Company: TGE
Filing Date: 2025-05-06
Form Type: F-4/A
Source: 0001213900-25-040058
Chunk: 80

Company: Generation Essentials Group
Filing Date: 2025-05-06
Form: F-4/A
Chunk 80
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 | ) |     | $           | (119,391,000 | ) |     | $           | (119,391,000 | ) |
| Pro forma net tangible book value of TGE as of December 31, 2024                 |     | $           |  761,103,000 |   |     | $           |  727,048,000 |   |     | $           |  692,993,000 |   |     | $           |  658,938,000 |   |     | $           |  628,252,000 |   |
| Pro forma outstanding shares of TGE                                              |     |             |   67,925,000 |   |     |             |   64,100,000 |   |     |             |   60,275,000 |   |     |             |   56,450,000 |   |     |             |   53,115,286 |   |
| Pro forma net tangible book value per share as of December 31, 2024, as adjusted |     |             |        11.20 |   |     |             |        11.34 |   |     |             |        11.50 |   |     |             |        11.67 |   |     |             |        11.80 |   |

(2)TGE valuation after Business Combination calculated as the initial public offering price of $10.00 per BSII Class A Ordinary Share multiplied by the number of TGE shares after giving effect to the Business Combination at each redemption level. (*)For more information, please see the section entitled “ Unaudited Pro Forma Condensed Combined Financial Information.” Potential Sources of Dilution The sensitivity table below sets forth the potential additional dilutive impact of each additional source of dilution to the Black Spade II Public Shareholders’ ownership of TGE, namely (a) 16,220,000 TGE Ordinary Shares that would be issuable in aggregate upon the exercise of 11,120,000 Private Placement Warrants and 5,100,000 Public Warrants (b) TGE Class A Ordinary Shares representing Earnout Shares that will be issuable if the relevant triggering events described herein occur; (c) TGE Class A Ordinary Shares that will be available for issuance

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under TGE’s incentive award plan immediately following the completion of the Business Combination. (each, an “Additional Dil