Exclusions....
This policy does not apply to any CLAIM or DAMAGES arising out of:

1. (i) mental or emotional injury or distress of any person; or (ii) arising from bodily injury to, or sickness, disease, or death of any person. This exclusion does not apply to mental illness, emotional distress or humiliation caused by libel, slander or invasion of privacy;
2. any act, error or omission occurring prior to the effective date of this policy if any INSURED at the effective date knew or could have reasonably foreseen that such act, error or omission might be the basis of a CLAIM;
3. loss of, injury to, or destruction of tangible property or for loss of use thereof. However, this exclusion does not apply to client records which are in the INSURED’S care, custody or control, or over which the INSURED is exercising physical control for any reason;
4. any INSURED’S activities as an officer, director, partner, joint venture, manager employee or independent contractor of any company, corporation, operation, organization or association other than the NAMED INSURED;
5. any dishonest, fraudulent, criminal, malicious or knowingly wrongful or reckless act, error or omission of any INSURED;
6. any actual or alleged violations of state or federal antitrust, price fixing, restraint or trade, copy right or deceptive trade practice laws, rules or regulations;
7. the alleged certification or acknowledgement by any INSURED, in his or her capacity as a notary public, of a signature on a document which the INSURED did not witness being placed on the document;
8. any INSURED gaining any personal profit or advantage to which the INSURED was not legally entitled;
9. PROFESSIONAL SERVICES performed for any: trust, estate; organization; corporation; company; partnership; person; operation or entity, other than the NAMED INSURED; a.) to whom any INSURED promoted, solicited or sold securities, real estate or other investments; or b.) for which any INSURED received a fee or commission prohibited by the Rules of Conduct of the American Institute of Certified Public Accountants;
10. the sale or solicitation for sale of securities, real estate, insurance products, or any other investment by an INSURED. This exclusion does not apply to CLAIMS arising out to the the NAMED INSURED’S preparation of pro forma financial statements for public or private offerings; PROFESSIONAL SERVICES performed pre or post formation in connection with any organization; corporation; company; partnership; joint venture; operation; or entity (other than the Named Insured) while any INSURED was or became an officer, director, partner, manager or holder of more than a 10% equity interest;
11. any INSURED’S activities as a trustee for any mutual or investment fund or trust, or a trust set up in connection with a pension, profit sharing, or other employee benefit plan subject to ERISA or any similar state law;
12. conversion, misappropriation or improper commingling of client funds or funds held for the benefit of a client;
13. any act, error or omission occurring prior to the RETROACTIVE DATE specified in the Declarations or any endorsement;
14. any DISCIPLINARY PROCEEDINGS except as provided in Insuring Agreement III;
15. the use, handling, sale, distribution, transport, shipment, dispersal, storage, or disposal of any nuclear, radioactive or fissionable material, or any alleged violation of any environmental statute, regulation, or ordinance with respect to such material;
16. the planning, construction, maintenance, operation or use of any nuclear reactor, nuclear waste storage facility or disposal site or any other nuclear facility, or nuclear reaction, nuclear radiation or radioactive contamination, or to any act or condition incident to the foregoing;
17. actual, alleged or threatened discharge, dispersal, seepage, migration, release or escape of any solid, liquid, gaseous, thermal, or aural irritant, pollutant, contaminant, or organism, including, but not limited to noise, lead, smoke, vapors, electromagnetic radiation, soot, fumes, acids, alkalis, chemicals or waste materials (including those that are or to be stored, recycled, reconditioned or reclaimed), into or upon land, air, water or property;
18. the manufacture of, mining of, use of, removal of, or exposure to asbestos, asbestos products, asbestos fibers or asbestos dust.

Exclusions (E), (H) and (M) do not invalidate this insurance as to any INSURED who did not act with knowledge or consent in the matter to which the exclusion applies.