Company: TGE
Filing Date: 2025-06-24
Form Type: F-1
Source: 0001213900-25-057225
Chunk: 94

Company: Generation Essentials Group
Filing Date: 2025-06-24
Form: F-1
Chunk 94
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 a reasonable basis for presenting all of the
significant effects of the Transactions based on information available to management at the time and that the pro forma adjustments give
appropriate effect to those assumptions and are properly applied in the unaudited pro forma condensed combined financial information.

The unaudited pro forma condensed
combined financial information is not necessarily indicative of what the actual results of operations and financial position would have
been had the Transactions taken place on the dates indicated, nor are they indicative of the future consolidated results of operations
or financial position of the post-Business Combination company. They should be read in conjunction with the historical financial statements
and notes thereto of Black Spade II and The Generation Essentials Group.

| 2. | IFRS Conversion and Presentation Alignment |

The historical financial information
of Black Spade II has been adjusted to give effect to the differences between U.S. GAAP and IFRS as issued by the IASB for the
purposes of the unaudited pro forma condensed combined financial information. The only adjustment required to convert Black Spade
II’s financial statements from U.S. GAAP to IFRS for purposes of the unaudited pro forma condensed combined financial
information was to reclassify Black Spade II’s ordinary shares subject to redemption to financial liabilities under IFRS.

Further, as part of the preparation
of the unaudited pro forma condensed combined financial information, certain reclassifications were made to align Black Spade II’s
historical financial information in accordance with the presentation of The Generation Essentials Group’s historical financial information.

The IFRS conversion and presentation
alignment adjustments included in the unaudited pro forma condensed combined statement of financial position as of December 31,
2024 are as follows:

| (a) | Reflects the reclassification/alignment of Black Spade II’s ordinary shares subject to redemption                                       
 from equity to financial liabilities to align with the statement of financial position presentation of The Generation Essentials Group. |

| (b) | Reflects the reclassification of Black Spade II’s private warrant and public warrant from equity                            
 to financial liabilities to align with the statement of financial position presentation of The Generation Essentials Group. |

| 3. | Adjustments to Unaudited Pro Forma Condensed Combined Financial Information |

The unaudited pro forma condensed
combined financial information has been prepared to illustrate the effect of the Transactions and has been prepared for informational
purposes only. The adjustments presented on the unaudited pro forma combined financial statements have been