Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 148

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 148
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 ANY U.S. FEDERAL, STATE, NON-U.S.,LOCAL OR OTHER TAX LAWS, OR UNDER ANY APPLICABLE INCOME TAX TREATY.

97

LUXEMBOURG TAX CONSIDERATIONS OF THE TRANSACTIONS

The following discussion is a general summary of Luxembourg tax considerations relating to the Transactions that are relevant to holders of
Intelsat common shares whose equity securities are exchanged for cash and CVRs pursuant to the Liquidation. This discussion is for general informational purposes only and is not to be construed as tax advice. Intelsat’s shareholders are urged
to consult their own tax advisors as to the particular tax consequences to them of the Transactions.

The summary of the Luxembourg tax
consequences of the Transactions is based on the laws of the Grand-Duchy of Luxembourg, including the Income Tax Law of December 4, 1967, (“ITL”), the Municipal Business Tax Law of December 1, 1936, and the Net Wealth Tax Law of
October 16, 1934, including the regulations promulgated thereunder, and published judicial decisions rendered by Luxembourg administrative jurisdictions that may be relevant to the Transactions, each as amended and in effect on the date hereof
and is subject to any change in law or regulations or changes in interpretation or application thereof (and which may possibly have a retroactive effect). Due to the lack of definitive judicial and administrative authority in a number of areas,
substantial uncertainty may exist with respect to some of the tax consequences described below.

This discussion does not purport to be a
complete analysis of all of the Luxembourg tax considerations that may be relevant to particular holders in light of their particular facts and circumstances. For example, this discussion does not address Intelsat’s shareholders who may be
subject to a special tax regime under Luxembourg income tax laws (such as the law of May 11, 2007 on family estate management companies, as amended, the law of December 17, 2010 on undertakings for collective investment, as amended, the law of
February 13, 2007 on specialized investment funds, as amended, the law of July 23, 2016 on reserved alternative investment funds, the law of March 22, 2004 on securitization, as amended, the law of June 15, 2004 on venture capital vehicles, as
amended and the law of July 13, 2005 on pension saving companies and association).

If a partnership