Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 82

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 82
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 and the obligations of the parties to pay Termination Fees or reimburse 
 expenses in certain circumstances.                                                                                                                                                                                                                       |

| • |     | Strategic Alternatives. The SES Board considered the strategic alternatives to the Transactions available                                                                                                                                           
 to SES in the United States, Luxembourg and globally, including forgoing the Transactions and continuing to execute on SES’s long-term business strategy, potential areas of organic investments, and other business combination opportunities, and 
 the expectation of SES’s management that the Transactions presented a more favorable opportunity for SES’s shareholders in light of, among other factors, the potential rewards, risks and uncertainties associated with pursuing those other       
 alternatives.                                                                                                                                                                                                                                       |

| • |     | Likelihood of Completion. The SES Board considered the regulatory approvals required to consummate the                                                                                                                                              
 transaction and the expectation of SES’s management that the Transactions would be approved by the requisite governmental authorities on a timely basis, without the imposition of conditions that would materially adversely affect the businesses 
 of the Combined Group after the Transactions.                                                                                                                                                                                                       |

The SES Board also identified and considered certain potentially negative factors in its deliberations to be balanced against the positive factors, including:

| • |     | the costs and expenses associated with the Transactions; |

| • |     | the possibility that SES would be required to pay a Termination Fee to or reimburse a certain amount of expenses                                          
 of Intelsat under certain circumstances, as more fully described under the section of this prospectus titled “Termination Fees and Commercial Agreement”; |

| • |     | the provisions of the Share Purchase Agreement that place restrictions on the interim operations of SES and its                                                                                           
 subsidiaries pending the Closing, as described under the section of this prospectus titled “The Transaction—Covenants and Agreements—Conduct of Businesses of SES Pending Completion of the Transaction”; |

| • |     | the significant amount of indebtedness that SES would incur in connection with the Transactions; |

| • |     | the potential payments under the CVRs that SES would become responsible for in connection with the Transactions; |

| • |     | the risk that the Transactions might not be consummated despite the parties’ efforts or that the Closing may 
 be unduly delayed; and                                                                                       |

55

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

| • |     | the other risks described under the sections of this prospectus titled “Cautionary Statement Regarding 
 Forward-Looking Statements” and “Risk Factors.”                                                        |

After consideration