Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 27

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 27
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 as a result of the Acquisition, including the acquisition by SES of Intelsat’s assets, subject to certain exceptions, and 100% of the outstanding shares of Holdings, as well as the assumption by SES of certain
liabilities of Intelsat, in each case, subject to the terms and conditions of the Share Purchase Agreement. Following the Acquisition, in the Liquidation, Intelsat will liquidate and distribute its remaining assets to Intelsat’s shareholders.
As a result of the Liquidation, for U.S. federal income tax purposes, each U.S. Holder will be treated as receiving, in a taxable transaction, a distribution of cash and CVRs in complete liquidation of Intelsat as full payment in exchange for such
U.S. Holder’s Intelsat common shares. A U.S. Holder generally will recognize gain or loss on an exchange of Intelsat common shares for the cash and CVRs distributed pursuant to the Liquidation, in an amount equal to the difference, if any,
between (i) the amount of cash received plus the fair market value (determined as of the time at which the Liquidation is effective) of any CVRs received and (ii) such U.S. Holder’s adjusted tax basis in the Intelsat common shares
deemed exchanged in the complete liquidation. Because individual circumstances may differ, each U.S. Holder is strongly recommended to consult its tax advisor to fully understand the tax considerations of the Acquisition and the Liquidation to such
U.S. Holder in light of its particular circumstances. See “U.S. Federal Income Tax Considerations of the Transactions” beginning on page 93 for a more detailed explanation.

15

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83

Luxembourg Tax Considerations of the Transactions Because the Luxembourg Holders are not participating in any exchange pursuant to the Acquisition, Luxembourg Holders will not realize any gain or loss for Luxembourg income tax purposes as a result of the Acquisition, including the acquisition by SES of Intelsat’s assets, subject to certain exceptions, and 100% of the outstanding shares of Holdings, as well as the assumption by SES of certain liabilities of Intelsat, in each case, subject to the terms and conditions of the Share Purchase Agreement. Following the Acquisition, in the Liquidation, Intelsat will liquidate and distribute its remaining assets to Intelsat’s shareholders. As a result of the Liquidation, for Luxembourg income tax purposes, a