Company: TGE
Filing Date: 2025-12-03
Form Type: 424B3
Source: 0001213900-25-117807
Chunk: 303

Company: Generation Essentials Group
Filing Date: 2025-12-03
Form: 424B3
Chunk 303
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                                                                  |

| (b) | The counterparty shall                                                                           
 pay a sum equivalent to the loss of the Underlying Assets if the quoted market price or disposal 
 prices of the Underlying Assets is lower than Underlying Price (“Participation Cost”);           
 and                                                                                              |

<div align='center'>F-60

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

| 17. | DERIVATIVE FINANCIAL INSTRUMENTS (cont.) |

| (c) | Dividend or cash distributions                                                           
 generated from the Underlying Assets during the term of the Agreements shall be received 
 by the subsidiaries of the Group for their sole benefit and shall not be included in the 
 computation of the gain or the Participation Cost.                                       |

In December 2022, the Underlying
Assets have been partially sold, in which 2,673,000 listed shares were sold in the market at the average disposal price of HK$3.27 per
share, and US$1,963,000 was due from the counterparty to settle 2,673,000 notional of the derivatives reflecting the difference between
the average disposal price and Underlying Price. Accordingly, corresponding revisions were made to the Agreements to reflect the reduction
in the number of underlying listed shares.

In December 2023, the Group terminated
the Upside Participation and Profit Distribution Agreements with the counterparty.

The Agreements satisfied the definition
of derivative financial instrument in accordance with IFRS 9 and were stated at fair value with any subsequent changes recognized in
profit or loss.

|                      |     | As of December 31, |         |   |     |         |          |   |     |         |   |
|                      |     |               2022 |         |   |     |    2023 |          |   |     |    2024 |   |
|                      |     |            US$’000 |         |   |     | US$’000 |          |   |     | US$’000 |   |
| As of January 1,     |     |                    | 124,404 |   |     |         |  167,388 |   |     |         | — |
| Change in fair value |     |                    |  44,461 |