Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 153

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 153
---
 capital of Intelsat for an uninterrupted 
 period of at least twelve (12) months at the time of the Liquidation.                                         |

Luxembourg Tax Consequences of the Liquidation to Non-LuxembourgHolders Subject to any applicable tax treaty, an individual who is a Non-LuxembourgHolder of CVRs (and who does not have a permanent establishment, a permanent representative, or a fixed place of business in 99

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

Luxembourg to which the CVRs are attributable) will, except for certain former Luxembourg individual holders and non-Luxembourg individual holders
realizing within a period of 6 months after acquisition a substantial participation within the meaning of Article 100 ITL, not be taxable in Luxembourg upon the Liquidation.

Subject to any applicable tax treaty, a corporate Non-Luxembourg Holder of CVRs (which does not have a
permanent establishment, a permanent representative, or a fixed place of business in Luxembourg to which CVRs are attributable) will, except for certain former Luxembourg corporate Holders and Non-Luxembourg
corporate Holders realizing within a period of 6 months after acquisition a substantial participation within the meaning of Article 100 ITL, not be taxable in Luxembourg upon the Liquidation.

Luxembourg Tax Consequences of the Ownership and Disposition of CVRs

Luxembourg Withholding Tax

Payments under
the CVRs to the Holders should not be subject to any withholding tax in Luxembourg as such payment should qualify as a payment for part of the consideration for the Acquisition and a payment of a substitute income to the payment of Liquidation
proceeds which are not subject to withholding tax.

Receipt of CVR Payments

There is no authority addressing the Luxembourg 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.

SES intends, however, to treat any payment under the CVRs as
a price adjustment under the Acquisition. As such, payments with respect to the CVRs should be treated in the hands of Luxembourg Holders as an adjustment of the proceeds received within the Liquidation (i.e. substitute income) and should then be
taxed in the same way any proceed received within the Liquidation.

Please refer to section “Luxembourg Tax Consequences of the Liquidation” above.

As discussed above, the Luxembourg income tax treatment of the CV