Company: TGE
Filing Date: 2025-07-10
Form Type: 424B3
Source: 0001213900-25-062835
Chunk: 96

Company: Generation Essentials Group
Filing Date: 2025-07-10
Form: 424B3
Chunk 96
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 of financial position as of December 31,
2024 are as follows:

| (a) | Reflects the reclassification/alignment of Black Spade II’s ordinary shares subject to redemption                                       
 from equity to financial liabilities to align with the statement of financial position presentation of The Generation Essentials Group. |

| (b) | Reflects the reclassification of Black Spade II’s private warrant and public warrant from equity                            
 to financial liabilities to align with the statement of financial position presentation of The Generation Essentials Group. |

| 3. | Adjustments to Unaudited Pro Forma Condensed Combined Financial Information |

The unaudited pro forma condensed
combined financial information has been prepared to illustrate the effect of the Transactions and has been prepared for informational
purposes only. The adjustments presented on the unaudited pro forma combined financial statements have been identified and presented to
provide relevant information necessary for an accurate understanding of The Generation Essentials Group upon consummation of the Transactions.
Black Spade II and The Generation Essentials Group have not had any historical relationship prior to the Transactions. Accordingly,
no pro forma adjustments were required to eliminate activities between the companies.

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The unaudited pro forma combined
provision for income taxes does not necessarily reflect the amounts that would have resulted had the Post-Business Combination company
filed consolidated income tax returns during the period presented.

The unaudited pro forma basic
and diluted earnings per share amounts presented in the unaudited pro forma condensed combined statements of profit or loss and other
comprehensive income are based upon the number of TGE’s shares outstanding, assuming the Transactions occurred on January 1,
2024.

The Transactions

The impacts from The Transactions
have been included in the unaudited pro forma condensed combined statements of profit or loss and other comprehensive income for the year
ended December 31, 2024 as follows:

| (aa) | Reflects the exclusion of income earned on investments held in Trust Account which will not be incurred 
 after the Transactions.                                                                                 |

| (bb) | Represents the transaction costs of the Transactions charged to profit or loss. |

| (cc) | Represents US$33.2 million of expense recognized in accordance with IFRS 2, for the difference between                                
 the fair value of equity instruments issued of US$60.0 million and the fair value of Black Spade II’s identifiable assets of US$$26.8 
 million. These costs are a non-recurring item.                                                                                        |

The