Task: Property Constraint Reasoning (ontology: Business_Finance/Financial_Industry_Business_Ontology)

The property 'is underwritten by' applies to instances of 'securities offering', and 'public offering' is a subclass of 'securities offering'. Which class can appear as the value of 'is underwritten by' for instances of 'public offering'?

A. security underwriting arrangement
B. underwriter
C. exempt offering
D. conversion terms

Answer: underwriter