Company: TGE
Filing Date: 2025-06-24
Form Type: F-1
Source: 0001213900-25-057225
Chunk: 95

Company: Generation Essentials Group
Filing Date: 2025-06-24
Form: F-1
Chunk 95
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 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 Transactions adjustments
included in the unaudited pro forma condensed combined statement of financial position as of December 31, 2024, are as follows:

| (c) | Reflects the reclassification of US$155.3 million of investments held in the Trust Account that becomes 
 available following the Transactions.                                                                   |

| (d) | Represents pro forma adjustments to cash and bank balances to reflect the Transactions: |

|                                                                                     |     | US$’000 |          |   |
| Reclassification of Investments held in the Trust Account                           |     |         |  155,345 |   |
| The payment to redeem BSII Public Shares held by Black Spade II Public Shareholders |     |         | (128,591 | ) |
| Transaction bonus paid to Black Spade II                                            |     |         |