Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 147

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 147
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 individual Holders will be subject to Luxembourg income taxes for capital gains in the following cases: if the shares held in Intelsat (x) represent the assets of a business or (y) if they were acquired for speculative purposes (i.e., disposed within the Liquidation within six months after acquisition), in which case any capital gain will be taxed at ordinary income tax rates (including unemployment fund contributions), and subject to dependence insurance contribution. If the Intelsat shares do not represent the assets of a business, and the Liquidation of Intelsat occurs more than six months after the acquisition of the Intelsat shares by such Luxembourg individual Holder, then any capital gains realized by such Luxembourg individual Holder should in principle be tax exempt unless the Intelsat shares are deemed to belong to a substantial participation within the meaning of Article 100 ITL (i.e., a direct or indirect participation representing more than 10.0 percent of the share capital, owned by the Luxembourg resident individual Holder (alone or together with his or her spouse or partner and underage children) at any time during the five years preceding the disposal), in which case, any capital gains should be taxable at half of the overall tax rate (including unemployment fund contributions) of the relevant individual. In this case, the capital gains would also be subject to dependence insurance contribution. Luxembourg Corporate Holders Luxembourg corporate Holders may be tax exempt on any liquidation proceed received pursuant to the Liquidation provided the conditions under the dividend participation exemption are met:

| • |     | the Luxembourg corporate Holder is a qualifying corporate entity holding at least 10% of the total share capital 
 of Intelsat or acquired the shares held in Intelsat for at least EUR 1,200,000; and                              |

| • |     | the Luxembourg corporate Holder has held its qualifying stake in the capital of Intelsat for an uninterrupted 
 period of at least twelve (12) months at the time of the Liquidation.                                         |

Luxembourg Tax Consequences of the Liquidation to Non-LuxembourgHolders Subject to any applicable tax treaty, an individual who is a Non-LuxembourgHolder of CVRs (and who does not have a permanent establishment, a permanent representative, or a fixed place of business in 100

Luxembourg to which the CVRs are attributable) will, except for certain former Luxembourg individual holders and non-Luxembourg individual holders
realizing within a period of 6 months after acquisition a substantial participation within the meaning of Article 100 ITL, not