Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 146

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 146
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 U.S. federal income tax purposes, meaning that a U.S. Holder will measure its gain or loss upon its exchange of Intelsat common shares in the Liquidation based on the amount of cash received plus the fair market value of the CVRs at the
Effective Time. However, the U.S. federal income tax treatment of the receipt of the CVRs is unclear. There is no legal authority directly addressing the U.S. federal income tax treatment of the receipt of the CVRs, and there can be no assurance
that the IRS would not assert, or that a court would not sustain, a contrary position.

U.S. Federal Income Tax Considerations of the Ownership and Disposition of CVRs

Receipt of CVR Payments

There is no authority directly addressing the U.S. federal 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. For example, payments with respect to the CVRs could be treated as payments with respect to a sale or exchange of a capital asset or as giving rise to ordinary
income. In addition, it is unclear how a U.S. Holder of CVRs would recover its adjusted tax basis with respect to payments thereon.

If the receipt of payments on the CVRs are treated as payments with respect to a sale or exchange of a capital asset, then a U.S. Holder would
recognize gain or loss equal to the difference between the amount of such payment(s) (less any portion of such payment(s) that may be required to be treated as imputed interest, as described below under “Imputed Interest”) and the U.S.
Holder’s adjusted tax basis in the CVR. Such gain or loss would generally be long-term capital gain or loss if the U.S. Holder has held the CVR for more than one year at the time of such payment. Additionally, a U.S. Holder would generally
recognize a capital loss to the extent of any remaining basis after the expiration of all rights to cash payments under such U.S. Holder’s CVR. The deductibility of capital losses is subject to certain limitations.

If the receipt of payments on the CVRs (or a payment in exchange for a CVR) are not treated as payments with respect to a sale or exchange of
a capital asset, then a U.S. Holder may be treated as recognizing ordinary income in respect of such payment.

Each U.S. Holder is urged
to consult its tax