Both Zhang Fei and Li Bai applied for the MBA this year, and there are four assertions about their exams as follows: (1) at least one of them passed the exam; (2) Zhang Fei did not necessarily pass the exam; (3) Li Bai did pass the exam; (4) it is not that Zhang Fei may not have passed the exam. The final admission results show that two of the four assertions are true and two are false.
Li Bai passed the exam, but Zhang Fei failed can be inferred from the above conditions.