Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 87

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 87
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| • |     | the provisions of the Share Purchase Agreement that restrict the ability of Intelsat to solicit or negotiate 
 alternative transactions;                                                                                    |

| • |     | the risk of incurring substantial expenses related to the Transactions, including the significant costs involved                                                                                                                               
 in connection with negotiating the Share Purchase Agreement and completing the Transactions and any potential litigation related thereto, that may reduce the amount of cash consideration payable by SES in connection with the Transactions; |

| • |     | the substantial management time and effort required to consummate the Transactions and the related disruption to                                           
 Intelsat’s day-to-day operations during the interim period between execution of the Share Purchase Agreement and the Closing and the resultant risk if the 
 Transactions are not consummated;                                                                                                                          |

| • |     | the amount of time it could take to complete the Transactions, including that completion of the Transactions                                                                                                                                            
 depend on factors outside of the control of Intelsat or SES, and the risk that the pendency of the Transactions for an extended period of time following the announcement of the execution of the Share Purchase Agreement could have an adverse impact 
 on Intelsat, including its customer, vendor and other business relationships, and the fact that an extended period of time may exacerbate the impact of other risks considered by the Intelsat Board described herein;                                  |

| • |     | the terms of the Share Purchase Agreement that restrict the conduct of Intelsat’s businesses prior to                                                                                                                                  
 completion of the Transactions, which may delay or prevent Intelsat from undertaking business opportunities that may arise prior to completion of the Transactions and the resultant risk if the Transactions are not consummated; and |

| • |     | the risk that, despite retention efforts prior to consummation of the Transactions, Intelsat may lose personnel, 
 and the impact of such losses in the event that the Transactions are not consummated.                            |

After consideration of these factors, the Intelsat Board determined that, overall, the potential benefits of the Transactions outweighed the potential risks. This discussion of the information and factors considered by the Intelsat Board includes the material positive and negative factors considered by the Intelsat Board, but it is not intended to be exhaustive and may not include all the factors considered by the Intelsat Board. The Intelsat Board did not quantify or assign any relative or specific weights to the various factors that it considered in reaching its determination to approve the Share Purchase Agreement and the Transactions. Rather, the Intelsat Board viewed