Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 151

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 151
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 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 individual Holders will be subject to Luxembourg income taxes for capital gains in the following cases: if the shares held in Intelsat (x) represent the assets of a business or (y) if they were acquired for speculative purposes (i.e., disposed within the Liquidation within six months after acquisition), in which case any capital gain will be taxed at ordinary income tax rates (including unemployment fund contributions), and subject to dependence insurance contribution. If the Intelsat shares do not represent the assets of a business, and the Liquidation of Intelsat occurs more than six months after the acquisition of the Intelsat shares by such Luxembourg individual Holder, then any capital gains