The custom operator here is $a \# b = 1 - \dfrac{b}{a}$, read as take 1 and subtract the second number divided by the first. Since each conclusion nests this operator twice, first inside the brackets and then between the two bracket results, work from the inside out for each one and check if the final number matches what the conclusion states.
Every one of the three conclusions produces a number that does not match the claim in the conclusion, so nothing in the statement supports Conclusion I, II or III.
Let's summarize:
Since none of the three conclusions can actually be derived, the correct option is the one stating that none of them holds.