Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 632

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 632
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8 |     |                      | $(77.77)  |     |          | $(38.20) |     |            |  -39.6 |     |         |
| Cash Taxes after the Benefit of Tax Attributes  |     |                      | $(19.66) |     |          | $(10.69) |     |            |  -$9.0 |     |                      | $(33.13)  |     |          | $(10.69) |     |            | -$22.4 |     | 56%(11) |

| (1) | Represents MHz of spectrum auctioned or otherwise monetized. |

| (2) | Represents Gross Proceeds with respect to a Qualified Monetization. |

| (3) | Reflects Tax Costs as defined in agreement (see illustrative calculation above); the illustration does not                                             
 include the increase to Tax Costs for any out of pocket third party costs and expenses reasonably attributable to determining the relevant cash Taxes. |

| (4) | Requisite satellite costs represents any sums directly attributed to requisite satellite costs (including          
 launch and insurance), network costs and customer relocation costs (including cost of capital and interest costs). |

| (5) | Transition costs represents any transition costs incurred by the CVR Issuer or any of its Affiliates in 
 connection with the repurposing of Applicable Spectrum.                                                 |

| (6) | Allocable to the first 100 MHz only; represents the reimbursement of Applicable Expenses with respect to a                                                                                                                                              
 Qualified Monetization; to the extent any such reimbursement is received (or there is a negative adjustment to the calculation of Applicable Expenses) after payment of the Net Proceeds with respect to such Qualified Monetization, such amounts will 
 be distributed to CVR holders on a quarterly basis.                                                                                                                                                                                                     |

| (7) | Represents reduction in actual Cash Taxes payable in the taxable period of the payment or accrual of any 
 unreimbursed fees or expenses.                                                                           |

| (8) | Reflects the summation of (a), (b), (c) and (d) above reduced by Expense Reimbursements and Reduction in Actual 
 Cash Taxes Payable.                                                                                             |

B-24

| (9) | Reflects the cumulation of all phases of Qualified Monetization. |

| (10) | Excludes any tax deductions attributable to the CVR payments. |

| (11) | 100 MHz as a Percentage of Cumulative Total MHz