Company: TGE
Filing Date: 2025-12-03
Form Type: 424B3
Source: 0001213900-25-117807
Chunk: 289

Company: Generation Essentials Group
Filing Date: 2025-12-03
Form: 424B3
Chunk 289
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CEMBER 31, 2022, 2023 AND 2024</div>

| 9. | INCOME TAX EXPENSE (cont.) |

A reconciliation of income tax expense
and profit before tax at the statutory tax rate in which the Group’s major operating subsidiaries are domiciled is as follows:

|                                                                                    |     | Year ended December 31, |   2022 |   |     |         |   2023 |   |     |         |    2024 |   |
|:-----------------------------------------------------------------------------------|:----|:------------------------|-------:|:--|:----|:--------|-------:|:--|:----|:--------|--------:|:--|
|                                                                                    |     | US$’000                 |        |   |     | US$’000 |        |   |     | US$’000 |         |   |
| Profit before tax                                                                  |     |                         | 23,722 |   |     |         | 19,059 |   |     |         |  46,373 |   |
| Tax at statutory tax rate of 16.5%                                                 |     |                         |  3,914 |   |     |         |  3,145 |   |     |         |   7,652 |   |
| Tax effect of different tax rates of subsidiaries operating in other jurisdictions |     |                         |     86 |   |     |         |    117 |   |     |         |     233 |   |
| Tax effect of non-taxable income                                                   |     |                         | (4,335 | ) |     |         | (4,045 | ) |     |         | (14,862 | ) |
| Tax effect of non-deductible expenses                                              |     |                         |     17 |   |     |         |    399 |   |     |         |   5,450 |   |
| Tax effect of tax losses not recognized                                            |     |                         |    452 |   |     |         |    772 |   |     |         |   2,210 |   |
| Tax effect of share of (profits) losses of joint ventures                          |     |                         |   (134 | ) |     |         |    430 |   |     |         |      92 |   |
| Withholding tax on dividend income                                                 |     |                         |    599 |   |     |