Company: TGE
Filing Date: 2025-06-24
Form Type: F-1
Source: 0001213900-25-057225
Chunk: 301

Company: Generation Essentials Group
Filing Date: 2025-06-24
Form: F-1
Chunk 301
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 |         | 574,693 |   |

The above items of property, plant and equipment are depreciated
on a straight-line basis at the following rates per annum:

| Properties          |     | Over the shorter of 40 years and the remaining lease terms |
| Computer equipment  |     | 33⅓%                                                       |
| Right-of-use assets |     | Over the lease term                                        |

<div align='center'>F-57

THE GENERATION ESSENTIALS GROUP
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 AND 2024</div>

| 11. | PROPERTY, PLANT AND EQUIPMENT (cont.) |

As of December 31, 2022, 2023 and 2024, the Group’s
properties are stated at revalued amounts of approximately US$173,126,000, US$194,635,000 and US$574,099,000, respectively. The fair value
of the Group’s properties of US$173,126,000, US$179,221,000 and US$574,099,000, respectively, as of December 31, 2022, 2023
and 2024 is a Level 3 fair value measurement. During the year ended December 31, 2024, a property with carrying amount of US$15,414,000
as of December 31, 2023 transferred from Level 2 to Level 3 fair value measurement.

In determining the fair values of the properties, the Group
engages an independent qualified professional valuer to perform the valuation. The management works with the independent qualified professional
valuer to establish the appropriate valuation techniques and inputs for Level 3 fair value measurement. Where there is a material change
in the fair value of the properties, the causes of the fluctuations will be reported to the directors of the Company.

The independent qualified professional valuer adopted the
following approaches in determination of the revalued amount:

| ● | Hotel properties: income approach by using discounted cash flow analysis to arrive at the valuation                                 
 of the hotel properties. The discounted cash flow analysis for the properties is established based on analysis of assumptions about 
 future market conditions affecting supply, demand, income, expenses and the potential of risk. These assumptions determine the      
 earning capability of the properties upon which the pattern of income and expenditures are projected to establish a fair            
 maintainable