Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 70

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 70
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at provided to SES a preliminary, high-level reaction to the Initial Proposed Transaction based on public information, including a view that the appropriate ownership split should be 50/50 and
that the transaction should be a merger-of-equals from a governance perspective.

In July 2022, (i) members of Intelsat management and members of SES management made management presentations to each other at Skadden’s
Washington, D.C. offices and (ii) the Intelsat Board discussed on two occasions the Initial Proposed Transaction with Messrs. Wajsgras and O’Brien, Ms. Bryan, PJT Partners and Skadden. Following these discussions, the Intelsat Board
authorized PJT Partners to send SES a non-binding counterproposal for the Initial Proposed Transaction, including a revised Initial Proposed Economic Ownership Split and Proposed Governance Terms that the
Intelsat Board believed to be commensurate with a 50% economic ownership split and a merger-of-equals transaction.

48

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

From August 2022 through January 2023, representatives of Intelsat (including, from time to
time, certain members of the Intelsat Board, Messrs. Wajsgras and O’Brien and Ms. Bryan), certain Intelsat shareholders, SES (including, from time to time, Messrs. Collar, Jalan, Orton, Jacques Thill (acting in his capacity as a member of
the SES Board) and Ramu Potarazu, then SES Board member (acting in his capacity as a member of the SES Board) and Ms. Anne-Catherine Ries (acting in her capacity as Vice-Chairperson of the SES Board)) and their respective advisors, including
PJT Partners, Guggenheim Securities, Skadden and Gibson, Dunn & Crutcher LLP (SES’s legal counsel in connection with the Initial Proposed Transaction (“Gibson Dunn”)), had numerous discussions and, in November 2022, met at
Skadden’s Washington, D.C. offices in an effort to reach alignment on certain of the key terms for the Initial Proposed Transaction, including the Proposed Economic Ownership Split and the Proposed Governance Terms. In addition, during this
period, the parties exchanged multiple drafts of a nonbinding term sheet for the Initial Proposed Transaction. During this period, members of Intelsat management, representatives of PJT Partners and Skadden regularly updated, and received direction