Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 166

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 166
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 SES, being able to successfully clear portions of the 
 Applicable Spectrum in a timely and orderly manner;                                                       |

| vi. | an assessment of an estimated tax rate to be applied to any proceeds; |

| vii. | an assessment of the phases and timing of receipt of the proceeds; |

| viii. | an assessment of a discount rate to be applied to the future proceeds; and |

| ix. | a probability of the 42.5% pay-out to the CVR holders. |

As of the submission of this Form F-4,the situation concerning points i) to ix) above is uncertain. Management’s internal valuation considered the precedent benchmark of the C-bandrepurposing program initiated by the FCC on 28 February 2020 to clear the 300 MHz band of C-bandspectrum between 3,700 and 4,000 MHz by December 2025 (“3.7 GHz Service Auction”) in combination with assumptions concerning the likely outcomes of the factors listed above, including inputs from economic spectrum experts. Specifically, management has assumed a similar compensation mechanism for satellite operators as was seen for 3.7 GHz Service Auction and a similar timeframe and timing of cash flows resulting in an aggregate probability of >50% that such a programme in this form shall be initiated and successfully completed. For the purposes of the pro forma information, the internal valuation resulted in a pro forma preliminary fair value of $552 million (equivalent of €531 million), which has been recorded as a “contingent value rights” non-currentliability and as goodwill. We note that the internal valuation calculated an estimate of the preliminary pro forma fair value of the CVRs based on IFRS standards, taking into consideration the uncertainties outlined above. As those uncertainties are resolved, the fair values of the CVRs will likely change. Moreover, the fair value of the CVRs is not necessarily indicative of the amount of the future proceeds that the CVR holders or SES may or may not receive for clearing the Applicable Spectrum, if the FCC decides to repurpose some portion of the C-band spectrum. 124

Management notes that due to issues outside their control (i.e. regulatory requirements), the timing of payments of ARPs may change. Such changes may have a material impact on the fair value of the CVRs. The additional information that will be derived from any future FCC approval, SES / Intelsat proposals, and further discussions and negotiations with existing users of the Applicable Spectrum will support the assumptions to be used in the