Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 153

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 153
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 to the Holders should not be subject to any withholding tax in Luxembourg as such payment should qualify as a payment for part of the consideration for the Acquisition and a payment of a substitute income to the payment of Liquidation
proceeds which are not subject to withholding tax.

Receipt of CVR Payments

There is no authority addressing the Luxembourg income tax treatment of receiving payments on the CVRs and, therefore, the amount, timing and
character of any gain, income or loss with respect to the CVRs is uncertain.

SES intends, however, to treat any payment under the CVRs as
a price adjustment under the Acquisition. As such, payments with respect to the CVRs should be treated in the hands of Luxembourg Holders as an adjustment of the proceeds received within the Liquidation (i.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