Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 147

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 147
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 advisor as to the U.S. federal income tax treatment of the receipt of a payment on the CVRs.

Imputed Interest

Pursuant to the imputed interest rules of the Code, if under a contract for the sale or exchange of property one or more cash payments are due
more than one year after the sale of exchange, each cash payment due more than six months after the date of such sale or exchange contains an amount of imputed interest. It is unclear to the extent that these imputed interest rules apply to payments
under the CVRs. If a payment with respect to a CVR is made more than one year after the Closing Date, a portion of any CVR payment that is due more than six months after the consummation of the Liquidation may be reported as interest and subject to
U.S. federal income tax as ordinary income. The portion of any payment made with respect to a CVR treated as imputed interest will be determined at the time such payment is made in accordance with the Code and applicable Treasury Regulations. The
balance of the CVR payment will be treated as discussed above under “Receipt of CVR Payments.”

Sale, Exchange or other Disposition of a CVR

Upon a sale, exchange or other disposition of a CVR, a U.S. Holder will recognize capital gain or loss equal to the difference between
(i) the sum of the amount of any cash received upon such sale, exchange or other

95

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

disposition and the fair market value of any property received upon such sale or exchange and (ii) the U.S. Holder’s adjusted tax basis in the CVR. Such gain or loss generally will be
long-term capital gain or loss if the U.S. Holder has held the CVR for more than one year. A portion of the amount received by a U.S. Holder upon the sale or exchange of a CVR may be treated as imputed interest income, determined under the method
described above under “Imputed Interest.”

Termination of the CVRs for No Consideration

If the CVRs terminate without SES having made any CVR payments or payment of other consideration, a U.S. Holder should recognize capital loss
equal to such U.S. Holder’s adjusted tax basis in the CVRs at the time of the termination. The deductibility of capital losses is subject to limitations. A U.S. Holder who does not sell