Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 447

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 447
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1) an ultimate rate of mortality improvement consistent with both historical experience and U.S. Social Security long-term projections, and (2) a shorter transition period to reach the ultimate rate, which is consistent with historical patterns. In establishing the expected return on assets assumption, we review the asset allocations considering plan maturity and develop return assumptions based on different asset classes. The return assumptions are established after reviewing historical returns of broader market indexes, as well as historical performance of the investments in the plan. Our pension plan assets are managed in accordance with an investment policy, as discussed below. Plan Assets.The investment policy of the plan includes target allocation percentages of approximately 31% for investments in equity securities (18% U.S. equities and 13% non-U.S.equities), 64% for investments in fixed income securities and 5% for investments in other securities, which is broken down further into 5% for investments in hedge fund of funds. Plan assets include investments in both U.S. and non-U.S.equity funds. Fixed income investments include an intermediate duration bond fund, zero coupon U.S. Treasury securities and a long duration bond fund. The funds in which the plan’s assets are invested are institutionally managed and have diversified exposures into multiple asset classes implemented. The guidelines and objectives of the funds are congruent with the Intelsat investment policy statement. The target and actual asset allocation of our pension plan assets were as follows:

|                   |     |            | As of December 31, 2023 |   |     |            |     |   |     |            | As of December 31, 2024 |   |     |            |     |   |
|:------------------|:----|:-----------|------------------------:|:--|:----|:-----------|----:|:--|:----|:-----------|------------------------:|:--|:----|:-----------|----:|:--|
|                   |     | Target     
 Allocation |                         |   |     | Actual     
 Allocation |     |   |     | Target     
 Allocation |                         |   |     | Actual     
 Allocation |     |   |
| Equity securities |     |            |                      15 | % |     |            |  11 | % |     |            |                      31 | % |     |            |  24 | % |
| Debt securities   |     |            |                      70 | % |     |            |  72 | % |     |            |