Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 59

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 59
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) more than 50% of SES’s assets are located in the United States; or (iii) SES’s business is administered principally in the United States. If SES loses its status as a foreign private issuer in the future, it will
no longer be exempt from the rules described above and, among other things, will be required to file periodic reports and annual and quarterly financial statements as if it were a company incorporated in the United States. If this were to happen,
SES would likely incur substantial costs in fulfilling these additional regulatory requirements and members of SES’s management would likely have to divert time and resources from other responsibilities to ensure these additional regulatory
requirements are fulfilled.

If SES remains a foreign private issuer after the Acquisition, you may not have the same protections afforded
to shareholders of companies that are required to comply with all of Exchange Act rules.

SES’s business is subject to extensive regulation and is sensitive to regulatory changes in each of the countries in which it provides services.

The operation of SES’s business is
and will continue to be subject to the laws and regulations of the governmental authorities of the countries where SES operates, uses radio spectrum, offers satellite services and/or capacity. Regulation and legislation are extensive and outside
SES’s direct control. New or modified rules, regulations, legislation or decisions by a relevant governmental, inter-governmental entity or the International Telecommunication Union (“ITU”) could materially and adversely affect
operations.

40

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

In particular, the operations of SES’s existing satellites are authorized by, among
others, the Grand Duchy of Luxembourg (Luxembourg), the U.S., the Netherlands, Germany, France, the United Kingdom, Gibraltar, the Bailiwick of Jersey (Jersey), Mexico, Canada, Sweden, Bermuda, the Andean Community and Brazil, and therefore subject
to the regulatory authority of those jurisdictions. Although SES believes that it is substantially in compliance with regulatory requirements in these countries and the countries in which it operates and offers satellite capacity and services, there
can be no assurance that SES will maintain the authorizations necessary to operate its existing satellites or obtain required authorizations in the future, which would affect future prospects.

In addition, SES’s operations are subject to various laws and regulations relating to sustainability. SES, as an owner or operator of
property and in connection with current and historical operations at some of its sites, could incur significant costs, including clean-up costs, fines, sanctions and third