Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 147

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 147
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 purposes of this discussion, a “U.S. Holder” is a beneficial owner of Intelsat common shares that is for U.S. federal income tax purposes:

| • |     | an individual who is a citizen or resident of the United States; |

| • |     | a corporation, or other entity that is classified as a corporation, created or organized in or under the laws of 
 the United States or any State thereof or the District of Columbia;                                              |

| • |     | an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or |

| • |     | a trust if (1) a court within the United States is able to exercise primary supervision over the                                                                                                                                                 
 administration of the trust and one or more United States persons have the authority to control all substantial decisions of the trust; or (2) the trust has a valid election in effect under applicable Treasury regulations to be treated as a 
 United States person.                                                                                                                                                                                                                            |

U.S. Federal Income Tax Considerations of the Acquisition to U.S. Holders Because a U.S. Holder does not participate in any exchange pursuant to the Acquisition, a U.S. Holder will not realize any gain or loss for U.S. federal 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. U.S. Federal Income Tax Considerations of the Liquidation to U.S. Holders Receipt of Cash and CVRs in the Liquidation, Generally Following the Acquisition, in the Liquidation, Intelsat will liquidate and distribute its remaining assets to Intelsat’s sharesholders. As a result of the Liquidation, for U.S. federal income tax purposes, a 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 capital 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