Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 155

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 155
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 and 146(1) ITL. Receipt of Cash and CVRs in the Liquidation General As a result of the Liquidation, Luxembourg Holders 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 Intelsat common shares. A Luxembourg 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 Luxembourg tax purposes. The holding period for a CVR will begin on the day of the Effective Time. Luxembourg Tax Consequences of the Liquidation to Luxembourg Holders A Luxembourg Holder of Intelsat common shares generally will recognize either capital gain or loss or, for Luxembourg corporate Holders and in accordance with Article 166 ITL, will be deemed receiving dividends for the cash and CVRs distributed pursuant to the Liquidation. Luxembourg Individual Holders Luxembourg individual Holders will be subject to Luxembourg income taxes for capital gains in the following cases: if the shares held in Intelsat (x) represent the assets of a business or (y) if they were acquired for speculative purposes (i.e., disposed within the Liquidation within six months after acquisition), in which case any capital gain will be taxed at ordinary income tax rates (including unemployment fund contributions), and subject to dependence insurance contribution. If the Intelsat shares do not represent the assets of a business, and the Liquidation of Intelsat occurs more than six months after the acquisition of the Intelsat shares by such Luxembourg individual Holder, then any capital gains realized by such Luxembourg individual Holder should in principle be tax exempt unless the Intelsat shares are deemed to belong to a substantial participation within the meaning of Article 100 ITL (i.e., a direct or indirect participation representing more than 10.0 percent of the share capital, owned by the Luxembourg resident individual Holder (alone or together with his or her spouse or partner and underage children) at any time during the five years preceding the disposal), in which case, any capital gains should be taxable at half of the overall tax rate (including unemployment fund contributions) of the relevant individual. In this case, the capital gains would also be subject to dependence insurance contribution. Luxembourg Corporate Holders Luxembourg corporate Holders may be tax exempt on any liquidation proceed received pursuant to the Liquidation provided the conditions under the dividend participation exemption are met:

| • |     | the Luxembourg corporate Holder is a qualifying corporate entity holding at