Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRSLTR
Source: 0000950123-25-003273
Chunk: 2

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRSLTR
Chunk 2
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7, 2022: 185.8), net of own shares held, was multiplied by 40% considering the relative economic rights. The weighted average number of shares, net of own shares held, and adjusted in order to reflect the relative economic rights of the Class A shares and Class B shares for calculating diluted earnings per share was as follows:

|                                                                                         |     | 2024 |       |     | 2023** |       |     | 2022** |       |
| Class A shares (in million) . . . . . . . . . . . . . . . . . . . . . . . . . . . .     
 .                                                                                       |     |      | 356.2 |     |        | 364.8 |     |        | 364.1 |
| Class B shares (in million) (*) . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 .                                                                                       |     |      |  72.9 |     |        |  74.3 |     |        |  74.3 |
| Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 
 . . . . .                                                                               |     |      | 429.1 |     |        | 439.1 |     |        | 438.4 |

(*) Weighted average number of Class B shares of 182.3 (in million) (2023: 185.7, 2022: 185.8), net of own shares held, was multiplied by 40% considering the relative economic rights. (**) Weighted average number of Class A shares and Class B shares has been revised in order to exclude antidilutive effects. STAFF’S COMMENT LETTER, DATED MARCH 21, 2025. Amendment No. 1 to Draft Registration Statement on Form F-4 Presentation of Financial and Other Information, page 2

| 1. | In your response to prior comment one of our letter dated December 5, 2024, you identify a number of                                                                                                                                                    
 factors as to why you lack sufficient information to determine a reasonable fair value of the CVRs to present in the pro forma financial information. You further indicate that once the acquisition has closed, you intend to engage