Read the given statements and conclusions carefully. Assuming that the information given in the statements is true, even if it appears to be at variance with commonly known facts, decide which of the given conclusions logically follow(s) from the statements.

Statements:

1. Some students are listeners.

2. Some listeners are observers.

3. Many students are not observers.

Conclusions :

I. Some students are observers.

II. Some observers are not students.

III. Some observers are listeners.

Only conclusion III follows.