1. Without prejudice to Articles 4(2), 5 and 6, a Member State may exempt from the obligation imposed in Article 1(1) any parent undertaking governed by its national law which is also a subsidiary undertaking of a parent undertaking not governed by the law of a Member State, if all of the following conditions are fulfilled:
(a) the exempted undertaking and, without prejudice to Articles 13 and 15, all of its subsidiary undertakings must be consolidated in the accounts of a larger body of undertakings;
(b) the consolidated accounts referred to in (a) above and, where appropriate, the consolidated annual report must be drawn up in accordance with this Directive or in a manner equivalent to consolidated accounts and consolidated annual reports drawn up in accordance with this Directive;
(c) the consolidated accounts referred to in (a) above must have been audited by one or more persons authorized to audit accounts under the national law governing the undertaking which drew them up.