS EXPOSED TO REPUTATIONAL RISK FROM PUBLIC AWARENESS CAMPAIGNS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Hartford may be exposed to public awareness campaigns and negative
media coverage focused on the insurance industry&rsquo;s role in fossil fuel expansion and the Company&rsquo;s contribution to climate
change. </B>Because insurance coverage enables capital to flow to new fossil fuel projects, insurers that provide policies to such projects
are coming under fire from environmental groups. As an example, Chubb has been the subject of a public awareness campaign which has included
protests in front of the CEO's home and media articles criticizing its environmental approach.<SUP>29</SUP> Similarly, Liberty Mutual
has been targeted by activists for underwriting the controversial Keystone XL and Trans Mountain tar sands oil pipelines.<SUP>30</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By contrast, insurers taking steps to scale back their underwriting
of fossil fuel expansion have received positive press. For example, AIG in <I>Reuters,<SUP>31</SUP></I> the insurers who are the founding
members of the Net Zero Insurance Alliance, also in <I>Reuters<SUP>32</SUP></I>, AXA in the <I>New York Times</I>,<SUP>33</SUP> Munich
Re and Hannover Re in <I>Insurance Business America<SUP>34</SUP></I> and <I>Corporate Knights,<SUP>35</SUP></I> Swiss Re in the <I>Insurer,<SUP>36</SUP></I>
and Allianz in the <I>Insurance Journal<SUP>37</SUP></I> and <I>GreenBiz.<SUP>38</SUP></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>24</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://aig.gcs-web.com/node/53226/pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>25</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://reports.swissre.com/2021/assets/pdf/AR21_SURE_Sustainability_Report_2021.pdf</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
Pg 34.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>26</SUP> https://www.insurancebusinessmag.com/us/news/environmental/generali-unveils-ambitious-climate-goals-259573.aspx</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>27</SUP> https://www.suncorpgroup.com.au/corporate-responsibility/sustainable-growth/responsible-banking-insurance-investing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>28</SUP> https://www.insurancejournal.com/news/international/2021/11/18/642779.htm</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>29</SUP> https://www.insurancebusinessmag.com/us/news/environmental/climate-gets-personal--activists-protest-at-chubb-ceos-home-363601.aspx</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>30</SUP> https://www.insurancebusinessmag.com/us/news/environmental/liberty-mutual-slammed-for-tar-sands-involvement-235233.aspx</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>31</SUP> https://www.reuters.com/business/sustainable-business/insurer-aig-steps-back-coal-arctic-energy-underwriting-2022-03-01/#:~:text=March%201%20(Reuters)%20%2D%20U.S.,coal%20mines%20or%20oil%20sands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>32</SUP> https://www.reuters.com/business/sustainable-business/big-insurance-companies-launch-net-zero-climate-alliance-2021-07-11/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>33</SUP> https://www.nytimes.com/2021/11/23/business/dealbook/insurance-companies-coal.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>34</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://www.insurancebusinessmag.com/us/news/environmental/revealed--how-us-insurers-compare-when-it-comes-to-exiting-fossil-fuel-support-424267.aspx</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>35</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://www.corporateknights.com/category-climate/are-insurance-companies-walking-away-from-fossil-fuels/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>36</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://www.theinsurer.com/news/europes-big-four-reinsurers-lead-industrys-nascent-exodus-from-conventional-oil-and-gas/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>37</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://www.insurancejournal.com/news/international/2022/05/03/665770.htm</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>38</SUP> https://www.greenbiz.com/article/insurance-giant-allianz-sets-oil-and-gas-exit-strategy</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Hartford received positive press when it announced its commitment
to a goal of achieving net-zero carbon emissions across its operations and investments by 2050.<SUP>39</SUP> The Company has the potential
to become a leader in the industry by adopting exclusions on new coal, oil, and gas projects from its underwriting and investment activities.
By doing so, The Hartford could align its business practices more closely with the goals of the Paris Agreement and other international
climate commitments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.35in"><B>VII.</B></TD><TD><B>RESPONSE TO THE HARTFORD&rsquo;S BOARD OF DIRECTOR&rsquo;S STATEMENT IN OPPOSITION</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Hartford contends that &ldquo;The Proposal points to recent
world events &ndash; most notably the ongoing conflict in Ukraine &ndash; as having improved the prospects of a divestiture-driven energy
strategy.&rdquo; </B>The proposal does not suggest that a war in Ukraine is in any way linked to a divestiture-driven energy strategy.
Rather, the proposal&rsquo;s perspective is that conventional oil and gas sources take approximately five years to develop from discovery
to first production.<SUP>40,41</SUP> Capital dedicated to such projects may be better spent on the transition to a low-carbon economy,
and, if history is prologue, there will continue to be geopolitical conflicts over access to fossil fuels. Turning back the clock in the
face of new conflicts would jeopardize necessary progress toward a decarbonized society.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Hartford claims that the proposal which asks it to exclude underwriting
&ldquo;associated with&rdquo; new fossil fuel exploration and development is vague.</B> However, the proposal uses appropriately macro-level
language and provides the board and management ample flexibility to define the scope, time frames, and parameters of the exclusion policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Hartford inaccurately claims that the proposal would limit it
from supporting &ldquo;the many energy companies that are on the right path - energy companies have the technology, infrastructure, expertise
and scale that are critical to global energy transition.&rdquo; </B>We believe The Hartford <I>should </I>underwrite policies supporting
energy companies that have credible plans to develop and scale clean energy systems. The proposal simply requests that The Hartford provide
investors with a timeline for phasing out projects, <I>not </I>companies, that expand fossil fuel supply and infrastructure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Finally, The Hartford inappropriately speculates in its opposition
statement, without evidence, that the &ldquo;Inability to secure insurance from public insurers will result in energy companies seeking
insurance in private or overseas markets, where there may be less accountability to stakeholders.</B> In making such a claim without providing
real-world evidence, The Hartford may be misleading shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>_____________________________</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>39</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://www.cbia.com/news/economy/the-hartford-greenhouse-gas-emissions/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>40</SUP> https://www.sciencedirect.com/science/article/pii/S2666278720300106</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>41</SUP> https://www.gti.energy/wp-content/uploads/2019/10/40-LNG19-04April2019-Zeal-Tom-paper.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.35in"><B>VIII.</B></TD><TD><B>CONCLUSION</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Continuing to underwrite new fossil fuel supply is contrary to the
recommendations of the IPCC and IEA for limiting the most severe impacts of climate change, and according to the IPCC, climate change
will continue to increase natural catastrophe losses. Such losses have the potential to lower The Hartford&rsquo;s overall profitability,
and the impacts of climate change may destabilize financial returns for diversified holders, including The Hartford.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shareholders are rightly concerned that The Hartford is not adequately
aligned with either the IPCC&rsquo;s low- or no-overshoot 1.5 &#8451; scenarios or the IEA&rsquo;s <I>Net Zero by 2050 Roadmap</I>. By
continuing to underwrite fossil fuel expansion, The Hartford may be locking in carbon emissions for many decades. Voting in favor of the
Proposal will provide important input to the board and management as to how to balance The Hartford&rsquo;s short-term strategies against
its long-term risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Shareholders are urged to vote FOR the proposal asking The Hartford
to align with the IPCC&rsquo;s low- or no-overshoot 1.5 &#8451; scenarios or the IEA&rsquo;s <I>Net Zero by 2050 Roadmap</I> and discontinue
underwriting the development of new fossil fuel supply.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>For questions regarding this proposal, please contact Andrea Ranger,
Green Century Capital Management, <U>aranger</U></I><I>@greencentury.com</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border: black 1pt solid"><B>This is not a solicitation
of authority to vote your proxy. Please DO NOT send us your proxy card; Green Century Equity Fund is not able to vote your proxies, nor
does this communication contemplate such an event. Green Century Equity Fund urges shareholders to vote for Item Number 4 following the
instruction provided on the management&rsquo;s proxy mailing.</B></P>


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