Professional Risk



| |THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

INVESTMENT ADVISORS EXCLUSION

This endorsement modifies insurance provided under the following:

MISCELLANEOUS PROFESSIONAL LIABILITY INSURANCE POLICY

It is hereby understood and agreed that this Policy does not apply to any Claim based upon or arising out of:

1. any services provided by an Insured as an investment advisor, regardless of whether such investment advisor is registered or unregistered with applicable regulatory authorities;

2. any actual or alleged commingling of funds or monies;

3. any Insured’s advice, promise or guarantee as to the future value of any investments or any rate of return or interest;

4. the failure of investments to perform as expected or desired; or

5. excessive, unwarranted, or improper fees or charges for investment advisory, management, administrative, distribution or other services, brokerage fees, commissions or sales loads.

All other terms and conditions of this Policy remain unchanged.

Endorsement No.      

This endorsement, effective       at 12:01 a.m.

forms a part of Policy number      

issued to      

|Authorized Representative |

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