QUESTIONS 1 THROUGH 18 RELATE TO ETHICAL AND PROFESSIONAL STANDARDS.

18. Angus Draper, CFA, is a senior portfolio manager and member of the investment

committee at Tillahook Investments. Draper serves as a board member for

several non-profit organizations. These commitments require eight workdays per

month of Draper’s time. Because he does not receive any form of compensation

for these activities, Draper does not tell anyone at work about his board activities.

Does Draper violate any CFA Institute Standards?

A. No.

B. Yes, with respect to conflict of interest.

C. Yes, with respect to responsibilities of supervisors.

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