Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 44

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 44
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 will be made under the CVR Agreement until the Gross Proceeds are received by SES or any of its 
 affiliates, subject to the terms and conditions in the CVR Agreement.                                       |

| • |     | If SES is unable to receive the Gross Proceeds, there will be no CVR payments. |

Accordingly, the value, if any, of the CVRs is speculative, and the CVRs may ultimately have no value. SES may repurchase the CVRs, which may reduce the liquidity of the remaining outstanding CVRs. The CVR Agreement does not prohibit SES from acquiring the CVRs, whether in open market or private transactions. Such acquisitions by SES may prevent the development of an active public trading market for the remaining CVRs or reduce the liquidity of the remaining CVRs, if any, which could adversely affect the resale price of the CVRs. Regulatory agencies must approve the Acquisition and could impose conditions that affect the value of the CVRs. SES and Intelsat intend to comply with antitrust laws, telecommunications laws, foreign direct investment laws and other laws and regulations of the United States and any other jurisdiction in which the Acquisition may be subject to review. In connection with giving their approval or consent to the Acquisition, applicable regulatory authorities could impose conditions on SES and Intelsat. Conditions imposed by regulatory authorities could impair the operation of the Combined Group or impact the value of the CVRs and, as a result, adversely affect the ability of the Combined Group to make payments under the CVRs. The FCC’s current C-band proceeding could impact the value of the CVRs. On February 27, 2025, the FCC adopted a Notice of Inquiry (“NOI”) seeking comment on whether to make some or all of the 3.98-4.2 GHz portion of the C-band available for more intensive use, which may be terrestrial, satellite-based, or a combination thereof. SES and Intelsat are each still in the process of analyzing the impact of the NOI and may file comments on it with the FCC. We can provide no assurances as to the outcome of this proceeding, including whether it will ultimately result in an order that changes the rights of SES and Intelsat or the Combined Group to use or monetize the C-band spectrum, or whether it will provide for any auction of C-bandspectrum or the receipt of proceeds by SES, Intelsat, or the Combined Group in connection with any such auction. The action taken by the FCC in this proceeding could affect the value of the CVRs