Section 3 - Payment Options (please select one) Section 1 - Your Information (Please Print Clearly) Section 4 - Notices and Warranties

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1 R CalSurance E&O Program Specialists New England Financial & New England Securities E&O Insurance Coverage New or Renewal Enrollment Form - Policy Period: October 1, 2011 through October 1, 2012 Claims Made & Reported Errors & Omissions Coverage By purchasing this insurance, agents become members of the Financial Sales Professionals Purchasing Group, a group formed and operating pursuant to the Liability Risk Retention Act of 1986 (15 USC 3901 et seq.). There is no additional charge for membership. Instructions... All sections must be completed. Incomplete forms will take additional time to process. Please allow up to ten (10) business days for processing. Return this form along with payment to: Brown & Brown of California dba CalSurance Associates* P.O. Box 7048, Orange, CA Coverage Questions...Call * toll free at (866) or at metlifequestions@calsurance.com Certificates of Insurance...Go online: - Certificate Reprinting - Sponsoring Group - New England Financial Section 1 - Your Information (Please Print Clearly) First Name Section 1 - Your Information (Please Print Clearly) Street Address Last Name Mailing Address (if different than street address) City Contact Phone Number Fax Number Agent # State Section 2 - Effective Date and Amount Due Effective Date of Coverage: Zip Code NOTICE: Effective date of coverage cannot be prior to your date of contract with the sponsor. Enter the amounts due from the enclosed rate table for your state of domicile. Limit Options (Please check one) (Each Claim/Aggregate Each Agent) $ 2,000,000/$ 2,000,000 $ 3,000,000/$ 3,000,000 $ 4,000,000/$ 4,000,000 $ 5,000,000/$ 5,000,000 Fidelity Bond (Required. Please check one.) Agent of New England Financial Life Agent & Registered Representative of New England Securities Total Amount Due: $ - - Amount Due Additional Amount Due Note: Managing Partners are required to purchase at least the $4,000,000/$4,000,000 limit Administrative Fees of $32 is included in amount due. Section 3 - Payment Options (please select one) In the event of a payment decline in any of the following, the full outstanding amount due will be reported to New England Financial/New England Securities. Payment in Full by Check: Make check payable to Brown & Brown of California, Inc. for the full annual premium due. or Payment by Debit to Checking Installments: Please return Enrollment Form along with the Debit Pre Authorization Form and a voided check. This enrollment WILL NOT be processed without a Debit Pre-Authorization Form and a voided - check. For alternative payment options, please enroll online at: Login: NEF Password: FINC5367 Section 4 - Notices and Warranties NOTICE: I must be a currently contracted agent with New England Financial ( NEF ) or Registered Representative with New England Securities ( NES ) to be eligible for this program. Otherwise, I will not be considered an Insured under this program and no claims made against me will be covered, and any amounts paid by me will be returned. If I am a currently contracted Agent of NEF or Registered Representative of NES paying for coverage under this program, the amounts due are considered fully earned and therefore I will not be entitled to a refund for any reason. Should my contract and/or my registration terminate (voluntarily or involuntarily), coverage will cease as of the date of termination. I further understand that I will be responsible for any outstanding balance of premium, taxes and administration fees due if termination (voluntarily or involuntarily) occurs. I warrant that I am currently contracted with New England Financial ( NEF ) or with New England Securities ( NES ). NOTICE: This is a claims made and reported policy. If I have knowledge of any claim or incident that could give rise to a claim under the proposed policy and any claim or action arises therefrom, it is excluded from coverage for which this form applies. A potential gap in coverage may occur if I elect an effective date that is not continuous with my prior expiration date, and may result in the denial of a claim. I warrant that I have no knowledge of any pending claim or incident that could give rise to a claim under the proposed policy. I acknowledge that the specimen policy and program materials have been delivered to me via (Login: NEF ; Password: FINC5367 ) and I have reviewed these documents prior to enrolling in the program. I warrant and represent that the above statements are true and that I have not suppressed or misstated any material facts and I agree that this application shall be the basis of the contract with the company issuing the policy. It is understood that completion of this application does not bind the company to issue or the applicant to purchase the insurance. I have read the above notices and warranties and agree. Signature (Required) Today s Date NEFApp v7 Brown & Brown of California, Page 1 Inc. of 13 dba CalSurance Associates * California License # 0B02587

2 Rate Table Fidelity Bond State Total State Taxes $2M/$2M $3M/$3M $4M/$4M $5M/$5M Life Life & Registered Representative AL 4.00% $1, $1, $2, $2, $75.00 $ AK 3.70% $1, $1, $1, $2, $75.00 $ AZ 3.20% $1, $1, $1, $2, $75.00 $ AR 4.00% $1, $1, $2, $2, $75.00 $ CA 3.25% $1, $1, $1, $2, $75.00 $ CO 3.00% $1, $1, $1, $2, $75.00 $ CT 4.00% $1, $1, $2, $2, $75.00 $ DE 2.00% $1, $1, $1, $2, $75.00 $ FL 5.00% $1, $1, $2, $2, $75.00 $ GA 4.00% $1, $1, $2, $2, $75.00 $ HI 4.68% $1, $1, $2, $2, $75.00 $ ID 1.75% $1, $1, $1, $2, $75.00 $ IL 3.60% $1, $1, $1, $2, $75.00 $ IN 2.50% $1, $1, $1, $2, $75.00 $ IA 1.00% $1, $1, $1, $2, $75.00 $ KS 6.00% $1, $1, $2, $2, $75.00 $ KY 4.80% Contact CalSurance for rates $75.00 $ LA 5.00% $1, $1, $2, $2, $75.00 $ ME 3.00% $1, $1, $1, $2, $75.00 $ MD 3.00% $1, $1, $1, $2, $75.00 $ MA 4.00% $1, $1, $2, $2, $75.00 $ MI 2.50% $1, $1, $1, $2, $75.00 $ MN 3.08% $1, $1, $1, $2, $75.00 $ MS 4.00% $1, $1, $2, $2, $75.00 $ MO 5.00% $1, $1, $2, $2, $75.00 $ MT 3.75% $1, $1, $2, $2, $75.00 $ NE 3.00% $1, $1, $1, $2, $75.00 $ NV 3.90% $1, $1, $2, $2, $75.00 $ NH 3.00% $1, $1, $1, $2, $75.00 $ NJ 5.00% $1, $1, $2, $2, $75.00 $ NM 3.00% $1, $1, $1, $2, $75.00 $ NY 3.80% $1, $1, $2, $2, $75.00 $ NC 5.00% $1, $1, $2, $2, $75.00 $ ND 1.75% $1, $1, $1, $2, $75.00 $ OH 5.00% $1, $1, $2, $2, $75.00 $ OK 6.00% $1, $1, $2, $2, $75.00 $ OR 2.00% $1, $1, $1, $2, $75.00 $ PA 3.00% $1, $1, $2, $2, $75.00 $ RI 4.00% $1, $1, $2, $2, $75.00 $ SC 6.00% $1, $1, $2, $2, $75.00 $ SD 2.50% $1, $1, $1, $2, $75.00 $ TN 5.00% $1, $1, $2, $2, $75.00 $ TX 4.85% $1, $1, $2, $2, $75.00 $ UT 4.40% $1, $1, $2, $2, $75.00 $ VT 3.00% $1, $1, $1, $2, $75.00 $ VA 2.25% $1, $1, $1, $2, $75.00 $ WA 3.00% $1, $1, $1, $2, $75.00 $ DC 2.00% $1, $1, $1, $2, $75.00 $ WV 4.55% $1, $1, $2, $2, $75.00 $ WI 3.00% $1, $1, $1, $2, $75.00 $ WY 3.00% $1, $1, $1, $2, $75.00 $ Notes: New England Financial 10/1/2011 to 10/1/2012 Premium Matrix with Surplus Lines by State and CalSurance Admistrative Fee 1. States with an * are states that DO NOT return stamping fees unless flat cancel only. Stamping fees are considered earned when paid. 2. Illinois ^ requires premium tax and stamping fee be rounded to nearest whole dollar.) 3. Kentucky+ also has Municipal/County tax. This varies based on location. Check with CalSurance to determine correct tax. 4. Premiums are inclusive of $32 CalSurance Administrative Fee premium and policy fees 6. Pennsylvania includes a $25 stamping fee per enrollee Page 2 of 13

3 CalSurance R E&O Program Specialists ERRORS AND OMISSIONS PROGRAM Agreement For Pre-Authorized Checking Account Payment NEW ENGLAND FINANCIAL AND NEW ENGLAND SECURITIES October 1, 2011 to October 1, 2012 See Enrollment Instructions for Rate Amount I (we) hereby authorize Brown & Brown of California, Inc., dba CalSurance Associates, hereinafter called COMPANY, to initiate electronic debits from my (our) checking account indicated below at the financial institution named below, hereinafter called DEPOSITORY, for E&O coverage installments. This authority is to remain in full force and effect until COMPANY and DEPOSITORY have each received written notification from me (or either of us) of its termination in such time as to afford COMPANY and DEPOSITORY a reasonable opportunity to act on it, but no less than (3) business days before the next scheduled date. I (we) agree that if the amounts due are not paid on the dates specified below, or in the event the debits are dishonored, the full outstanding amount due will be reported to New England Financial or New England Securities. The agent will be eligible for reinstatement of installments ONE time only within 10 days of the Payment Decline Notification by paying the installment amount due in addition to a Declined/Non Sufficient Fund Fee of $ Please attach a voided check to the bottom of this form. The Enrollment Form will not be processed if a voided check is not attached. The annual rate will be divided into equal installments. Payments will be processed as follows: first installment will be debited upon receipt of Enrollment Form, then again on December 1, 2011, February 1, 2012 and April 1, 2012 and a $7.50 processing fee will be added to each installment. I understand that if any of the scheduled installment dates have passed at the time of my enrollment, my rate will be divided among the remaining installment dates. Name of Financial Institution: Address or Branch: City: State: Zip: Transit / ABA Number: Name: Signature: Account Number: Date: Signature: (If account requires two signatures) Date: Please attach a voided check, or photocopy thereof, applicable to the above account in this space. (Enrollment will not be processed without it). NEFACH v2 Brown & Brown of California, Inc., DBA CalSurance Associates California Insurance License 0B02587 Page 3 of 13

4 Outline of Coverage Agents and Registered Representatives of New England Financial and New England Securities Members of the Financial Sales Risk Purchasing Group Policy Period October 1, 2011 to October 1, 2012 Insurer Chartis Specialty Insurance Company and Lexington Insurance Company* (members of Chartis Insurance and approved surplus lines insurers, 100% owned by American International Group) Both non-admitted insurance companies Rated A (Excellent): XV by A.M. Best The information obtained from A.M. Best dated December 20, 2010 is not in any way Brown & Brown of California, Inc. s warranty or guaranty of the financial stability of the insurer in question. The information is current only as of the date of publication. *Insured(s) who are domiciled or maintain a primary place of business in Illinois are subject to the terms and conditions of the Lexington Insurance Company policy. Risk Purchasing Group By applying for this insurance, the Insured Agents and Representatives are applying for membership in the Financial Sales Professionals Purchasing Group, a group formed and operating pursuant of the Liability Risk Retention Act of 1986 (15 USC 3901 et seq.). There is no additional charge for this membership. Limits of Liability Options $2,000,000 for Damages and Claims Expenses for each Claim/ $2,000,000 Limit Each Insured Agent/ Rep. - Annual Aggregate $3,000,000 for Damages and Claims Expenses for each Claim/ $3,000,000 Limit Each Insured Agent/ Rep. - Annual Aggregate $4,000,000 for Damages and Claims Expenses for each Claim/ $4,000,000 Limit Each Insured Agent/ Rep. - Annual Aggregate $5,000,000 for Damages and Claims Expenses for each Claim/ $5,000,000 Limit Each Insured Agent/ Rep. - Annual Aggregate Managing Partners are required to purchase limits of at least $4,000,000/ $4,000,000 This policy has a $75,000,000 policy aggregate that applies to all Insureds (including all Damages and Claims Expense) other than those who are domiciled or have a primary place of business in the State of New York. Defense Costs Included within the limits of liability. Deductibles (applies severally to each Insured Agents/Rep. when a Claim is made against one or more Insureds): $500 for Damages arising from a Claim in connection with MetLife Enterprise* products $1,000 for Damages arising from a Claim in connection with Provident Life and Accident Business $2,500 for Damages arising from a Claim in connection with non-metlife Enterprise Products, NEF Partnership Affiliates Business, BC/BS of NJ Small Employer Health Plans and Individual Products, Celtic Life Insurance Individual Major Medical Products, and New England Financial Distributors, LLC Business $5,000 for trade error correction Claims $7,500 for Damages and Claims Expenses from a Claim in connection with Managing Partner Supervisory Coverage $7,500 for Damages from a Claim in connection with Managing Associate Supervisory Coverage $10,000 for Damages and Claims Expenses from a Claim for covered Prior Acts * MetLife Enterprise refers to the MetLife affiliated companies. Coverage (Claims Made and Reported) Negligent acts, errors or omissions or Personal Injury arising out of the rendering or failure to render Professional Services as a life insurance Agent under contract to NEF or any other life or accident or health company or as a Registered Representative under contract to NES. Professional Services are extended as an Investment Advisor or Financial Planner of NES provided the Insured Agent/Representative is either an Agent of NEF or a Registered Representative of NES. This document is a summary of the coverage provided. All statements contained herein are subject to all of the terms, conditions, and exclusions of the actual policy. This document does not reflect those terms and conditions of the policy that have been modified in order to comply with New York requirements. To request a copy of the policy or the New York Amendatory Endorsement, please call our dedicated Service Team toll free at NEFHL V1 Page 1 of 4 Page 4 of 13

5 Insured Agent/Representative Agents, Managing Partners, and Retirees under active contract to NEF and Registered Representatives under active contract to NES, who have paid the premium, and whose names are on file with the Insurer. Insured s Include Corporation/Partnership/Business Entity of the Insured Agent/Representative arising from Professional Services personally performed by the Insured Agent/Representative Partners/ Officers/ Stockholders of Insured Agent/ Representative s business acting in the scope of their duties and who are not parties to a contract or licensed as agents or registered representatives with any other non-new England Financial life insurance company or broker/dealer Employees of NEF or of the Insured Agent/Representative solely while acting in an administrative capacity on behalf of the Insured Agent/Representative, whether or not the individual holds an insurance license and appointment; however, such employees may not be party to a contract or licensed as agents or registered representatives with any other non-new England Financial life insurance company or broker/dealer Administrators/Heirs/Executors/Legal Representatives in the event of the Insured Agent/Representative s death, incapacity or bankruptcy Note: Insureds above who are covered under the Insured Agent/Representative s policy do not have their own separate limits of liability. Prior Acts Coverage The date the Insured Agent/Representative became a life insurance Agent under contract to NEF or a Registered Representative under contract to NES. Subject to a $10,000 deductible, additional coverage is provided for prior acts as of the earlier of the Agent s/registered Representative s date of contract/registration agreement with NEF/NES or his/her first continuous claims-made life agent s and/or registered representative s E&O policy. Such coverage is limited to Professional Services as a life insurance agent for any life or accident or health insurance company or as a registered representative for any broker/dealer solely with respect to mutual funds and variable products. With respect to property and casualty products placed through MetLife Auto & Home Insurance Agency, Inc. or proprietary products of MetLife Auto & Home - the date the Insured Agent/ Representative became appointed with MetLife Auto & Home. Professional Services Life Insurance Agent As a life insurance Agent under contract to NEF, Professional Services include those services necessary or incidental in the conduct of the insurance business of the Insured Agent/Representative and shall be limited to: 1. The sale and/or servicing of life insurance, disability income insurance, life insurance annuities, accident and health insurance plans (including Blue Cross/Blue Shield Organizations); 2. The sale and/or servicing of contracts providing for participation in life insurance company separate investment accounts or life insurance general investment accounts and administrative service agreements; 3. The sale and/or servicing of employee benefit plans, including life, health, and disability plans and including noninsured plans, which are those that do not use an insurance product as a funding vehicle; and 4. Referrals to MetLife Bank. Agent appointed by Met Life Auto & Home As a property casualty agent appointed by MetLife Auto & Home, Professional Services include the sale and/or servicing of property and casualty products placed through MetLife Auto & Home Insurance Agency, Inc. Coverage also extends to the sale and/or servicing of proprietary property and casualty products of MetLife Auto & Home. Coverage for proprietary products is subject to a $1,000,000 per Claim per Insured Agent/Representative/ $1,000,000 per Insured Agent/ Representative for all Claims sub-limit of liability. Registered Representative of New England Securities As a Registered Representative under contract to NES, Professional Services include those services rendered in connection with a service or activity which has been approved by NES to be performed by the Registered Representative and in connection with the purchase or sale of a specific security, annuity, or insurance product which has been approved by NES to be transacted by the Registered Representative and for which the Registered Representative has obtained all licenses required by NES and/or applicable law or regulation for or on behalf of a customer or client of NES including: 1. Sale and servicing of securities, including investment companies; 2. Sale and servicing of annuities or variable annuities; This document is a summary of the coverage provided. All statements contained herein are subject to all of the terms, conditions, and exclusions of the actual policy. This document does not reflect those terms and conditions of the policy that have been modified in order to comply with New York requirements. To request a copy of the policy or the New York Amendatory Endorsement, please call our dedicated Service Team toll free at NEFHL V1 Page 2 of 4 Page 5 of 13

6 3. Sale and servicing of commodity funds and fixed income structured products; 4. Providing brokerage services for individual retirement accounts (IRA s), Keogh retirement plans and employee benefit plans (other than multiple employer or multiemployee welfare arrangements); 5. Providing administrative services for individual retirement accounts (IRA s), Keogh retirement plans and employee benefit plans (other than multiple employer or multiemployee welfare arrangements); and 6. Referrals to MetLife Bank. And in connection with or incidental to the above Professional Services as a life insurance Agent under contract to NEF or a Registered Representative under contract to NES: 1. Providing economic advice, financial advice, or investment advisory services; and 2. Services as a notary public. Financial Services Representative or Investment Advisor Representative Additional Professional Services for life insurance Agents under contract to NEF or Registered Representatives under contract to NES who hold an Association agreement with NES as a Financial Service Representative or Financial Planner: Services are limited to consultation and advice approved by NES and which are provided for a fee, other than insurance or securities commissions, with respect to: 1. Services provided as a registered investment advisor; 2. Providing economic advice, financial advice, or investment advisory services; and 3. Services as a notary public. Contract Termination The insurance under this policy shall cease on the date of termination of the Insured Agent/Representative s status as an Agent under contract to NEF and/or as a Registered Representative under contract to NES. All premium paid by the Insured Agent/Representative shall be considered fully earned at inception by the E&O carrier and no refund of premium shall be made to Insured Agents/Representatives who have terminated, whether such terminations were voluntary or involuntary. The Insured Agent/Representative will be responsible for any outstanding balance of premium, taxes, and administration fees if termination (voluntary or involuntary) occurs. The policy will provide for Claims Expenses and Damages for any Claim First Made against the former Insured Agent/ Representative after the date of termination provided: 1. The Claim is first made and reported before the policy expires, or before the expiration of replacement or subsequent renewal policies issued by the Insurer; and 2. the Claim arises out of a negligent act, error or omission and/or Personal Injury which took place prior to the termination of the Insured Agent/Representative; and 3. the Claim was caused by any negligent act, error or omission and/or Personal Injury of the Insured Agent/ Representative and would, but for the termination, have been a Professional Service covered by this policy. Retired Agents Retirees who are actively appointed with NEF/NES are required to maintain E&O coverage regardless of their selling or servicing activities. Whether you decide to participate in the Errors & Omissions Insurance Program for Agents under Contract to NEF and Registered Representatives under Contract to NES (the E&O Program) or obtain alternative coverage, you will need to provide documentation to your Agency of record and certify to CalSurance that you have obtained E&O Insurance. If you purchased the optional Outside Business Errors and Omissions Coverage for Retired Agents under the E&O policy for Agents under Contract to NEF prior to 1/1/2004, coverage is provided for Claims alleging any negligent, act, error omission and/or Personal Injury committed during the Policy Periods in which the Outside Insurance Business coverage was purchased by the Agent. *If you are a Retired Agent who no longer maintains an active contract and appointment with NEF/NES and you were enrolled under the E&O Program when you terminated your contract and appointment with NEF/NES, please see the Contract Termination Section regarding coverage. Please note that if you continue to be active in the sale and/or servicing of insurance and related products with other companies outside of NEF/NES, you will need to purchase E&O Insurance to cover these activities as the coverage extended to terminated Insured Agents will only apply to your activities while you were contracted and appointed with NEF. This document is a summary of the coverage provided. All statements contained herein are subject to all of the terms, conditions, and exclusions of the actual policy. This document does not reflect those terms and conditions of the policy that have been modified in order to comply with New York requirements. To request a copy of the policy or the New York Amendatory Endorsement, please call our dedicated Service Team toll free at NEFHL V1 Page 3 of 4 Page 6 of 13

7 Disabled Agents The policy provides coverage for Claims made against Disabled Agents/Registered Representatives alleging any negligent act, error or omission and/or Personal Injury arising from Professional Services otherwise covered by this policy which were performed when the Agent was not designated as Disabled or during a period when the Agent was designated as Disabled but solely with regard to business placed with or through the MetLife Enterprise during such period of disability. Coverage as stated above only extends to Agents under contract to NEF or Registered Representatives under contract to NES who: 1. are designated by NEF as Disabled; and 2. hold a valid Agent contract with NEF or registration agreement with NES at the time the Claim is First Made. Heirs and Estates of Deceased Agents The policy provides coverage for Claims made against the heirs, executors, administrators or legal representatives of deceased Agents/Registered Representatives alleging any negligent act, error or omission and/or Personal Injury arising from Professional Services otherwise covered by this policy, which were performed prior to such Agent/Registered Representative s death. Requirements for Obtaining Outside Coverage E&O coverage is a requirement for Agents and Registered Representatives as a condition of their contract and/or registration agreement with NEF/NES. If you wish to elect coverage outside of the E&O Program, you must provide proof of equivalent coverage from your proposed new insurance carrier to CalSurance, the Program Administrator, including, but not limited to, meeting the minimum requirements identified in the Quote Confirmation Form, which is available online. The form must be completed and signed by (1) you and (2) the broker and/or insurance carrier. It must be received by CalSurance via at metlifequestions@calsurance.com or by fax at no later than September 23, 2011 followed by a hard copy with an original signature. If CalSurance finds the Quote Confirmation Form satisfactory, you will be notified in writing as soon as possible, and you will be required to submit a binder of coverage issued and signed by the insurer for final approval by NEF/NES/MetLife. A copy of the Quote Confirmation Form, binder of insurance, and the final policy must be kept in your file. Unless you receive written approval from CalSurance to opt out of the E&O Program, you will be automatically enrolled in the E&O Program. This will be the only opt out opportunity during the period from October 1, 2011 to October 1, 2012 (with the exception of newly contracted agents/representatives). Duty to Defend Yes, to those Claims for which coverage applies. Program Administration California License Number: 0B02587 Mailing Address: Attn: CalSurance - NEF Customer Service Team 681 S. Parker Street, Suite 300 Orange, CA Toll free telephone: metlifequestions@calsurance.com Claims Administration Brown & Brown of California, Inc. dba Lancer Claims Services This document is a summary of the coverage provided. All statements contained herein are subject to all of the terms, conditions, and exclusions of the actual policy. This document does not reflect those terms and conditions of the policy that have been modified in order to comply with New York requirements. To request a copy of the policy or the New York Amendatory Endorsement, please call our dedicated Service Team toll free at NEFHL V1 Page 4 of 4 Page 7 of 13

8 EXCLUSIONS The Agents and Registered Representatives of New England Financial and New England Securities Members of the Financial Sales Professional Purchasing Group Life Insurance Agents Errors and Omissions Liability Policy October 1, 2011 to October 1, 2012 This insurance does not apply to: A. Any Claim arising out of any negligent act, error or omission and/or Personal Injury of the Insured committed with dishonest, fraudulent, criminal or malicious purpose or intent; however, this exclusion does not apply to any act which is the basis of a malicious prosecution Claim; B. Any Claim for bodily injury, sickness, disease or death of any person, or to injury or destruction of any tangible property including loss of use thereof; C. Liability of others assumed by the Insured under any contract or agreement, either oral or in writing, greater than the liability which would have been imposed by law in the absence of any express contract or assumption of liability; D. Any Claim by an enterprise which one or more Insureds own, operate, control or manage; or by an enterprise which owns, operates, controls or manages an Insured; E. Any Claim alleging, arising out of, based upon or attributable to any pension plan, welfare plan or other benefit plan sponsored by any Insured or by any firm in which: (1) Any Insured has a financial interest; (2) Any Insured is a participant, named fiduciary, designed fiduciary, administrator or trustee as those terms are used in the Employee Retirement Income Security Act of 1974, as amended; Provided, however, Exclusion (e) shall not be applicable in the event a Insured Agent/Representative is either (i) deemed to be a Fiduciary Advisor under the Pension Act of 2006 or any amendments thereto or (ii) is a fiduciary by recommending securities, as described in Section 3(21)(A)(ii) of ERISA Specifically, named fiduciary is defined in Section 402(a) (2) as: a fiduciary who is named in the plan instrument, or who, pursuant to a procedure specified in the plan, is identified as a fiduciary; (i) by a person who is an employer or employee organization with respect to the plan; or (ii) by such an employer and such an employee organization acting jointly. F. Any Claim arising out of an intentional violation of: the rules or regulation of the National Association of Security Dealers; or the Federal Securities laws; or the rules or regulations of the Securities & Exchange Commission; or the rules or regulations of any state securities regulatory agency; or any state insurance laws or regulations; THIS DOCUMENT DOES NOT REFLECT THOSE TERMS AND CONDITIONS OF THE POLICY THAT HAVE BEEN MODIFIED IN ORDER TO COMPLY WITH NEW YORK REQUIREMENTS. PLEASE CONTACT CALSURANCE TO REQUEST A COPY OF THE NEW YORK AMENDATORY ENDORSEMENT WHICH DETAILS ANY CHANGES TO THE POLICY RELATIVE TO AGENTS DOMICILED OR WITH A PRIMARY PLACE OF BUSINESS IN THE STATE OF NEW YORK. NEFExclusions080311V1 California License # 0B02587 Page 8 of 13 1 of 6

9 G. Any Claim based upon a loss arising out of the Insured advising others by making promises or guarantees as to the future value of an investment; H. Any Claim arising out of Professional Services usually performed by an actuary or Professional Services usually performed by an accountant, attorney or real estate agent; I. Any Claim arising out of professional services usually performed as a licensed property/ casualty agent except as provided under Conditions VII. Definitions Professional Services; J. Any Claim arising out of the insolvency, receivership, bankruptcy, liquidation or financial inability to pay of any organization in which the Insured has (directly or indirectly) placed or obtained coverage or in which an Insured has (directly or indirectly) placed the funds of a Client or account or in which any person has invested as a result of consultation with an Insured. However this Exclusion shall not apply to the following; 1. products of First Health Life and Health Insurance Company or Cambridge Life Insurance Company that have been approved by the Named Insured, and products of any licensed Blue Cross Blue Shield Association carrier and its licensed subsidiaries, or 2. if the organization in which funds were placed or coverage obtained was rated A- or better by the A.M. Best and Company and was admitted by the applicable jurisdiction at the time of the placement. Furthermore, this exclusion shall not apply to any life, accident, or health insurance carrier that was recommended by the EGA Financial Review Subcommittee of the Named Insured and approved in writing by an Executive Vice President of MetLife ( EGA-approved carriers ). Notwithstanding the foregoing, any coverage hereunder for Claims arising out of the insolvency, receivership, bankruptcy, liquidation or financial inability to pay of any EGA-approved carriers, except for those entities described in sub-paragraph 1 & 2 above shall be limited to the following sub-limits of liability: $150,000 each Claim for Damages and Claims Expenses arising from a wrongful act or interrelated wrongful acts resulting in a Claim(s) made against an Insured Agent/Representative $150,000 aggregate for each Insured Agent/Representative $2,500,000 aggregate all Claims (including Claims Expenses) This Sub-Limit of liability is part of and not in addition to the Limit of Liability set forth in Item 3 of the Declarations. Further, any coverage hereunder for Claims arising out of the insolvency, receivership, bankruptcy, liquidation or financial inability to pay of any EGA-approved carriers shall be subject to the following deductible: $2,500 for Damages or Claims Expenses arising form a wrongful act or interrelated wrongful acts resulting in a Claim(s) made against an Insured Agent/Representative Solely with respect to the applicability of this exclusion, it is expressly agreed, that any changes to an existing contract (even if said changes result in the issuance of a new contract) shall be deemed to revert back to the original placement date. THIS DOCUMENT DOES NOT REFLECT THOSE TERMS AND CONDITIONS OF THE POLICY THAT HAVE BEEN MODIFIED IN ORDER TO COMPLY WITH NEW YORK REQUIREMENTS. PLEASE CONTACT CALSURANCE TO REQUEST A COPY OF THE NEW YORK AMENDATORY ENDORSEMENT WHICH DETAILS ANY CHANGES TO THE POLICY RELATIVE TO AGENTS DOMICILED OR WITH A PRIMARY PLACE OF BUSINESS IN THE STATE OF NEW YORK. NEFExclusions080311V1 California License # 0B02587 Page 9 of 13 2 of 6

10 K. Any Claim arising out of disputes relating to any form of compensation including, but not limited to commissions, Gross Dealer Concessions, expense allowances or brokerage monies; L. Any Claim arising out of the Insured's activities in computer programming or processing if the resulting programs are sold to anyone or if a fee is charged for the use of the program to anyone other than the Insured's Clients; M. Any Claim arising out of any Insured's activities as an officer, shareholder, trustee or director of any organization; N. Any Damages and Claims Expenses directly or indirectly brought about by, arising out of or attributable to any actual or alleged violation of the Racketeer Influenced and Corrupt Organizations Act, 18 U.S.C. Sections 1961 el seq., and any amendments thereto or any rules or regulations promulgated thereunder; O. Any Claim for fines, penalties, punitive and/or exemplary Damages and/or the multiplied portion of multiplied Damages; P. Any Claim arising out of disputes between past or present Insureds; Q. Any Claim based on, arising out of, directly or indirectly resulting from, in consequence of, or in any way involving: i) any Claim which has or could have been the subject of any notice given under any other policy the terms of which had incepted prior to this Policy s inception date; or ii) any fact, circumstance or situation, whenever occurring, arising out of the same or related Professional Services having as a common nexus any fact, circumstance, situation, event, transaction or series of facts, circumstances, situations, events or transactions, which has or could have been the subject of such prior notice; R. Any Claim based on or arising out of a conflict of interest. S. Any Claim arising out of, based upon, or attributable to, an Insured exercising discretionary authority or control with regard to management or disposition of assets; however, this exclusion shall not apply to any Insured s purchase or sale of no-load investment company or variable annuities in which there is no initial or contingent sales charge or commission, or the Insured s purchase or sale of mutual funds, variable annuities, variable life or securities products while acting in his or her capacity as a Registered Investment Advisor as long as the service or activity performed in that capacity has been approved by the broker/dealer Subsidiary of New England Financial; T. Any Claim arising out of, based upon, or attributable to the gaining in fact of any profit or advantage to which the Insured was not legally entitled, including but not limited to any actual or alleged commingling of funds or accounts; U. Any Claim alleging, arising out of, based upon or attributable to any use by any Insured of, or aiding or abetting by any Insured in the use of, or participating after the fact by any Insured in the use of, non-public information in a manner prohibited by the laws of the United States, including, but not limited to, the Insider Trading and Securities Fraud Enforcement Act of 1988 (as amended) and Rule 10b-5 thereunder, any state, commonwealth, territory or subdivision thereof, or the laws of any other jurisdiction, or any rules or regulations promulgated under any of the foregoing; V. Any Claim brought by or on behalf of any clearing agency, or alleging, arising out of, based upon or attributable to, any function of any Insured as a clearing agency; THIS DOCUMENT DOES NOT REFLECT THOSE TERMS AND CONDITIONS OF THE POLICY THAT HAVE BEEN MODIFIED IN ORDER TO COMPLY WITH NEW YORK REQUIREMENTS. PLEASE CONTACT CALSURANCE TO REQUEST A COPY OF THE NEW YORK AMENDATORY ENDORSEMENT WHICH DETAILS ANY CHANGES TO THE POLICY RELATIVE TO AGENTS DOMICILED OR WITH A PRIMARY PLACE OF BUSINESS IN THE STATE OF NEW YORK. NEFExclusions080311V1 California License # 0B02587 Page 10 of 13 3 of 6

11 W. Any Claim alleging, arising out of or attributable to, the purchase or sale of (or failure to purchase or sell) any of the following or any advice in connection therewith: 1) commodities, futures contracts, forwards contracts or any type of option or futures contract or any similar investment or investment product or any collectable including but not limited to stamps, art cards, jewelry, antiques or any other tangible personal property; however, this Exclusion shall not apply to Claims arising out of the sale of covered call options, uncovered short put options, long call options, long put options and short put options, provided that the Insured Agent/Representative was approved for such option transactions by New England Securities at the time of the transaction; or 2) any equity security priced under $5.00 at the time that the negligent act, error or omission triggering such Claim arose; however, this exclusion shall not apply if the security is: (i) (ii) registered, or approved for registration upon notice of issuance, on a national securities exchange; or authorized, or approved for authorization upon notice of issuance, for quotation in the NASDAQ National Market System or the NASDAQ SmallCap Market; or (iii) issued by an investment company registered under the Investment Company Act of 1940 (as amended); or 3) any security in any market outside of the United States of America and its territories and possessions and Canada; or 4) annuities used in connection with any structured settlement not approved in writing by the Broker/Dealer; or 5) promissory notes, i.e., an investment whereby the maker agrees to pay to the payee a specific sum of money on demand or at a fixed or determinable future date; or 6) viatical products, including viatical settlements and viatical contracts; however, this exclusion does not apply to life settlement transactions through Enterprise General Agency, Inc. and Advanced Planning Services provided that the Insured Agent/Representative had prior approval for such activities by the Advanced Markets unit of Metropolitan Life Insurance Company; or 7) callable certificates of deposit; or 8) leases (including but not limited to ETS Pay Phones); X. Any Claim alleging, arising out of, based upon or attributable to any mechanical or electronic failure, breakdown or malfunction of machines or systems; Y. Any Claim alleging, arising out of, based upon or attributable to, in whole or in part, any Investment Banking Activity by an Insured, including but not limited to any disclosure requirements in connection with the foregoing; provided, however, that this exclusion shall not apply to Claims arising out of the sale by an Insured to a particular Client or customer of an open-ended investment company or variable annuity which alleges that a Client or customer of the broker/dealer Subsidiary of New England Financial was unsuitable for and wrongfully placed into such investment company or variable annuity; Z. Any Claim brought by or on behalf of, or instigated or continued with the solicitation, assistance, participation or intervention of, any State or Federal regulatory or administrative agency or bureau or any other governmental, quasi-governmental or self-regulatory entity ( Governmental Entity ), whether directly or indirectly and whether brought in its capacity as trustee, liquidator, or assignee of the broker/dealer Subsidiary of New England Financial, or in any other capacity and whether brought in its own name or in THIS DOCUMENT DOES NOT REFLECT THOSE TERMS AND CONDITIONS OF THE POLICY THAT HAVE BEEN MODIFIED IN ORDER TO COMPLY WITH NEW YORK REQUIREMENTS. PLEASE CONTACT CALSURANCE TO REQUEST A COPY OF THE NEW YORK AMENDATORY ENDORSEMENT WHICH DETAILS ANY CHANGES TO THE POLICY RELATIVE TO AGENTS DOMICILED OR WITH A PRIMARY PLACE OF BUSINESS IN THE STATE OF NEW YORK. NEFExclusions080311V1 California License # 0B02587 Page 11 of 13 4 of 6

12 AA. BB. CC. DD. EE. FF. the name of any other entity; however, this exclusion shall not apply to any Claim brought solely in such Governmental Entity s capacity as a customer or Client of New England Financial or its subsidiaries and instigated and continued totally independent of, and totally without the solicitation of, or assistance of, or active participation of, or intervention of, any Insured; Any Claim alleging, arising out of, based upon or attributable to, or in any way involving, directly or indirectly, the formation, operation, administration or management by an Insured, in part or in whole, of any entity other than the broker/dealer Subsidiary of New England Financial including but not limited to limited or general partnerships, including but not limited to Claims arising out of an Insured acting as a general partner of any limited partnership and/or managing general partner of any general partnership; Any Claim alleging, arising out of, based upon or attributable to, any actual or alleged negligent act, error or omission in rendering or failure to render Professional Services to any securities broker/dealer; however, this exclusion shall not apply if the Professional Service is solely the purchase or sale of securities to such broker/dealer for its own account; Any Claim for Damages sustained or alleged to have been sustained by any person, firm or corporation that is not or was not either a Client of the Insured or a Client s appointed administrator, executor, receiver or trustee(s) in bankruptcy; Any Claim for or alleging bodily injury, sickness, disease, or death of any person, or damage to or destruction of any property (including the loss of use thereof), personal and advertising injury, or any other damage, loss, cost or expense, including, but not limited to damages, losses, costs or expenses related to, arising from or associated with clean-up, remediation, containment, removal or abatement, caused directly or indirectly, in whole or in part, by: 1. Any Fungus(i), Mold(s), mildew or yeast, or 2. Any Spore(s) or toxins created or produced by or emanating from such Fungus(i), Mold(s), mildew or yeast, or 3. Any substance, vapor, gas, or other emission or organic or inorganic body or substance produced by or arising out of any Fungus(i), Mold(s), mildew or yeast, or 4. Any material, product, building component, building or structure, or any concentration of moisture, water or other liquid within such material, product, building component, building or structure, that contains, harbors, nurtures or acts as a medium for any Fungus(i), Mold(s), mildew, yeast, or Spore(s) or toxins emanating therefrom, Regardless of any other cause, event, material, product and/or building component that contributed concurrently or in any sequence to that bodily injury, property damage, personal and advertising injury, loss, cost or expense; Any Claim made against any Insured alleging, arising out of, based upon or attributable to any allegation(s) that any Insured intentionally or negligently permitted, or aided or abetted others in using, was aware of others using, or was a participant or connected in any way in the use of: 1) Late Trading; 2) Market Timing; 3) Soft-dollar Activity; 4) Front Running; or 5) Revenue Sharing related to a mutual fund or variable annuity; Any Claim made against any Insured alleging, arising out of, based upon or attributable to any allegations that any Insured intentionally or negligently permitted, or aided or abetted others in using, was aware of others using, or was a participant or connected in any way in the use of an agreement or other arrangement between an insurance broker or insurance agent and an insurance carrier involving the payment of increased fees, commissions or other compensation based on the volume, profitability or type of business referred to the insurance carrier, whether referred to as a Market Placement Agreement, Market Service Agreement, THIS DOCUMENT DOES NOT REFLECT THOSE TERMS AND CONDITIONS OF THE POLICY THAT HAVE BEEN MODIFIED IN ORDER TO COMPLY WITH NEW YORK REQUIREMENTS. PLEASE CONTACT CALSURANCE TO REQUEST A COPY OF THE NEW YORK AMENDATORY ENDORSEMENT WHICH DETAILS ANY CHANGES TO THE POLICY RELATIVE TO AGENTS DOMICILED OR WITH A PRIMARY PLACE OF BUSINESS IN THE STATE OF NEW YORK. NEFExclusions080311V1 California License # 0B02587 Page 12 of 13 5 of 6

13 Placement Services Agreement or Contingent Commission Agreement or similar agreement or arrangement, however named; GG. Loss, injury, damage, claim or suit arising directly or indirectly as a result of or in connection with terrorism including but not limited to, any contemporaneous or ensuing loss caused by fire, looting or theft. Note: Words that appear in bold print are defined terms in the policy. THIS DOCUMENT DOES NOT REFLECT THOSE TERMS AND CONDITIONS OF THE POLICY THAT HAVE BEEN MODIFIED IN ORDER TO COMPLY WITH NEW YORK REQUIREMENTS. PLEASE CONTACT CALSURANCE TO REQUEST A COPY OF THE NEW YORK AMENDATORY ENDORSEMENT WHICH DETAILS ANY CHANGES TO THE POLICY RELATIVE TO AGENTS DOMICILED OR WITH A PRIMARY PLACE OF BUSINESS IN THE STATE OF NEW YORK. NEFExclusions080311V1 California License # 0B02587 Page 13 of 13 6 of 6