Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 148

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 148
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 particular facts and circumstances. For example, this discussion does not address Intelsat’s shareholders who may be
subject to a special tax regime under Luxembourg income tax laws (such as the law of May 11, 2007 on family estate management companies, as amended, the law of December 17, 2010 on undertakings for collective investment, as amended, the law of
February 13, 2007 on specialized investment funds, as amended, the law of July 23, 2016 on reserved alternative investment funds, the law of March 22, 2004 on securitization, as amended, the law of June 15, 2004 on venture capital vehicles, as
amended and the law of July 13, 2005 on pension saving companies and association).

If a partnership (including an entity or arrangement
treated as a partnership) for Luxembourg tax purposes is a beneficial owner of Intelsat common shares, then the Luxembourg tax considerations applicable to a partner in such partnership will generally depend upon the status of the partner and the
activities of the partner and the partnership. Partnerships holding Intelsat common shares and partners therein should consult their tax advisors regarding the Luxembourg considerations applicable to them relating to the Transactions and the receipt
of, and payments with respect to, CVRs.

No ruling has been or will be obtained from the Luxembourg tax authorities (“LTA”), or
any other taxing authority regarding the Luxembourg tax considerations of the Transactions described below. No assurance can be given that the LTA or any other taxing authority will agree with the views expressed in this discussion, or that a court
will not sustain any challenge by the LTA in the event of litigation. Furthermore, no opinion of counsel has been or will be rendered with respect to any tax considerations of the Transactions or any related transactions. The use of words such as
“will” and “should” in any tax-related discussion contained in this discussion is not intended to convey a particular level of comfort.

THIS DISCUSSION IS PROVIDED FOR GENERAL INFORMATION ONLY AND DOES NOT CONSTITUTE LEGAL ADVICE TO ANY HOLDER. EACH HOLDER SHOULD CONSULT ITS
TAX ADVISORS CONCERNING THE LUXEMBOURG TAX CONSIDERATIONS RELATING TO THE ACQUISITION, THE LIQUIDATION AND THE RECEIPT OF, AND PAYMENTS WITH RESPECT TO, CVRS IN LIGHT OF ITS PARTICULAR CIRCUMSTANCES AND ANY CONSIDERATIONS ARISING UNDER THE LA