Company: TGE
Filing Date: 2025-07-03
Form Type: F-1/A
Source: 0001213900-25-061211
Chunk: 314

Company: Generation Essentials Group
Filing Date: 2025-07-03
Form: F-1/A
Chunk 314
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 | an actual or expected significant deterioration in the financial 
 instrument’s external (if available) or internal credit rating;  |

| ● | significant deterioration in external market indicators of                                                    
 credit risk, e.g. a significant increase in the credit spread, the credit default swap prices for the debtor; |

| ● | existing or forecast adverse changes in business, financial                                                                    
 or economic conditions that are expected to cause a significant decrease in the debtor’s ability to meet its debt obligations; |

| ● | an actual or expected significant deterioration in the operating 
 results of the debtor;                                           |

| ● | an actual or expected significant adverse change in the regulatory,                                                             
 economic, or technological environment of the debtor that results in a significant decrease in the debtor’s ability to meet its 
 debt obligations.                                                                                                               |

Irrespective of the outcome of the above assessment, the Group
presumes that the credit risk has increased significantly since initial recognition when contractual payments are more than 30 days
past due, unless the Group has reasonable and supportable information that demonstrates otherwise.

<div align='center'>F-60

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.)                                                    |

The Group regularly monitors the effectiveness of the criteria
used to identify whether there has been a significant increase in credit risk and revises them as appropriate to ensure that the criteria
are capable of identifying significant increase in credit risk before the amount becomes past due.

Definition of default

For internal credit risk management, the Group considers an
event of default occurs when information developed internally or obtained from external sources indicates that the debtor is unlikely
to pay its creditors, including the Group, in full (without taking into account any collaterals held by the Group).

Irrespective of the above, the Group considers that default
has occurred when a financial asset is more than 90 days past due unless the Group has reasonable and supportable information to
demonstrate that a more lagging default criterion is more appropriate.

Credit-impaired financial assets

A financial asset is credit-impaired when one or more events
that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset
is credit-impaired includes observable data about the following events: