Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 170

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 170
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 | Subsequent changes, that qualify as measurement period adjustments, will be recorded through the purchase price 
 accounting during the initial 12-month ‘measurement period’, or                                                 |

123

| • |     | Subsequent changes in the fair value of the contingent consideration, that do not qualify as a measurement period 
 adjustment, will be recognized through the income statement until settled.                                        |

Estimated Fair Value of CVRs The Company would like to draw attention to the fact that no payments will be made to the holders of the CVRs concerning their 42.5% interest in a potential re-purposingof the Applicable Spectrum until:

| a) | such time as the closing conditions of the wider Intelsat transaction are met resulting in the CVR Agreement 
 coming into effect, and                                                                                      |

| b) | proceeds are received by SES on completion of milestones associated with the Applicable Spectrum re-purposing and all associated costs, disbursements and taxes arising have been deducted. |

With regards to the preliminary fair value of the CVRs, management calculated it using a probability-weighted model and was required to make certain assumptions in estimating a reasonable fair value which included the following:

| i. | a range of potential prices($/MHz) associated with the Applicable Spectrum; |

| ii. | a probability of the FCC receiving auction authority to repurpose all or part of the Applicable Spectrum; |

| iii. | an assessment of the amount of the Applicable Spectrum to be repurposed under the FCC’s auction authority; |

| iv. | an assessment of the estimated average Accelerated Relocation Payments (“ARPs”) as a percentage of 
 the proceeds and the relative share for the combined entity of SES and Intelsat;                   |

| v. | a probability of the satellite operators, including SES, being able to successfully clear portions of the 
 Applicable Spectrum in a timely and orderly manner;                                                       |

| vi. | an assessment of an estimated tax rate to be applied to any proceeds; |

| vii. | an assessment of the phases and timing of receipt of the proceeds; |

| viii. | an assessment of a discount rate to be applied to the future proceeds; and |

| ix. | a probability of the 42.5% pay-out to the CVR holders. |

As of the submission of this Form F-4,the situation concerning points i) to ix) above is uncertain. Management’s internal valuation considered the precedent benchmark of the C-bandrepurposing program initiated by