Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 85

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 85
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 with SES with respect to price and other material terms and conditions of the 
 Share Purchase Agreement.                                                                                                                                                                              |

| • |     | Likelihood of Completion. The Intelsat Board’s view, after consultation with Intelsat’s senior                                                                       
 management and outside legal counsel, concerning the likelihood that regulatory approvals and clearances necessary to consummate the Transactions would be obtained. |

| • |     | Shareholder Value. The cash consideration and CVRs payable in connection with the Transactions reflected                                                                                                                                            
 extensive negotiations between Intelsat and SES and their respective advisors, and the belief of the Intelsat Board that such consideration represents the best economic value available to Intelsat’s shareholders, taking into account execution, 
 business, competitive, industry, regulatory and market risks and tax consequences.                                                                                                                                                                  |

55

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83

| • |     | Favorability Over Alternatives. The Intelsat Board’s review of other strategic alternatives not                                                                                                                                           
 involving the acquisition of the Intelsat Group, and the Intelsat Board’s belief that the Transactions presented a more favorable opportunity for Intelsat’s shareholders than the potential value that might result from other strategic 
 alternatives available to Intelsat.                                                                                                                                                                                                       |

| • |     | Effect of Failing to Enter into the Share Purchase Agreement. The possibility that, if the Intelsat Board                                                                                                   
 declined to approve the Share Purchase Agreement, there may not be another opportunity for Intelsat’s shareholders to receive a comparably priced transaction with a comparable level of closing certainty. |

| • |     | SES Creditworthiness. The fact that SES is a creditworthy entity with substantial assets, and the Share                                                                                                                                              
 Purchase Agreement permits Intelsat to pursue damages or seek specific performance remedies to cause SES to perform its obligations under the Share Purchase Agreement, including its obligation to close the Transactions after the satisfaction or 
 waiver of all applicable closing conditions.                                                                                                                                                                                                         |

| • |     | Financing. The fact that SES has obtained committed debt financing for the Transactions from reputable                                                                                                                
 financial institutions, and that SES has represented that it will have sufficient cash funds for the entire amount of the cash consideration and other fees and expenses payable in connection with the Transactions. |

| • |     | Support Agreements. The entry into the Support Agreements by certain Intelsat shareholders. |

| • |     | Other Terms of the Share Purchase Agreement. Certain other terms and conditions of the Share Purchase