Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 14

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 14
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 and CVRs?

A:A U.S. Holder (as defined in the section titled “U.S. Federal Income Tax Considerations of the Transactions”) does
not participate in any exchange pursuant to the Acquisition; therefore such U.S. Holder will not realize any gain or loss for U.S. federal income tax purposes as a result of the Acquisition. As a result of the Liquidation, for U.S. federal income
tax purposes, each U.S. Holder 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 such U.S. Holder’s Intelsat common shares. A U.S. Holder
generally will recognize gain or loss on an exchange of Intelsat common shares for the cash and CVRs distributed pursuant to the Liquidation, in an amount equal to the difference, if any, between (i) the amount of cash received plus the fair
market value (determined as of the time at which the Liquidation is effective) of any CVRs received and (ii) such U.S. Holder’s adjusted tax basis in the Intelsat common shares deemed exchanged in the complete liquidation. Because
individual circumstances may differ, each holder is strongly recommended to consult its tax advisor to fully understand the tax considerations of the Acquisition and the Liquidation to such U.S. Holder in light of its particular circumstances. See
“U.S. Federal Income Tax Considerations of the Transactions” beginning on page 93 for a more detailed explanation.

Q: When will Intelsat’s shareholders receive the Acquisition Consideration in connection with the Liquidation?

A:It is expected that a significant portion of the Acquisition Consideration (including all of the CVRs) will be
distributed to Intelsat’s shareholders promptly following the Closing as part of the Liquidation. The Closing

7

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

Cash Consideration distributable to Intelsat’s shareholders (including holders of Intelsat’s vested RSUs and PSUs) will be reduced by the $500 million distribution out of
Intelsat’s share premium to Intelsat shareholders on September 27, 2024, and amounts payable in respect of Intelsat’s outstanding warrants, which will expire, terminate and become void at the Closing and represent only the right to receive
the “Black-Scholes” value of the outstanding Intelsat