Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 154

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 154
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 corporate Holder.

101

Sale, Exchange or Other Disposition of a CVR

Upon a sale, exchange or other disposition of a CVR, a Luxembourg Holder will recognize capital gain or loss equal to the difference between
the amount of any cash received upon such sale, exchange or other disposition and the fair market value of CVR received within the Liquidation.

For Luxembourg individual Holders, please refer to section “Luxembourg Tax Consequences of the Liquidation - Luxembourg Individual Holders” above.

Capital gains realized upon the disposal of CVRs by a fully-taxable resident Luxembourg corporate Holders
(without benefiting from a special tax regime) will, in principle, be subject to corporate income tax and municipal business tax.

Termination of the CVRs for No Consideration

If the CVRs terminate without having made any CVR payments or payment of other consideration by SES,
Luxembourg Holders will recognize capital loss equal to acquisition price of the CVRs at the time of the Liquidation. The deductibility of capital losses is subject to limitations.

Non-LuxembourgHolders

A non-resident Holder, not having a fixed place of business, a permanent establishment or permanent
representative in Luxembourg to which the CVRs are attributable, is, in principle, not subject to Luxembourg income tax on cash payment accrued or received under the CVRs or on gain realized on the sale or disposal in any form whatsoever of the
CVRs.

Registration, Estate and Gift Taxes

No registration tax or stamp duty will be payable by a holder of CVRs in Luxembourg upon the disposal thereof. No estate or inheritance tax is
levied on the transfer of CVRs upon the death of a holder thereof in cases where the deceased was not a resident of Luxembourg for inheritance tax purposes.

THE FOREGOING SUMMARY ARE FOR GENERAL INFORMATION ONLY AND DOES NOT DISCUSS ALL ASPECTS OF LUXEMBOURG TAXATION THAT MAY BE RELEVANT TO PARTICULAR HOLDERS. HOLDERS ARE URGED TO CONSULT THEIR TAX ADVISORS AS TO THE PARTICULAR TAX CONSEQUENCES TO THEM OF THE RECEIPT OF CASH AND CVRs FOR THEIR INTELSAT COMMON SHARES PURSUANT TO THE TRANSACTIONS, AND PAYMENTS MADE WITH RESPECT TO THE CVRs, UNDER ANY LUXEMBOURG, FOREIGN OR OTHER TAX LAWS, OR UNDER ANY APPLICABLE INCOME TAX TREATY.

102

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION Overview The una