Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 14

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 14
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 Intelsat’s businesses of which I should be aware?

A:Yes, there are important risks related to the Acquisition, the
CVRs and to the businesses of SES, Intelsat and, the Combined Group. We urge you to read carefully and in its entirety the section titled “Risk Factors” beginning on page 24 of this prospectus.

Q: Are Intelsat shareholders entitled to seek appraisal or dissenter’s rights?

A:No.There are no appraisal or dissenters’ rights available to Intelsat shareholders, in connection with the
Transactions.

7

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

Q: Is the completion of the Acquisition subject to the completion of certain conditions?

A:Yes. Before the Acquisition can be completed, SES and Intelsat must fulfill or, if permissible, waive the conditions to
the Closing set forth in the Share Purchase Agreement, including, but not limited to, the effectiveness of the registration statement of which this prospectus forms a part and the receipt of the Regulatory Approvals (as defined below). If all of
these conditions are not satisfied or waived, the Acquisition will not be completed. For a more detailed description of the conditions to the Closing, please see the section titled “The Share Purchase Agreement – Conditions to the Closing of the Acquisition” beginning on page 80.

Q: When do SES and Intelsat expect to complete the Acquisition?

A:SES and Intelsat are working to complete the Acquisition as quickly as possible, which can only occur after
all of the conditions to the Closing have been satisfied or waived. The conditions to the Closing are more fully described in the section titled “The Share Purchase Agreement – Conditionsto the Closing of the Acquisition.” The Closing is currently anticipated to occur in the second or third quarter of 2025. However, we cannot predict the actual date on which the Acquisition will be consummated or whether the Acquisition will be consummated at
all, because consummation of the Acquisition is subject to conditions and factors outside the control of Intelsat and SES.

Q: What happens if the Acquisition is not completed?

A:If the Acquisition is not completed for any reason, Intelsat will not
receive the consideration for the Acquisition, the Transactions will not be completed and the Liquidation will not be commenced. However, under certain specified circumstances, either Intelsat or SES may be required to pay a $300 million Breach