13 Amy Watson, CFA, prepares a presentation about her investment fund. The fund has consistently delivered a return above 6% for the past five years, with volatility of less than 10% in each year. In her presentation she writes:

• Statement 1: "The fund's past performance indicates a return of at least 5% in the next few years."

• Statement 2: "Monetary policy changes may increase the fund volatility to above 10% in the next few years."

Which of the statements violates the Standard relating to performance presentation?