Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 45

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 45
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. The timing and outcome of the FCC proceeding is outside the control of SES and Intelsat. 31

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

The amount of Applicable Expenses incurred by SES in connection with an event of Qualified Monetization may significantly reduce any payment on the CVRs.

The aggregate amount payable to Holders in connection with any event of
Qualified Monetization (as defined below) will be reduced by the amount of Applicable Expenses (as defined below) incurred by SES in connection with such event of Qualified Monetization (including any Tax Costs (as defined below)), and, therefore,
the payments actually received by a Holder may be significantly less than such Holder’s pro rata portion of the Gross Proceeds received by SES.

The U.S. federal income tax treatment of the CVRs is uncertain.

The U.S. federal income tax treatment of the CVRs is uncertain. There is no authority directly addressing the U.S. federal income tax treatment
of receiving payments on the CVRs and, therefore, the amount, timing and character of any gain, income or loss with respect to the CVRs is uncertain. For example, payments with respect to the CVRs could be treated as payments with respect to a sale
or exchange of a capital asset or as giving rise to ordinary income. In addition, it is unclear how a U.S. Holder of the CVRs would recover its adjusted tax basis with respect to payments thereon. It is also possible that, were a payment to be
treated as being with respect to the sale of a capital asset, a portion of such payment would constitute imputed interest.

Accordingly, there will be some uncertainty as to the amount, timing and character of any gain or loss recognized by a Holder. For a more
detailed summary of the U.S. federal income tax treatment of the CVRs, see “U.S. Federal Income Tax Considerations of the Transactions —U.S. Federal Income Tax Considerations of the Ownership and Disposition of CVRs” beginning
on page 96 of this prospectus.

RISKS RELATING TO SES’S BUSINESS

SES has several large customers, the loss of any of which could materially reduce its revenue and materially adversely affect its business.

SES generates its revenue primarily from commercial agreements that provide satellite transponder capacity and associated services and
solutions to its customers. Certain customers have major or significant contracts with SES. However, SES’s customer