Understanding Integrity of Capital Markets

Emily is a portfolio manager at a well-known investment firm. She has access to non-public information regarding a company that is about to make a significant merger announcement. Although she knows that trading based on this information would violate capital market integrity, she is tempted to share this information with a close friend who is an active investor.

Which of the following actions would be considered unethical under the CFA Institute's Code of Ethics and Standards of Professional Conduct related to the integrity of capital markets?