Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 66

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 66
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 statements will not be prevented or detected on a timely basis. The material weaknesses SES identified relate to (i) lack of appropriately designed and maintained information technology general controls, including controls
to address segregation of duties, and (ii) the aggregation of deficiencies in the design and implementation of controls and insufficient risk assessment procedures over certain business processes, including controls to address segregation of
duties and documentation of evidence of the execution of controls.

SES has concluded that these material weaknesses arose because it
did not have business processes, systems, personnel and related internal controls that would have satisfied the accounting and financial reporting requirements of a public company under the SOX Act. None of the material weaknesses described above
resulted in misstatement to SES’s consolidated financial statements. However, the material weaknesses described above could result in a misstatement of one or more account balances or disclosures that would result in a material misstatement to
the annual or interim consolidated financial statements that would not be prevented or detected.

To address the identified material
weaknesses, SES has added qualified personnel and engaged third-party specialists to assist with evaluating and documenting the design and operating effectiveness of its internal controls over financial reporting and to assist with the remediation
of deficiencies, including implementing new controls and processes. SES intends to continue to take steps to remediate the material weaknesses described above through hiring additional personnel with public company experience, and further reviewing
and updating its accounting and business processes related to internal controls over financial reporting. SES may be unable to fully remediate these material weaknesses until these steps have been completed and have been operating effectively for a
sufficient period.

SES can give no assurance that the measures it is taking or plans to take in the future will remediate the material
weaknesses identified or that any additional material weaknesses will not arise in the future due to a failure to implement and maintain adequate internal control over financial reporting or circumvention of these controls. While SES is currently in
the process of remediating the material weaknesses, it cannot assure you that these efforts will remediate its material weaknesses in a timely manner, or at all. If SES is unable to successfully remediate our material weaknesses, or identify any
future material weaknesses, the accuracy and timing of its financial reporting may be adversely affected, it may be unable to maintain compliance with securities law requirements regarding timely filing of periodic reports, the market price of its
stock may decline as a result, and

45

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section