Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 154

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 154
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 Acquisition will entail for Luxembourg tax purposes the realization of all its assets and liabilities and thus the realization of any latent gain or loss. Any gain realized upon the transfer of its participation in Holdings should be
fully tax exempt as the conditions for the Luxembourg capital gains participation exemption should be met, subject however to the application of the so-called recapture rule. As no amount has been recognized
at Intelsat’s level under the so-called recapture rule, Intelsat does not expect to be taxable in relation to the sale of its assets and liabilities.

Luxembourg Tax Regime Applicable to the Issuance of the CVRs

The CVRs will be issued to Intelsat as part of the consideration for the Acquisition. As such the issuance of the CVRs should not trigger any
withholding tax in Luxembourg.

Likewise, in view of the fact that the CVRs represent part of the consideration for the Acquisition to be
paid to Intelsat, any contingent cash payment under the CVRs should not trigger any withholding tax in Luxembourg under article 146 of the ITL.

Luxembourg Tax Consequences of the Liquidation

Following the Acquisition, Intelsat will be liquidated and will transfer its remaining assets (including the CVRs) and liabilities to
Intelsat’s shareholders.

Taxable Liquidation Profit at Intelsat Level

The distribution of the CVRs to Intelsat’s shareholders is expected to occur promptly following the Closing. It is therefore not
anticipated that the value of the CVRs will vary between the Closing and the distribution of the CVRs under the Liquidation. Consequently, the Liquidation should not lead to the recognition of any capital gains attached to the CVRs at the level of
Intelsat when determining its taxable liquidation result pursuant to article 169 ITL. Should the value of the CVRs increase between Closing and the distribution of the CVRs pursuant to the Liquidation, any capital gain realized should be taxable at
the level of Intelsat, unless such increase in value qualifies as a price adjustment under the Acquisition, in which case it could fall under the capital gains participation exemption on the sale of the shares of Holdings. This qualification,
however, remains uncertain.

99

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 Luxembourg Withholding Tax The distribution of the CVRs to the Holders within the Liquidation should not be subject to any withholding tax in Luxembourg in accordance with Articles 97(3)(d)