Agmt07 William Euphrat Municipal Finance, Inc.

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BOND CONSULtANT ENDORSEMENT Page 2 g. any claim arising out of the actual or alleged insolvency, receivership, bankruptcy, liquidation, reorganization or financial inability to pay of any "governmental entity", insurer, self-insurer, trust, insurance plan or other vehicle or instrumentality which provides services, or the failure of any bond to pay interest or principal. h. any claim seeking the return of any profit, advantage, gain or remuneration to which any insured is not legally entitled. i. any claim seeking non-monetary relief. j. any claim arising out of any actual or alleged breach of fiduciary duty, responsibility or obligation in connection with any employee benefit plan or pension plan. k. any claim arising out of the operation or activities of any school, airport, transit authority, hospital, clinic, nursing home or other health care operation, utility, housing authority, law enforcement agency, fire fighting authority or other "governmental entity"; provided, this shall not apply to the raising of money through the sale of bonds with respect to which the insured has provided "bond consulting services". 1. any claim arising out of the failure to effect or maintain any insurance or bond. m. any claim arising out of any dispute involving the insured's fees, charges or commission for any professional services provided by the insured, or arising out of the failure to meet any express warranty or guarantee of performance relating to the quality of professional services to be provided by the insured. n. any claim brought by or on behalf of any "governmental entity', whether directly or indirectly, and whether brought in its capacity as a receiver, conservator, liquidator, security holder or assignee or in any other capacity and whether brought in its own name or in the name of any other "entity"; however, this exclusion shall not apply to any claim by any "governmental entity" to enforce its rights as a "bond consulting services" client of the insured. o. any claim for premium, return premium, commissions, brokerage fees or tax moneys, or arising out of any commingling, deposit of investment of funds, or failure of any investments(s) to pertorm as expected or desired. Named Insured: William Euphrat Municipal Finance, Inc. Nothing herein contained shall vary, alter, waive or extend any of the terms, conditions, provisions, agreements, limitations or exclusions of this policy, other than as stated above. By: Countersignature PF2W60 E150 (1-01)