Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 146

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 146
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 fact that the CVRs represent part of the consideration for the Acquisition to be
paid to Intelsat, any contingent cash payment under the CVRs should not trigger any withholding tax in Luxembourg under article 146 of the ITL.

Luxembourg Tax Consequences of the Liquidation

Following the Acquisition, Intelsat will be liquidated and will transfer its remaining assets (including the CVRs) and liabilities to
Intelsat’s shareholders.

Taxable Liquidation Profit at Intelsat Level

The distribution of the CVRs to Intelsat’s shareholders is expected to occur promptly following the Closing. It is therefore not
anticipated that the value of the CVRs will vary between the Closing and the distribution of the CVRs under the Liquidation. Consequently, the Liquidation should not lead to the recognition of any capital gains attached to the CVRs at the level of
Intelsat when determining its taxable liquidation result pursuant to article 169 ITL. Should the value of the CVRs increase between Closing and the distribution of the CVRs pursuant to the Liquidation, any capital gain realized should be taxable at
the level of Intelsat, unless such increase in value qualifies as a price adjustment under the Acquisition, in which case it could fall under the capital gains participation exemption on the sale of the shares of Holdings. This qualification,
however, remains uncertain.

99

Luxembourg Withholding Tax The distribution of the CVRs to the Holders within the Liquidation should not be subject to any withholding tax in Luxembourg in accordance with Articles 97(3)(d) and 146(1) ITL. Receipt of Cash and CVRs in the Liquidation General As a result of the Liquidation, Luxembourg Holders 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 Intelsat common shares. A Luxembourg Holder’s initial tax basis in a CVR received in the Liquidation will be equal the fair market value of such CVR at the Effective Time as determined for Luxembourg tax purposes. The holding period for a CVR will begin on the day of the Effective Time. Luxembourg Tax Consequences of the Liquidation to Luxembourg Holders A Luxembourg Holder of Intelsat common shares generally will recognize either capital gain or loss or, for Luxembourg corporate Holders and in accordance with Article 166 ITL, will be deemed receiving dividends for the cash and CVRs distributed pursuant to the Liquidation. Luxembourg Individual Holders Luxembourg