Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 173

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 173
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 of pro forma financial information the Company believes based on information available to the Company that the carrying values in the historical financial statements of Intelsat reasonably approximate to the fair values. As a result, for the purpose of these pro forma financial information, the assumed allocation of the estimated purchase price is based upon the carrying value of Intelsat’s assets and liabilities acquired which are assumed to approximate fair value. The actual fair values of assets and liabilities will be determined after the completion of the Acquisition and may vary materially from the assumed allocated presented herein. 122

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 Preliminary purchase consideration SES will pay $3.1 billion (€3.0 billion) in cash at the Closing to acquire 100% of Intelsat’s equity, as well as issue CVRs (as outlined below), which are deemed to be contingent consideration, and for which the preliminary pro forma fair value has been calculated below. Contingent Value Rights The CVRs will be issued to Intelsat’s current shareholders (including holders of Intelsat’s vested RSUs and PSUs) at the Closing as part of the consideration for the Acquisition. The CVRs attributable to those existing shareholders is 42.5% of the net proceeds of a follow-on C-bandrepurposing were such a program to be initiated by the FCC within 7.5 years of the Closing. Under the CVR Agreement, the holder is entitled to receive an amount equal to 42.5% of the cumulative net proceeds received by SES and its affiliates between the date of issuance and the termination date, with respect to the following “qualified monetization”:

| a) | adoption, enactment or promulgation of any law by any governmental authority requiring the clearing of usage                               
 rights for up to 100 MHz of the C-band downlink spectrum at 3.98 GHz - 4.2 GHz (defined in the agreement as the “Applicable Spectrum”), or |

| b) | the sale or transfer of Applicable Spectrum by SES that directly results in the receipt by SES or any of its                                                                                                                                
 affiliates, on or after the issuance date hereof and prior to the termination date, of cash consideration for the final clearance or transfer of Applicable Spectrum (including with respect to governmental relocation payments or private 
 negotiations).                                                                                                                                                                                                                              |

Net proceeds represent any cash consideration actually received by SES or its affiliates directly resulting from the final clearance, sale or transfer of Applicable Spectrum