Company: TGE
Filing Date: 2025-07-10
Form Type: 424B3
Source: 0001213900-25-062835
Chunk: 341

Company: Generation Essentials Group
Filing Date: 2025-07-10
Form: 424B3
Chunk 341
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 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 operating profit on a pre-tax yearly basis by a reasonably efficient operator over a 10-year investment horizon; and   
 the anticipated net operating income stream receivable thereafter is capitalized at appropriate terminal capitalization rates and   
 adjusted to present value by appropriate discount rate to reflect the capital values beyond the 10 years. As of                     
 December 31, 2022, 2023 and 2024, the revalued amount of hotel properties is US$173,126,000, US$179,221,000 and US$526,099,000,     
 respectively.                                                                                                                       |

| ● | Other properties: direct comparison approach by reference to market transactions of comparable                        
 properties. As of December 31, 2022, 2023 and 2024, the revalued amount of other properties is nil, US$15,414,000 and 
 US$48,000,000, respectively.                                                                                          |

There has been no change to the valuation techniques during
the year. In estimating the fair value of the properties, the highest and best use of the properties is their current use.

The key inputs used in valuing the hotel property in Hong Kong
by the independent qualified professional valuer under the aforesaid income approach were the discount rate used at 5.1%, 5.2% and 5.2%,
respectively as of December 31, 2022, 2023 and 2024 and average daily rates, which ranged from HK$880 to HK$1,810, HK$1,070 to HK$1,921
and HK$1,070 to HK$1,921