Company: TGE
Filing Date: 2025-07-10
Form Type: 424B3
Source: 0001213900-25-062835
Chunk: 322

Company: Generation Essentials Group
Filing Date: 2025-07-10
Form: 424B3
Chunk 322
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, taking into consideration interpretations and practices prevailing in the countries in which
the Group operates.

Deferred tax is provided, using the liability method, on all
temporary differences at the end of each reporting period between the tax bases of assets and liabilities and their carrying amounts for
financial reporting purposes.

Deferred tax liabilities are recognized for all taxable temporary
differences, except:

| ● | when the deferred tax liability arises from the initial recognition                                                                   
 of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects 
 neither the accounting profit nor taxable profit or loss; and                                                                         |

| ● | in respect of taxable temporary differences associated with                                                                             
 investments in subsidiaries, when the timing of the reversal of the temporary differences can be controlled and it is probable that the 
 temporary differences will not reverse in the foreseeable future.                                                                       |

<div align='center'>F-63

THE GENERATION ESSENTIALS GROUP
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F OR THE YEARS ENDED DECEMBER 31, 2022, 2023 AND 2024</div>

| 2. | APPLICATION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS 
 (cont.)                                                    |

Deferred tax assets are recognized for all deductible temporary
differences, and the carryforward of unused tax credits and any unused tax losses. Deferred tax assets are recognized to the extent that
it is probable that taxable profit will be available against which the deductible temporary differences, the carryforward of unused tax
credits and unused tax losses can be utilized, except:

| ● | when the deferred tax asset relating to the deductible temporary                                                                     
 differences arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at 
 the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and                                   |

| ● | in respect of deductible temporary differences associated                                                                                  
 with investments in subsidiaries, deferred tax assets are only recognized to the extent that it is probable that the temporary differences 
 will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized.       |

The carrying amount of deferred tax assets is reviewed at
the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available
to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are reassessed at the end of each reporting
period and are