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

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 25
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 payable to a Holder. No interest will
accrue on any amounts that may be payable to a Holder. The CVR payment, if any becomes due, is an unsecured general obligation of SES.

The CVRs, and any beneficial interest thereof will be freely transferable without the prior consent of SES. SES has no current plans to apply
to list the CVRs on any stock exchange or on an over-the-counter market and is under no obligation to do so. If the CVRs begin trading in the over-the-counter market or if SES determines, in its sole discretion, to list the CVRs on a securities exchange, there is no assurance that such trading or listing will
continue. Additionally, the U.S. tax considerations arising from the ownership and disposition of the CVRs are uncertain. There is currently no public market for the CVRs.

The CVRs will not (i) be subject to any mandatory or optional redemption rights by the Holders or SES, (ii) mature or trigger any
right to payment by the Holders in any amount or on any specific date, or (iii) be convertible into or exchangeable for any security or other interest in SES.

For more details regarding the CVRs, please see the sections titled “Risk Factors—Risks Relating to the CVRs” beginning
on page 30 and “Related Agreements—Contingent Value Rights Agreement” beginning on page 86 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