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Allianz o10 <br />Fiduciary or Representative Liability Exclusion <br />178561 0503 <br />Policy Amendment - Umbrella Policy - Excess Liability Policy <br />The policy does not apply to any liability arising out of the ownership, maintenance or use, including all related <br />operations, of property for which you are acting in a fiduciary or representative capacity. <br />All other terms and conditions of the policy remain unchanged. <br />178561 05 03 <br />Copynght ®2003 Allianz Global Risks US Insurance Company. All rights renewed. <br />Rlek Mnlrgemmt Dhiaiwt <br />REvleo&APPRCN®Rr: <br />��[d1ti111Y',L' Fun,r.:.>r.e Z VJU,&,I <br />Risk Management Anatyst <br />