Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 145

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 145
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 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. U.S. Federal Income Tax Considerations of the Liquidation to U.S. Holders Receipt of Cash and CVRs in the Liquidation, Generally Following the Acquisition, in the Liquidation, Intelsat will liquidate and distribute its remaining assets to Intelsat’s sharesholders. As a result of the Liquidation, for U.S. federal income tax purposes, a 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 capital 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 (the “Effective Time”)) 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. Any capital gain or loss recognized generally will be long-term capital gain or loss if the exchanging U.S. Holder’s holding period for such equity securities exceeds one year. The deductibility of capital losses is subject to limitations. Gain or loss generally will be determined separately for each block of equity securities (that is, Intelsat common shares acquired at the same cost in a single transaction) exchanged pursuant to the Liquidation. 94

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

A U.S. 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 U.S. federal income tax purposes. The holding period for a CVR will begin on the day following the date of the Effective Time.

This discussion assumes that the receipt of cash and CVRs by a U.S. Holder in the Liquidation is treated as a “closed transaction”
for