Company: TGE
Filing Date: 2025-06-24
Form Type: F-1
Source: 0001213900-25-057225
Chunk: 270

Company: Generation Essentials Group
Filing Date: 2025-06-24
Form: F-1
Chunk 270
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 been prepared on
a historical cost basis, except for financial assets at FVTPL, which are measured at fair value. The consolidated financial statements
are presented in US$ unless otherwise stated, which is also the functional currency of the Company.

<div align='center'>F-32

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

| 2. | APPLICATION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS 
 (cont.)                                                    |

| 2.2 | APPLICATION OF AMENDMENTS TO IFRSs |

For the purpose of preparing and presenting the consolidated
financial statements, the Group has consistently applied the accounting policies which conform with IFRSs, International Accounting Standards
(“IASs”) and the related interpretations issued by the IASB that are effective for the accounting period beginning on January 1,
2024 throughout the reporting periods.

The Group has not early applied the following new and amendments
to IFRSs and International Accounting Standards (“IASs”) that have been issued but are not yet effective:

| Amendments to IFRS 9 and IFRS 7  |     | Amendments to the Classification and Measurement of Financial Instruments(3)             |
| Amendments to IFRS 10 and IAS 28 |     | Sale or Contribution of Assets between an Investor and its Associate or Joint Venture(1) |
| Amendments to IAS 21             |     | Lack of Exchangeability(2)                                                               |
| IFRS 18                          |     | Presentation and Disclosure in Financial Statements(4)                                   |

| (1) | Effective for annual periods beginning on or after a date     
 to be determined                                              |
| (2) | Effective for annual periods beginning on or after January 1, 
 2025                                                          |
| (3) | Effective for annual periods beginning on or after January 1, 
 2026                                                          |
| (4) | Effective for annual periods beginning on or after January 1, 
 2027                                                          |

Except for the new and amendments to IFRS mentioned below,
the directors of the Company anticipate that the application of the new and amendments to IFRSs will have no material impact on the consolidated
financial statements in the foreseeable future.

IFRS 18 “Presentation and Disclosure in Financial Statements”

IFRS 18 “Presentation and