Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 86

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 86
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 in the value of Intelsat’s common shares in the future; |

| • |     | the risk that the CVRs may yield little or no value for Intelsat shareholders or that transactions which would                                                                                                                                           
 trigger payments pursuant to the CVRs do not occur before the applicable CVR Outside Date (as defined below) under the CVR Agreement, thereby causing Intelsat shareholders not to receive value that could otherwise be obtained from the CVRs (and the 
 fact that the holders of the CVRs will generally have no control over the spectrum monetization efforts undertaken by SES);                                                                                                                              |

57

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83

| • |     | the risk that a liquid market may never develop for the CVRs, or that holders of the CVRs will not be able to 
 transfer such CVRs on acceptable terms if desired;                                                            |

| • |     | the risk that the Transactions will be delayed or will not be completed, including the potential loss of value to                                                                            
 Intelsat shareholders and the potential negative impact on the financial position, operations and prospects of Intelsat if the Transactions are delayed or are not completed for any reason; |

| • |     | the fact that the Acquisition Consideration distributable to Intelsat’s shareholders (including holders of                                                                                                                               
 Intelsat’s vested RSUs and PSUs) in connection with the Liquidation will be reduced by the “Black-Scholes” value of the outstanding Intelsat warrants, which value will be determined by a third party valuation firm in connection with 
 the consummation of the Transactions;                                                                                                                                                                                                    |

| • |     | the possibility that regulatory agencies may delay, object to or challenge the Transactions or may impose terms                                                                                                                                    
 and conditions on their approvals that adversely affect the business or financial results of Intelsat or SES, and the fact that SES is not required to agree to certain remedies that would reasonably be expected to result in certain burdensome 
 conditions;                                                                                                                                                                                                                                        |

| • |     | the risk that potential claims against or other outstanding liabilities of Intelsat may delay the Intelsat                                                    
 shareholders’ (including holders of Intelsat’s vested RSUs and PSUs) receipt of the Acquisition Consideration in connection with the Liquidation of Intelsat; |

| • |     | the fact that there can be no assurance that the Transactions will be completed on the anticipated timeline or at 
 all;                                                                                                              |