Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 251

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 251
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eligible service, and certain actuarial assumptions. In addition, as part of the overall medical plan, Intelsat provides postretirement medical benefits to certain current retirees who meet the criteria under the medical plan for postretirement
benefit eligibility.

Expenses for Intelsat’s defined benefit retirement plan and for postretirement medical benefits that are
provided under its medical plan are developed from actuarial valuations. Any significant decline in the fair value of Intelsat’s defined benefit retirement plan assets or other adverse changes to the significant assumptions used to determine
the plan’s funded status would negatively impact its funded status and could result in increased funding in future periods.

Key
assumptions, including discount rates used in determining the present value of future benefit payments and expected return on plan assets, are reviewed and updated on an annual basis. The discount rates reflect market rates for high-quality
corporate bonds. Intelsat considers current market conditions, including changes in interest rates, in making assumptions. The Society of Actuaries (“SOA”) published mortality tables for private retirement plans (“Pri-2012”) and
a mortality improvement scale in 2021 (“MMP-2021”). Accordingly, Intelsat’s December 31, 2024 valuation is based on Pri-2012 and MMP-2021, adjusted to reflect (1) an ultimate rate of mortality improvement consistent with
both historical experience and U.S. Social Security long-term projections, and (2) a shorter transition period to reach the ultimate rate, which is consistent with historical patterns. In establishing the expected return on assets assumption,
Intelsat reviews the asset allocations considering plan maturity and develop return assumptions based on different asset classes. The return assumptions are established after reviewing historical returns of broader market indexes, as well as
historical performance of the investments in the plan.

Recently Adopted and Recently Issued Accounting Pronouncements

Refer to Note 1—Background and Summary of Significant Accounting Policies of the Intelsat audited financial statements for the year ended
December 31, 2024 included elsewhere in this prospectus for further information about recently adopted and recently issued accounting pronouncements.

180

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT Security Ownership of Certain Beneficial Owners and Management of SES The following table sets forth information regarding the beneficial ownership of SES’s Class A Shares and Class B Shares (collectively,