Med Pay for Injured Bike Rider under HO's Association's Liability Policy?

I am seeking a coverage opinion based on the following circumstances 

Our insured is a homeowners association with CG0001 12/04 on the policy. One of the residents in the community was riding her bicycle. Another resident was walking his dog. As the bicycle rider approached the gentleman with his dog, the man let go of the leash. The dog ran into the path of the bicyclist causing her to fall and injure herself.                                                             
CG 00 01 12 04, Coverage C, medical payments, exclusion (e) applies to a person injured while practicing, instructing or participating in any physical exercises or games, sports or athletic contests.