3.    This Directive shall not apply to the following entities (‘excluded entities’) unless the filing constituent entity has made an election not to treat such entities as excluded in accordance with Article 43(1):

(…)

(b)   an entity that is owned at a minimum of 95 % by one or more entities referred to in point (a), directly or through several such entities, except pension services entities, and that:

(i)    operates exclusively, or almost exclusively, to hold assets or invest funds for the benefit of the entity or entities referred to in point (a); or

(ii)   exclusively carries out activities ancillary to those performed by the entity or entities referred to in point (a); or

(c)   an entity that is owned at a minimum of 85 % by one or more entities referred to in point (a), directly or through one or several such entities, provided that substantially all of its income is derived from dividends or equity gains or losses that are excluded from the computation of the qualifying income in accordance with point (b) of Article 15(2).

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