Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 145

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 145
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 Holder” means an individual resident in Luxembourg that is a beneficial owner of Intelsat common shares who is subject to personal income tax (impôt sur le revenu) on his or her worldwide income from
Luxembourg or foreign sources.

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In addition, a “Luxembourg corporate Holder” means a corporation or other entity
taxable as a corporation (that is organized under the laws of Luxembourg under Article 159 of the ITL) resident in Luxembourg that is a beneficial owner of Intelsat common shares that is subject to corporate income tax (impôt sur le revenu des collectivités) and municipal business tax (impôt commercial communal) on its worldwide income from Luxembourg or foreign sources. A Luxembourg corporate holder is also subject to net wealth tax (impôt sur la fortune) on its worldwide wealth.

For purposes of this summary, Luxembourg individual holders and Luxembourg corporate holders are
collectively referred to as “Luxembourg Holders.” A “Non-Luxembourg Holder” means any beneficial owner of Intelsat common shares other than a Luxembourg Holder.

Luxembourg Tax Consequences of the Acquisition to Luxembourg Holders

Because the Luxembourg Holders are not participating in any exchange pursuant to the Acquisition, Luxembourg Holders will not realize any gain
or loss for Luxembourg income tax purposes as a result of the Acquisition, including the acquisition by SES of Intelsat’s assets, subject to certain exceptions, and 100% of the outstanding shares of Holdings, as well as the assumption by SES of
certain liabilities of Intelsat, in each case, subject to the terms and conditions of the Share Purchase Agreement.

At the level of
Intelsat, the Acquisition will entail for Luxembourg tax purposes the realization of all its assets and liabilities and thus the realization of any latent gain or loss. Any gain realized upon the transfer of its participation in Holdings should be
fully tax exempt as the conditions for the Luxembourg capital gains participation exemption should be met, subject however to the application of the so-called recapture rule. As no amount has been recognized
at Intelsat’s level under the so-called recapture rule, Intelsat does not expect to be taxable in relation to the sale of its assets and liabilities.

Luxembourg Tax Regime Applicable to the Issuance of the CVRs

The CVRs will be issued to Intelsat as part of the consideration for the Acquisition. As such the issuance of the CVRs should not trigger any
withholding tax in Luxembourg.

Likewise, in view of the