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

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 25
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 interest in SES.

For more details regarding the CVRs, please see the sections titled “Risk Factors—Risks Relating to the CVRs” beginning
on page 29 and “Related Agreements—Contingent Value Rights Agreement” beginning on page 85 of this prospectus. We encourage you to read the entire form of CVR Agreement carefully because it is the principal
document governing the CVRs.

Discussion of Any Material Differences in Corporate Laws of SES and Intelsat

SES and Intelsat are both public limited liability companies (société anonyme) existing under the laws of the Grand Duchy of
Luxembourg. As such, they are governed by Luxembourg law, among others the Luxembourg law of August 10, 1915 that relates to commercial companies, as amended (the “1915 Law”).

Accounting Treatment of the Transactions

The Acquisition will be accounted for as a business combination using the acquisition method of accounting in accordance with IFRS 3, Business
Combinations (the “IFRS 3”). IFRS requires that one of the two companies in the acquisition be designated as the acquirer for accounting purposes based on the evidence available. SES will be treated as the acquiring entity for accounting
purposes. In identifying SES as the acquiring entity for accounting purposes, SES and Intelsat took into account the relative voting rights of all equity instruments, the intended composition of the governing body and senior management of the
Combined Group and the size of each of the companies. Accordingly, SES will record assets acquired, including identifiable intangible assets, and liabilities assumed from Intelsat at their respective fair values at the date of completion of the
Acquisition. Any excess of the purchase price over the net fair value of such assets and liabilities will be recorded as goodwill.

The
financial condition and results of operations of SES after completion of the Acquisition will reflect Intelsat after completion of the Acquisition but will not be restated retroactively to reflect the historical financial condition or results of
operations of Intelsat. The earnings of SES following the completion of the Acquisition will reflect acquisition accounting adjustments, including the effect of changes in the carrying value for assets and liabilities on depreciation expense,
amortization expense and interest expense. Indefinite-lived intangible assets and goodwill will not be amortized but will be tested for impairment at least annually, and all tangible and intangible assets including goodwill will be tested for
impairment when certain indicators are present. If, in the future, SES determines