Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 82

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 82
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 |     | Intelsat’s Business. The Intelsat Board’s understanding of Intelsat’s historical 
 businesses, operations, financial condition, earnings and strategy.              |

| • |     | Financial Performance. The Intelsat Board’s understanding of Intelsat’s business plan and                                                                                                                                                                
 historical and projected financial performance, the perceived risk of continuing as a standalone company (including the risks and uncertainties in executing on such business plan and achieving such financial performance) or pursuing other strategic 
 alternatives, general macroeconomic challenges and regulatory and market risks.                                                                                                                                                                          |

| • |     | Cash Consideration. The Intelsat Board’s belief that the total cash consideration of                                                                                                     
 $3.1 billion, subject to certain closing adjustments, will provide certainty of value and liquidity to Intelsat’s shareholders while eliminating long-term business and execution risks. |

| • |     | CVR Consideration. The Intelsat Board’s belief that the CVRs, if triggered, will provide                                                                                                              
 Intelsat’s shareholders with an opportunity to realize potential additional value through additional cash payments, and the fact that the CVRs will be registered securities and freely transferable. |

| • |     | Negotiations with SES. The fact that the Intelsat Board and Intelsat’s senior management, in                                                                                                           
 coordination with Intelsat’s outside legal counsel and financial advisor, vigorously negotiated on an arm’s-length basis with SES with respect to price and other material terms and conditions of the 
 Share Purchase Agreement.                                                                                                                                                                              |

| • |     | Likelihood of Completion. The Intelsat Board’s view, after consultation with Intelsat’s senior                                                                       
 management and outside legal counsel, concerning the likelihood that regulatory approvals and clearances necessary to consummate the Transactions would be obtained. |

| • |     | Shareholder Value. The cash consideration and CVRs payable in connection with the Transactions reflected                                                                                                                                            
 extensive negotiations between Intelsat and SES and their respective advisors, and the belief of the Intelsat Board that such consideration represents the best economic value available to Intelsat’s shareholders, taking into account execution, 
 business, competitive, industry, regulatory and market risks and tax consequences.                                                                                                                                                                  |

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| • |     | Favorability Over Alternatives. The Intelsat Board’s review of other strategic alternatives not                                                                                                                                           
 involving the acquisition of the Intelsat Group, and the Intelsat Board’s belief that the Transactions presented a more favorable opportunity for Intelsat’s shareholders than