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Option 3 : Neither conclusion I nor II follows.

[ alt="F1 S.S Madhu 11.01.20 D21" src="//storage.googleapis.com/tb-img/production/20/01/F1_S.S_Madhu_11.01.20_D21.png" style="width: 211px; height: 126px;">

Therefore the concluding diagram can be: Manager can be executive also. Some executives are also leaders that are not a manager.

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