Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 446

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 446
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7,173 |   |     | $           |  (4,567 | ) |

| (1) | The actuarial gain in the current period for the pension benefits is primarily due to the increase in discount                                                                                                                                          
 rates, while the net loss in the prior period was due to actuarial losses driven by a decrease in the discount rates. The postretirement benefit loss in the current period was due to a participant experience being different than expected. The gain 
 in the prior period for the postretirement benefit obligation was driven by inflation-based decreases in retiree healthcare reimbursement accounts offset, in part, by a loss due to a decrease in the discount rate.                                   |

Our benefit obligations are determined by discounting each future year’s expected benefit cash flow using the corresponding spot rates along a yield curve that is derived from the monthly bid-pricedata of bonds that are rated high grade by either Moody’s Investor Service or Standard and Poor’s Rating Services. The bond types included are noncallable bonds, bonds that are callable at par within 6 months of maturity where the time to maturity is 10 years or greater, private placement bonds that are traded among qualified institutional buyers and are at least two years from date of issuance, bonds with a make-whole provision, and bonds issued by foreign corporations that are denominated in U.S. dollars. Excluded are bonds that are callable, sinkable and puttable as well as those for which the quoted yield-to-maturityis zero. For bonds in this universe that have a yield higher than the regression mean yield curve for the full universe, regression analysis is used to determine the best-fitting curve, which gives a good fit to the data at both long and short maturities. The resulting regressed coupon yield curve is smoothed continuously along its entire length and represents an unbiased average of the observed market data. F-152

Interest rates used in these valuations are key assumptions, including discount rates used in determining the present value of future benefit payments and expected return on plan assets, which are reviewed and updated on an annual basis. The discount rates reflect market rates for high-quality corporate bonds. We consider current market conditions, including changes in interest rates, in making assumptions. The Society of Actuaries published mortality tables for private retirement plans (“Pri-2012”)and a mortality improvement scale in 2021 (“MMP-2021”).Accordingly, our December 31, 2024 valuation is based on Pri-2012and MMP-2021,adjusted to reflect (