Company: TGE
Filing Date: 2025-06-24
Form Type: F-1
Source: 0001213900-25-057225
Chunk: 311

Company: Generation Essentials Group
Filing Date: 2025-06-24
Form: F-1
Chunk 311
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UMENTS |

|                                                         |     | As of December 31, |         |     |         |   |     |         |        |
|                                                         |     |               2022 |         |     |    2023 |   |     |    2024 |        |
|                                                         |     |            US$’000 |         |     | US$’000 |   |     | US$’000 |        |
| Upside Participation and Profit Distribution Agreements |     |                    | 167,388 |     |         | — |     |         |      — |
| Future Settlement Contract                              |     |                    |  17,681 |     |         | — |     |         |      — |
| Price Protection Agreement                              |     |                    |       — |     |         | — |     |         | 30,339 |
| Total                                                   |     |                    | 185,069 |     |         | — |     |         | 30,339 |

On April 1, 2019, the subsidiaries of the Group entered
into “Upside Participation and Profit Distribution Agreements” (the “Agreements”) with a counterparty in relation
to the movement of the share price of the entirety of certain listed shares of investments the Group owns (the “Underlying Assets”).
The Agreements have an original term of 12 months and can be extended for any further period or terminated at any time upon mutual
agreement of the contracting parties.

Pursuant to the Agreements:

| (a) | The counterparty is entitled to 25% (the “Sharing Percentage”)                                                                       
 of the gain of the Underlying Assets if the quoted market price or disposal prices of the Underlying Assets is higher the underlying 
 prices (“Underlying Prices;”);                                                                                                       |

| (b) | The counterparty shall pay a sum equivalent to the loss of                                                                                  
 the Underlying Assets if the quoted market price or disposal prices of the Underlying Assets is lower than Underlying Price (“Participation 
 Cost”); and                                                                                                                                 |

<div align='center'>F-63

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

| 17. | DERIVATIVE FINANCIAL INSTRUMENTS (cont.) |

| (c) | Dividend or cash distributions