Company: TGE
Filing Date: 2025-07-03
Form Type: F-1/A
Source: 0001213900-25-061211
Chunk: 92

Company: Generation Essentials Group
Filing Date: 2025-07-03
Form: F-1/A
Chunk 92
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 |     |          |       — |   |     |                        |        — |      |     |              |        — |      |     |                    |   103,853 |
| Total equity                                              |     |         |   769,130 |     |          | 152,155 |   |     |                        | (161,461 | )    |     |              |    9,506 |      |     |                    |   769,330 |
| Total liabilities and equity                              |     |         | 1,174,434 |     |          | 157,595 |   |     |                        |        — |      |     |              | (140,141 | )    |     |                    | 1,191,888 |

<div align='center'>51

NOTES TO THE UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION</div>

| 1. | Basis of Presentation |

The unaudited pro forma condensed
combined financial information has been prepared to illustrate the effect of the TGE Reorganization, Black Spade II’s IPO and the
Transactions and has been prepared for informational purposes only.

The historical consolidated
financial statements of The Generation Essentials Group have been prepared in accordance with IFRS. The historical financial statements
of Black Spade II have been prepared in accordance with U.S. GAAP.

For accounting purposes, the
financial statements of the combined company will represent a continuation of the consolidated financial statements of The Generation
Essentials Group with the acquisition being treated as the equivalent of The Generation Essentials Group transferring consideration for
the net assets of Black Spade II and the service of a stock exchange listing for its shares. The net assets of The Generation Essentials
Group will be stated at their pre-combination carrying amounts, with no goodwill or other intangible assets recorded.

The Business Combination,
which is not within the scope of IFRS 3 — Business Combinations (“IFRS 3”) since Black Spade II
does not meet the definition of a business in accordance with IFRS 3, is accounted for within the scope of IFRS 2 — Share-based Payment (“IFRS 2”). Any excess of the fair value of consideration transferred to Black Spade II shareholders
over the fair value of Black Spade II’s identifiable net assets acquired represents compensation for the service of a stock
exchange listing for its shares and is expensed as incurred.

One-time direct and incremental
transaction costs