Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 43

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 43
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 its sole discretion, to list the CVRs on a securities exchange, there is no assurance that such trading or listing will continue. The absence of a listing and the uncertainty as to whether any payments on CVRs will be made may limit the value of the CVRs. Because there has not been any public market for the CVRs and SES has no current plans to list the CVRs on any securities exchange, the market price and trading volume of the CVRs may be volatile. Neither SES nor Intelsat can predict the extent to which investor interest will lead to a liquid trading market in the CVRs or whether the market price of the CVRs will be volatile. The market price of the CVRs could fluctuate significantly for many reasons, including, without limitation:

| • |     | SES has no current plans, and has no obligation, to list the CVRs on any securities exchange; |

| • |     | as a result of the risk factors listed in this prospectus; |

| • |     | for reasons unrelated to the Combined Group’s operating performance, such as reports by industry analysts,       
 investor perceptions, or negative announcements by our customers or competitors regarding their own performance; |

30

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83

| • |     | regulatory changes that could have an impact on the Combined Group; and |

| • |     | general economic, securities markets and industry conditions. |

You may not receive any payment on the CVRs. As described in more detail in the section entitled “ Related Agreements - Contingent Value Rights Agreement” beginning on page 86 of this prospectus, the form of CVR Agreement to be entered into sets forth the rights of Holders to receive payments under the CVRs. The nature of rights under the CVR Agreement is contractual, and the Holders have no rights except for those expressly set forth in the CVR Agreement. The events that could result in contingent payments may not occur due to numerous factors. Among other things:

| • |     | There may be no governmental order or legislation providing for the clearing of the C-band spectrum underlying the CVRs or any sale or transfer of SES and its subsidiaries usage rights for up to 100 MHz of the C-band downlink spectrum at 3.98-4.2 GHz which results in Gross Proceeds. If there is such an order, it may or may not provide for any payments to SES. |

| • |     | No payments