Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 84

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 84
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 outstanding Intelsat warrants, which value will be determined by a third party valuation firm in connection with 
 the consummation of the Transactions;                                                                                                                                                                                                    |

| • |     | the possibility that regulatory agencies may delay, object to or challenge the Transactions or may impose terms                                                                                                                                    
 and conditions on their approvals that adversely affect the business or financial results of Intelsat or SES, and the fact that SES is not required to agree to certain remedies that would reasonably be expected to result in certain burdensome 
 conditions;                                                                                                                                                                                                                                        |

| • |     | the risk that potential claims against or other outstanding liabilities of Intelsat may delay the Intelsat                                                    
 shareholders’ (including holders of Intelsat’s vested RSUs and PSUs) receipt of the Acquisition Consideration in connection with the Liquidation of Intelsat; |

| • |     | the fact that there can be no assurance that the Transactions will be completed on the anticipated timeline or at 
 all;                                                                                                              |

| • |     | the provisions of the Share Purchase Agreement that restrict the ability of Intelsat to solicit or negotiate 
 alternative transactions;                                                                                    |

| • |     | the risk of incurring substantial expenses related to the Transactions, including the significant costs involved                                                                                                                               
 in connection with negotiating the Share Purchase Agreement and completing the Transactions and any potential litigation related thereto, that may reduce the amount of cash consideration payable by SES in connection with the Transactions; |

| • |     | the substantial management time and effort required to consummate the Transactions and the related disruption to                                           
 Intelsat’s day-to-day operations during the interim period between execution of the Share Purchase Agreement and the Closing and the resultant risk if the 
 Transactions are not consummated;                                                                                                                          |

| • |     | the amount of time it could take to 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