Lime - Riding into Singapore

RIDING INTO SINGAPORE
MARKET ENTRY STRATEGY PRESENTED BY:
VIGHNESH KUMAR PATHAK
03/09/2018
1

AGENDA
1. Context
2. Understanding Lime
3. A brief look at Singapore
4. What are the use cases?
5. Feasibility Assessment:
• Evaluate market potential and conduct opportunity sizing
• Assess competitive landscape
• Assess regulatory environment
• Lay the groundwork for Lime’s playbook refinement
2
Disclosure:
1. Analysis is based on information available online and all efforts have been made to ensure the accuracy of the information
2. Assumptions have been made in calculations
3. Where possible, 2018 data has been used, unless stated otherwise. If not possible, 2017 figures have been used in place of 2018

3
This document aims to understand the Singaporean bike/personal mobility device (PMD) sharing market more deeply, providing Lime’s Launch
team the critical inputs required to refine the launch playbook and achieve successful market entry. It assumes that Singapore has been
selected for launch but does not presume it’s prioritization vis-à-vis other international markets.
CONTEXT
• Conduct high-level quantitative
and qualitative assessment of
markets
• Short-list and prioritise markets
• Evaluate market potential and
conduct opportunity sizing
• Lay the groundwork for Lime’s
playbook refinement by:
o Building an understanding
of the customer
o Identifying best practices
in the market
o Risks and mitigations
• Define product/service roadmap,
business model
• Define customer acquisition and
promotion strategy
• Assess partnership requirements
and identify targets
• Define fleet size
• Define operational model
guidelines
• Define execution roadmap and
timeline
• Define high-level business plan
and budget
• Define organisation
• Define governance model
Identification and prioritisation
of markets
Feasibility assessment Refine Lime’s playbook
Define go-to-market plans
and prepare for launches
• Mobilise Lime’s market launch
team(s)
• Define detailed implementation
plans, specific fleet distribution
points and minimum launch
requirements
• Initiate commercial, technical,
operational and regulatory set-
ups
• initiate set-ups of partnerships
• Set-up local entity(s)
• Define detailed business plans,
budgets & target KPIs
Focus of document
Market launch and operationalisation of Lime

4
FRAMEWORK FOR FEASIBILITY ASSESSMENT
Feasibility Assessment
Competitive
landscape
Regulatory
environment
Market potential and
opportunity sizing
Lay the groundwork
for Lime’s playbook
refinement

AGENDA
1. Context
5

1. LimeBike
• Dockless manual bicycles that come in 1, 3 and
8 speed variations to cater to different inclines
2. Lime-S
• Dockless electric scooter
• Maximum distance: 20 miles (32km)
• Maximum speed: 14.8mph (23.8km/h)
• Battery needs to be charged
3. Lime-E
• Dockless electric bicycle
• Maximum distance: 50 miles (80km)
• Maximum speed: 14.8mph (23.8km/h)
• Motor makes cycling easier for users and as such
travel further
• Battery charged through cycling? – to be
confirmed
Lime aims to improve first and last mile mobility in urban cities by providing dockless, multi-modal transport options,
that are convenient to find and environmentally friendly.
UNDERSTANDING LIME
6
Product Line-up
1. Multi-modal transport options on a
single platform
2. Ability of Lime-E to cover longer
distances with less effort
3. High quality of bikes, e-scooters and e-
bikes*
Competitive Advantages
*Needs to be compared with local options
Source: Company website, independent analysis

AGENDA
1. Context
7

Developed, urbanized, and connected, Singapore is well-suited for Lime’s operations. Growing dissatisfaction with the public transport
system, government plans for extensive cycling routes coupled with the hot weather makes a strong case for better last mile
alternatives.
A BRIEF LOOK AT SINGAPORE
8
100
61
SINGAPORE ASEAN 6
% of urban population, 2017
93,906
28,132
SINGAPORE ASEAN 6
GDP per capita, 2017 (US$)
3X
Disposable income per capita
is 4X of ASEAN 6
10 37
6
107
Singapore ASEAN 6
Ease of Doing Business for Lime
Global Ranking In Getting Electricity
Global Ranking In Starting a Business
87%
65%
Singapore ASEAN 6
Smartphone Penetration 2017
Source: BMI, Euromonitor, EIU, TOMTOM Traffic Index, Public Transport Council, Urban Redevelopment Authority, Meteorological Service Singapore
91.8%
96.4% 94.5%
2015 2016 2017
Satisfaction of public transportation in Singapore
1.9pp drop driven by
dissatisfaction with MRT system
$2,502
$757
SINGAPORE ASEAN 6
Transport spend per capita, 2017 (US$)
4X
7,908 8,479
1,487 1,592
2015 2020F
Population per km sq
Singapore ASEAN 6
Economic Fit Product-Market Fit
• 29th
most congested city in Asia
• National Cycling Plan: By 2030, 240km of cycling paths will be more than doubled to 700km
• Mean daily maximum temperature: 31.5 deg C
• Mean annual humidity: 83.9%

AGENDA
1. Context
9

There is an opportunity to address multiple user needs beyond improving first and last mile journeys, impacting a
range of players in the transportation value chain.
WHAT ARE THE USE CASES IN SINGAPORE?
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"I need to transit from a bus/MRT and walk at least 500m
to my destination (e.g. office; or vice versa) to complete
my journey. Public transport to cover this is not available
or too much of a hassle”
Lime
User
"I need to walk at least 500m within an area primarily
served by a bus/MRT stop (e.g. office to lunch). Public
transport to cover this is not available or too much of a
hassle”
"I need to travel a relatively short distance (1 – 2 km; 2 –
4 stops on public transportation) and take public or
private transportation (bus/MRT/taxi/ride-
sharing/bike/scooter-sharing/PMDs/car/motorbike)
"I need to travel a medium distance (at least 2.5km; 3
stops on public transportation) and take public
transportation (bus/MRT/taxi/ride-sharing) or private
PMDs”
”We need fast and affordable vehicles to complete last
mile deliveries” (B2B)
*Not exhaustive
OEM Manufacturers
Impact on*:
1
2
3
4
5

For the purposes of this document, and given the strategic focus of Lime, we will focus on the B2C case. Focusing on Use Cases 1 & 2
makes the most strategic sense, given the strong product-market fit and ease in changing user behavior.
WHAT ARE THE USE CASES IN SINGAPORE? – OVERALL ASSESSMENT
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What is the
market
potential?
How
competitive is
the market?
Will current user
behavior
change easily?
Is Lime
providing a
better user
experience?
"I need to transit from a bus/MRT and
walk at least 500m to my destination to
complete my journey”
"I need to walk at least 500m within an
area primarily served by a bus/MRT stop
(e.g. office to lunch)”
"I need to travel a relatively short
distance (1 – 2 km) and take public or
private transportation
"I need to travel a medium distance (at
least 2.5km) and take public
transportation or private PMDs
Legend: – Not Suitable – SuitableSource: Independent analysis
*Affordability is not considered because it is dependent on pricing strategy adopted
**Please refer to slide 50 for elaboration of analysis
Marketentryfocus

AGENDA
1. Context
• Lay the groundwork for Lime’s blueprint development
12

13
Competitive
landscape
Regulatory
environment
opportunity sizing
Lay the groundwork
refinement

The most accurate gauge of the market potential of Personal Mobility Device (PMD)-sharing, will be bike-sharing, given the similarities
in use cases and customers. As such, understanding bike-sharing is critical to Lime’s success in Singapore.
WHAT IS THE MARKET POTENTIAL?
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Bike-sharing to date in Singapore
•Jan 2017
–Singapore
registered
oBike
launches
•Mar 2017
–Ofo and Mobike (China
based) launch
–Land Transport Authority
(LTA) shelves plans for a
Government-backed
national bike-sharing
scheme because of the
private operators
•Aug 2017
–SG Bike, the fifth bike-
sharing operator
launches
•Sep 2017
–LTA signs an agreement with
bike-sharing firms, the
National Parks Board and
town councils to introduce
measures to deter
indiscriminate parking. These
include geofencing.
•Dec 2017
–Bike-sharing
operators are
expanding rapidly
to win and retain
market share
–oBike has expanded
from 1,000 to 14,000
bikes
•Mar 2018
–New laws require
bike companies
to be licensed.
Each is allowed
a specified
number of bikes
and must meet
standards such
as ensuring their
users do not park
indiscriminately
•June 2018
–Peak of overcapacity
–GBIke and oBike cease
operations in Singapore
–Operators announce
scaling back of operations
–Mobike follows Ofo and
scraps deposits
–Ofo, Mobike, SG Bike have
applied for licenses
–QiQi Zhixiang, AnyWheel
and GrabCycle have
submitted their
applications for a
regulatory sandbox
licence – this is for firms
without a sufficiently long
track record in operating a
bike-sharing service in
Singapore
–Estimated 100,000 bikes in
operation
Source: Press clippings, independent analysis
•Aug 2018
–Ofo starts
pulling out of
unprofitable
international
markets,
including
Malaysia and
South Korea

Anecdotally, there is significant room for growth for PMD-sharing in Singapore. However, given that market entry
market sizing is susceptible to biases, it is more realistic to use bike-sharing as a reference class.
WHAT IS THE MARKET POTENTIAL?
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Source: Press clippings, Singapore Department of Statistics, McKinsey, Urban Redevelopment Authority, Land Transport Authority, independent analysis
Use Cases 1 - 2
Number of bike rides expected to be taken in
2018: 13M
Market Size: S$4.8M
-
2,000
4,000
6,000
8,000
10,000
12,000
15,000,000
16,000,000
17,000,000
18,000,000
19,000,000
E-Scooters E-Bikes
Numberofunitssold
S$
Estimated market size of personal
mobility devices in Singapore; 2018
Market Size (S$) Number of units
A certain percentage of the S$34M market will
choose not to replace their scooters and adopt
e-scooter & bike sharing
Use Case 3
Expected growth in users and rides/user due to
availability of better first and last mile options
i.e. e-scooter & bike
Switching from public/private transport to
scooter sharing for short distances (1-2 km)
In 2015, 15% of all journeys to work took 15
minutes or less - 59% of these journeys were by
public transport (including taxi only) or walking.
20% of car commutes in 2018 are less than 3km
Use Case 4
Additional
revenue
inputs to
Use Cases
1 - 4
35%
65%
Travel time from home to work in
Singapore; 2015
16 - 30 mins All other time intervals
A certain percentage will choose to adopt e-
scooters and bikes for medium length journeys.
In 2015, 26% of all public transport (excluding
taxis; less likely to adopt) journeys to work took
16 - 30 mins.
Extrapolating to all public transport journeys
that take 16 - 30 mins -
Estimated market size: S$691M
56%
38%
5%
Estimated bike-sharing market in
Singapore; 2018
Ofo Mobike SG Bike
The extensive cycling infrastructure being built as part of Singapore’s National Cycling Plan will give a significant boost to the market over the
coming years. More than 700km of intra-town, inter-town, round island and city centre cycling paths (plus parking facilities) will be built.

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The total addressable market for bicycle and PMD sharing will be between S$6.6M to S$13.9M, representing an
opportunity of up to 2.9X of the current bike-sharing market.
WHAT IS THE TOTAL ADDRESSABLE MARKET (TAM)?
2.5% 5.0% 7.5% 10.0% 12.5%
Multiplier 38,820,749$ 850,000$ 1,700,000$ 2,550,000$ 3,400,000$ 4,250,000$
1.2 5,784,899$ 6,634,899 7,484,899 8,334,899 9,184,899 10,034,899
1.4 6,749,049$ 7,599,049 8,449,049 9,299,049 10,149,049 10,999,049
1.6 7,713,199$ 8,563,199 9,413,199 10,263,199 11,113,199 11,963,199
1.8 8,677,349$ 9,527,349 10,377,349 11,227,349 12,077,349 12,927,349
2 9,641,498$ 10,491,498 11,341,498 12,191,498 13,041,498 13,891,498
PMD Ownership Alternative Market
Expected
Bike/PMD
Sharing
Market
Multiplier
• Based on the current bicycle sharing market
• Multipliers are based on:
o More people using bike/PMD sharing because of
availability of better options i.e. e-scooters (Use Cases 1 &
2) and expanded infrastructure
o People increasingly using PMDs instead of public/private
transport (Use Cases 3 & 4)
Expected penetration of private PMD market
Source: Roland Berger, independent analysis
$6,634,899
$9,554,255
2018 2020
Market Size of Bike/PMD Sharing in Singapore
CAGR
20%
Assuming “bear” case of 1.2X of
current bike-sharing market and
2.5% penetration of PMDs

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Competitive
landscape
Regulatory
environment
opportunity sizing
Lay the groundwork
refinement

The competition in Singapore is intense, regardless of the use case. Many players are well-funded while the incumbents are closely linked to the
government. The sharing industry has exploded and as such new entrants are common, whereby market leadership, business model and path to
sustainable profitability is still up for discussion.
WHO IS THE COMPETITION?
181. Includes shared and non-shared rides
2. Expected to enter market soon
Source: Annual report, Crunchbase, Independent analysis
Primary focus Secondary focus
Personal cars, e-scooters,
bikes etc.
Market players
Bike-sharing
Ride-sharing1
Taxi
MRT
Bus
Personal
transport
Example
Transportation battlefield
Walking at least
500m
Travelling 2.5
– 5km
Travelling 1-
2km
Travelling
more than
5km
Grab valuation
of $2.2B
Grab valuation
of $10B
SMRT revenue
of S$1.3B in
‘16
SBS revenue of
$1.2B in ‘17
Cars/Motorbikes
E-scooters/bikes
Scooter-
sharing
2
Valuations not
publicly
available
Use cases 1 & 2 Use case 3 Use case 4a Use case 4b

While Grab Cycle is currently paused as distribution by partners is scaled, Grab will aim to dominate first and last-mile
transportation, especially if it eats into ride-sharing. This includes acquisition or strategic investments in other players.
COMPETITIVE REACTION CASE STUDY: GRAB/GRAB CYCLE
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• To be the everyday super-app of Southeast
Asia, similar to Tencent
• Focused on 3 pillars: transportation, food,
and payments
Strategic intent
Compelling Products Multi-modal Relevant partnerships Scalable platform Strong commitment
Competitive
advantages
• Massive user base that can be funnelled into alternative
products, including scooter/cycle sharing
• Dominates ride-sharing, whereby a last-mile option will
make it a one-stop shop
• Grab Cycle operates as a marketplace, allowing multiple
brands to operate with a single app
Case study
“Super” platform that retains users through a
combination of hyper-localisation and an extensive
loyalty programme
Grab Cycle
• Grab Cycle began as a marketplace model with 3
bike sharing partners and 1 e-scooter sharing
partner – minimising CAPEX for Grab while
maximising reach (need a Grab account to sign in)
• The largest operator amongst them, oBike has shut
down, along with Gbikes
• AnyWheel (bikes) and PopScoot (e-scooters)
remain, but Grab Cycle is not accepting new users
while they scale up. AnyWheel aims to deploy
30,000 bikes from the current “thousands”.
PopScoot is available in 20 locations.
• PopScoot requires a $39 deposit, appears to map
the route to the user’s destination and allows pre-
booking
/
• Products: Grab, Grab Food, Grab Pay, Grab
Rewards
• Grab offers 14 different vehicular options as a
Grab, operating under 5 different models of
JustGrab (Taxis and Cars), GrabShare,
GrabHitch, Premium, and Larger Vehicles
• Hyper-localisation example: Shuttle service for
National Servicemen to army camps
• Grab Pay is accepted at 342 merchants
• Grab Rewards points can be redeemed at
more than 150 partners, and all Grab
purchases
Source: Press releases, company websites, independent analysis

There will be strong competition between Lime and Ofo, especially for customers falling under Use Cases 1 and 2. Ofo
had planned on launching e-bikes and scooters in the U.S. If adoption is significant, it is likely to launch them in SG too.
COMPETITIVE REACTION CASE STUDY: OFO
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• Dominate last-mile transportation
globally
Strategic intent
Compelling products Multi-modal Relevant partnerships Scalable platform Strong commitment
Competitive
advantage
• Largest number of bikes available in Singapore
• Bikes have large frames that cater to taller
users better
Case study
Source: Press releases, company websites, Cheetah Data, independent analysis
• Part of the LiveUp Programme
• Membership based programme
similar to Amazon Prime
• All LiveUp members get monthly
Ofo coupons of $10
• Estimated to hold 56% of bike-
sharing market share in
Singapore
• Started with ~1000 bikes in
March 2017 and has expanded
fleet to 70,000 to date
• One of the first to remove initial
deposits
• One of the first to apply for
licensing, after strict new
regulation was enforced by the
Land Transport Authority (LTA)
• Largest bike-share company in
the world; present in 20
countries, 250+ cities and 10
million bikes
• Singapore received 17.4 million
arrivals in 2017, China being the
largest source
• As such, highly likely to be the
default choice of tourists
looking to explore Singapore
Scalable platform Relevant partnerships Strong Commitment

• Standard: S$0.09 per min, with a $49 deposit
• Adventure: S$29.90 for 24 hour usage, no deposit required
• Rental: S$150 per month, no deposit required, comes with a charger
Telepod is currently the largest* (in terms of fleet size) amongst the 3 scooter sharing operators. If Lime enters Singapore with a lower
prices, Telepod will be likely to follow suit. They have already halved their prices from their trial phase and raised fresh funds 4 months
ago.
CASE STUDY ON COMPETITION MOST LIKELY TO REACT
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• Dedicated e-scooter sharing appStrategic intent
Compelling products Multi-modal Relevant partnerships Scalable platform Strong commitment
Competitive
advantage
• Seems to have the largest e-scooter fleet in Singapore
• Partners include Jurong Town Council (in-charge of
zone with business parks), SMRT (investor in Telepod)
and Suntec (mall and convention hall operator)
Case study
• ~450 scooters*
• “Pods” distributed across 5 major regions - Downtown/CBD area, East side,
One-North, Ponggol, and NTU (Woodlands is coming live soon)
• Rental pricing option targeting last mile delivery personnel (but not the
delivery providers themselves)
• Each scooter on the app displays the battery charge level
• Each scooter also has a picture of where it is parked, taken by the previous
user when they ended the trip – reduces friction on finding scooter, important
given dockless parking is not allowed in Singapore anymore
Large fleet
Multiple
pricing
options
Expanded
into last-
mile
delivery
Detailed
scooter
information
Selected initiatives
Multi-pronged
product
strategy
Source: Press releases, company websites, Cheetah Data, independent analysis
*Based on scooter numbers in-app

22
Competitive
landscape
Regulatory
environment
opportunity sizing
Lay the groundwork
refinement

23
Singapore has rolled out a stringent framework to regulate the bike/PMD sharing market, motivated primarily by the
build up of excess bike capacity and indiscriminate parking driven by the dockless model.
KEY REGULATIONS - PARKING PLACES AMENDMENT BILL
Nature Description Impact
Licensing All operators providing sharing services (bicycle and PMD) need to apply for
licenses. This includes:
1. A S$60 fee for every bicycle deployed, comprising a licensing fee and a
security deposit (TBC but likely for PMDs)
• Will impact number of PMDs deployed
• Payback period per PMD will be adversely
impacted
Parking 1. Operators have to ensure cyclists practice responsible parking. This
includes:
• Requiring them to scan a unique quick-response (QR) code at designated
parking spots before they can end their trip (geo-fencing parking)
• Operators all need to carry out a second layer of checks via GPS to verify
that users have indeed parked at or near a parking spot with a QR code.
• Users who park indiscriminately to be fined by operators or charged
continuously until they return the bicycles to a parking space.
• Those who flout the rules thrice yearly will be barred from all sharing
services for up to a year
2. Parking spaces on private land is up to the discretion of the developer
3. Fleet size will be reviewed every 6 months by LTA based on PMD parking
discretions of users
• Integration with Land Transport Authority’s (LTA)
QR code network
• Need to build an incentive/punishment system
to ensure users park responsibly
• Charging regime for indiscriminate parking
between subscription and single ride users
• Regulatory education of users required in-app
• Alternative solutions to QR scanning (if broken)
• Will require individual partnerships with high
traffic locations are identified on private
housing/commercial properties
Source: Press releases, independent analysis
1. Agreement Ofo reached with LTA instead of half hourly location sharing
Parking Places Amendment Bill - Operators that do not comply with LTA's standards will face penalties of up to S$100,000, reductions
in fleet size, suspension or even the cancellation of their.
1
2

24
There will be high upfront costs per PMD deployed coupled with significant fixed compliance costs. To win, Lime will
need to enter quickly, aggressively gain and maintain share till the next wave of consolidation.
KEY REGULATIONS - PARKING PLACES AMENDMENT BILL
Nature Description Impact
Data
sharing
1. All operators need to share with LTA the exact location of the
bikes/PMDs, when moved1.
2. Operators also have to share data with one another so that errant
users can be banned – extent TBC
• Requires integration with LTA and automated sharing of
fleet location with LTA – high cost of implementation
• Critical need for strong data protection systems,
including but not limited to payment details, internal
company performance protection and customer
privacy
• Hosting cost of sharing data
User Data All operators will need to collect user details, including NRIC and full
name – has not been implemented by scooter sharing operators
• Increased onboarding friction
Source: Press releases, independent analysis
1. Agreement Ofo reached with LTA instead of half hourly location sharing
Parking Places Amendment Bill - Operators that do not comply with LTA's standards will face penalties of up to S$100,000, reductions
in fleet size, suspension or even the cancellation of their.
3
4

25
Lime’s current product lines meets speed cap but the dimensional requirements needs to be confirmed. More importantly, providing helmets
with Lime-E, and general customer education will be imperative, in order to ensure users are within the parameters of the Act.
KEY REGULATIONS – ACTIVE MOBILITY ACT
Active Mobility Act – Where it can be driven? Active Mobility Act – What are the size and speed limits?
Type of
device
Footpath
s (speed
limit of
15km/h)
Cycling/
shared
paths
(speed
limit of
25km/h)
Roads Helmets Others
On
roads
Requires headlamps and
red lights
NA Model needs to be
approved by LTA
All the
time
Only for 16 year old and
above
Number plates required
Each bike needs a seal of
approval from LTA
$50 registration fee per
bike*
Source: Press releases, LTA, independent analysis
*TBC if required for PMD sharing operators
Maximum weight: 20kg
Maximum device width: 70cm

26
Competitive
landscape
Regulatory
environment
opportunity sizing
Lay the groundwork
refinement

27
WHAT ARE THE SUCCESS FACTORS TO RUN PMD/BIKE SHARING?
1. Localised to market needs: Constantly adapt app (and as much as possible, PMDs) to emerging local use
cases, pain points and best practices
2. High density network: Highly concentrated networks of stations and PMDs dramatically increase usage
frequency
3. Be present and integrated at common multimodal transfer points (online and offline): Integration can be
achieved through integrated infrastructure and operations, payments and information structure
4. Simple handling: User-friendly schemes rely on automated rental processes, no obligatory advance registration
but fast tracking for registered users
5. Attractive pricing: An affordable and strategic pricing scale should be designed to promote both ridership and
demand
6. High-quality PMDs: PMDs need to be well-maintained, charged with strong anti-theft mechanisms in place. The
lower the maintenance cost, the quicker the path to profitability.
7. Support of local authorities: Support is key to success due to dependencies on PMD registration, land use rights
and regulation policies in place
Source: Roland Berger, independent analysis

As most developed cities, Singaporeans primarily use smartphones and on 4G networks. But a deeper understanding
of their mobile behaviour & local best practices, to inform Lime’s product strategy, can enable quicker onboarding.
A CLOSER LOOK AT THE CUSTOMER
28
79%
12%
4%
2%
2% Preferred Payment Method for Digital Purchases; 2016
Credit cards Paypal eNets Cash on delivery Bank transfers
57%
43%
Mobile Device Share, 2017
Android iOS
72
28
0
4G subscriptions 3G subscriptions 2G subscriptions
Mobile data speed as a % of phone
subscribers, 2017
Source: Euromonitor, eMarketer, Hootsuite Digital in 2018 in SEA, EY, Straits Times
Connectivity Mobile Behaviour
Smartphone penetration: 87%

29
In pre-sign up phase, the objective is to minimise reasons customers might not be willing to not try Lime.
PRODUCT CONSIDERATIONS*
1. Minimum age: 18 years old
2. Documentation: Driver’s license
3. First page on opening app is
signup/login
Current Lime Practices Proposed Changes/Best Practices Rationale
1. Minimum age: 16 years old
2. Ask for name and NRIC number1
(before first ride and not on sign up)
– remove need to submit driver’s
license
3. Show nearest fleet
1. 16 years is the minimum age to ride
an e-bike. No other age limits.
2. Not every target customer will have
a driver’s license. Providing the NRIC
meets compliance needs and
widens customer base
3. Signing up is often the biggest
boundary to overcome. If we can
show where the nearest scooter is
(hopefully nearby), we can
incentivize them to walk over and
try. At that point, effort has already
been expended and thus the cost of
not signing up, “expensive”
Source: Independent analysis
1: Potentially wait till competition is also compliant
*All product consideration are subject to A/B testing
Additional points:
• App must be available on iOS and Android
• Optimized to run on 4G networks
• Unlike scooter-sharing competition, do not request for deposit
o Additional friction to sign-up
o All bike-sharing operators have removed the deposit requirements
o Many people lost their deposits when oBike shut down and there is distrust in the market
Pre
Sign
Up
1

30
Best practices identified in the Singapore market for the pre sign up phase.
PRODUCT CONSIDERATIONS
Source: AnyWheel, Independent analysis
Page when app opens
for the first time
Second page
Minimum age is 16 years
old

31
In the sign-up phase, the objective is to maximise ease of sign-up.
Options given:
1. Number (demo number is American)
2. Facebook (login failed)
3. “How it works” is a question mark at
top right of the sign up page
Options given:
1. Provide option of using email
2. Demo number to be Singaporean
3. Include “How It Works” and “Rules”
as a must do walk-through after sign
up.
1. Email is widely used (see slide 28) &
competition offers the option as well.
• PopScoot offers email sign-up
• Grab and Telepod offer
Google sign-in
• Email also feels less private vs.
number and FB
2. More local
3. While adding a layer of friction:
• There are many new
regulations to driving PMDs but
little knowledge in the market,
especially amongst non-
owners.
• Ensures users are well informed
• It will also be the first time
many use e-scooters so tips like
kick-off will be useful.
Sign
Up
2
Source: Independent Analysis

32
Best practices identified in the Singapore market for the sign up phase.
Walk-through after sign up
Source: Independent analysis, Telepod
Education of legal requirements

33
Given oBike’s shut down, confidence in operators is low. Lime, being a new brand, will need to win customer’s trust through a superior
product. Since payments is the most painful part of any purchase, but especially for new products, the objective is provide optionality
(especially low risk ones), and secure & seamless transactions
1. Adding a credit card is manual
2. Currently payments are only
accepted in-app
3. Wallet
a) Wallet top-up option is
labelled as “Pay as you go”
b) Adding a payment option is
on the top right of Wallet
page
1. Use photo recognition/live preview
tech to add credit card
2. Add EZ-Link scanning option
3. Wallet
• Rename to some variation of
“top-up”
• “Add credit card” should be
a main button on the “Wallet”
page
1. Minimise any friction to onboarding,
especially credit cards – hence the
adding process should be as effort light
as possible – used by Uber and Grab
2. A strategic intent of Lime- Be the
seamless connector between public
transport and final destinations.
• An EZ-Link card is the primary
means of paying for public
transport in Singapore
3. (a) Terminology is unclear
(b) While top-ups incentivizes repeat
usage, given customers’ loss of
faith in operators after Obike’s exit
+ general preference to pay-as-
you-go (PAYG) means PAYG is
likely to be the most popular
option. Presenting this upfront
might reduce % first-time visitors
who don’t ride
Pay-
men
ts
3
Additional points:
• Transactions with credit cards should be seamless from Day 1 – majority of digital payments made by Singaporeans are with credit
cards
• Ensure there is a pay as you go option (not the current version which is a wallet top up)
• Continue offering a local referral programme – only 1 of 3 PMD sharing operators offer one

34
Best payment practices identified in the Singapore market.
Source: Independent Analysis. SG Bikes, Neuron Share, Uber
SG Bike allows EZ-Link pairing to unlock bikes
(but not payments)
Uber’s credit card scanning option A clearer wallet option from Neuron Share and Uber

35
When rolling out features, the key objectives should be maximizing ease of: 1) finding bikes/PMDs that are good to
use, 2) reaching their desired destination and 3) parking.
1. Bike/scooter clusters are represented
with the Lime icon
2. Tapping on a scooter shows it’s serial
number, battery level and range
1. More information of each cluster
a) Specific directional
information of each cluster
e.g. south entrance of Mall X
b) Picture of/graphic directions
to location of cluster
2. 5- stars ratings system for users to
rate their satisfaction of the
ride/condition of the scooter
3. Routing feature i.e. Google map in-
app, with a mobile holder on the
PMDs/bikes
1. Due to new regulations, in public
areas, PMDs/bikes for sharing need
to be placed in specific,
government mandated locations i.e.
a true dockless system will not be
possible. Directional information and
pictures will help users find these
clusters more easily.
2. Users can go towards scooters/bikes
that are in good condition – limits
chances of disappointing customers.
Additionally, it will be easier for Lime
to find broken models, even without
user reporting.
3. Users don’t need to switch between
apps – ideally we want to reach the
same state of hands-free directions
aid that Uber/Grab/car drivers enjoy
Fea-
tures
4

36
Best practices identified in the Singapore market.
Source: Independent Analysis, Telepod
Telepod
• Directional information regarding different
pod (cluster of scooters) locations
• Pictures/graphic instructions to find the exact pod location
1 2

37
Best practices identified in the Singapore market in terms of app features.
Source: Independent Analysis, Telepod, PopScoot
Telepod
• Star ratings system
• The last user of a scooter takes a photo before ending the
ride, so it is easier to find the next customer (actual utility vs.
user effort needs to be confirmed)
PopScoot
• In-app directions
• Pre-booking of scooter (actual utility needs to be
confirmed)

38
FLEET AND NETWORK CONSIDERATIONS
Location Theme Considerations Rationale What does this mean location wise?*
Where the competition has
aggregated the most
• Proven locations with high traffic that is interested in
bike/PMD sharing
1. See the next slide
At major public transport hubs • Likely to be the start/end of last mile journeys, especially for
Use Cases 1 and 2 - 40% of Lime rides in USA
1. Major MRT hub stations: Dhoby Ghaut,
Outram Park, City Hall
2. Bus interchanges: Serangoon
Central Business
District/Downtown and Business
parks
• High traffic, especially during peaks hours with plenty of
corporate offices some distance away from public transport
points
1. CBD stations: Raffles Place, Bayfront,
Downtown, Telok Ayer. Tanjong Pagar,
Esplanade etc.
2. Business Parks: One-North, Changi BPark
Destination locations with high
foot traffic
• Start points of journey back home (and not especially near
convenient public transport routes) - Use Case 1
• Food/event of the day destination – Use Case 2
• 25% of urban riders use LimeBike to access popular
shopping/entertainment districts
1. Malls: Vivocity, Bugis Junction
2. Standalone private establishments such
as coffee shops, restaurants, cafes:
Newton Food Circus
3. Libraries: Central Library
Large school campuses • Large, dense and isolated campuses requiring multiple last
mile solutions per day per user e.g. attending classes in
different building
• For Lime USA student users – rides are 30% shorter, 54% higher
usage, 20pp higher retention than national average
1. Universities: NTU, NUS,
2. Polytechnics: Singapore Polytechnic
3. ITEs: ITE College East, ITE College Central
Housing areas with large
populations
• Likely to be the start/end of last mile journeys, especially for
Use Cases 1 and 2
1. At the most populous HDB blocs
2. MRT station of the area
3. Popular bus stops of the area
4. Cycling park, if available
Large tourist attractions
requiring long walks
• High levels of foot traffic across large areas
• Using bikes/PMDs is an activity in these locations
1. Sentosa, Marina Bay
2. Beaches and parks
1
2
*Not exhaustive
Source: Lime EOY Data Report 2017, independent analysis
3
4
5
6
7

Where is Telepod present?
39
1
2
Currently
Punggol Waterway, Republic Polytechnic, NTU (100 scooters), Suntec City (10 scooters)
Source: Independent analysis, company website and app, press releases
Pilot

Where is PopScoot present?
40
1
2
Currently
ManuLife Centre, Republic Plaza, Tiong Bahru Plaza and City Square Mall
Pilot
Not present in the
North (top) or East
(right)

Where is Neuron Share present?
41
1
2
Currently
Singapore Science Park, Park Regis Hotel (8 scooters)
Pilot
Not present in the
North (top) or East
(right)
The common zones across the 3
PMD sharing operators are:
1. Downtown/Central Business
District
2. One-North Business Part
3. Jurong East, Jurong West and
Nanyang Technological
University (NTU)

When targeting the first mile of Use Case 1 customers (40% of Lime USA rides), Lime needs to be present near 4 and 5-
room HDB flats, in large residential areas served by single MRT stations.
FLEET AND NETWORK CONSIDERATIONS – HOW SHOULD WE THINK ABOUT RESIDENTIAL AREAS?
42
16%
12%
25%
5%
1%
22%
3% 2% 3% 1%
9%
Public
BusO
nly
M
RTO
nly
M
RT&
Public
BusO
nly
O
thercom
binationsof…
TaxiO
nly
C
arO
nly
Private
C
hartered
…
Lorry/Pickup
O
nly
M
otorcycle/ScooterO
nly
O
thers
N
o
TransportRequired
Usual Mode of Transport to Work (Resident Working
Persons); 201559%
Below 30
Years
30 - 39
Years
40 - 49
Years
50 Years
& Over
Public Bus Only
3% 3% 3% 7%
MRT Only
3% 3% 3% 3%
MRT & Public Bus Only
7% 6% 5% 7%
Other combinations of MRT or
Public Bus*
1% 2% 1% 1%
As a percentage of working
persons 15% 14% 12% 17%
Use Case 1: Represents a maximum of 29.5%* of working
persons population i.e.
• Use MRT to get to work (assuming bus stops are too
close to homes)
• Needs to walk or take a bus to get to MRT station/lives
at least 500m away from the MRT
• Lives in a large area served by a single MRT station
• Lives mostly in 4 and 5-room flats
*For other combination- assuming half the segment uses MRT in the first leg of their journey
Source: Singapore Department of Statistics
0.0% 5.0% 10.0% 15.0% 20.0% 25.0%
Public Bus Only
MRT Only
MRT & Public Bus Only
Other combinations of MRT or Public Bus
Resident Working Persons by Usual Mode of Transport to Work, Type of
Dwelling
1- and 2-Room Flats2/ 3-Room Flats
4-Room Flats 5-Room and Executive Flats
Condominiums and Other Apartments Landed Properties
Others

Sub-zones that possess the largest number of 4 and 5-room HDB flats (most likely to use MRT), served by single MRT
stations
43
-
100,000
200,000
300,000
-
40,000
80,000
120,000
JurongWest
Woodlands
Sengkang
Tampines
ChoaChuKang
Yishun
Hougang
Bedok
Punggol
BukitPanjang
PasirRis
BukitMerah
BukitBatok
Sembawang
AngMoKio
Bishan
Serangoon
JurongEast
ToaPayoh
Geylang
Kallang
Queenstown
Clementi
Novena
MarineParade
Outram
BukitTimah
Rochor
DowntownCore
Tanglin
Changi
BoonLay
CentralWaterCatchment
ChangiBay
LimChuKang
Mandai
MarinaEast
MarinaSouth
Museum
Newton
North-EasternIslands
Orchard
PayaLebar
Pioneer
RiverValley
Seletar
Simpang
SingaporeRiver
SouthernIslands
StraitsView
SungeiKadut
Tengah
Tuas
WesternIslands
WesternWater…
TotalNumberofDwellings
Numberof4and5RoomHDBFlats
Number of Dwellings by Sub-Zones
Total Number of Dwellings 4-Room
Flats
5-Room and Executive
Flats
1
2
Top 20 sub-zones

Sub-zones where residents use public transport the most, to get to work.
44
1
2

The 9 selected sub-zones posses the largest number of 4 and 5-room HDB flats (most likely to use MRT) and in
themselves have residents who use MRTs the most, to get to work. Each zone has a single MRT station serving the area.
45
-
100,000
200,000
300,000
-
40,000
80,000
120,000
JurongWest
Woodlands
Sengkang
Tampines
ChoaChuKang
Yishun
Hougang
Bedok
Punggol
BukitPanjang
PasirRis
BukitMerah
BukitBatok
Sembawang
AngMoKio
Bishan
Serangoon
JurongEast
ToaPayoh
Geylang
Kallang
Queenstown
Clementi
Novena
MarineParade
Outram
BukitTimah
Rochor
DowntownCore
Tanglin
Changi
BoonLay
CentralWater…
ChangiBay
LimChuKang
Mandai
MarinaEast
MarinaSouth
Museum
Newton
North-Eastern…
Orchard
PayaLebar
Pioneer
RiverValley
Seletar
Simpang
SingaporeRiver
SouthernIslands
StraitsView
SungeiKadut
Tengah
Tuas
WesternIslands
Western…
TotalNumberofDwellings
Numberof4and5RoomHDB
Flats
Number of Dwellings by Sub-Zones
Total Number of Dwellings 4-Room
Flats
5-Room and Executive
Flats
Jurong West
Woodlands
Sengkang
Tampines
Choa Chu Kang
Yishun
Hougang
Bedok
Punggol
Bukit Panjang
Pasir Ris
Bukit Merah
Bukit Batok
Sembawang
Ang Mo Kio
Bishan
Serangoon
Jurong East
Toa Payoh
Geylang
Top20sub-zoneswithmorethan60%ofworking
persontakingMRTorpublicbus
1
2

46
When selecting launch sub-zones (or for pilots), one can also take into account zones with dense cycling routes,
which increases the chances of brand awareness and higher PMD/bike utilization.
Jurong West
Woodlands
Sengkang
Tampines
Choa Chu Kang
Yishun
Hougang
Bedok
Punggol
Bukit Panjang
Pasir Ris
Bukit Merah
Bukit Batok
Sembawang
Ang Mo Kio
Bishan
Serangoon
Jurong East
Toa Payoh
Geylang
Other sub-zones with high-density cycling routes
(not selected in the above list):
1. Marina Bay
2. Marine Parade
3. Tampines
4. Pasir Ris
5. Punggol
Sub-zones with high density (planned) cycle
paths
Source: Independent analysis, Urban Redevelopment Authority
Selected sub-zones with high density cycling routes

47
In the scooter sharing market, PopScoot costs the least while pricing has mostly reached parity in the bike sharing segment. The
playbook refinement phase should also take into account pricing of the MRT and buses to define Lime’s pricing strategy in Singapore.
PRICING OF THE COMPETITION
Source: Independent Analysis, Company website, press clippings
*Based on US pricing
**Unclear if still in place

48
The biggest risks to Lime’s market entry are the entry of Bird, along with other bike-sharing operators introducing PMDs.
It is also very likely that Grab makes a play to make Grab Cycle more relevant by onboarding more operators.
RISKS IDENTIFIED
Source: independent analysis,
Impact
Likelihood
Insignificant Minor Moderate Significant Severe
Users driving a Lime product
on non-designated
roads/paths
Bike-sharing operators
introduce PMDs to their
platform.
Users not wearing helmets,
especially for Lime-E
(mandatory)
Entry of Bird into Singapore
Grab might offer
competitors platform
access to Grab Cycle
Users not parking Lime
products in the designated
areas
A price war might erupt
between current operators
and Lime
Possible
Unlikely
Uber has a stake in Lime
and Grab – both of which
are sure to compete. This
might lead to boardroom
conflict.
Insufficient network of
chargers for Lime-S.
Very Unlikely
Very Likely
Likely
Will the American-Chinese
tariff dispute impact cost of
PMDs imported for the
Singaporean market?

49
Due to the variety of choices, the nature and current life-cycle of the industry, customer power is high. The threat of new entrants or
single app consolidation can only be mitigated by being the market leader in PMD sharing i.e. the best defense is offence.
PROPOSED MITIGATIONS
Source: independent analysis,
Impact
Likelihood

52
WHAT ARE THE USE CASES IN SINGAPORE? – OVERALL ASSESSMENT ELABORATION
What is the market potential? How competitive is the
market?
Will current user
behavior change
easily?
Is Lime providing a
better user
experience?
"I need to transit from
a bus/MRT and walk
at least 500m to my
destination to
complete my
journey”
40% of Lime rides in USA start or stop at
public transit stations
25% of urban riders use LimeBike to access
popular shopping & entertainment districts
Hard to say which segment is larger but a
significant portion of the opportunity has
been captured by bike-sharing, which is not
very large for SG in dollar value. But with PMD
sharing, there is opportunity to grow this
more over the coming years.
Currently all bike-sharing
operators and 3 relatively
new scooter-sharing firms.
I’ve given more weight to
the scooter-sharing firms
as primary competition
and hence, believe their
nascence and small
number is to Lime’s
advantage.
Singapore is hot, humid,
and urban density is high.
An effort-light last mile
option, at the right price
points, is a strong value-
proposition.
Electric assisted bikes and
e-scooters will be a major
improvement to bikes –
requiring less effort,
avoiding perspiration
before/after work, and
quicker travel times.
"I need to walk at
least 500m within an
area primarily served
by a bus/MRT stop
(e.g. office to lunch)”
"I need to travel a
relatively short
distance (1 – 2 km)
and take public or
private
transportation
15% of all home to work journeys take up to
15 mins. The opportunity is large because
share can be captured from a variety of
transport options - public and private.
Lime competes with the
entire gamut of transport
options available to end
users - (bus/MRT/taxi/ride-
sharing/bike/scooter-
sharing/personal
PMDs/car/motorbike)
There is an opportunity because public transport,
especially during peak periods can be unpleasant. It is
also a hassle to take out the car, find parking at the
destination etc. for a short trip.
If Lime products are easily available (especially PMDs),
there is a good chance of evangelizing users,
especially with the current and planned extensions of
cycle/shared paths in SG .
"I need to travel a
medium distance (at
least 2.5km) and
take public
transportation or
private PMDs
35% of all home to work journeys in SG take
16 – 30 mins. Another 22% take 31 - 45 mins.
If you assume this can be applied to all
public transport trips, the bulk of spend in
public transport is in this category
Competing all public
transportation options and
personal PMDs – this is still
highly competitive
The further one travels, the worse the user experience
will get, because there is more navigation required,
one cannot multi-task and possibly longer travel time.
The only way to convince users to change their
behavior is incentivizing them through lower costs or
travel time.
Source: Independent analysis

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