QUESTIONS 1 THROUGH 18 RELATE TO ETHICAL AND PROFESSIONAL STANDARDS.

16. Stian Klun, CFA is preparing a brochure to advertise his firm. The brochure includes the

following disclosures:

"I am a CFA so I am a member of the CFA Institute which I believe constitutes the most

elite group of professionals within the investment management business. In order to

become a CFA charterholder I had to complete a comprehensive program of study in the

investment management field.”

Klun is least likely to have violated the CFA Institute Standards of Professional Conduct

related to referencing the:

A. CFA Institute.

B. CFA Program.

C. CFA Designation.