Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 54

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 54
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clude exporting satellites for launch, satellite-related hardware, technology, data and services or preclude sourcing these items in the United States.”below for further information.

SES’s business with the U.S. government is subject to U.S. national security laws and regulations. As a result of the indirect ownership
by a non-U.S. parent company and the classified nature of its business, SES Space & Defense (SES S&D) (“SES S&D”) is currently subject to a proxy agreement (the “Proxy
Agreement”) with the U.S. government. The imposed proxy structure is common practice for businesses serving certain segments of the U.S. government. The Proxy Agreement places strict limitations on the information that may be shared between SES
S&D and SES and its subsidiaries. The Proxy Agreement also imposes various restrictions on the control of SES S&D by SES. SES S&D operates under the leadership of an independent proxy board approved by the U.S. Department of Defense.
SES’s internal controls and SES’s internal audit may not be fully effective or implemented due to the restrictions imposed by the Proxy Agreement. Further, a breach of the Proxy Agreement could place all or part of the SES S&D business
with the U.S. government at risk.

The occurrence of any of these risks could have a material adverse effect on SES’s business,
financial condition and results of operations.

SES’s operations and systems are subject to external threats, including sabotage, terrorist attacks and natural disasters.

As a satellite operator, SES is subject to a number of risks that could impair its operations and
systems, including sabotage, terrorist acts, piracy, attack by anti-satellite devices, jamming, unintentional interference and natural disasters.Such occurrences are generally excluded from SES’s insurance coverage.See “—Risks Relating to SES’s Business—Satellites may be subject to damage or loss from events that might not be covered by insurance policies”.

The occurrence of any of these risks may lead to a temporary or permanent interruption in service and/or result in a loss of customers,
reputational damage or reduced revenue, any of which could have a material adverse effect on SES’s business, financial condition and results of operations.

SES is exposed to risks inherent in doing business in developing markets.

The current geopolitical risk environment is high, with active conflict in the Middle East and in Ukraine, and the possibility of more in
Europe, the Middle East and the Pacific. The ongoing changing landscape in relation to U.S. politics may also drive implications on U.S. and European defense policy and