Statement:
No cup is a medal.
All medals are trophies.
No trophy is a shield.
Conclusion:
I. Some medals are not shields.
II. Some trophies are cups.
III. All trophies may be medals.
All medals are trophies(A) + No trophy is a shield(E) → No medal is a shield → I.I. → No shield is a medal → conversion → Some medals are not shields(O). Hence, conclusion I will follow. No cup is a medal(E) + All medals are trophies(A) → Some trophies are not cups(O*). Hence, conclusion II will not follow. All medals are trophies (I) → Probable conclusion → All trophies may be medals (A). Hence, conclusion III will follow.