Statements: No bold is a smart.
Some smarts are cowards.
Conclusions: I. Some bolds are not cowards.
II. Some smarts are not bolds.
No bold is a smart (E) + Some smarts are cowards (I) = Some cowards are not bolds (O*). But (O) cannot be reversed. Hence, conclusion I will not follow. No bold is a smart (E) ⇒ Conversion ⇒ No smart is a bold(E). ⇒ I.I. ⇒ Some smarts are not bolds (O). Hence, conclusion II will follow.