Consider the following statements regarding Octal and Hexadecimal conversions:

To convert a binary number directly into an octal number, you must group the binary bits into sets of three, starting from the rightmost (least significant) bit.

In the hexadecimal number system, the decimal value 15 is represented by the alphabetical letter 'E'.

Hexadecimal is heavily utilized in computer memory addressing because exactly two hexadecimal digits can perfectly represent one byte (8 bits) of data.

Which of the statements given above is/are correct?