Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 87

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 87
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 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 its position and recommendation as being based on the totality of the information presented to and factors considered by it. In addition, individual members of the Intelsat Board may have given differing weights to different factors. It should be noted that this 57

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

explanation of the reasoning of the Intelsat Board and certain information presented in this section is forward-looking in nature and, therefore, that information should be read in light of the
factors discussed in the section of this prospectus titled “Cautionary Statement Regarding Forward-Looking Statements.”

Regulatory Approvals Required for the Transactions

Under the Share Purchase Agreement, the Acquisition cannot be consummated until (i) the
applicable waiting periods (and