Company: TGE
Filing Date: 2025-01-27
Form Type: 425
Source: 0001213900-25-006756
Chunk: 140

Company: Generation Essentials Group
Filing Date: 2025-01-27
Form: 425
Chunk 140
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 specifying the number of Class B Ordinary Shares that the holder elects to convert into Class A Ordinary Shares. |

<div align='center'>A-11</div>

| 14. | Any number of Class B Ordinary Shares held by a holder thereof will be automatically and immediately converted into an equal number of Class A Ordinary Shares upon the occurrence of any of the following: |

| (a) | any direct or indirect sale, transfer, assignment or disposition of such number of Class B Ordinary Shares by the holder thereof or the direct or indirect transfer or assignment of the voting power attached to such number of Class B Ordinary Shares through voting proxy or otherwise to any person other than an Exempt Person; |

for the avoidance of doubt, the creation of any pledge, charge,
encumbrance or other third party right of whatever description on any of Class B Ordinary Shares to secure contractual or legal obligations
shall not be deemed as a sale, transfer, assignment or disposition unless and until any such pledge, charge, encumbrance or other third
party right is enforced and results in a third party that is not an Exempt Person holding directly or indirectly beneficial ownership
or voting power through voting proxy or otherwise to the related Class B Ordinary Shares, in which case all the related Class B
Ordinary Shares shall be automatically converted into the same number of Class A Ordinary Shares; or

| (b) | the direct or indirect sale, transfer, assignment or disposition of a majority of the issued and outstanding voting securities of, or the direct or indirect transfer or assignment of the voting power attached to such voting securities through voting proxy or otherwise, or the direct or indirect sale, transfer, assignment or disposition of all or substantially all of the assets of, a holder of Class B Ordinary Shares that is an entity to any person other than an Exempt Person; |

for the avoidance of doubt, the creation of any pledge, charge,
encumbrance or other third party right of whatever description on the issued and outstanding voting securities or the assets of a holder
of Class B Ordinary Shares that is an entity to secure contractual or legal obligations shall not be deemed as a sale, transfer,
assignment or disposition under this clause (b) unless and until any such pledge, charge, encumbrance or other third party right
is enforced and results in a third party that is not an Exempt Person holding directly or indirectly beneficial ownership or voting power
through voting proxy or otherwise to the related issued and outstanding voting securities or the assets.

| 15.