Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 80

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 80
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 and familiarity with the business and operations of Intelsat. In reaching its determination, the SES Board consulted with
SES’s management, as well as with SES’s legal and financial advisors, and considered a variety of factors weighing favorably towards the Transactions, including the factors described below.

SES believes that the Transactions will allow it to create a stronger and more competitive multi-orbit operator with an optimized network,
increased revenue in highly valuable and growth business units, stronger

53

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 financial profile, and greater ability to invest in the future to better compete in a dynamic, fast-moving, and competitive communications landscape and to realize other significant benefits, including the following:

| • |     | Synergies. By integrating the two companies, SES expects to deliver synergies from the combination of                                                                                                                                        
 selling, general, and administrative savings as well as optimization of third-party capacity costs and future efficiencies in procurement. The remaining synergies will be captured from optimizing the combined satellite fleets and ground 
 infrastructure with the process expected to start soon after the Closing.                                                                                                                                                                    |

| • |     | Expanded Capabilities. The Combined Group is expected to be a stronger multi-orbit operator better able to                                                                                                                                                
 compete in a fast-moving communications landscape and respond to the evolution of competing communications technologies, such as new and rapidly emerging non-GEO satellite constellations from well-funded LEO                                           
 satellite providers and greater commoditization of satellite capacity and connectivity. With a combined fleet of more than 100 GEO and 26 MEO satellites, the combined SES will benefit from enhanced coverage, greater network resiliency, complementary 
 spectrum (C-, Ku-, Ka-, Military Ka-, X-band, and                                                                                                                                                                                                         
 Ultra High Frequency) rights, and improved service delivery utilizing an expanded network of ground segment assets. By end-2026, eight new GEO (including 6 software-defined) satellites and seven new MEO (O3b                                           
 mPOWER) satellites are expected to be launched adding further redundancy and additional growth capacity.                                                                                                                                                  |

| • |     | Expanded Capabilities and Network. With the creation of a stronger multi-orbit operator, customers across                                                                                                                                              
 government, mobility, fixed data, and media sub-units are expected to benefit from an expanded set of capabilities and solutions which will enable them to expand their network reach, add further resiliency,                                         
 improve productivity across their operations, and bring world-class experiences to their end-users