Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 157

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 157
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.e. substitute income) and should then be
taxed in the same way any proceed received within the Liquidation.

Please refer to section “Luxembourg Tax Consequences of the Liquidation” above.

As discussed above, the Luxembourg income tax treatment of the CVRs is unclear. Thus, there can be no
assurance that the LTA would not assert, or that a court would not sustain, a position that any CVR payment does not qualify as a substitute income. If such position were sustained, all or any part of any CVR payment could be treated as ordinary
income.

Net Wealth Tax

Luxembourg
net wealth tax will not be levied on a Luxembourg individual Holder holding CVRs.

Luxembourg net wealth tax will be levied on Luxembourg
corporate Holders not entitled to a specific net wealth tax exemption based on Luxembourg domestic law with respect to their CVRs.

Net
wealth tax is levied annually at a rate of 0.5% on the net wealth of enterprises resident in Luxembourg on an amount of unitary value as determined for net wealth tax purposes up to and excluding €500.0 million. When the unitary value
exceeds the aforementioned threshold, net wealth tax is levied at 0.05% on the portion of the unitary value exceeding €500.0 million. For determining the Luxembourg net wealth, the CVR shall be valued at the fair market value.

Luxembourg net wealth tax will not be levied on a Non-Luxembourg Holder with respect to the CVRs
unless they are attributable to an enterprise or part thereof which is carried on through a permanent establishment, a fixed place of business, or a permanent representative in Luxembourg of such
Non-Luxembourg corporate Holder.

101

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

Sale, Exchange or Other Disposition of a CVR

Upon a sale, exchange or other disposition of a CVR, a Luxembourg Holder will recognize capital gain or loss equal to the difference between
the amount of any cash received upon such sale, exchange or other disposition and the fair market value of CVR received within the Liquidation.

For Luxembourg individual Holders, please refer to section “Luxembourg Tax Consequences of the Liquidation - Luxembourg Individual Holders” above.

Capital gains realized upon the disposal of CVRs by a fully-taxable resident Luxembourg corporate Holders
(without benefiting from a special tax regime) will, in principle, be