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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OR</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OR</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Not
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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<span id="xdx_904_edei--EntityAddressPostalZipCode_c20230101__20231231_zJFq2Sln8Ouk"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000031" name="dei:EntityAddressPostalZipCode">189352</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Address
of principal executive office)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span id="xdx_905_edei--ContactPersonnelName_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zKKofpFhdgo2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000032" name="dei:ContactPersonnelName">Lang
Chen Fei</ix:nonNumeric></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, Chief Financial Officer</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_908_edei--EntityAddressAddressLine1_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_znfmQ5VYhDie"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000033" name="dei:EntityAddressAddressLine1">Duo
Tower</ix:nonNumeric></span>, <span id="xdx_901_edei--EntityAddressAddressLine2_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zRGwJvYLacTj"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000034" name="dei:EntityAddressAddressLine2">3 Fraser Street</ix:nonNumeric></span>, <span id="xdx_902_edei--EntityAddressAddressLine3_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zAloCfBZ9Q3b"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000035" name="dei:EntityAddressAddressLine3">#08-21</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_904_edei--EntityAddressCountry_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zGrmoMf6YCsi"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" format="ixt-sec:countrynameen" id="Fact000036" name="dei:EntityAddressCountry">Singapore</ix:nonNumeric></span>
</b></span><b><span id="xdx_907_edei--EntityAddressPostalZipCode_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_z0QAKsFQgcqa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000037" name="dei:EntityAddressPostalZipCode">189352</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b><span id="xdx_90F_edei--CityAreaCode_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zccnbxQy4zx1"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000038" name="dei:CityAreaCode">+65</ix:nonNumeric></span>-<span id="xdx_901_edei--LocalPhoneNumber_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zb7aMZ5NphG6"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000039" name="dei:LocalPhoneNumber">9665-3216</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#65288;Name,
Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<!-- Field: Rule-Page --><div style="width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities
registered or to be registered, pursuant to Section 12(b) of the Act:</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title
    of each class</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading
    Symbol(s)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name
    of each exchange on which registered</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90C_edei--Security12bTitle_c20230101__20231231_zQ8lkaPJrXV7"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000040" name="dei:Security12bTitle">Class
    A Ordinary Shares, par value S$0.0002</ix:nonNumeric></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_909_edei--TradingSymbol_c20230101__20231231_zD5hgRpq6oMg"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000041" name="dei:TradingSymbol">RYDE</ix:nonNumeric></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90A_edei--SecurityExchangeName_c20230101__20231231_zJ8FoBoZQ1Ea"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:exchnameen" id="Fact000042" name="dei:SecurityExchangeName">NYSE</ix:nonNumeric></span>
    American</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities
registered or to be registered pursuant to Section 12(g) of the Act: None</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act: None</b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<!-- Field: Rule-Page --><div style="width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
the number of outstanding shares of each of the issuer&#8217;s classes of capital stock or common stock as of the close of business covered
by the annual report: <span id="xdx_908_edei--EntityCommonStockSharesOutstanding_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zpPWcQ9Kk1bh"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2023-12-31_us-gaap_CommonClassAMember" id="Fact000043" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">12,571,043</ix:nonFraction></span> Class A Ordinary Shares, and <span id="xdx_90D_edei--EntityCommonStockSharesOutstanding_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zAL3NhIy52Fi"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2023-12-31_us-gaap_CommonClassBMember" id="Fact000044" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,542,400</ix:nonFraction></span> Class B Ordinary Shares, as of December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes &#9744; <span id="xdx_904_edei--EntityWellKnownSeasonedIssuer_c20230101__20231231_zo7kcYk5PdId"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000045" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric></span> &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934. Yes &#9744; <span id="xdx_909_edei--EntityVoluntaryFilers_c20230101__20231231_z4xqBk71K2Y2"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000046" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric></span> &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. <span id="xdx_906_edei--EntityCurrentReportingStatus_c20230101__20231231_z7kaC5ljD7Qd"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000047" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric></span> &#9746; No &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). <span id="xdx_901_edei--EntityInteractiveDataCurrent_c20230101__20231231_zvbpe9DF44kg"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000048" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric></span> &#9746; No &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth
company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; and &#8220;emerging growth company&#8221;
in Rule 12b-2 of the Exchange Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large
    accelerated filer &#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated
    filer &#9744;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_edei--EntityFilerCategory_c20230101__20231231_zWMmewewCMTl"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:entityfilercategoryen" id="Fact000049" name="dei:EntityFilerCategory">Non-accelerated
    filer</ix:nonNumeric></span> &#9746;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
    growth company <span id="xdx_902_edei--EntityEmergingGrowthCompany_c20230101__20231231_zr7DDrDZAtSj"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleantrue" id="Fact000050" name="dei:EntityEmergingGrowthCompany">&#9746;</ix:nonNumeric></span></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards &#8224; provided
pursuant to Section 13(a) of the Exchange Act. <span id="xdx_90A_edei--EntityExTransitionPeriod_c20230101__20231231_znjeq2XlamX5"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000051" name="dei:EntityExTransitionPeriod">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8224;
The term &#8220;new or revised financial accounting standard&#8221; refers to any update issued by the Financial Accounting Standards
Board to its Accounting Standards Codification after April 5, 2012.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has filed a report on and attestation to its management&#8217;s assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report. <span id="xdx_900_edei--IcfrAuditorAttestationFlag_c20230101__20231231_zGyciFFyjK27"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000052" name="dei:IcfrAuditorAttestationFlag">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements. <span id="xdx_90A_edei--DocumentFinStmtErrorCorrectionFlag_c20230101__20231231_zupUfovap9v5"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000053" name="dei:DocumentFinStmtErrorCorrectionFlag">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant&#8217;s executive officers during the relevant recovery period pursuant to &#167;240.10D-1(b). &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: <span id="xdx_90C_edei--DocumentAccountingStandard_c20230101__20231231_zxqiTbVjPAff"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000054" name="dei:DocumentAccountingStandard">U.S. GAAP</ix:nonNumeric></span>
&#9746; International Financial Reporting Standards as issued by the International Accounting Standards Board &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
&#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
&#8220;Other&#8221; has been checked in response to the previous question indicate by check mark which financial statement item the registrant
has elected to follow. Item 17 &#9744; Item 18 &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act). Yes &#9744; No <span id="xdx_902_edei--EntityShellCompany_dbF_c20230101__20231231_zEAbHAT1r236"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000055" name="dei:EntityShellCompany">&#9746;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(APPLICABLE
ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes &#9744; No &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>TABLE
OF CONTENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="margin-top: 0; margin-bottom: 0"><a href="#s_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONVENTIONS AND FREQUENTLY USED TERMS</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></a></p>
                                                         <p style="margin-top: 0; margin-bottom: 0"></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#s_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#s_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PART I</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#s_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IDENTIFY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#s_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OFFER STATISTICS AND EXPECTED TIMETABLE</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#s_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">KEY INFORMATION</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    4.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#s_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">INFORMATION OF THE COMPANY</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">37</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    4A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Z_001">UNRESOLVED STAFF COMMENTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    5.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Z_002">OPERATING AND FINANCIAL REVIEW AND PROSPECTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    6.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Z_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    7.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Z_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    8.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Z_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FINANCIAL INFORMATION</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">76</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    9.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Z_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE OFFER AND LISTING</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">77</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    10.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Z_008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADDITIONAL INFORMATION</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">78</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    11.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Z_009"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    12.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Z_010"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><a href="#Z_011"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PART II</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    13.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Z_012"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    14.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Z_013"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    15.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Z_014"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONTROLS AND PROCEDURES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">96</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Z_015"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[RESERVED]</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">97</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Z_016"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AUDIT COMMITTEE AND FINANCIAL EXPERT</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">97</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Z_017"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CODE OF ETHICS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">97</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Z_018"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRINCIPAL ACCOUNTANT FEES AND SERVICES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">97</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16D.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Z_019"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXEMPTIONS FORM THE LISTING STANDARDS FOR AUDIT COMMITTEES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">97</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16E.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Z_020"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">97</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16F.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Z_021"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">97</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16G.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Z_022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CORPORATE GOVERNANCE</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16H.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Z_023"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MINE SAFETY DISCLOSURE</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16I.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Z_024"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16J.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Z_025"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">INSIDER TRADING POLICIES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16K.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Z_026"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CYBERSECURITY</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PART
    III</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    17.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Z_027"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FINANCIAL STATEMENTS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    18.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Z_028"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FINANCIAL STATEMENTS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    19.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Z_029"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXHIBITS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">100</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="s_001"></span>CONVENTIONS
AND FREQUENTLY USE TERMS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise stated or unless the context otherwise requires, in this annual report:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Ryde,&#8221;
    &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our company&#8221; and &#8220;our&#8221; refer to Ryde Group Ltd, a Cayman Islands exempted
    company, and its subsidiaries;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Singapore&#8221;
    refers to the Republic of Singapore;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Class
    A Ordinary Shares&#8221; refer to our Class A Ordinary Shares, of nominal or par value US$0.0002 per share;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Class
    B Ordinary Shares&#8221; refer to our Class B Ordinary Shares, of nominal or par value US$0.0002 per share;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;consumer&#8221;
    refer to an end-user who uses services offered by or through us;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;driver-partner&#8221;
    refer to an independent third-party contractor who provides mobility and/or quick commerce services on our platform;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;ride-hailing&#8221;
    refer to prearranged and on-demand transport service for compensation in which drivers and passenger connect via digital applications
    or platform;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Ordinary
    Shares&#8221; refer to our Class A Ordinary Shares and Class B Ordinary Shares, of nominal or par value US$0.0002 per share;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;quick
    commerce&#8221; refer to prearranged and on-demand delivery service for goods or products in exchange for compensation, facilitated
    through digital applications or platforms, connecting consumers with delivery providers;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;S$&#8221;
    or &#8220;SGD&#8221; refer to Singapore dollar(s), the legal currency of Singapore; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;US$,&#8221;
    &#8220;U.S. dollars,&#8221; &#8220;$&#8221; and &#8220;dollars&#8221; refer to United States dollar(s), the legal currency of the
    United States.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-US
GAAP Financial Measures</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise stated or unless the context otherwise requires, in this annual report:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Adjusted
    EBITDA&#8221; is a non-US GAAP financial measure calculated as net loss adjusted to exclude: (a) finance cost, (b) income tax expenses,
    (c) depreciation and amortization, (d) share-based compensation expenses, (e) impairment loss on goodwill, and (f) share listing
    and associated expenses.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="s_002"></span>CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
annual report contains forward-looking statements that reflect our current expectations and views of future events, all of which are
subject to risks and uncertainties. Forward-looking statements give our current expectations or forecasts of future events. You can identify
these statements by the fact that they do not relate strictly to historical or current facts. You can find many (but not all) of these
statements by the use of words such as &#8220;approximates,&#8221; &#8220;believes,&#8221; &#8220;hopes,&#8221; &#8220;expects,&#8221;
&#8220;anticipates,&#8221; &#8220;estimates,&#8221; &#8220;projects,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;will,&#8221;
&#8220;would,&#8221; &#8220;should,&#8221; &#8220;could,&#8221; &#8220;may&#8221; or other similar expressions in this annual report.
These statements are likely to address our growth strategy, financial results and product and development programs. You must carefully
consider any such statements and should understand that many factors could cause actual results to differ from our forward-looking statements.
These factors may include inaccurate assumptions and a broad variety of other risks and uncertainties, including some that are known
and some that are not. No forward-looking statement can be guaranteed and actual future results may vary materially. Factors that could
cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    future business development, financial condition and results of operations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to reduce incentives paid to driver-partners and consumers;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to attract and retain driver-partners and consumers;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">competition
    in our industry;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">government
    policies and regulations relating to our industries;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">other
    factors that may affect our financial condition, liquidity and results of operations; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">other
    risk factors discussed under &#8220;Item 3. Key Information &#8211; 3.D. Risk Factors.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
forward-looking statements contained in this annual report are based on our management&#8217;s beliefs and assumptions based on information
available to our management at the time the statements are made. We caution you that actual outcomes and results may, and are likely
to, differ materially from what is expressed, implied or forecast by our forward-looking statements. Accordingly, you should be careful
about relying on any forward-looking statements. Except as required under the federal securities laws, we do not have any intention or
obligation to update publicly any forward-looking statements after the distribution of this annual report, whether as a result of new
information, future events, changes in assumptions, or otherwise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="s_003"></span>PART
I</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="s_004"></span>ITEM
1. IDENTIFY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="s_005"></span>ITEM
2. OFFER STATISTICS AND EXPECTED TIMETABLE</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="s_006"></span>ITEM
3. KEY INFORMATION</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.A.
[Reserved]</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.B.
Capitalization and Indebtedness</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.C.
Reasons for the Offer and Use of Proceeds</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.D.
Risk Factors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk
Factor Summary</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
investment in our Class A Ordinary Shares involves significant risks. Below is a summary of material risks we face, organized under relevant
headings. These risks are discussed more fully after this summary. You should carefully consider the risks below and after this summary
before making an investment decision. Additional risks not presently known to us or that we currently deem immaterial may also impair
our business operations. Our business, financial condition, results of operations or prospects could be materially and adversely affected
by any of these risks.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risks
Relating to Our Business and Industry</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    business is still in an early stage of growth. If our business does not continue to grow, or our aspirations to become a super mobility
    app do not materialize, grows slower than expected, fails to grow as large as expected, or fails to turn profitable, our business
    operations, financial performance, financial condition, results of operations and prospects could be materially and adversely affected.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    face intense competition across the segments and in the market we serve.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    may not be able to continue to raise sufficient capital or achieve or sustain profitability.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    ability to achieve profitability is dependent on our ability to reduce the amount of driver partner and consumer incentives we pay
    relative to the commissions and fees we receive for our services.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    business is subject to numerous legal and regulatory risks that could have an adverse impact on our business and prospects.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    brand and reputation are amongst our most important assets and are critical to the success of our business.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    we fail to manage our growth effectively, our business operations, financial performance, financial condition, results of operations
    and prospects could be materially and adversely affected.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    we are required to reclassify driver partners as employees or otherwise, or if driver partners and/or employees unionize, there may
    be adverse business, financial, tax, legal and other consequences.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    we are unable to continue to grow our base of platform users, including driver partners and consumers accessing our offerings, our
    value proposition for each constituent group could diminish, impacting our results of operations and prospects.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security,
    privacy, or data breaches involving sensitive, personal or confidential information could also expose us to liability under various
    laws and regulations, decrease trust in our platform, and increase the risk of litigation and governmental investigation.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Improper,
    dangerous, illegal or otherwise inappropriate activity by consumers or driver partners or other third parties could harm our business
    and reputation and expose us to liability.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    are subject to risks associated with strategic alliances and partnerships.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    rely significantly on third-party cloud infrastructure services providers and any disruption of or interference with the use of our
    services could adversely affect our business operations, financial performance, financial condition, results of operations and prospects.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    proper uninterrupted functioning of our highly complex technology platform is essential to our business.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    business depends upon the interoperability of our mobile app and platform with different devices, operating systems and third-party
    software that we do not control.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    we do not adequately protect our intellectual property rights, or if third parties claim that we are misappropriating the intellectual
    property of others, we may incur significant costs and our business operations, financial performance, financial condition, results
    of operations and prospects may be adversely affected.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    may not be able to make acquisitions or investments, or successfully integrate them into our business.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    failure by us or our third-party service providers to comply with applicable anti-money laundering or other related laws and regulations
    could damage our business operations, reputation, financial performance, financial condition, and results of operation, or subject
    us to other risks.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    rely on our partnerships with financial institutions and other third parties for payment processing infrastructure and for the provision
    of services through our platform.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unfavorable
    media coverage could harm our business operations, financial performance, financial condition, results of operations and prospects.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    rely on the Land Transport Authority of Singapore for the validity of certain licenses.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    depend on talented, experienced and committed personnel, including engineers, to grow and operate our business, and if we are unable
    to recruit, train, motivate and retain qualified personnel, particularly in the technology sector, our business operations, financial
    performance, financial condition, results of operations and prospects may be materially and adversely affected.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adverse
    litigation judgments or settlements resulting from legal proceedings in which we may be involved could expose us to monetary damages
    or limit the ability to operate our business.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    track certain operating metrics with internal systems and tools and do not independently verify such metrics. Certain of our operating
    metrics are subject to inherent challenges in measurement, and any real or perceived inaccuracies in such metrics may adversely affect
    our business and reputation.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;Our
    use of open-source software (OSS) under restrictive licenses could: (i) adversely affect our ability to license and commercialize
    certain elements of our proprietary code based on the commercial terms of our choosing; (ii) result in a loss of our trade secrets
    or other intellectual property rights with respect to certain portions of our proprietary code; and (iii) subject us to litigation
    and other disputes.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increases
    in fuel, energy, and other costs could adversely affect us.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    allow consumers to pay for rides through our platform using cash, which raises numerous operational and safety concerns.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    have insurance coverage provided by third parties, and we are subject to the risk that this may be insufficient or that insurance
    providers may be unable to meet their obligations.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    have plans to expand to other countries and are therefore subject to potential risks associated with operating and investing in these
    countries.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Negative
    publicity, including those relating to any of our Directors, executive officers, shareholders of more than 5% of our Ordinary Shares,
    may adversely affect our share price.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Natural
    events, wars, terrorist attacks and other acts of violence involving any of the countries in which we have plans to expand into in
    the future could adversely affect our operations.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risks
Relating to Our Securities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
    active trading market for our Class A Ordinary Shares may not be established or, if established, may not continue and the trading
    price for our Class A Ordinary Shares may fluctuate significantly.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    may not maintain the listing of our Class A Ordinary Shares on the NYSE American which could limit investors&#8217; ability to make
    transactions in our Class A Ordinary Shares and subject us to additional trading restrictions.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    trading price of our Class A Ordinary Shares may be volatile, which could result in substantial losses to investors.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    securities or industry analysts do not publish research or reports about our business, or if they adversely change their recommendations
    regarding our Class A Ordinary Shares, the market price for our Class A Ordinary Shares and trading volume could decline.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short
    selling may drive down the market price of our Class A Ordinary Shares.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
    can be no assurance that we will not be a passive foreign investment company for U.S. federal income tax purposes, which could result
    in adverse U.S. federal income tax consequences for U.S. investors who own our securities.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    are an emerging growth company within the meaning of the Securities Act and may take advantage of certain reduced reporting requirements.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    are a foreign private issuer within the meaning of the Exchange Act, and as such we are exempt from certain provisions applicable
    to United States domestic public companies.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    an exempted company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate
    governance matters that differ significantly from NYSE American corporate governance listing standards.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    will incur significantly increased costs and devote substantial management time as a result of the listing of our Class A Ordinary
    Shares on the NYSE American.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
    may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because
    we are incorporated under Cayman Islands law.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    are exposed to risks arising from fluctuations of foreign currency exchange rates.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future
    issuance of Shares by us and sale of Shares by our and/or by our existing shareholders may adversely affect the price of our Class
    A Ordinary Shares.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    dual-class voting structure will limit your ability to influence corporate matters and could discourage others from pursuing any
    change of control transactions that holders of our Class A Ordinary Shares may view as beneficial.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    securities or industry analysts do not publish or publish inaccurate or unfavorable research about our business, or if they adversely
    change their recommendations regarding our Class A Ordinary Shares, the market price for our Class A Ordinary Shares and trading
    volume could decline.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    conversion of by the holders of Class B Ordinary Shares into Class A Ordinary Shares will result in a dilution of the percentage
    ownership of the existing holders of Class A Ordinary Shares within their class of Ordinary Shares.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    may not be able to declare dividends in the future.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to our Business and Industry</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
business is still in an early stage of growth. If our business does not continue to grow, or our aspirations to become a super mobility
app do not materialize, grows slower than expected, fails to grow as large as expected, or fails to turn profitable, our business operations,
financial performance, financial condition, results of operations and prospects could be materially and adversely affected.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
our business has grown since our inception in 2014, our business is still in a relatively early stage of growth. Therefore, there is
no assurance that we will achieve and maintain growth and profitability across all our business segments. There is also no assurance
that market acceptance of our offerings will continue to grow, or that new offerings will be accepted. In addition, our business could
be impacted by macro-economic conditions and their effect on discretionary consumer spending, which in turn could impact consumer demand
for offerings made available through our platform.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management believes that our growth is dependent on several factors, including our ability to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">expand
    and diversify our mobility and quick commerce offerings, which include innovating in new areas and these often require us to make
    investments and absorb losses while we build scale;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">increase
    the scale of the driver partner base and increase consumer usage of our platform and the synergies within our ecosystem;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">optimize
    our cost efficiency;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">develop
    our super mobility app, the tools we provide our driver partners, along with our other technology and infrastructure;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">recruit
    and retain high quality talent;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">enhance
    our reputation and brand;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ensure
    adequate safety and hygiene standards are established and maintained across our offerings;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">seek
    to form strategic partnerships, including with leading multinationals and global brands;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">manage
    our relationships with stakeholders and regulators in Singapore or other jurisdictions in the future, as well as the impact of existing
    and evolving regulations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">obtain
    and maintain licenses and regulatory approvals that may be required for our offerings; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">compete
    effectively with our competitors.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may not successfully accomplish any of these objectives.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, achieving profitability will require us, for example, to continue to grow and scale our business, manage promotion and incentive
spending, improve monetization, reduce marketing and other spending and increase consumer spending.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot assure you that we will be able to continue to grow and manage each of our segments or our super mobility app platform or achieve
or maintain profitability. Our success will depend substantially on our ability to develop appropriate strategies and plans, including
our sales and marketing efforts, and the ability to implement such plans effectively. If driver partners and consumers accessing offerings
on our platform do not perceive us as beneficial, or choose not to utilize us, the market for our business may not further develop, may
develop slower than expected, or may not achieve the growth potential or profitability we expect, any of which could materially and adversely
affect our business operations, financial performance, financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
face intense competition across the segments and in the market we serve.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
face competition in each of our segments and in the Singapore market. The segments and market in which we operate are intensely competitive
and characterized by shifting user preferences and introductions of new services and offerings. We compete for both driver partners and
consumers accessing offerings through our platform.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
competitors may operate in single or multiple segments and in a single market or regionally across multiple markets. These competitors
may be well-established or new entrants and focused on providing low-cost alternatives or higher quality offerings, or any combination
thereof, which may adversely affect our market share. New competitors may include established players with existing businesses in other
segments or markets that expand to compete in our segments or market. Our competitors in Singapore may enjoy competitive advantages such
as reputational advantages, better brand recognition, longer operating histories, larger marketing budgets, and more supportive regulatory
regimes and may also offer discounted services, driver partners incentives, consumer incentives, discounts or promotions, innovative
services and offerings, or alternative pricing models. From time-to-time, competitive factors have caused, and may continue to cause,
us to adjust prices or fees and commissions and increase driver partner or consumer incentives and marketing expenses, which has impacted
and could continue to impact our revenues and costs. In addition, some of our competitors may consolidate to expand their market position
and capabilities, establish cooperative or strategic relationships amongst themselves or with third parties that may further enhance
their resources and offerings. For example, in 2018 Grab acquired Uber&#8217;s Southeast Asia operations, with Grab integrating Uber&#8217;s
ridesharing and food delivery business in the region into Grab&#8217;s existing multi-modal transportation and fintech platform.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
our segments and market, the barriers to entry are low and driver partners and consumers may choose alternative platforms or services.
Our competitors may adopt certain of our services and/or features or may adopt innovations that consumers or driver partners value more
highly than ours, which could render the offerings on our platform less attractive or reduce our ability to differentiate our offerings.
The driver partners may shift to the platform with the highest earning potential or highest volume of work and lowest commissions. Driver
partners and consumers may shift to the platform that otherwise provides them with the best opportunities. Consumers may access driver
services through the lowest-cost or highest-quality provider or platform or a provider or platform that provides better choices or a
more convenient technology. With respect to our platform, driver partners and consumers may shift to other platforms based on overall
user experience and convenience, tools to enhance profitability, integration with mobile and networking applications, quality of mobile
applications, and convenience of payment settlement services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
our quick commerce segment, we face competition from on-demand, last-mile package delivery players such as Lalamove, GrabExpress and
Pickupp. In addition, many merchants may own and operate their own delivery fleets, bypassing the need for our on-demand delivery service.
For example, supermarkets, grocery, and convenience stores are able to utilize their in-house delivery services which are owned by them.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
failure to successfully compete or adapt quickly to the changing market conditions and trends could materially and adversely affect our
business operations, financial performance, financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may not be able to continue to raise sufficient capital or achieve or sustain profitability.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
invest in our business, including, among others, (i) expanding the quick commerce and mobility offerings on our platform; (ii) increasing
the scale of the driver partner base and consumer base accessing offerings on our platform; (iii) developing and enhancing our mobile
app, (iv) enhancing the tools that we provide for the driver partners, our payments network and other technology and infrastructure and
(v) recruiting quality talent. We also have plans to develop our business across countries, where each country has different infrastructure,
regulations, systems, and user expectations, with a strategy that involves a hyperlocal approach to our operations, all of which require
more investment than if we only operated in one country. Our offerings require us to make investments and develop scale in order to achieve
profitability. To be competitive, generate scale and increase liquidity, from time to time we will adjust commissions and offer driver
partners and consumers incentives, which also reduces our revenue. We will continue to require significant capital investment to support
and grow our business. Issuances of equity or convertible debt securities could cause existing shareholders to suffer significant dilution,
and any new equity securities issued may have rights, preferences, and privileges superior to those of existing shareholders. Debt financing
could contain restrictive covenants relating to financial and operational matters including restrictions on the ability to incur additional
secured or unsecured indebtedness that may make it more difficult to obtain additional capital with which to pursue business opportunities.
We may not be able to obtain additional financing on acceptable terms, if at all.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
failure to increase our revenue, manage the increase in our operating expenses, continue to raise capital or manage our liquidity could
prevent us from achieving or maintaining profitability, and could materially and adversely affect our business operations, financial
performance, financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
ability to achieve profitability is dependent on our ability to reduce the amount of driver partner and consumer incentives we pay relative
to the commissions and fees we receive for our services.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business model includes payment of incentives to our driver partners (which are typically awarded to our driver partners when they complete
a certain number of trips within a certain period) and consumers (&#8216;cashback&#8217; or bonuses by way of RydeCoins are awarded to
consumers as part of the promotions or marketing campaigns, typically when they complete a trip or multiple trips). Our ability to increase
our revenues and achieve profitability is therefore dependent on our ability to effectively use incentives to encourage the use of our
platform and over time to reduce the amount of incentives we pay to both our driver partners and consumers of our services relative to
the amount of commissions and fees we receive for our services. If we are unable to reduce the amount of incentives, we pay overtime
relative to the commissions and fees we receive, it will likely impact our ability to increase our revenues, raise capital and achieve
profitability, any or all of which could prevent us from continuing as a going concern or maintaining or increasing profitability. In
addition, given our use of incentives to encourage use of our platform, future decreases in the use of incentives could also result in
decreased growth in the number of users and driver partners or an overall decrease in users and driver partners and decreases in our
revenues, which could materially and adversely affect our business operations, financial performance, financial condition, results of
operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
business is subject to numerous legal and regulatory risks that could have an adverse impact on our business and prospects.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
operate across the mobility and quick commerce segments in Singapore, in which we are subject to various regulations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
focus areas of regulatory risk that we are exposed to include, among others: (i) evolution of laws and regulations applicable to mobility
and quick commerce offerings, (ii) various forms of data regulation such as data privacy, data portability, cybersecurity and advertising
or marketing, (iii) gig economy regulations, (iv) anti-trust regulations, (v) economic regulations such as price, supply regulation,
safety, health and environment regulations, (vi) foreign ownership restrictions, and (vii) regulations regarding the provision of online
services, including with respect to the internet and mobile devices.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we may not be able to obtain all the licenses, permits and approvals that may be necessary to provide our offerings and those
we plan to offer. As the segments we operate in are relatively new and disruptive in our market, the relevant laws and regulations are
often evolving. For this reason, we cannot be certain that we will be able to maintain the licenses and approvals that we have previously
obtained, or that once they expire, we will be able to renew them. We cannot assure you that our interpretations of the rules and our
exemptions have always been or will be consistent with that of local regulators. As we expand our businesses, we may be required to obtain
new licenses and will be subject to additional laws and regulations in the markets we plan to operate in.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business is subject to regulations from various regulators within the jurisdiction we operate in, and such regulators may not always
act in concert. As a result, we may be subject to requirements which separately may not be materially adverse to us but when taken together
could have a material impact on us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Segments
of our businesses that are currently unregulated could become regulated, or segments of our businesses that are already regulated could
be subject to new and changing regulatory requirements. Various proposals which may impact our business are currently before national
regulatory entities regarding issues related to our business and business model. For example, in Singapore, the Ministry of Manpower
(&#8220;MOM&#8221;) convened the Advisory Committee on Platform Workers to look into strengthening protections for platform workers,
possibly in the form of legislative changes, specifically for delivery persons, private-hire drivers and taxi drivers. The Singapore
government has accepted the recommendations given by the Advisory Committee on Platform Workers and are looking to implement the recommendations
in a progressive manner from the later part of 2024 at the earliest. It is contemplated for there to be changes to the applicable legislation.
As such, we may be required to make operational adjustments to comply with the necessary regulatory requirements, in order to avoid incurring
penalties or disruptions in operations, which could involve significant costs or may not be practicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance
with existing or new laws and regulations could expose us to liabilities or cause us to incur significant expenses or otherwise impact
our offerings or prospects, such as providing minimum base fare guarantee, contribution of driver partners&#8217; Central Provident Fund
(CPF) and paying for driver partners&#8217; insurance. Additionally, as we expand our offerings in new areas, we may become subject to
additional laws and regulations, which may require licenses to be obtained for us to provide new offerings or continue to provide existing
offerings in Singapore. Further, developments in environmental regulations, such as those applicable to vehicles that run on fossil fuels,
may adversely impact our mobility and quick commerce businesses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
actual or perceived failure to comply with applicable regulations could expose us to regulatory actions, including, but not limited to,
potential fines, orders to temporarily or permanently cease all or some of our business activities, a prohibition on taking on new consumers
and driver partners, and the implementation of mandated remedial measures. Any such actions could materially and adversely affect our
business operations, financial performance, financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
brand and reputation are amongst our most important assets and are critical to the success of our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
brand and reputation are amongst our most important assets. We believe &#8220;Ryde&#8221; is a household name in Singapore that is synonymous
with our offerings. Successfully maintaining, protecting, and enhancing our brand and reputation are critical to the success of our business,
including the ability to attract and maintain employees, driver partners and consumers accessing offerings available on our platform,
and otherwise expand our mobility and quick commerce offerings. Our brand and reputation are also important to maintain or grow our standing
in Singapore, including with regulators and community leaders. Any harm to our brand could lead to regulatory action, litigation and
government investigations and weaken our ability to effect legislative changes and obtain licenses. In addition, because of our future
plans to expand in other countries, an adverse impact on our brand or reputation in Singapore can adversely affect other parts of our
business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
variety of factors and/or incidents, including those that are actual and within our control, as well as those that are perceived, rumored,
or outside of our control or responsibility, can adversely impact our brand and reputation, such as:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">complaints
    or negative publicity, including those related to personal injury or sexual assault cases involving consumers using our mobility
    offerings;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">issues
    with the choices and quality of our services and offerings or trust in our offerings;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">illegal
    or inappropriate behavior by employees, consumers or driver partners or other third parties we work with, including relating to the
    safety of consumers and driver partners;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">improper,
    unauthorized, or illegal actions by third parties who conduct fraudulent or other activities, such as phishing-attacks;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    convenience and reliability of our mobile app and technology platform, as well as any cybersecurity incidents affecting, disruptions
    to the availability of, or defects in our platform or mobile app;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    convenience and reliability of our mobile app and technology platform, as well as any cybersecurity incidents affecting, disruptions
    to the availability of, or defects in our platform or mobile app;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">issues
    with the pricing of our offerings or the terms on which we do business with platform users including consumers and driver partners;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">service
    delays or failures, such as missing, incorrect or cancelled rides, or issues with cleanliness, inappropriate handling during quick
    commerce deliveries;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">failing
    to act responsibly or in compliance with regulatory requirements, some of which may be evolving, in areas including labor, anti-corruption,
    anti-money laundering, safety and security, data security, privacy, provision of information about consumers and activities on our
    platform, or environmental requirements in areas including emissions, sustainability, human rights, diversity, non-discrimination
    and support for employees, driver partners and the local community; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">media
    or legislative scrutiny or litigation or investigations by regulators or other third parties.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
harm to our brand or reputation, including as a result of or related to any of the foregoing, could materially and adversely affect our business operations, financial performance, financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we fail to manage our growth effectively, our business operations, financial performance, financial condition, results of operations
and prospects could be materially and adversely affected.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
our inception in 2014, we have experienced growth in our employee headcount, the number of consumers and driver partners using our platform,
our offerings and scale of our operations. We have also expanded through strategic partnerships. This expansion increases the complexity
of our business and has placed, and will continue to place significant strain on our management, personnel, operations, systems, technical
performance, financial resources, and internal financial control and reporting functions. Our risk management function, particularly
relating to enterprise-wide risk management are in relatively early stages of development and therefore we may be unable to identify,
mitigate and remediate risks as they develop. We may not be able to manage our growth effectively, which could damage our reputation
and negatively affect our operating results. Properly managing our growth will require us to establish consistent policies across functions
as well as additional localized policies where necessary. A failure to effectively develop and implement any such policies could harm
our business. In addition, as we expand, if we are unsuccessful in hiring, training, managing, and integrating new employees and staff
to help manage and operate our businesses, or if we are not successful in retaining our existing employees and staff, our business may
be harmed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
manage the growth of our operations and personnel and improve the technology that supports our business operations, our financial and
management systems, disclosure controls and procedures, and our internal controls over financial reporting, we will be required to commit
substantial financial, operational, and technical resources. In particular, upgrades to our technology or network infrastructure are
critical in supporting our growth, and without effective upgrades, we could experience unanticipated system disruptions, slow response
times, or poor experiences for consumers and driver partners. As our operations continue to expand, our technology infrastructure systems
will need to be scaled to support our operations. In addition, our organizational structure will continue to grow as our platform is
used by additional consumers and driver partners, and as we add employees, services and offerings, and technologies. As we continue to
expand, including potentially through acquisitions and strategic partnerships, which may include expansion into business activities where
we have limited experience, such as financial services, car leasing etc, or no experience at all, we are also expecting the organizational
structure to grow and change. If we do not manage the growth of our business and operations effectively, the quality of our platform
and the efficiency of our operations could suffer, which could materially and adversely affect our business operations, financial performance,
financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we are required to reclassify driver partners as employees or otherwise, or if driver partners and/or employees unionize, there may be
adverse business, financial, tax, legal and other consequences.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
independent contractor status of driver partners is currently being challenged in courts, by government agencies, non-governmental organizations,
groups of drivers, labor unions and trade associations all around the world. The tests governing whether a driver partner is an independent
contractor, or an employee vary by governing law and are typically highly sensitive to certain factors including, among others, changes
in public opinion and political conditions. We believe that the driver partners are independent contractors based on existing employment
classification frameworks, because, among other things, they: (i) can choose whether, when, where, and the manner and means to provide
services on our platform; (ii) are able to provide services on our competitors&#8217; platforms; (iii) have each acknowledged and agreed
when signing up to our terms and conditions that their relationship with us does not constitute an employment relationship; (iv) may
provide their own vehicles to perform services and are also able to rent cars (as lessees) from any rental company, if needed; and (v)
pay a commission for using our platform. Changes to laws or regulations governing the definition or classification of independent contractors,
or judicial decisions regarding independent contractor classification, could require reclassification of driver partners as employees,
and if so, we would be required to incur significant additional expenses for compensating driver partners, potentially including expenses
associated with the application of wage and hour laws, which may include requirements to pay wages for periods when a driver partner
is offline or not driving through our platform, overtime, meal and rest period requirements, employee benefits (including requirements
with respect to Central Provident Fund (CPF) contribution and compulsory insurance fees), taxes, and penalties. In addition, a determination
that driver partners are employees or ostensible agents could lead to claims, charges or other proceedings under laws and regulations
applicable to employers and employees, such as claims of joint employer liability or agency liability, harassment and discrimination,
and unionization. New employment classifications could be created and applied to the driver partners, with additional requirements imposed
on us beyond current requirements. Any such reclassification or new classifications could have a significant impact on our labor costs,
business operations and employee relations, and an adverse effect on our business and financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
our position with respect to the independent contractor status of driver partners has generally been upheld in Singapore, we may face
challenges from potential changes pertaining to the employee status of driver partners.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
we have historically strived to provide driver partner benefits and schemes including offering support to driver partners during the
COVID-19 pandemic. Such benefits may in certain cases go beyond any statutory requirements and are used to both acquire and encourage
the frequent use of our platform by driver partners as well as to demonstrate to stakeholders and regulators that we are a responsible
and good partner to our platform users. However, despite such efforts, regulators may deem our benefits and welfare schemes insufficient
and impose additional requirements on companies like us or change relevant laws or regulations. Policies could change due to, among others,
driver welfare concerns with respect to matters such as income protection and certainty, long-term financial condition, professional
development, the need for health or other insurance, retirement benefits, the need for fair working conditions and the desire to provide
a forum to voice opinions and complaints, and we may not be successful in defending the independent contractor status of driver partners
in Singapore or other jurisdictions we may expand into in the future. The costs associated with complying with future regulations or
defending, settling, or resolving pending and future lawsuits relating to the independent contractor status of the driver partners could
be material to our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, even if we are successful in defending such independent contractor status, governments may nevertheless impose additional requirements
on us with respect to our independent contractors. Although we do work with certain regulators to address these concerns, including discussing
new categories of employment to cater to the needs of gig economy workers in a financially sustainable manner for platform companies
such as us, we may not be successful in these efforts or be able to do so without impacting consumer experience. We may need to incur
substantial additional expenses to provide additional benefits to our independent contractors if required or requested by regulators.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
occurrence of any of the foregoing events could materially and adversely affect our business operations, financial performance, financial
condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we are unable to continue to grow our base of platform users, including driver partners and consumers accessing our offerings, our value
proposition for each constituent group could diminish, impacting our results of operations and prospects.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
success depends on our ability to increase the scale of the driver partner base and the number of consumers transacting through our platform.
A key focus of our growth strategy has been to develop a super mobility app to create an ecosystem with synergies driving more users
on both the supply and demand sides to our platform. This ecosystem, and the synergies within our ecosystem, take time to develop and
grow, because doing so requires us to replicate our efforts in Singapore, to other cities in the future, where each country has different
infrastructure, regulations, systems and user expectations and preferences, as well as a different approach to localizing our operations.
Although we believe there are strong synergies among our business segments that help increase the breadth, depth and interconnectedness
of our overall ecosystem, there are a number of risks and uncertainties that may impact the attractiveness of our ecosystem, including
the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    consumers are not attracted to our platform or choose quick commerce or mobility services providers outside of our platform, we may
    be unable to attract or retain driver partners to our platform, which in turn means consumers using our platform may have fewer choices
    and may not be able to obtain better value options thereby making our platform less attractive to consumers. Consumers choose our
    platform based on many factors, including the convenience of our mobile app, trust in the services offered through our platform as
    well as our technology platform and the choices and quality of our services and offerings. A deterioration in any of these factors
    could result in a decline in the number of consumers using the offerings on our platform, or the frequency with which they use such
    offerings.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    driver partners are not attracted to our platform or choose not to offer their services through our platform, or elect to offer them
    through a competitor&#8217;s platform, we may lack a sufficient supply of driver partners to attract and retain consumers to our
    platform. Driver partners choose us based on many factors, including the opportunity to earn money, the flexibility and autonomy
    to choose where, when and how often to work, the tools and opportunities we provide to seek to maximize productivity and other benefits
    that we provide to them. It is also important that we maintain a balance between demand and supply for mobility and quick commerce
    services in any given area at any given time. We have experienced and expect to continue to experience driver partner supply constraints
    from time to time in certain areas or locations within Singapore. To the extent that we experience driver partner supply constraints,
    we may need to increase, or may not be able to reduce, the driver partners incentives that we offer.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
number of consumers using our platform may decline or fluctuate as a result of many factors, including dissatisfaction with the operation
and security of our mobile app or consumer support, pricing levels, dissatisfaction with the quick commerce or mobility offerings or
quality of services provided by the driver partners and negative publicity related to our brand or reputation, including as a result
of safety incidents, driver partner or community protests or public perception of our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
number of driver partners on our platform may decline or fluctuate as a result of a number of factors, including ceasing to provide services
through our platform, passage or enforcement of local laws regulating, restricting, prohibiting or taxing the services and offerings
of the driver partners, the low costs of switching to alternative platforms, dissatisfaction with our brand or reputation, our pricing
model (including potential reductions in incentives) or other aspects of our business. Additionally, driver partner or community protests
could also negatively impact driver partners&#8217; perception of us or our industry and impact our ability to recruit and maintain our
base of driver partners.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the synergies we seek to realize from having a super mobility app-led ecosystem may not materialize as we expect them to or
in a cost-effective manner. For example, we expect our super mobility app strategy to benefit from maximizing driver partners&#8217;
utilization, which we believe will be linked to lower driver partner and consumer acquisition costs due to potentially lower incentives
that we need to offer, and increased consumer engagement, retention and spending.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
inability to maintain or increase the number of consumers or driver partners that use our platform or a failure to effectively develop
our super mobility app could have an adverse effect on our ability to maintain and enhance our ecosystem, as well as the synergies within
our ecosystem, and otherwise materially and adversely affect our business operations, financial performance, financial condition, results
of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Security,
privacy, or data breaches involving sensitive, personal or confidential information could also expose us to liability under various laws
and regulations, decrease trust in our platform, and increase the risk of litigation and governmental investigation.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business involves the collection, storage, processing, and transmission of a significant amount of personal and sensitive data, such
as that of driver partners, consumers, employees, job candidates and other third parties. We are subject to numerous laws and regulations
designed to protect such data. Laws and regulations that impact our business, and particularly laws, regulations and other measures the
Singapore government may take based on privacy and data protection concerns, are increasingly strict and complex, and change frequently.
We may also be required to disclose personal data about an individual to a government agency, where the disclosure is necessary in the
public interest, or for the purposes of policy formulation or review. Some of these disclosures may put us in a disadvantaged position,
especially if the provided data is repurposed for another intent, or adequate protection is not accorded to such data. As such laws increase
in their complexity and impose new requirements, we may be required to incur increased costs to comply with data privacy laws and could
incur penalties for any non-compliance or breaches. These laws may also limit how we are able to use data. For more information regarding
relevant laws and regulations we are subject to, see &#8220;Item 4. Information on the Company &#8211; B. Business Overview &#8211; Regulations&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, we implement measures in order to protect sensitive and personal data in accordance with our contracts, data protection
laws and consumer laws. However, we may be subject to data breach incidents, including where data breach incidents are suffered by third
parties that we contract or interact with, that often involve factors beyond our control. We also rely on third-party service providers
to host or otherwise process some of our platform users&#8217; data in Singapore and we may have limited control or influence over the
security policies or measures adopted by such third-party service providers. Any failure by a third party to prevent or mitigate security
breaches or improper access to, or disclosure of, such information could have adverse consequences for us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we maintain, and are in the process of improving, internal access control mechanisms and other security measures to ensure secure and
appropriate access to and storage and use of our sensitive, business, personal, financial or confidential information by anyone including
our employees, contractors and consultants, these mechanisms may not be entirely effective, or fully complied with internally. As part
of periodic reviews carried out by us, we have not identified, but in the future may identify, data protection issues requiring remediation
with respect to such measures that require us to further update our compliance functions. Any misappropriation of personal information,
including credit card information, could harm our relationship with consumers and driver partners and cause us to incur financial liability
and reputational harm. If any person, including any of our employees, improperly breaches our network security or otherwise mismanages
or misappropriates driver partners&#8217; or consumers&#8217; personal or sensitive data, we could be subject to regulatory actions and
significant fines for violating privacy or data protection and consumer laws or lawsuits for breaching contractual confidentiality or
data protection provisions which could result in negative publicity, legal liability, loss of consumers or driver partners and damage
to our reputation. We are potentially an attractive target of data security attacks by third parties that may attempt to fraudulently
induce employees to disclose information to gain access to our data or the data of platform users. A successful attempt could lead to
the compromise of sensitive, business, personal, financial, credit card or other confidential information, which could result in significant
liability and a material loss of revenue resulting from the adverse impact on our reputation and brand, a diminished ability to retain
or attract new platform users and disruption to our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
the techniques used by an individual or a group to obtain unauthorized access could result in unwarranted alteration to our data and
source codes, or disable and/or degrade services, and sabotage systems are often complex, not easily recognizable and evasive, we may
not be able to anticipate these techniques and implement adequate preventative measures. Such individuals or groups may be able to circumvent
our security measures (including, but not limited to, via phishing attacks, malware infection, system intrusion, misuse of systems, website
defacement, and denial-of-service attacks) and may improperly access or misappropriate confidential, proprietary, or personal information
held by or on behalf of us, disrupt our operations, damage our computers, or otherwise damage our business. Although we have developed,
and continue to develop, systems and processes that are designed to protect our servers, platform and data, including personal and sensitive
data of the driver partners, consumers, employees, job candidates and other third parties, we cannot guarantee that such measures will
be effective at all times. Our efforts may be hindered due to, for example, government surveillance, regulatory requirements or other
external events; software bugs or other technical errors or issues; or errors or misconduct of employees, contractors or others; a rapidly
evolving threat landscape; and inadequate or failed internal processes or business practice. While we endeavor to protect against or
remediate cybersecurity threats or breaches, or to mitigate the impact of any breaches or threats, we may still be subject to potential
liability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
of the foregoing could subject us to regulatory fines, scrutiny and actions, including, but not limited to, orders to temporarily or
permanently cease all or some of our business activities, a prohibition on taking on new consumers or driver partners and the implementation
of mandated remedial measures, which could materially and adversely affect our business operations, financial performance, financial
condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Improper,
dangerous, illegal or otherwise inappropriate activity by consumers or driver partners or other third parties could harm our business
and reputation and expose us to liability.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to the breadth of our operations that span across a wide variety of consumers, driver partners and other third parties in Singapore,
we are exposed to potential risks and liabilities arising from improper, dangerous, illegal or otherwise inappropriate actions by a wide
variety of persons that we have no control over. Although we have implemented certain measures to ensure both driver partner and consumer
safety, such measures may not be effective or adequate and any such actions may result in adverse consequences, such as nuisance, property
damage, injuries, fatalities, business interruption, brand and reputational damage or significant liabilities for us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
there are generally certain qualification processes in place for the driver partners, including profile verification on driver partners,
these qualification processes may not bring to light all potentially relevant information and would not bring to light events occurring
after the qualification process is complete. In Singapore, certain information may be limited by applicable laws or limited generally,
and we also may fail to conduct qualification processes adequately. Furthermore, we do not independently test the driving skills of the
driver partners.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
both our mobility and quick commerce businesses, if the driver partners or consumers engage in improper, dangerous, illegal or otherwise
inappropriate activities, driver partners and/or consumers may no longer consider offerings on our platform to be safe and we may otherwise
suffer adverse consequences, such as liability arising from bodily harm to other users of our platform, and other brand and reputational
damage. If consumers or third parties providing other services in partnership with us engage in improper, illegal or otherwise inappropriate
activities while using our platform, other consumers and driver partners may also be unwilling to continue using our platform. Despite
measures that we have taken to detect and reduce the occurrence of fraudulent or other malicious activity on our platform, we cannot
guarantee that our measures will be effective.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
of the foregoing activities, whether or not caused by or known to us, could harm our brand and reputation, result in litigation or regulatory
actions, and may otherwise materially and adversely affect our business operations, financial performance, financial condition, results
of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are subject to risks associated with strategic alliances and partnerships.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have entered into strategic alliances and partnerships with third parties and may continue to do so in the future. For example, we entered
into a partnership with an insurance company to provide insurance for riders who make trips using our Ryde platform. These alliances
and partnerships subject us to a number of risks, including risks associated with the sharing of proprietary information between parties,
non-performance by us or our partners of obligations under relevant agreements, disputes with strategic partners over strategic or operational
decisions or other matters, increased expenses in establishing new strategic alliances and non-compete provisions under some of such
arrangements which limit our ability to operate in certain market segments, and reputational risks from association with strategic partners,
as well as litigation risks associated therewith.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
some of our strategic alliances and partnership agreements may contain exclusivity provisions restricting us from providing a particular
service outside of the strategic alliance or partnership in Singapore. Although we agree to such restrictions because we believe that
the overall strategic alliance or partnership is to our benefit, such restrictions could materially and adversely affect our business
operations, financial performance, financial condition, results of operations and prospects.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
rely significantly on third-party cloud infrastructure services providers and any disruption of or interference with the use of our services
could adversely affect our business operations, financial performance, financial condition, results of operations and prospects.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
platform is currently hosted within data centers provided by third-party cloud infrastructure services providers. As the continuing and
uninterrupted performance of our platform is critical to our success, any system failures of such third-party providers&#8217; services
could reduce the attractiveness of our platform and may adversely affect our ability to meet the requirements of consumers and driver
partners when they are using our platform. Third-party cloud infrastructure services providers are vulnerable to damage or interruptions
from factors beyond our or their control, including but not limited to computer viruses and other malicious code, denial-of-service attacks,
cyber and ransomware attacks, phishing attacks, break-ins, sabotage, vandalism, power loss or other telecommunications failure, fire,
flood, hurricane, tornado or other natural disasters, software or hardware errors, failures or crashes and other similar disruptive problems.
We expect that if/when we expand to certain jurisdictions outside of Singapore in the future, it may become increasingly difficult to
ensure reliability of our platform as we expand, and the usage of our platform increases. Any future disruptions could adversely impact
user experience, create negative publicity harming our reputation, impact the quality, availability and speed of the services we provide
as well as potentially violate regulatory requirements in relation to technology risk and business continuity risk management. Any of
the foregoing could result in interruptions, delays, loss of data, cessations to our operations or in the provision of offerings through
our platform and compensation payments to our partners and end consumers, and could materially and adversely affect our business operations,
financial performance, financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
under our agreements with our third-party cloud infrastructure services providers, there are no minimum spending commitments, but there
are however, standard rates based on the amount of storage required, and if we exceed the storage provided, we will have to incur additional
expenses.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
proper uninterrupted functioning of our highly complex technology platform is essential to our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business depends on the performance and reliability of our system as well as the efficient and uninterrupted operation of mobile communications
systems that are not under our control. Our mobile app platform is a complex system composed of many interoperating components and incorporates
software that is highly complex, and therefore, many events that are beyond our control may cause service interruptions or degradations
or other performance problems across the whole platform, including but not limited to computer viruses and other malicious code, denial-of-service
attacks, cyber and ransomware attacks, phishing attacks, break-ins, sabotage, vandalism, power loss or other telecommunications failure,
fire, flood, hurricane, tornado or other natural disasters, software or hardware errors, failures or crashes, and other similar disruptive
problems. We may experience system failures and other events or conditions from time to time that interrupt the availability or reduce
or affect the speed or functionality of our platform. We have certain disaster response procedures, and we or our third-party service
providers currently have a business continuity framework in place in all instances. However, there can be no assurance that such framework
will be implemented in a cost-effective manner or at all, or that it will prove effective or meet all the expectations of our stakeholders,
including our consumers, driver partners and regulators, both current and in the future, in relation to cybersecurity risk, technology
risk and business continuity management.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
software, including third-party or open-source software that is incorporated into our software code, may now or in the future contain
undetected errors, bugs, or vulnerabilities. Some errors in our software code may only be discovered after the code has been released.
Bugs in our software, third-party software including open source software that is incorporated into our code, misconfigurations of our
systems and unintended interactions between systems could result in our failure to comply with certain regulatory reporting obligations
or compliance requirements or the introduction of vulnerabilities into our platform that may be exploited by cyber-attackers or third-parties
engaging in fraudulent activities, or could cause downtime that would impact the availability of our platform, which could reduce the
attractiveness of our platform to users, increase the likelihood of a successful cyber-attack or result in violations of regulators&#8217;
expectations of prescribed technology risk management practices. Further, we may need our third-party service providers to comply with
certain regulatory requirements and we cannot assure you that such third-party service providers are able to comply with such requirements.
To mitigate this risk, we endeavor to have a diverse pool of third-party service providers. Cyber-attackers and third-parties engaged
in fraudulent activities have not exploited vulnerabilities in our platform but may in the future attempt to do so. If the measures we
take to prevent these incidents from occurring are unsuccessful, we may incur losses from these fraudulent activities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disruptions
in internet infrastructure, the absence of available mobile data or global positioning system signals or the failure of telecommunications
network operators to provide us with the necessary bandwidth for our services and offerings could also interfere with the speed and availability
of our platform. Furthermore, we have no control over the costs of the services provided by Singapore&#8217;s telecommunications operators.
If mobile internet access fees or other charges to internet users increase, consumer traffic may decrease, which may in turn cause our
revenue to significantly decrease. Our operations also rely on various other third-party software and applications, and disruptions with
respect to our usage of any such software could cause business interruption.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
although we seek to maintain and improve the availability of our platform and to enable rapid releases of new features and services,
it may become increasingly difficult to maintain and improve the availability of our platform, especially during peak usage times and
as our platform becomes more complex and more services are offered through our mobile app and user traffic increases. If our platform
is unavailable when driver partners and consumers and/or platform users attempt to access it or it does not load as quickly as they expect
or it experiences capacity constraints, users may seek other offerings including our competitors&#8217; services or offerings and may
not return to our platform as often in the future, or at all. This could adversely affect our ability to maintain our ecosystem of driver
partners and consumers and decrease the frequency with which they use our platform. We may not effectively address capacity constraints,
upgrade systems as needed, or develop technology and network architecture to accommodate actual and anticipated changes in technology.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
of these events could significantly disrupt our operations, impact user satisfaction and in turn our reputation and subject us to liability,
which could materially and adversely affect our business operations, financial performance, financial condition, results of operations
and prospects.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
business depends upon the interoperability of our mobile app and platform with different devices, operating systems and third-party software
that we do not control.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One
of the most important features of our mobile app and platform is their broad interoperability with a range of devices, operating systems,
and third-party applications. Our mobile app and platform are accessible from devices running various operating systems such as iOS and
Android. We depend on the accessibility of our mobile app and platform across these third-party operating systems and applications that
we do not control. Moreover, third-party services are constantly evolving, and we may not be able to modify our platform to assure our
compatibility with that of other third parties following development changes. The loss of interoperability, whether due to actions of
third parties or otherwise, could materially and adversely affect our business operations, financial performance, financial condition,
results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
new mobile devices and mobile platforms are released, there is no guarantee that certain mobile devices will continue to support our
platform or effectively roll out updates to our applications. Additionally, in order to deliver high-quality applications, we need to
ensure that our platform is designed to work effectively with a range of mobile technologies, systems, networks, and standards. We may
not be successful in developing or maintaining relationships with key participants in the mobile industry that enhance users&#8217; experience.
If consumers or driver partners that utilize our platform encounter any difficulty accessing or using our applications on their mobile
devices or if we are unable to adapt to changes in popular mobile operating systems, platform growth and user engagement would be adversely
affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also depend on third parties maintaining open marketplaces, including the Apple App Store, Google Play and Huawei App Gallery, which
make our mobile app available for download. We cannot assure you that the marketplaces, through which we distribute our mobile app, will
maintain their current structures or that such marketplaces will not charge us fees to list our applications for download. If any such
marketplaces cease to make our mobile app available for download, this would have a material adverse effect on our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we rely upon certain third parties to provide software or application programming interfaces (&#8220;APIs&#8221;) for our services
and offerings, which are currently important to the functionality of our platform. If such third parties cease to provide access to such
third-party software or APIs on terms that we believe to be attractive or reasonable, or do not provide us with the most current version
of such software, we may be required to seek comparable solutions from other sources, which may be more expensive or inferior and/or
adversely impact user experience. In some cases, such third-party commercial software may be difficult to replace, or become unavailable
to us on commercially reasonable terms. Any such changes to or unavailability of third-party software or APIs could materially and adversely
affect our business operations, financial performance, financial condition, results of operations and prospects.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we do not adequately protect our intellectual property rights, or if third parties claim that we are misappropriating the intellectual
property of others, we may incur significant costs and our business operations, financial performance, financial condition, results of
operations and prospects may be adversely affected.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
brand value and technology, including our intellectual property, are some of our core assets. We protect our proprietary rights through
a combination of intellectual property and contractual rights. These may include patents, registered designs, trademarks, copyright,
trade secrets, license agreements, confidentiality and non-disclosure agreements with third parties, employee and contractor disclosure
and invention assignment agreements, and other similar contractual rights. The efforts we have taken to protect our intellectual property
may not be sufficient or effective. In addition, it may be possible for other parties to copy or reverse-engineer our services and offerings
or obtain and use the content of our website without authorization. Further, we may be unable to prevent competitors from acquiring domain
names or trademarks that are similar to, infringe upon, or diminish the value of our domain names, trademarks, service marks and other
proprietary rights. In the event of any unauthorized use of our intellectual property or other proprietary rights by third parties, legal
and contractual remedies available to us may not adequately compensate us. We primarily rely on copyrights and confidential information
(including source code, trade secrets, know-how and data) protections, for the purposes of protecting our core technologies and proprietary
databases, rather than registered rights such as patents. Further, the registration of intellectual property can be costly, subject to
complex laws, rules and regulations, and can be challenged by third parties, and we may choose to limit or not to pursue intellectual
property registrations in the future. Our reliance on copyrights and confidential information protections, rather than registered intellectual
property rights, may make it more difficult for us to protect some of our core technologies against third-party infringement and could
increase the risk of third-party infringement actions against us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may also be unable to detect infringement of our intellectual property rights, and even if such violations are found, we may not be successful,
and may incur significant expenses in protecting our rights. In addition, our competitors may independently develop technology or services
that are equivalent or superior to our technology services. Any enforcement efforts may be time-consuming, costly and may divert management&#8217;s
attention. Any failure to protect or any loss or dissolution of our intellectual property rights may have an adverse effect on our ability
to compete and may adversely affect our business operations, financial performance, financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
as we face increasing competition and as our business grows, we may in the future receive notices that claim we have misappropriated,
misused, or infringed upon other parties&#8217; intellectual property rights. In addition, as our strategic alliances and partnerships
at times involve sharing of intellectual property, we are subject to the risk of our partners alleging we have misappropriated or misused
such partner&#8217;s intellectual property or our partners infringing our intellectual property.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
intellectual property claims against us, regardless of merit, could be time consuming and expensive to settle or litigate, could divert
our management&#8217;s attention and other resources, and could hurt goodwill associated with our brand. These claims may also subject
us to significant liability for damages and may result in us having to stop using technology, content, branding, or business methods
found to be in violation of another party&#8217;s rights. Certain adverse outcomes of such proceedings could adversely affect our ability
to compete effectively in existing or future businesses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may also be required or may opt to seek a license for the right to use intellectual property held by others, which may not be available
on commercially reasonable terms, or at all. Even if a license is available, we may be required to pay significant royalties, which may
increase our operating expenses. If alternative technology, content, branding, or business methods for any allegedly infringing aspect
of our business are not available, we may be unable to compete effectively or we may be prevented from operating our business in Singapore
and other potential jurisdictions in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
occurrence of any of the foregoing events could materially and adversely affect our business operations, financial performance, financial
condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may not be able to make acquisitions or investments, or successfully integrate them into our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
part of our business strategy, we may enter into or regularly pursue a wide array of potential strategic transactions, including strategic
investments, alliances, partnerships, joint ventures and acquisitions, in each case relating to businesses, technologies, services and
other assets that we expect to complement our business or that we believe will help to grow our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
types of transactions involve numerous risks, including, among others:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">intense
    competition for suitable targets and partners, which could increase prices and adversely affect our ability to consummate deals on
    favorable or acceptable terms;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">complex
    technologies, terms and arrangements, which may be difficult to implement and manage;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">failures
    or delays in closing transactions;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">difficulties
    integrating brand identity, technologies, operations, existing contracts, and personnel;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">failure
    to realize the anticipated return on investment, benefits or synergies;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">exclusivity
    provisions which prevent us from providing a particular service outside of the strategic alliance or partnership in Singapore or
    other jurisdictions in the future which could serve to limit access to business opportunities;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">failure
    to identify the problems, liabilities, or other shortcomings or challenges of an acquired company, partner or technology, including
    but not limited to issues related to intellectual property, cybersecurity risks, regulatory compliance practices, litigation, security
    interests over assets, contractual issues, revenue recognition or other accounting practices, or employee or user issues;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">expanding
    into business activities where we have limited experience, such as financial services, car leasing etc, or no experience at all;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">failure
    to retain key employees, to ensure that we can preserve value in the existing platform and avoid loss of institutional knowledge;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">risks
    that regulatory bodies do not approve our acquisitions or business combinations or delay such approvals or other adverse reactions
    from regulators;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulatory
    changes that require adjustments to our business or shareholding or rights in relation to subsidiaries or joint ventures; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">adverse
    reactions to acquisitions by investors and other stakeholders.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
acquisition will require management bandwidth to integrate, commensurate to the size and scale of the acquisition, which may distract
our management from executing our existing roadmap. If we fail to address the risks or other problems encountered in connection with
future transactions such as the foregoing, or if we fail to successfully integrate or manage such transactions, our business operations,
financial performance, financial condition, results of operations and prospects could be materially and adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Any
failure by us or our third-party service providers to comply with applicable anti-money laundering or other related laws and regulations
could damage our business operations, reputation, financial performance, financial condition, and results of operation, or subject us
to other risks.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
payment and financial services related systems may, in Singapore and other potential markets, be governed by laws and regulations related
to payment and financial services activities, including, among other things, laws and regulations relating to privacy, anti-money laundering,
counter-terrorist financing, electronic funds transfers, systemic integrity risk assessments, cybersecurity of payment processes, and
consumer protection. Our payment and financial services related activities may be susceptible to illegal and improper uses, including
money laundering, terrorist financing, and payments to sanctioned parties. These laws and regulations to which we are now or in the future
may be subject to are highly complex, may be vague, and could change and may be interpreted to make it difficult or impossible for us
to comply with them. Moreover, activities in Singapore where we allow payments in cash may raise additional legal, regulatory, and operational
concerns. Operating a business that uses cash may increase our compliance risks with respect to a variety of laws and regulations, including
those referred to above. In addition, we may in the future offer new payment options that may be subject to additional regulations and
risks. For example, a digital wallet links with a payment service provider. If we fail to comply with applicable laws and regulations,
we may be subject to civil or criminal penalties, fines, and higher transaction fees, and we may lose our ability to accept or process
online payment, payment card or other related transactions, which could make offerings on our platform less convenient and attractive.
In the event of any failure to comply with applicable laws and regulations, our business operations, financial performance, financial
condition, results of operations and prospects could be adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
our business expands, we will need to continue to invest in compliance with applicable laws and regulations, and to conduct appropriate
risk assessments and implement appropriate controls. Government authorities may scrutinize or seek to bring actions against us if our
systems are used for improper or illegal purposes or if our risk management or controls are not adequately assessed, updated, or implemented,
and the foregoing could result in financial or reputational harm to our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, laws and regulations related to payments and financial services are evolving, and changes in such laws and regulations could
affect our ability to provide services on our platform in the manner that we have done, expect to do, or at all. In addition, as we evolve
our business or make changes to our operations, we may be subject to additional laws and regulations. Historical or future non-compliance
with these laws and regulations could result in significant criminal and civil lawsuits, penalties, forfeiture of significant assets,
or other enforcement actions. Costs associated with fines and enforcement actions, as well as reputational harm, changes in compliance
requirements, or limits on our ability to expand our service offerings, could harm our business operations, financial performance, financial
condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
rely on our partnerships with financial institutions and other third parties for payment processing infrastructure and for the provision
of services through our platform.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
convenient payment mechanisms provided by our mobile app and platform are key factors contributing to the development of our business.
We rely on strategic partnerships with financial institutions and third parties such as Stripe for elements of our payment-processing
infrastructure to process and remit payments to and from consumers and driver partners using our platform. If these companies become
unwilling or unable to provide these services to us on acceptable terms or at all, our business may be disrupted. For certain payment
methods, including credit and debit cards, we generally pay processing and gateway fees, and such fees result in costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, online payment providers are under continued pressure to pay increased fees to banks to process funds, and there is no assurance
that such online payment providers will not pass on any increased costs. If these fees increase over time, our operating costs will increase,
which could materially and adversely affect our business operations, financial performance, financial condition, results of operations
and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Failures
of the payment processing infrastructure underlying our platform could cause consumers and driver partners to lose trust in our payment
systems and could cause them to instead use our competitors&#8217; platforms. If the quality or convenience of our payment processing
infrastructure declines as a result of these limitations or for any other reason, the attractiveness of our business to driver partners
could be adversely affected. If we are forced to migrate to other third-party payment service providers for any reason, the transition
would require significant time and management resources, and may not be as effective, efficient, or well-received by platform users.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
online payment providers require us to comply with payment card network operating rules, which are set and interpreted by the payment
card networks. The payment card networks could adopt new operating rules or interpret or reinterpret existing rules in ways that might
prohibit us from providing certain services to some users, be costly to implement, or be difficult to follow. If we fail to comply with
these rules or regulations, we may be subject to fines and higher transaction fees and/or lose our ability to accept credit and debit
card payments from consumers or facilitate other types of online payments. Any of the foregoing risks could adversely affect our business
operations, financial performance, financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, as a platform business, our business model generally provides a platform enabling driver partners and other third parties,
such as insurance companies and financial institutions to reach a broader base of consumers. We believe that our platform holds potential
in expanding the size and increasing the diversity of the customer base for insurance companies&#8217; and financial institutions by
serving as an outreach marketing tool which assist in increasing the exposure and awareness of the insurance companies and financial
institutions to end riders who use our application. We achieve this by offering complimentary insurance coverage to our customers and
facilitating payments through a variety of credit cards via Stripe, thereby promoting awareness of and familiarity of these insurance
companies and financial institutions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent such third parties use other means to reach consumers instead of our platform, our business operations, financial performance,
financial condition, results of operations and prospects could be adversely impacted as we do not provide the services offered through
our platform ourselves.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Unfavorable
media coverage could harm our business operations, financial performance, financial condition, results of operations and prospects.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, we are the subject of media coverage. Unfavorable publicity regarding, among other things, our business model or offerings,
user support, technology, platform changes, platform quality, privacy or security practices, regulatory compliance, financial or operating
performance, accounting judgments or management team could adversely affect our reputation. Such negative publicity could also harm the
size of our network and the engagement and loyalty of consumers and driver partners that utilize our platform, which could adversely
affect our business operations, financial performance, financial condition, results of operations and prospects. Negative publicity could
also draw regulator attention and lead to regulatory action or new laws or regulations impacting our business. In addition, the foregoing
risks are increased by the widespread use of social media and the increasing incidence of fake or unsubstantiated news, particularly
on social media and other online platforms.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
our platform continues to scale and public awareness of our brand increases, any future issues that draw media coverage could have an
amplified negative effect on our reputation and brand. In addition, negative publicity related to key brands or influencers that we have
partnered with may damage our reputation, even if the publicity is not directly related to us. The occurrence of any of the foregoing
could materially and adversely affect our business operations, financial performance, financial condition, results of operations and
prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
rely on the Land Transport Authority of Singapore for the validity of certain licenses.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
potential driver partners are required to go through our security and safety screening checks before being qualified as a driver partner
on our platform. Part of this profile verification involves ensuring that driver partners have valid licenses issued by the Land Transport
Authority of Singapore, in particular, the Taxi Driver&#8217;s Vocational License (TDVL) and/or the Private Hire Car Driver&#8217;s Vocational
License (PDVL). These licenses are a requirement for potential driver partners in Singapore that use our platform, pursuant to applicable
law, and our business may be adversely affected to the extent that we depend on the Land Transport Authority of Singapore for the accuracy
for such licenses still subsisting, or whether it has been revoked.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Land Transport Authority of Singapore&#8217;s information to us on the validity of such licenses is inaccurate, unqualified drivers
may be permitted to conduct passenger trips or make quick commerce deliveries on our platform, and as a result, we may be unable to adequately
protect or provide a safe environment for consumers. Qualified drivers may also be inadvertently excluded from our platform, which could
adversely affect our reputation and brand.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
of the foregoing risks could materially and adversely affect our business operations, financial performance, financial condition, results
of operations and prospects.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
depend on talented, experienced and committed personnel, including engineers, to grow and operate our business, and if we are unable
to recruit, train, motivate and retain qualified personnel, particularly in the technology sector, our business operations, financial
performance, financial condition, results of operations and prospects may be materially and adversely affected.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to the nature of our industry, our business needs to constantly upgrade our technical systems which in turn depends on the skills and
capability of our employees. In the event we are not able to attract or retain talent, our business may be adversely affected. Therefore,
a fundamental driver of our ability to succeed is our ability to recruit, train and retain high-quality management, operations, engineering,
and other personnel who are in high demand, are often subject to competing employment offers and are attractive recruiting targets for
our competitors. Our senior management, mid-level managers and technology sector employees, including software engineers, DevOps engineers,
data analysts, senior product manager, graphic designer are instrumental in implementing our business strategies, executing our business
plans and supporting our business operations and growth. There is particularly acute competition for technology sector and technology
development employees in Singapore. In addition, we depend on the continued services and performance of our key personnel. Our chairman
and CEO, Mr. Terence Zou, and CFO, Mr. Lang Chen Fei and their involvement in our business are important to our success. These key executives
play a central role in the development and implementation of our business strategies and initiatives. Any decrease in the involvement
of any of these key executives in our business or loss of key personnel, particularly to competitors, could have an adverse effect on
our business operations, financial performance, financial condition, results of operations and prospects. The unexpected or abrupt departure
of one or more of our key personnel and the failure to effectively transfer knowledge and effect smooth key personnel transitions may
in the future have an adverse effect on our business resulting from the loss of such person&#8217;s skills, knowledge of our business,
and years of industry experience. Although our employment contracts contain non-compete clauses, there is the risk that such non-compete
clauses may be deemed unenforceable under applicable law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
attract and retain key personnel, we use equity incentives, among other measures, which may not be sufficient to attract and retain the
personnel we require to operate our business effectively. As demand in the technology sector intensifies, we may be required to offer
more in terms of cash or equity in order to attract and retain talent, which would increase our expenses. The equity incentives we use
to attract, retain, and motivate employees may not be effective, particularly if the value of the underlying stock does not increase
commensurate with expectations or consistent with our historical growth. We may need to invest significant amounts of cash and equity
to attract and retain new employees and expend significant time and resources to identify, recruit, train and integrate such employees,
and we may never realize returns on these investments. If we are unable to attract and retain high-quality management and operating personnel
as and when required, our business operations, financial performance, financial condition, results of operations and prospects could
be adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ability to recruit and retain talent at desired compensation levels could also be limited by government policies, which at times may
favor Singapore nationals rather than hiring talent from abroad, which could impact our talent pool and the costs associated with it.
Our ability to recruit and retain talent and maintain good relations with our employees could also be impacted by employee activism over
social, political or other matters. There is no assurance that there will be no loss of any of our talented, experienced and committed
personnel or that our management succession plans will be successful in grooming successors.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Adverse
litigation judgments or settlements resulting from legal proceedings in which we may be involved could expose us to monetary damages
or limit the ability to operate our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the course of our business, we may be involved in private actions, collective actions, class actions, investigations, and various other
legal proceedings by driver partners, consumers, employees, commercial partners, competitors, or government agencies, among others, relating
to, for example, personal injury or property damage cases, wrongful act, subrogation, employment or labor-related disputes such as wrongful
termination of employment, consumer complaints, disputes with driver partners, contractual disputes with consumers or suppliers, disputes
with third parties and regulatory inquiries or proceedings relating to compliance with competition and data privacy regulations. The
results of any such litigation, investigations, and legal proceedings are inherently unpredictable and may be expensive. Any claims against
us, whether meritorious or not, could be time consuming, costly, and harmful to our reputation, and could require significant amounts
of management time and corporate resources. Furthermore, we may be held jointly responsible for claims against third parties offering
their services through our platform, including driver partners. If any of these legal proceedings were to be determined adversely to
us, or we were to enter into any settlement arrangement, we could be exposed to monetary damages or be forced to change the way in which
we operate our business, which could have an adverse effect on our business operations, financial performance, financial condition, results
of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
such disputes or future disputes could subject us to negative publicity, have an adverse impact on our brand and reputation, divert management&#8217;s
time and attention, involve significant costs and otherwise materially and adversely affect our business operations, financial performance,
financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
track certain operating metrics with internal systems and tools and do not independently verify such metrics. Certain of our operating
metrics are subject to inherent challenges in measurement, and any real or perceived inaccuracies in such metrics may adversely affect
our business and reputation.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
track certain key operating metrics, including, among others, our Gross Merchandise Value (&#8220;GMV&#8221;), driver partners incentives,
and consumer incentives, with internal systems and tools that are not independently verified by any third party and which may differ
from estimates or similar metrics published by third parties due to differences in sources, methodologies, or the assumptions on which
we rely. Our internal systems and tools have a number of limitations, and our methodologies for tracking these metrics may change over
time, which could result in unexpected changes to our metrics, including the metrics we publicly disclose. If the internal systems and
tools we use to track these metrics undercount or overcount performance or contain algorithmic or other technical errors, the data we
report may not be accurate. While these numbers are based on what we believe to be reasonable estimates of our metrics for the applicable
period of measurement, there are inherent challenges in measuring how our platform is used. For example, the accuracy of our operating
metrics could be impacted by fraudulent users of our platform, and further, we believe that there are consumers who have multiple accounts,
even though this is prohibited in our Terms of Service and we implement measures to detect and prevent this behavior. Consumer usage
of multiple accounts may cause us to overstate the number of consumers on our platform. In addition, limitations or errors with respect
to how we measure data or with respect to the data that we measure may affect our understanding of certain details of our business, which
could affect our long-term strategies. If our operating metrics are not accurate representations of our business, if investors do not
perceive our operating metrics to be accurate, or if we discover material inaccuracies with respect to these figures, we expect that
our business operations, financial performance, financial condition, results of operations and prospects could be materially and adversely
affected.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
use of open-source software (OSS) under restrictive licenses could: (i) adversely affect our ability to license and commercialize certain
elements of our proprietary code based on the commercial terms of our choosing; (ii) result in a loss of our trade secrets or other intellectual
property rights with respect to certain portions of our proprietary code; and (iii) subject us to litigation and other disputes.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, the incorporation of OSS would be a potential cause of concern where the OSS is licensed under restrictive OSS licenses. Under
restrictive OSS licenses, a licensee could be required to release to the public the source code of certain elements of its proprietary
software which incorporate OSS or modified OSS in a certain manner; and (ii) have been conveyed or distributed to the public, or which
the public interacts with. In some cases, restrictive OSS licenses may require a licensee to ensure that elements of its proprietary
software are licensed to the public on the terms set out in the relevant OSS license or at no cost. This could allow competitors to use
certain elements of the licensee&#8217;s proprietary software on a relatively unrestricted basis or develop similar software at a lower
cost.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OSS
licensors generally do not provide warranties for their OSS, and the OSS may contain security vulnerabilities that we must actively manage
or patch. It may be necessary for us to commit substantial resources to remediate our use of OSS under restrictive OSS licenses, for
example by engineering alternative or work-around code.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is an increasing number of OSS license types, and the terms under many of these licenses are unclear or ambiguous, and have not been
interpreted by Singapore or foreign courts, and therefore, the potential impact of such licenses on our business is not fully known or
predictable. As a result, these licenses could be construed in a way that could impose unanticipated conditions or restrictions on our
ability to commercialize our own proprietary code (and in particular the elements of our proprietary code which incorporates OSS or modified
OSS). Furthermore, we could become subject to lawsuits or claims challenging our use of OSS or compliance with OSS license terms. If
unsuccessful in these lawsuits or claims, we may face IP infringement or other liabilities, be required to seek costly licenses from
third parties for the continued use of third-party IP, be required to re-engineer elements of our proprietary code base (e.g. for the
sake of avoiding third-party IP infringement), discontinue or delay the use of infringing aspects of our proprietary code base (such
as if re-engineering is not feasible), or disclose and make generally available, in source code form, certain elements of our proprietary
code.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">More
broadly, the use of OSS can give rise to greater risks than the use of commercially acquired software, since open-source licensors usually
limit their liability in respect of the use of the OSS, and do not provide support, warranties, indemnifications or other contractual
protections regarding the use of the OSS which would ordinarily be provided in the context of commercially acquired software.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
of the foregoing could adversely impact the value of certain elements of our proprietary code base, and our ability to enforce our intellectual
property rights in such code base against third parties. In turn, this could materially and adversely affect our business operations,
financial performance, financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Increases
in fuel, energy, and other costs could adversely affect us.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Factors
such as inflation, increased fuel prices, and increased vehicle purchase, rental, or maintenance costs may increase the costs incurred
by the driver partners when providing services on our platform. Many of the factors affecting driver partner costs are beyond their control.
In many cases, these increased costs may cause driver partners to spend less time providing services on our platform or to seek alternative
sources of income. A decreased supply of consumers and driver partners on our platform could harm our business operations, financial
performance, financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
as with other businesses in Singapore, we expect to face inflationary pressures and a general trend of increase in the costs of overheads
such as utilities. Singapore has raised its Goods and Services Tax (&#8220;GST&#8221;) from 7% to 8% in 2023 and is planning a further
GST raise from 8% to 9% in 2024, which could further contribute to cost increases as well. These factors may materially and adversely
affect our business operations, financial performance, financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
allow consumers to pay for rides through our platform using cash, which raises numerous operational and safety concerns.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
allow consumers to use cash to pay the driver partners the entire fare of rides (including the service fee payable to us by driver partners
from such rides). The use of cash raises numerous operational and safety concerns. The use of cash can increase safety and security risks
for the driver partners, including potential robbery, assault, violent or fatal attacks, and other criminal acts. We have undertaken
steps to minimize the use of cash by encouraging the use of credit and debit card payments, and providing consumer incentives to encourage
the use of RydeCoins. Additionally, in the event that individual accounts breach or are suspected to have breached the terms of use policies,
the use of cash will be suspended to reduce fare evasion and phantom bookings. As of the date of this annual report, the use of cash
for certain consumer accounts has been temporarily disabled based on our security algorithms.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, establishing the proper infrastructure to ensure that we receive the correct fee on cash trips is complex, and has in the past
meant and may continue to mean that we cannot collect the entire fee for certain cash-based transactions. We have created a system for
us to collect and properly account for cash received, though it may not always be effective or convenient. Our system allows us to collect
service fee and commissions on cash-based trips by offsetting the amount of cash we would have collected, from the digital wallets of
our driver partners. Should the amount in the driver partners&#8217; digital wallet fall below a certain threshold, we will disable the
cash payment option for such accounts for consequent trips in order to mitigate the risk of not being able to collect our commissions
from driver partners for such cash-based trips. Creating, maintaining, and improving these systems requires significant effort and resources,
and we cannot guarantee these systems will be effective in collecting amounts due to us. Further, operating a business that uses cash
raises compliance risks with respect to a variety of rules and regulations, including anti-money laundering laws. If driver partners
fail to pay us under the terms of our agreements or if our collection systems fail, we may be adversely affected by both the inability
to collect amounts due and the cost of enforcing the terms of our contracts, including litigation. Such collection failure and enforcement
costs, along with any costs associated with a failure to comply with applicable rules and regulations, could materially and adversely
affect our business operations, financial performance, financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
have insurance coverage provided by third parties, and we are subject to the risk that this may be insufficient or that insurance providers
may be unable to meet their obligations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
depend on (i) insurance coverage for driver partners and on other types of insurance for additional risks related to our business, and
(ii) the driver partners&#8217; ability to procure and maintain insurance required by law. We maintain a number of insurance policies,
including, but not limited to, workers&#8217; compensation, and director and officers&#8217; liability. If our insurance providers change
the terms of our policies in an adverse manner, our insurance costs could increase, and if the insurance coverage we maintain is not
adequate to cover losses that occur, we could be liable for additional costs. Additionally, there are certain types of losses such as
from wars, acts of terrorism or some acts of God that generally are not insured because they are either uninsurable or not economically
insurable. In the event any of our insurance providers become insolvent, we would be unable to pay any claim that we make.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
example, the relevant regulator requires driver partners to carry automobile insurance in Singapore. We rely on a limited number of insurance
providers, and should such providers discontinue or increase the cost of coverage, we cannot guarantee that we, on behalf of driver partners,
would be able to secure replacement coverage on reasonable terms or at all. If we are required to purchase additional insurance for other
aspects of our business, or if we fail to comply with regulations governing insurance coverage, our business could be harmed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may also be subject to claims of significant liability based on traffic accidents, injuries, or other incidents that are claimed to have
been caused by the driver partners. Even if these claims do not result in liability, we could incur significant costs in investigating
and defending against them. If we are subject to claims of liability relating to the acts of driver partners or others using our platform,
we may be subject to negative publicity and incur additional expenses, which could materially and adversely affect our business operations,
financial performance, financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
have plans to expand to other countries and are therefore subject to potential risks associated with operating and investing in these
countries.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently derive all of our revenue from our operations in Singapore. However, we have plans to expand our business in other countries.
Our potential operations and investments in these countries may be subject to various risks related to the economic, political and social
conditions of the countries in which we may operate in, including risks related to the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">inconsistent
    and evolving regulations, licensing and legal requirements may increase our operational risks and cost of operations among the countries
    in which we may operate in;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">currencies
    may be devalued or may depreciate or currency restrictions or other restraints on transfer of funds may be imposed;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    effects of inflation within these countries generally and/or within any specific country in which we may operate may increase our
    cost of operations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">governments
    or regulators may impose new or more burdensome regulations, taxes or tariffs;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">political
    changes may lead to changes in the business, legal and regulatory environments in which we may operate in;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">economic
    downturns, political instability, civil disturbances, war, military conflict, religious or ethnic strife, terrorism and general security
    concerns may negatively affect our operations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">enactment
    or any increase in the enforcement of regulations, including, but not limited to, those related to personal data protection and localization
    and cybersecurity, may incur compliance costs;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">health
    epidemics, pandemics or disease outbreaks (including the COVID-19 outbreak) may affect our operations and demand for our offerings;
    and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">natural
    disasters like volcanic eruptions, floods, typhoons and earthquakes may impact our operations severely.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
example, volatile political situations in certain Southeast Asian countries could impact our business. Any disruptions in our business
activities or volatility or uncertainty in the economic, political or regulatory conditions in the markets we potentially may operate
in could adversely affect our business operations, financial performance, financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
the laws in the countries in which we potentially may operate may change and their interpretation and enforcement may involve significant
uncertainties that could limit the reliability of the legal protections available to us. We cannot predict the effects of future developments
in the legal regimes in the countries in which we may potentially operate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
of the foregoing risks could materially and adversely affect our business operations, financial performance, financial condition, results
of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Negative
publicity, including those relating to any of our Directors, executive officers, shareholders of more than 5% of our Ordinary Shares,
may adversely affect our share price.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Negative
publicity or announcements, including those relating to any of our Directors, executive officers, shareholders of more than 5% of our
Ordinary Shares, with or without merit, may adversely affect the market perception of our Group or the performance of the price of our
shares, whether or not it is justified. For instance, such negative publicity may arise from unsuccessful attempts in joint ventures,
acquisitions or take-overs, or involvement in litigation or insolvency proceedings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Natural
events, wars, terrorist attacks and other acts of violence involving any of the countries in which we have plans to expand into in the
future could adversely affect our operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Natural
disaster events (such as earthquakes, tsunamis, volcanic eruptions, floods, tropical weather conditions and landslides), terrorist attacks,
civil unrest, protests and other acts of violence or war may adversely disrupt our operations in the countries we may expand into in
the future, lead to economic weakness in such countries in which they occur and affect worldwide financial markets, and could potentially
lead to economic recession, which could materially and adversely affect our business operations, financial performance, financial condition,
results of operations and prospects. These events could precipitate sudden significant changes in regional and global economic conditions
and cycles. These events may also potentially pose significant risks to our people and to our business operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RISKS
RELATING TO OUR SECURITIES </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>An
active trading market for our Class A Ordinary Shares may not be established or, if established, may not continue and the trading price
for our Class A Ordinary Shares may fluctuate significantly.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot assure you that a liquid public market for our Class A Ordinary Shares will be established. If an active public market for our
Class A Ordinary Shares does not occur, the market price and liquidity of our Class A Ordinary Shares may be materially and adversely
affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may not maintain the listing of our Class A Ordinary Shares on the NYSE American which could limit investors&#8217; ability to make transactions
in our Class A Ordinary Shares and subject us to additional trading restrictions.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
listed our Class A Ordinary Shares on the NYSE American. In order to continue listing our shares on the NYSE American, we must maintain
certain financial and share price levels and we may be unable to meet these requirements in the future. We cannot assure you that our
shares will continue to be listed on the NYSE American in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the NYSE American delists our Class A Ordinary Shares and we are unable to list our shares on another national securities exchange, we
expect our shares could be quoted on an over-the-counter market in the United States. If this were to occur, we could face significant
material adverse consequences, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    limited availability of market quotations for our Class A Ordinary Shares;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reduced
    liquidity for our Class A Ordinary Shares;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    determination that our Class A Ordinary Shares are &#8220;penny stock&#8221;, which will require brokers trading in our shares to
    adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our
    Class A Ordinary Shares;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    limited amount of news and analyst coverage; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    decreased ability to issue additional securities or obtain additional financing in the future.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
long as our Class A Ordinary Shares are listed on the NYSE American, U.S. federal law prevents or pre-empts the states from regulating
their sale. However, the law does allow the states to investigate companies if there is a suspicion of fraud, and, if there is a finding
of fraudulent activity, then the states can regulate or bar their sale. Further, if we were no longer listed on the NYSE American, we
would be subject to regulations in each state in which we offer our shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
trading price of our Class A Ordinary Shares may be volatile, which could result in substantial losses to investors.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trading price of our Class A Ordinary Shares may be volatile and could fluctuate widely due to factors beyond our control. This may happen
because of the broad market and industry factors, like the performance and fluctuation of the market prices of other companies with business
operations located mainly in Singapore that have listed their securities in the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to market and industry factors, the price and trading volume for our shares may be highly volatile for factors specific to our
own operations, including the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">fluctuations
    in our revenue, earnings and cash flow;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in financial estimates by securities analysts;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">additions
    or departures of key personnel;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">release
    of lock-up or other transfer restrictions on our outstanding equity securities or sales of additional equity securities; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">potential
    litigation or regulatory investigations.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
of these factors may result in significant and sudden changes in the volume and price at which our shares will trade.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the past, shareholders of public companies have often brought securities class action suits against those companies following periods
of instability in the market price of their securities. If we were involved in a class action suit, it could divert a significant amount
of our management&#8217;s attention and other resources from our business and operations and require us to incur significant expenses
to defend the suit, which could harm our results of operations. Any such class action suit, whether or not successful, could harm our
reputation and restrict our ability to raise capital in the future. In addition, if a claim is successfully made against us, we may be
required to pay significant damages, which could have a material adverse effect on our business, financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
securities or industry analysts do not publish research or reports about our business, or if they adversely change their recommendations
regarding our Class A Ordinary Shares, the market price for our Class A Ordinary Shares and trading volume could decline.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trading market for our Class A Ordinary Shares will be influenced by research or reports that industry or securities analysts publish
about us or our business. If one or more analysts downgrade their assessment on our Class A Ordinary Shares or publish inaccurate or
unfavorable research about our business, the market price for our Class A Ordinary Shares would likely decline. If one or more of these
analysts cease to cover us or fail to regularly publish reports on us, or if these securities analysts are not widely respected within
the general investment community, we could lose visibility in the financial markets, which in turn could cause the market price or trading
volume for our Class A Ordinary Shares to decline.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Short
selling may drive down the market price of our Class A Ordinary Shares.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short
selling is the practice of selling shares that the seller does not own but rather has borrowed from a third party with the intention
of buying identical shares back at a later date to return to the lender. The short seller hopes to profit from a decline in the value
of the shares between the sale of the borrowed shares and the purchase of the replacement shares, as the short seller expects to pay
less in that purchase than it received in the sale. As it is in the short seller&#8217;s interest for the price of the shares to decline,
many short sellers publish, or arrange for the publication of, negative opinions and allegations regarding the relevant issuer and its
business prospects in order to create negative market momentum and generate profits for themselves after selling the shares short. These
short attacks have, in the past, led to selling of shares in the market. If we were to become the subject of any unfavorable publicity,
whether such allegations are proven to be true or untrue, we would have to expend a significant amount of resources to investigate such
allegations and/or defend ourselves. While we would strongly defend against any such short seller attacks, we may be constrained in the
manner in which we can proceed against the relevant short seller by principles of freedom of speech, applicable state law or issues of
commercial confidentiality.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>There
can be no assurance that we will not be a passive foreign investment company for U.S. federal income tax purposes, which could result
in adverse U.S. federal income tax consequences for U.S. investors who own our securities.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a non-U.S. corporation and, as such, we will be classified as a passive foreign investment company (&#8220;PFIC&#8221;) for any taxable
year if, for such year, either:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
    least 75% of our gross income for the year is passive income; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    average percentage of our assets (determined at the end of each quarter) during the taxable year that produced passive income or
    that are held for the production of passive income is at least 50%.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Passive
income generally includes dividends, interest, rents, royalties (other than rents or royalties derived from the active conduct of a trade
or business) and gains from the disposition of passive assets. For purposes of the PFIC analysis, in general, a non-U.S. corporation is deemed to own its <i>pro rata</i> share
of the gross income and assets of any entity in which it is considered to own at least 25% of the equity by value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the current and projected composition of our income and assets, and the expected value of our assets, including goodwill, which is
based on the expected price of our Class A Ordinary Shares in the offering, we do not expect to be a PFIC for the current taxable year.
However, because PFIC status is determined on an annual basis, and therefore our PFIC status for the current taxable year and any future
taxable year will depend upon the future composition of our income and assets, there can be no assurance that we will not be a PFIC for
any taxable year. If we are a PFIC for any taxable year during which a U.S. investor holds Class A Ordinary Shares, we generally would
continue to be treated as a PFIC with respect to that U.S. investor for all succeeding years during which the U.S. investor holds such
Class A Ordinary Shares, even if we ceased to meet the threshold requirements for PFIC status. In such case, such a U.S. investor generally
will be subject to adverse U.S. federal income tax consequences, including (i) the treatment of all or a portion of any gain on disposition
as ordinary income, (ii) the application of a deferred interest charge on such gain and the receipt of certain dividends and (iii) compliance
with certain reporting requirements. We do not intend to provide the information that would enable investors to make a qualified electing
fund election that could mitigate the adverse U.S. federal income tax consequences should we be a PFIC. You are urged to consult your
tax advisor concerning the U.S. federal income tax consequences of owning and disposing of Class A Ordinary Shares if we are to become
classified as a PFIC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are an emerging growth company within the meaning of the Securities Act and may take advantage of certain reduced reporting requirements.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an &#8220;emerging growth company&#8221;, as defined in the JOBS Act, and we may take advantage of certain exemptions from various
requirements applicable to other public companies that are not emerging growth companies including, most significantly, not being required
to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act for so long as we are an emerging growth
company. As a result, if we elect not to comply with such auditor attestation requirements, our investors may not have access to certain
information they may deem important.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, Section 102(b)(1) of the JOBS Act exempts an emerging growth company from being required to comply with new or revised financial
accounting standards until such date that a private company is otherwise required to comply with such new or revised accounting standards.
In other words, an &#8220;emerging growth company&#8221; can delay the adoption of certain accounting standards until those standards
would otherwise apply to private companies. We have elected to take advantage of the extended transition period, although we have already
adopted certain new and revised accounting standards based on transition guidance permitted under such standards. As a result of this
election, our future financial statements may not be comparable to other public companies that comply with the public company effective
dates for these new or revised accounting standards, which may make our Class A Ordinary Shares less attractive to investors. In addition,
if we cease to be an emerging growth company, we will no longer be able to use the extended transition period for complying with new
or revised accounting standards.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are a foreign private issuer within the meaning of the Exchange Act, and as such we are exempt from certain provisions applicable to
United States domestic public companies.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
we are a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations
in the United States that are applicable to U.S. domestic issuers, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    rules under the Exchange Act requiring the filing of quarterly reports on Form 10-Q or current reports on Form 8-K with the SEC;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered
    under the Exchange Act;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    sections of the Exchange Act requiring insiders to file public reports of their share ownership and trading activities and liability
    for insiders who profit from trades made in a short period of time; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    selective disclosure rules by issuers of material non-public information under Regulation FD.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are required to file an annual report on Form 20-F within four (4) months after the end of each fiscal year. In addition, we intend to
publish our financial results on a semi-annual basis through press releases distributed pursuant to the rules and regulations of the
NYSE American. Press releases relating to financial results and material events will also be furnished to the SEC on Form 6-K. However,
the information we are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to
be filed with the SEC by U.S. domestic issuers. As a result, you may not be afforded the same protections or information that would be
made available to you if you were investing in a U.S. domestic issuer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
determination of foreign private issuer status is made annually on the last Business Day of an issuer&#8217;s most recently completed
on December 31, 2023, and, accordingly, the next determination will be made with respect to us on December 31, 2024. In the future, we
would lose our foreign private issuer status if more than 50% of our outstanding voting securities become directly or indirectly held
of record by U.S. Holders and any one of the following is true: (i) the majority of our directors or executive officers are U.S. citizens
or residents; (ii) more than 50% of our assets are located in the United States; or (iii) our business is administered principally in
the United States. If we lose our foreign private issuer status, we will be required to file with the SEC periodic reports and registration
statements on U.S. domestic issuer forms, which are more detailed and extensive than the forms available to a foreign private issuer.
We will also have to comply with U.S. federal proxy requirements, and our officers, Directors and 10% shareholders will become subject
to the short-swing profit disclosure and recovery provisions of Section 16 of the Exchange Act. In addition, we will lose our ability
to rely upon exemptions from certain corporate governance requirements under the listing rules of the NYSE American. As a U.S. listed
public company that is not a foreign private issuer, we will incur significant additional legal, accounting and other expenses that we
will not incur as a foreign private issuer.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>As
an exempted company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate
governance matters that differ significantly from NYSE American corporate governance listing standards.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
an exempted company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate
governance matters that differ significantly from the corporate governance listing requirements of the NYSE American. These practices
may afford less protection to shareholders than they would enjoy if we complied fully with corporate governance listing requirements
of the NYSE American. We will rely on home country practice to be exempted from certain of the corporate governance requirements of the
NYSE American, namely:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">there
    will not be a necessity to hold meetings of board of directors on at least a quarterly basis, or the requirement for independent
    directors to have regularly scheduled executive sessions at least annually without the presence of non-independent directors and
    management; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">there
    will be no requirement for the Company to obtain shareholder approval with respect to (a) the establishment (or material amendment
    to) a stock option or purchase plan or other equity compensation arrangement as specified in Section 711 of the NYSE American LLC
    Company Guide; (b) the issuance of additional shares as sole or partial consideration for an acquisition of the stock or assets of
    another company in the circumstances specified in Section 712 of the NYSE American LLC Company Guide; and (c) the issuance of additional
    shares in connection with a transaction specified in Section 713 of the NYSE American LLC Company Guide, or that will result in a
    change of control of the Company.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
will incur significantly increased costs and devote substantial management time as a result of the listing of our Class A Ordinary Shares
on the NYSE American.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are required to comply with the requirements of the rules and regulations of the SEC and the NYSE American rules, including applicable
corporate governance practices. We expect that compliance with these requirements will increase our legal and financial compliance costs
and will make some activities more time-consuming and costly. In addition, we expect that our management and other personnel will need
to divert attention from operational and other business matters to devote substantial time to these public company requirements. We cannot
predict or estimate the number of additional costs we may incur as a public company or the timing of such costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, changing laws, regulations and standards relating to corporate governance and public disclosure are creating uncertainty for
public companies, increasing legal and financial compliance costs and making some activities more time-consuming. These laws, regulations
and standards are subject to varying interpretations, in many cases due to their lack of specificity, and, as a result, their application
in practice may evolve over time as new guidelines are provided by regulatory and governing bodies. This could result in continuing uncertainty
regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices. We intend to
invest resources to comply with evolving laws, regulations and standards, and this investment may result in increased general and administrative
expenses and a diversion of management&#8217;s time and attention from revenue-generating activities to compliance activities. If our
efforts to comply with new laws, regulations and standards differ from the activities intended by regulatory or governing bodies due
to ambiguities related to their application and practice, regulatory authorities may also initiate legal proceedings against us and our
business may be adversely affected.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Some
members of our management team have limited experience managing a publicly traded company, interacting with public company investors
and complying with the increasingly complex laws pertaining to public companies. Our management team may not successfully or efficiently
manage the transition to being a public company subject to significant regulatory oversight and reporting obligations under the federal
securities laws and regulations and the continuous scrutiny of securities analysts and investors. The need to establish the corporate
infrastructure demanded of a public company may divert the management&#8217;s attention from implementing our growth strategy, which
could prevent us from improving our business, financial condition and results of operations. Furthermore, we expect these rules and regulations
to make it more difficult and more expensive for us to obtain director and officer liability insurance, and consequently we may be required
to incur substantial costs to maintain the same or similar coverage. These additional obligations could have a material adverse effect
on our business, financial condition, results of operations and prospects. These factors could also make it more difficult for us to
attract and retain qualified members of our board of directors, particularly to serve on our audit committee, compensation committee
and nominating committee, and qualified executive officers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of disclosure of information in this annual report and in filings required of a public company, our business and financial condition
is more visible than private companies, which we believe may result in threatened or actual litigation, including by competitors and
other third parties. If such claims are successful, our business and operating results could be adversely affected, and, even if the
claims do not result in litigation or are resolved in our favor, these claims, and the time and resources necessary to resolve them,
could cause an adverse effect on our business, financial condition, results of operations, prospects and reputation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>You
may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because
we are incorporated under Cayman Islands law.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an exempted company incorporated under the laws of the Cayman Islands with limited liability, and conduct all of our operations through
our subsidiary, Ryde Technologies Pte. Ltd., outside the United States. All of our assets are located, and our officers and directors
reside, and the assets of such persons are located, outside the United States. As a result, it could be difficult or impossible for you
to bring an action against us or against these individuals outside of the United States in the event that you believe that your rights
have been infringed upon under the applicable securities laws or otherwise. Even if you are successful in bringing an action of this
kind, the laws of the Cayman Islands and Singapore could render you unable to enforce a judgment against our assets or the assets of
our directors and officers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, our corporate affairs are governed by our memorandum and articles of association, the Companies Act and the common law of the
Cayman Islands. The rights of shareholders to take action against our Directors and us, actions by minority shareholders and the fiduciary
duties of our Directors to us under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands. The common
law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as from the
common law of England and Wales, which are generally of persuasive authority, but are not binding, on a court in the Cayman Islands.
The rights of our shareholders and the fiduciary duties of our Directors under Cayman Islands law are not as clearly established as they
would be under statutes or judicial precedent in some jurisdictions in the United States. In particular, the Cayman Islands has a different
body of securities laws than the United States, and provide significantly less protection to investors. In addition, Cayman Islands companies
may not have the standing to initiate a shareholder derivative action in a federal court of the United States. There is no statutory
recognition in the Cayman Islands of judgments obtained in the United States, although the courts of the Cayman Islands will generally
recognize and enforce a non-penal judgment of a foreign court of competent jurisdiction without retrial on the merits.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
of Cayman Islands exempted companies like us have no general rights under Cayman Islands law to inspect corporate records (other than
the memorandum and articles of association, a list of the current directors of the company, the register of mortgages and charges and
any special resolutions passed by our shareholders) or to obtain copies of lists of shareholders of these companies. Our Directors are
not required under our memorandum and articles of association to make our corporate records available for inspection by our shareholders.
This may make it more difficult for you to obtain the information needed to establish any facts necessary for a shareholder resolution
or to solicit proxies from other shareholders in connection with a proxy contest.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
courts of the Cayman Islands are unlikely (i) to recognize or enforce judgments of courts of the United States predicated upon the civil
liability provisions of the federal securities laws of the United States or any state securities laws; and (ii) in original actions brought
in the Cayman Islands, to impose liabilities predicated upon the civil liability provisions of the federal securities laws of the United
States or any state securities laws, so far as the liabilities imposed by those provisions are penal in nature. In those circumstances,
although there is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, the courts of the Cayman
Islands will recognize and enforce a foreign money judgment of a foreign court of competent jurisdiction without retrial on the merits
based on the principle that a judgment of a competent foreign court imposes upon the judgment debtor an obligation to pay the sum for
which judgment has been given provided certain conditions are met. For a foreign judgment to be enforced in the Cayman Islands, such
judgment must be final and conclusive and for a liquidated sum, and must not be in respect of taxes or a fine or penalty, inconsistent
with a Cayman Islands judgment in respect of the same matter, impeachable on the grounds of fraud or obtained in a manner, or be of a
kind the enforcement of which is, contrary to natural justice or the public policy of the Cayman Islands (awards of punitive or multiple
damages may well be held to be contrary to public policy). A Cayman Islands Court may stay enforcement proceedings if concurrent proceedings
are being brought elsewhere.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
corporate governance practices in the Cayman Islands, which is our home country, differ significantly from requirements for companies
incorporated in other jurisdictions such as the United States. To the extent we choose to follow home country practice with respect to
corporate governance matters, our shareholders may be afforded less protection than they otherwise would under rules and regulations
applicable to U.S. domestic issuers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of all of the above, our shareholders may have more difficulty in protecting their interests in the face of actions taken by
our management or members of the board of Directors than they would as shareholders of a company incorporated in a U.S. state.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are exposed to risks arising from fluctuations of foreign currency exchange rates.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
our shares are quoted in US$ on the NYSE American, dividends, if any, in respect of our shares will be paid in US$. Fluctuations in the
exchange rate between the US$ and other currencies will affect, amongst other things, the foreign currency value of the proceeds which
a shareholder would receive upon sale of our shares and the foreign currency value of dividend distributions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Future
issuance of shares by us and sale of shares by our existing shareholders may adversely affect the price of our Class A Ordinary Shares.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event we issue or our shareholders sell substantial amounts of our shares in the public market, the price of our shares may be adversely
affected. The sale of a significant number of shares in the public market on the NYSE American, or the issue of further new securities
by us, or the perception that such sales or issues may occur, could materially affect the market price of our shares. Such issues or
sales may also make it difficult for us to issue new shares and raise the necessary funds in the future at a time and price we deem appropriate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
dual-class voting structure will limit your ability to influence corporate matters and could discourage others from pursuing any change
of control transactions that holders of our Class A Ordinary Shares may view as beneficial.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
authorized and issued Ordinary Shares are divided into Class A Ordinary Shares and Class B Ordinary Shares. Holders of Class A Ordinary
Shares are entitled to one vote per share, while holders of Class B Ordinary Shares are entitled to 10 votes per share. Each Class B
Ordinary Shares is convertible into one Class A Ordinary Shares at any time by the holder thereof, while Class A Ordinary Shares are not
convertible into Class B Ordinary Shares under any circumstances. The holder of Class B Ordinary Shares have the ability to control matters
requiring shareholders&#8217; approval, including any amendment of our memorandum and articles of association and approval over any change
of control transactions. Any conversions of Class B Ordinary Shares into Class A Ordinary Shares may dilute the percentage ownership
of the existing holders of Class A Ordinary Shares within their class of Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
founder, chairman of the board of directors and chief executive officer, Mr. Terence Zou, and DLG Ventures Pte. Ltd. beneficially own
all of our issued and outstanding Class B Ordinary Shares. These Class B Ordinary Shares constitute approximately 21.9% of our total
issued and outstanding share capital and approximately 69.5% of the aggregate voting power of our total issued and outstanding share
capital as of the date of this annual report. As a result of the dual-class share structure and the concentration of ownership, holders
of Class B Ordinary Shares have considerable influence over matters such as decisions regarding mergers and consolidations, election
of directors and other significant corporate actions. Such holders may take actions that are not in the best interest of us or our other
shareholders. This concentration of ownership may discourage, delay or prevent a change in control of our company, which could have the
effect of depriving our other shareholders of the opportunity to receive a premium for their shares as part of a sale of our company
and may reduce the price of our Class A Ordinary Shares. This concentrated control will limit your ability to influence corporate matters
and could discourage others from pursuing any potential merger, takeover or other change of control transactions that holders of Class
A Ordinary Shares may view as beneficial.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
securities or industry analysts do not publish or publish inaccurate or unfavorable research about our business, or if they adversely
change their recommendations regarding our Class A Ordinary Shares, the market price for our Class A Ordinary Shares and trading volume
could decline.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trading market for our Class A Ordinary Shares depends in part on the research and reports that securities or industry analysts publish
about us or our business. If research analysts do not establish and maintain adequate research coverage or if one or more of the analysts
who covers us downgrades our Class A Ordinary Shares or publishes inaccurate or unfavorable research about our business, the market price
for our Class A Ordinary Shares would likely decline. If one or more of these analysts cease coverage of the Company or fail to publish
reports on us regularly, we could lose visibility in the financial markets, which, in turn, could cause the market price or trading volume
for our Class A Ordinary Shares to decline.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
conversion by the holders of Class B Ordinary Shares into Class A Ordinary Shares will result in a dilution of the percentage ownership
of the existing holders of Class A Ordinary Shares within their class of Ordinary Shares.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders
of Class B Ordinary Shares may convert each Class B Ordinary Shares into one fully paid Class A Ordinary Shares at any time. The right
to convert is exercisable by the holder of the Class B Ordinary Shares by delivering a written notice to the Company that such holder
elects to convert a specified number of Class B Ordinary Shares into Class A Ordinary Shares. In no event shall Class A Ordinary Shares
be convertible into Class B Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, upon the occurrence of any of the following events:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
any sale, transfer, assignment or disposition of Class B Shares by a holder thereof to any person which is not an affiliate of such holder;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
a change of beneficial ownership of any Class B Shares as a result of which any person who is not an affiliate of the holders of such
Ordinary Shares becomes a beneficial owner of such Ordinary Shares;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)
the death of Zou Junming Terence;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)
the incapacity of Zou Junming Terence (as determined by a certified medical professional); or</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)
the effective date of termination of Zou Junming Terence&#8217;s directorship or employment,</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
relation to paragraphs (i) and (ii) only, the Class B Shares held by the relevant holder and, in relation to paragraphs (iii), (iv) and
(v) only, the Class B Shares held by Zou Junming Terence and DLG Ventures Pte. Ltd., shall be automatically and immediately converted
into an equal number of Class A Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accordingly,
the conversion by any holder of Class B Ordinary Shares held by it into Class A Ordinary Shares will result in a dilution of the percentage
ownership of the existing holders of Class A Ordinary Shares within their class of Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may not be able to declare dividends in the future.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are not legally or contractually required to pay dividends and any determination to pay dividends in the future will be entirely at the
discretion of our Board, taking into consideration a number of factors including our level of cash and retained earnings, our financial
performance, capital expenditure and expansion plans, working capital requirements and general financial condition, the ability of our
subsidiaries to declare and pay dividends to our Company and any applicable restrictions and any other factors that our Board may deem
relevant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Companies Act, no dividends may be paid except out of profits or share premium, and provided that in no circumstances may a dividend
be paid if this would result in our company being unable to pay its debts as they fall due in the ordinary course of business. Our ability
to declare dividends to our shareholders in the future will be contingent on our future financial performance and distributable reserves
of our Company. This is in turn dependent on our ability to implement our future plans, and on regulatory, competitive and technical
factors and other factors such as general economic conditions, demand for our ride-hailing and quick commerce services and other factors
exclusive to the mobility and quick commerce industry, many of which are beyond our control. Any of these factors could have a material
adverse effect on our business operations, prospects, financial position and results of operations, and hence there is no assurance that
we will be able to pay dividends to our shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
receipt of dividends from our subsidiaries may also be affected by the passage of new laws, adoption of new regulations and other events
outside our control, and our subsidiaries may not continue to meet the applicable legal and regulatory requirements for the payment of
dividends in the future. Source withholding tax and exchange rate fluctuations may also apply to dividends and distributions from our
subsidiaries to us. If our subsidiaries stop paying dividends or reduce the amount of the dividends they pay to our Company, or dividends
become subject to increased tax because of changes in ownership of our subsidiaries or changes in tax laws or treaties, it would have
an adverse effect on our ability to pay dividends on our Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
in the event that we are required to enter into any loan arrangements with any financial institutions, covenants in the loan agreements
may also limit when and how much dividends we can declare and pay out.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="s_007"></span>ITEM
4. INFORMATION ON THE COMPANY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4.A.
History and Development of the Company</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Corporate
History</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Company, Ryde Group Ltd, was incorporated in the Cayman Islands on February 21, 2023 under the Companies Act as an exempted company with
limited liability. We currently operate in Singapore, with our core businesses in the following segments:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">mobility,
    where we provide on-demand and scheduled carpooling and ride-hailing services, matching riders to our driver partners; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">quick
    commerce, where we provide on-demand, scheduled, and multi-stop parcel delivery services.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
set out below our key milestones, which show the growth journey of our Group and development of our service offerings throughout the
years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 88%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Milestone</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2014</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ryde
    Technologies Pte. Ltd. was founded by Mr. Terence Zou, our chairman and CEO. At this point in time, well known players Uber and Grab
    had begun to provide ride hailing services for private hire drivers. We differentiated ourselves by intending to provide an on-demand
    carpooling offering via our mobile app, with the aim of providing a cleaner, greener, and more efficient way for point-to-point transport
    users in Singapore to get around. We had a vision to become a technology-focused &#8220;Super mobility app&#8221; where multiple
    mobility tools can be accessed and function seamlessly out of a single app, offering ultimate convenience and reliability for consumers.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2015</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    launched our on-demand carpooling app to market with the intention of growing our business within the carpooling vertical.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2016</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    a young company, we required resources in order to advance our technology capabilities. To this end, we raised S$1 million from a
    venture capital company. The funds were used to grow our in-house technology team, improving our technology offerings, as well as
    for initiatives to grow our driver partner supply.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2017</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                            in-house technology team identified that, though our carpooling app was able to leverage
                                            the technology to provide on-demand carpooling services, the traditional taxi industry in
                                            Singapore did not appear to be able to fully utilize the benefits of such technological advances,
                                            leading to what we believe was a less than ideal consumer experience, driven by issues such
                                            as long wait times for taxis, and acceptance of limited types of non-cash payments or cash-only
                                            payments.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
    this end, we expanded our service offerings to include ride-hailing services for taxis. Our first taxi partnership was with a Singapore
    Exchange Securities Trading Limited (&#8220;SGX-ST&#8221;) listed transport company. We onboarded their taxis onto our platform,
    enabling their taxi drivers to accept taxi-bookings via services integration with our app, as well as allowing our mobile app to
    connect with their technology infrastructure where needed. Our expansion efforts were supported by the venture capital company that
    invested an additional S$2.5 million to aid us in further development of our technology infrastructure.</span></p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2018</span></td>
    <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 88%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                           addressed a gap in the market and launched our on-demand pet-friendly travel option, RydePET in February 2018.</span></p>
    <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    March 2018, Grab acquired Uber&#8217;s Southeast Asia operations, which included Singapore. Uber&#8217;s exit from the Singapore
    market, coupled with our success in executing ride-hailing for taxis via our partnership with the SGX-ST listed transport company,
    prompted us to seize the opportunity to expand our ride-hailing services by entering the private hire driver space.</span></p>
    <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    May 2018, we became a full-fledged ride-hailing provider as we launched our RydeX service, which comprised of private hire driver
    fleets.</span></p>
    <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    expansion to becoming a full-fledged ride-hailing provider, providing both carpooling and ride-hailing, led us to continue to focus
    on innovating mobility related lifestyle offerings. To this end, we piloted RydeSEND, our on-demand parcel delivery service, with
    a beta version launch in September.</span></p></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Facing stiffer competition
    following the launch of Gojek&#8217;s ride-hailing services in late 2018, we embarked on a strategy to keep our operations lean,
    charging a competitive commission and platform fee to driver partners and consumers respectively, which helped to entice drivers
    to join our platform, while keeping consumer demand stable. Bearing in mind the importance of growing our driver partner supply with
    the greater competition present, we partnered with another transport company to enable their taxi drivers to accept taxi-bookings
    via services integration with our app, increasing our ride-hailing supply of taxis.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
        continued to focus on enhancing our technology platform in order to remain as a low cost, high quality, and convenient choice
        for consumers to access mobility or parcel delivery services. In January, DLG Ventures Pte. Ltd. (&#8220;DLG&#8221;) came onboard
        as an investor, providing S$2.3 million in capital to support us in building up our technology team and offerings. With DLG&#8217;s
        support, we have been able to expand our technology team, which will enable us to enhance our technology platform. This will
        not only help us offer a better user experience but also allow us to stay competitive in the rapidly evolving ride-hailing market.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    April, the COVID-19 pandemic led to Singapore entering a lockdown period that resulted in many temporary restrictions and on and
    off adjustments for the ride-hailing industry. Our team deployed innovative, non-monetary schemes to encourage our driver partners
    to take on and complete more trips.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maintaining
    and growing our driver partner supply is a constant priority for us and we therefore partnered with another transport company to
    enable their taxi drivers to accept taxi-bookings via services integration with our app, further increasing our available ride-hailing
    taxi fleet size.</span></p></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
        the LTA&#8217;s introduction of a new regulatory framework for the Point-to-Point (P2P) sector in October 2020, we obtained our
        P2P licenses which came into effect on 30 October 2020 to operate both carpooling and ride-hailing services. As at date of this
        annual report, we are one of two players that holds both the Car-Pool Service Operator License and the Ride-Hail Service Operator
        License.</span></p>
    <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
    further add value for consumers, we rolled out two new adjacent tools. In June, we piloted a deal with an insurance company to provide
    complimentary insurance for riders who make trips using our Ryde platform, and in December, we launched Ryde+, a value subscription
    plan for users that unlocks exclusive perks and additional savings on their rides.</span></p></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In February, we introduced
    an advance booking function for RydeSEND to allow consumers to schedule delivery, as well as an up-to six (6) stops option, to meet
    the growing demand of our quick commerce offering.</span></td></tr>

<tr style="vertical-align: top">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td style="font: 12pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td>
    <td style="font: 12pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    February, we acquired Meili Technologies Pte. Ltd. for their software technology to and existing key contractual relationships they
    have with various clients to further enhance our competitive technology. We also launched support for motorcyclists and walkers to
    become RydeSEND delivery partners in order to increase our pool of delivery partners to improve our overall fulfillment rate.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="font: 12pt Times New Roman, Times, Serif; text-align: center">&#160;</td>
    <td style="font: 12pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="font: 12pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td>
    <td style="font: 12pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March, the Company completed its initial public offering. The Class A Ordinary Shares began trading on March 6 on the NYSE American under
the ticker symbol &#8220;RYDE&#8221;.</span></p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: -1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Corporate
Information</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: -1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
principal executive offices are located at Duo Tower, 3 Fraser Street, #08-21, Singapore 189352. Our telephone number at this address
is +65-9665-3216. Our registered office in the Cayman Islands is located at Harneys Fiduciary (Cayman) Limited, 4th Floor, Harbour Place,
103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands. Our agent for service of process in the United States
is Puglisi &amp; Associates, 850 Library Avenue, Suite 204, Newark, Delaware 19711. Our principal website address is <span style="text-decoration: underline">https://rydesharing.com</span>.
The information contained on our website does not form part of this annual report. The SEC maintains an Internet site that contains reports,
proxy and information statements, and other information regarding issuers that file electronically with the SEC at the website of <span style="text-decoration: underline">http://www.sec.gov</span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4.B.
Business Overview</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Overview</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
mission is to positively impact the lives of all drivers through leveraging technology to better facilitate the movement of people and
goods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
vision is to become a &#8220;Super mobility app&#8221; where multiple mobility tools can be accessed and function seamlessly out of a
single app, offering ultimate convenience and reliability for our customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that the key to the success of our platform is our large network of driver partners and consumers, proprietary technology, operational
excellence, and service expertise, which together, help facilitate the movement of people and goods from one point to another. We currently
only operate in Singapore and have no business operations outside of Singapore. Our core businesses are in the following segments:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Mobility.
    </b>We provide on-demand and scheduled carpooling and ride-hailing services, matching riders to our driver partners.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Quick
    Commerce.</b> We provide on-demand, scheduled, and multi-stop parcel delivery services. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Mobility
</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
mobility business segment includes carpooling and ride-hailing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carpooling
refers to services that connect riders with driver partners who provide rides in a variety of vehicles, such as cars of different seating
capacities. Carpooling is about sharing rides and is provided via our RydePOOL service in our mobile app. We launched carpooling through
our RydePOOL service in Singapore. RydePOOL allows real-time, on-demand bookings as well as advance bookings via our Schedule Pickup
function, and only allows seating capacity for one rider per request, while riders may have to share their ride with other riders. Driver
partners may also bring along up to one (1) friend or family member to sit in the front of the car during the trip.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ride-hailing
refers to services that connect riders with private-hire or taxi drivers, with the rider having the option to choose the type of ride
from a variety of vehicles, such as cars of different seating capacities and make. We started off with only carpooling services, but
ride-hailing services was a natural adjacency for us as we have the technology and the platform to enable it. Our ride-hailing services
allow riders to determine the number of seats they require for the trip, and offers real-time, on-demand bookings as well as advance
bookings and multi-stop options. We started to grow our offerings in this space and currently have the following different service offerings:
RydeX, RydeXL, RydeLUXE, RydeFLASH, RydePET, and RydeTAXI services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RydeX
    is our basic on-demand ride-hailing service, with rider capacity of between one (1) to four (4) people, and trips assigned to private
    hire or taxi drivers. No pets are allowed on RydeX trips.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RydeXL
    is our basic on-demand ride-hailing service should riders need a larger capacity of up to six (6) people. Trips are assigned to private
    hire drivers only, and no pets are allowed on RydeXL trips.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RydeLUXE
    is our premium service offering, with professional drivers helming either Alphard or Vellfire six (6)-seater vehicles, providing
    a more luxurious offering compared to Ryde XL. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RydeFLASH
    assigns our riders to either private hire, taxi drivers or carpool drivers, and riders pay for the number of seats of their choice,
    with the option of between one (1) to four (4) seats. Driver partners may bring along up to one (1) friend or family member to sit
    in the front of the car during the trip. We aim to provide RydeFLASH riders with the fastest ride option available, tapping driver
    partners from all three (3) fleet types.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RydePET
    is our household-pet-friendly transport option and is available to private hire and taxi drivers and allows up to two (2) riders,
    excluding pets, onboard. For pets, we allow a maximum of two (2) medium sized pets or one (1) large sized pet. An example of medium
    sized pets would be a Maltese or a Cat, and a large sized one would be a Golden Retriever. Other arrangements (at the driver partner&#8217;s
    discretion) are available as well.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RydeTAXI
    offers our riders an option to book taxis that they would otherwise have had to flag down on the road. We offer four (4)-seater taxis
    on our platform and riders will pay metered taxi fares. When a rider books for RydeTAXI, the flag down fare and regular booking fees
    are applicable, and actual charges will vary among different taxi companies. All fees for Standard and/or Premium taxis follow that
    of the respective taxi company as well.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2022 and 2023, revenue from mobility was S$6,510,000 and S$5,866,000, respectively. The following table compares the different services we offer under
our Mobility segment:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 18%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 26%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RydePOOL</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 16%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RydeX</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 16%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RydeXL</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 16%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RydeLUXE</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seating</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1
    to 4</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1
    to 6</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1
    to 6</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Car
    type</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carpool,
    Private Hire and Taxi</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Private
    Hire and Taxi</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Private
    Hire</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Private
    Hire </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shared
    ride</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pets
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    allowed</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    allowed</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    allowed</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    allowed</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RydeFLASH</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RydePET</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RydeTAXI</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seating</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pay
    per seat, 1 to 4</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1
    to 2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1
    to 4</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Car
    type</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carpool,
    Private Hire and Taxi</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Private
    Hire and Taxi</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxi</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shared
    ride</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pets
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    allowed</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allowed</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    allowed</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Quick
Commerce</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quick
Commerce is a package delivery booking service, which enables driver partners to accept bookings for package delivery services through
our driver partner app. Consumers can arrange for instant deliveries and cater for different package sizes. E-commerce, Food and Beverage
businesses and social sellers can utilize our last mile delivery services to their customers as an option as well. We provide our quick
commerce service through our RydeSEND offering, which comprises of real-time on-demand, scheduled, and multi-stop parcel delivery services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RydeSEND
offers delivery of up to six (6) destinations in a single trip. We send small items within 50 minutes of pickup and generally 30 minutes
for each subsequent additional stop. Each stop only allows one (1) parcel to be delivered and the total weight limit is up to 8kg per
delivery trip, and a size limit of 36,000cm<sup>3 </sup>(40cm x 30cm x 30cm).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
provide insurance through RydeSEND Guarantee. RydeSEND Guarantee provides compensation for delivery items in the case of loss or damage.
Our liability for any loss of or damage to delivery Items is limited to the value of the delivery item(s) or S$100 per delivery trip,
whichever is lower. One delivery trip is defined as a delivery order with one (1) unique trip identification number, which may include
one (1) or more stops.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
use a proprietary algorithm-based routing system to optimize our routes, increasing delivery efficiency. Our multi-stop parcel delivery
services offer merchants that need to dispatch multiple small items on demand, a convenient yet cost efficient delivery solution.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
revenue from quick commerce was S$146,000 in 2023 and S$92,000 in 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the key features of our Quick Commerce service, RydeSEND:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 2%">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 73%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RydeSEND</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number
    of stops</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1
    to 6</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Car
    type</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Private
    Hire, Taxi</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shared
    ride</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Able
    to take on a maximum of three jobs at any one time</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fares</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Varies
    based on distance, time, and additional delivery related cost </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weight
    Limit</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Up
    to 8kg per delivery trip</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Size
    Limit (L x W x H)</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40cm
    x 30cm x 30cm</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guarantee</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Up
    to S$100 per delivery trip</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Consumer
App Key Features</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consumers
may comprise riders that utilize our mobility segment offerings, or users that utilize our delivery services via our quick commerce offering.
The key to our app is the relevance of our mobility specific offerings to consumers&#8217; lives. We want to be the first service provider
that comes to the consumers&#8217; mind when they have transportation related needs. At a touch of a button, consumers have access to
various point to point transport and parcel delivery offerings on our platform through a single mobile application.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tight
knit integration across the offerings available through our platform provides, we believe, a consistently high-quality experience for
consumers and encourages them to use more of the offerings on our platform. Integration across offerings on our platform also strengthens
the app ecosystem, enabling the launch of new innovative service offerings. For example, linking deliveries and point to point transport
offerings on our platform, we have enabled a unique driver partner to be able to provide both types of offerings. Further, linking insurance&#8217;s
offerings on our platform, we have enabled a ride-based coverage, which provides consumers free insurance coverage during their trips
and also serves as an outreach marketing tool for these insurance companies to promote brand awareness among our diverse consumer base.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Payments</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RydePay
is our digital payments solution that allows users to pay and/or top-up by card and to pay by RydeCoins. We may enhance our RydePay offerings
in the future, for example by allowing consumers to make online and offline electronic payments using their mobile wallet. We will enable
consumers that do not have access to a bank account to add money to their mobile wallet through our network of driver partners, amongst
other top up channels. RydePay will also enable our driver partners to receive digital payments for their services, which we expect will
give them access to a larger consumer base, as well as save them the hassle and risk of having to handle cash payments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RydeCoins
offer a payment option in our app by using it as our own in-house payment token, exclusively usable within our platform for the services
we offer, with a focus to incentivise customers and consumers for their loyalty through cashback via RydeCoins which may be utilised
on future rides. Users can top up RydeCoins in their Ryde app using a variety of credit cards, with a top up limit of S$1,000 per transaction,
and a minimum top up amount of S$5. The maximum amount a RydeCoin wallet can hold is S$1,000. As of the date of this annual report, we
do not accept bitcoin or any other form of cryptocurrency as a payment method for our services. RydeCoins are solely intended for use
within our platform and are non-refundable and cannot be redeemed, exchanged, transferred or converted into cash or utilised for any
transactions outside of our services. They are valid for six months from the last wallet transaction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Subscription
Plan</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ryde+
is a value subscription plan that unlocks savings across selected Ryde services for a fixed monthly fee. As at the date of this annual
report, Ryde+ is priced at S$19.99 (inclusive of GST) per month or S$49.99 (inclusive of GST) per quarter, with an auto-renewing payment
for the convenience of our consumers. Ryde+ members enjoy benefits such as priority matching, that aims to reduce the amount of time
it takes for them to be matched with a driver, unlimited &#8216;cashback&#8217; by way of RydeCoins for ride-hailing, and deliveries,
provided that certain conditions are met, and exclusive access to special deals provided by our partners. Consumers may use the &#8220;cashback&#8221;
earned in the form of RydeCoins for their future trips.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
opt in, consumers must fulfil the minimum criteria set which is based on their rider ratings and cancellation ratings. By ensuring Ryde+
is only available to consumers with positive ratings, we aim to foster a respectable, like-minded, and safe Ryde community. Should riders&#8217;
ratings drop below the required threshold, they will not be eligible for the &#8220;cashback&#8221; bonuses until they take enough rides
to pull up their ratings enough to qualify for benefits again.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Fees</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fee charged to our riders comprises:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    platform fee per trip, that we believe is in line with the industry practice of similar companies;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    base fare which is calculated by way of an algorithm;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    payment transaction fee for cashless transactions;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    standard fixed price for each additional stop made during a trip (if applicable); and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">toll
    charge (only applicable for ride-hailing and carpooling services)</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also implement a cancellation fee and waiting fee on our riders. These fees are appliable in two specific scenarios: firstly, if a rider
cancels a trip within a stipulated timeframe upon being matched with a driver partner, and secondly, if a driver partner is obligated
to wait for a duration exceeding a specified timeframe upon reaching the designated destination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
enhance consumer attraction and retention, we offer incentives to both our Ryde+ members and non-Ryde+ members. Ryde+ members enjoy exclusive
benefits, including trip bonuses, where they receive cashback in RydeCoins. This cashback is subject to a predetermined cap on the number
of trips eligible for the bonus. Additionally, Ryde+ members also receive a predetermined percentage of unlimited cashback in RydeCoins
for selected trips. On the other hand, non-Ryde+ members are also incentivized through our referral program. When existing consumers
refer new consumers, they receive referral bonuses, the specific amount of which is determined by us, considering various factors and
promotions. Furthermore, non-Ryde+ members receive a top-up bonus, where they are rewarded with additional RydeCoins upon topping up
a specific amount on our platform. These incentives are designed to promote consumer engagement and loyalty.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
manage the challenges associated with our growing base of consumers while also increasing revenues, we provide cash incentives to our
driver partners. These incentives and the amount awarded are contingent upon and determined by the number of trips they complete within
their respective incentive cycles. By aligning driver incentives with the number of trips they complete, we are able to create a system
which incentivizes our drivers to complete more trips which in turn contributes to further revenue for us. The incentive cycles commence
when driver partners start utilizing the Ryde platform and conclude according to the specific number of days determined by us in our
weekly strategic planning. They are performance-driven, meaning that the amount awarded is linked to the driver partners&#8217; trip
completion metrics. Once the criteria for earning the incentives have been met, we proceed to payout the incentives to our driver partners.
This approach not only motivates driver partners to increase their trip count but also contributes to our revenue growth, as the increase
in the number of completed trips signifies higher utilization rate of our services and thereby an increase in our consumer base, and
in turn, an increase in revenue of the Company. In order to ensure that we maintain a profitable margin when implementing these incentives
whilst maintaining an attractive reward structure for our driver partners, we carefully adjust the percentage of incentives provided
to our driver partners during our weekly strategic meetings, factoring in our operational needs. To illustrate, our consumers fully cover
toll charges, and the base fare for each trip is determined using an algorithm which is reviewed monthly to account for the basic costs
associated, such as drivers&#8217; operational expenses and overhead.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Insurance</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
want to ensure that our riders have a safe ride, and to this end, we partnered with an insurance company to offer free insurance coverage
for our riders during their trips. All passengers who are on the ride are eligible for the Accidental Death benefit. Only the Ryde user
who opted-in for the complimentary cover and made the ride booking is eligible for the Loss of Identity Document and Emergency Assistance
Benefit. Riders will be covered for every trip they take after they have opted-in for this complimentary cover. Each trip commences from
the moment a rider boards the vehicle and ends at the drop-off point. As at the date of this annual report, the insurance company will
provide such free coverage till 30 June 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are three types of benefits under this complimentary cover:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    Death Benefit;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    of Identity Documents; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    Assistance Benefit</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Business
Profiles</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
our Business Profile offering, business users can track their business expenses by signing up with their work email address and manage
their business rides via our app. We help business users claim their business expenses by consolidating their ride receipts and generating
monthly statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Mobility
User Interface for Consumers</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><img src="form20-f_001.jpg" alt="" style="height: 418px; width: 210px"/></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_005.jpg" alt="" style="height: 428px; width: 210px"/></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_006.jpg" alt="" style="height: 428px; width: 210px"/></span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rider
    Profile &amp; Rating Page</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_007.jpg" alt="" style="height: 428px; width: 210px"/></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Quick
Commerce User Interface for Consumers</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RydeSEND
    Booking</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RydeSEND
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RydeSEND
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_009.jpg" alt="" style="height: 428px; width: 214px"/></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_010.jpg" alt="" style="height: 428px; width: 210px"/></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_011.jpg" alt="" style="height: 428px; width: 210px"/></span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Driver
Partner App Key Features</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
app for driver partners supports them across our mobility and quick commerce segments. Using the same mobile application, our driver
partners are able to perform a variety of tasks including managing their profile and workflows, tracking their earnings and rewards,
and accessing payment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
app for driver partners is integrated across our segments, enabling them to seamlessly switch between bookings for the mobility and quick
commerce segments, optimizing their time more effectively. For example, a driver partner might begin his day delivering parcels, then
move on to ferrying passengers to work, all done using the same driver partner app.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the Land Transport Authority of Singapore, Singapore&#8217;s road network connects all corners of the island with more than 9,000
land-km of roads and expressways. Our routing and mapping technologies allow us to add new or smaller streets and more localized points
of interest to our maps, which improve the quality of our driver partners&#8217; experience on our platform with more accurate routing
and navigation. This enables shorter travel times and makes it easier to locate passengers, hence improving our driver partners&#8217;
productivity and earnings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Safety
of both our driver partners and consumers is of utmost importance to us. Our driver partners undergo a quick but thorough onboarding
process, where they go through our safety and quality requirements and are trained on how to use the application to maximize their earnings
as well as remain safe on the platform. We aim to continue raising the bar for safety, going beyond minimum requirements set forth by
regulators. Our key initiatives include proof of valid driver license, valid policy of insurance, and requirements for suitable and safe
vehicles and engine size.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have created a platform that allows drivers and passengers to communicate with each other during their journey. Additionally, we have
included a feature called Smart Response, which offers suggested one-click responses to messages. We have also integrated safety measures
such as Share Trip as well as Lost and Found features to help ensure the well-being of both drivers and passengers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
we have developed our own mobile telematics technology that uses data from a driver&#8217;s phone to gather location-based information
and driving behavior. Our algorithms allow us to detect and manage incidents, identify risky driving patterns, and ultimately improve
the safety of everyone involved.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">User
Interface for Driver Partners</span></span></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Driver
    partner Earnings and Bonus Page</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Driver
    partner Rating and Profile Page</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Service
    Options Page</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_012.jpg" alt="" style="height: 428px; width: 210px"/></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_013.jpg" alt="" style="height: 428px; width: 210px"/>&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_014.jpg" alt="" style="height: 428px; width: 210px"/></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Navigation
    Page</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RydeSEND
    in-transit</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_015.jpg" alt="" style="height: 428px; width: 210px"/></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_016.jpg" alt="" style="height: 428px; width: 210px"/></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Network
Effects and Platform Synergies</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
foundation of our marketplace business is our network. We connect demand (riders) to supply (driver partners) and to ensure riders are
allocated to the nearest, fastest driver partner available, a large hyperlocal network of both riders and driver partners is imperative
for our business to thrive.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
create a liquidity network effect, we start by managing supply. We began in 2014 by onboarding driver partners through door-to-door recruitment
drives and engaging drivers at carparks to build our initial network. We also created awareness among consumers by conducting roadshows
and through the distribution of flyers at carparks, etc. Our strategy was to grow the number of driver partners to improve our market
coverage, which will lead to lower average wait times, and attract more riders to our platform. More riders will lead to an increased
number of trips and consequently higher driver partner utilization and earnings for the driver partners. This in turn will attract more
driver partners and enable us to reduce fares for consumers through the effects of dynamic pricing. This virtuous cycle is important
to us as there is a need to create the largest network liquidity possible in a particular geographical location in order for our business
to function at its most optimal level.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also experience benefits from having high network liquidity across different offerings on our platform as we are able to offer multiple
service offerings to our customers. For example, driver partners offering carpooling and ride-hailing on our platform are able to deliver
parcels through RydeSEND as well. A network liquidity effect plays a part in helping us increase our market share over time, as it makes
our Mobility and Quick Commerce offerings more convenient and cost-competitive versus other forms of transportation, such as personal
vehicle usage and ownership, or other types of delivery services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have built a network of over 100,000 driver partners and more than 900,000 registered riders. Our network becomes more intelligent with
every additional trip as we analyze data and learn to operate more efficiently.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to continue to provide new tools for our users that we believe will further strengthen our platform and existing offerings. We
can easily launch, and scale new tools offered on our platform by leveraging on our existing network, technology, and service offering
expertise. Each new tool adds nodes to our network and can strengthen these shared capabilities, allowing us to launch additional services
more effectively. For example, RydeSEND (1) is used by many of our same customers who use our carpool and ride-hailing services (2) is
built using our existing technology, and (3) has grown through the use of the same operation teams that built our carpool and ride-hailing
services. Each new service or offering enables us to invest more efficiently because we share innovations and investments across our
platform offerings. These synergies lower our costs and allow us to invest with scale that becomes increasingly efficient as we grow
with each new service or offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Proprietary
Technology </i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have built proprietary marketplace and routing technologies. Our marketplace technologies use algorithms to predict demand, match riders
and driver partners, and create dynamic pricing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Insurance</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
maintain insurance coverage that we believe is relevant for our businesses and operations. Our insurance includes work injury compensation,
director and officer liability insurance and complimentary insurance which provides exclusive coverage for riders using the Ryde platform
in respect of a particular trip taken by our riders. Such complimentary insurance to riders who make trips using our Ryde platform consists
of an accidental death benefit, coverage for the loss of identity documents, as well as an emergency assistance benefit in the event
of an accident. Such insurance offered is specific to the foregoing instance only and does not purport to include any other insurance
coverage. We cannot guarantee, however, that we will not incur any losses or be the subject of any claims that exceed the scope of the
relevant insurance coverage. We reassess our insurance structure at each renewal, taking into account both insurance market conditions
and the expansion and development of our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Competition</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
operate a technology platform that provides a range of ride-hailing, carpooling and delivery focused offerings in Singapore. Our vision
is to be a super mobility app. The segments in which we operate are extremely competitive and are characterized by ever changing user
preferences and frequent introductions of new offerings. We face competition in each of our segments from single market and regional
competitors and single segment and multiple segment players. We compete to attract, engage, and retain driver partners and enable access
to consumers based primarily on the following criteria:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Driver
    Partners</b>. We compete based on, among others, our ability to provide flexible income opportunities, attractive earnings potential,
    in part due to our competitive commissions policy, and the quality of our driver partner community and work experience. We believe
    that we are positioned favorably, driven by the breadth of our support for driver partners, including technology-driven tools and
    services that enable them to increase their productivity and earnings. We focus on supporting our driver partners by providing them
    training and cash incentives which are contingent upon and determined by the number of trips they complete within their respective
    incentive cycles.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Riders
    and consumers</b>. We compete to enable driver partners to be able to attract, engage and retain consumers based on, among other
    things, convenience, customer service, reliability and value of offerings on our platform. We believe we are positioned favorably
    based on safety, value, and quality of offerings on our platform. The integration of mobility focused offerings on our platform provides
    consumers with one-stop access to transport or delivery needs, differentiating us from many of our competitors.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Grab,
Gojek, TADA and taxi operators are key competitors in Singapore within the ride-hailing and point-to-point transport space. Generally,
consumers accessing our platform have alternatives, including personal vehicle use, and other transportation options, for example public
transport.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Legal
Proceedings</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, we may become involved in actions, claims, suits, and other legal proceedings arising in the ordinary course of its business,
including assertions by third parties relating to intellectual property infringement, breaches of contract or warranties or employment-related
matters. We are not currently a party to any actions, claims, suits or other legal proceedings the outcome of which management believes,
if determined adversely to us, would individually or in the aggregate have a material adverse effect on our business, financial condition,
and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Regulation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
section sets forth a summary of the material laws and regulations that affect our Group&#8217;s business and operations in Singapore.
Information contained in this section should not be construed as a comprehensive summary nor detailed analysis of laws and regulations
applicable to the business and operations of our Group. This overview is provided as general information only and not intended to be
a substitute for professional advice. You should consult your own advisers regarding the implication of the laws and regulations of Singapore
on our business and operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Singapore</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Workplace
Safety and Health Act</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Workplace Safety and Health Act 2006 of Singapore (the &#8220;WSHA&#8221;) is the principal legislation governing the safety, health
and welfare of persons at work in workplaces. Among other things, the WSHA imposes a duty on every employer and every principal (which
would include us) to take, so far as is reasonably practicable, such measures as are necessary to ensure the safety and health of its
employees, and any contractor, any direct or indirect subcontractor, and any employee employed by such contractor or subcontractor, when
at work.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
general penalties for non-compliance with the WSHA include the imposition of fines up to the amount of S$500,000 in the case of a body
corporate. Further or other penalties may apply in the case of repeat offences or specific offences under the WSHA or its subsidiary
legislation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Employment
Act</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Employment Act 1968 of Singapore, or the Singapore EA, sets out the basic terms and conditions of employment and the rights and
responsibilities of employers as well as employees. With effect from April 1, 2019, the Singapore EA extends to all employees,
including persons employed in managerial or executive positions, with certain exceptions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Singapore EA prescribes certain minimum conditions of service that employers are required to provide to their employees, including (i)
minimum days of statutory annual and sick leave; (ii) paid public holidays; (iii) statutory protection against wrongful dismissal; (iv)
provision of key employment terms in writing; and (v) statutory maternity leave and childcare leave benefits. In addition, certain statutory
protections relating to overtime and hours of work are prescribed under the Singapore EA, but only apply to limited categories of employees,
such as an employee (other than a workman) who is not employed in a managerial or executive position and who receives a salary of up
to S$2,600 a month (&#8220;relevant employee&#8221;). Section 38(8) of the Singapore EA provides that a relevant employee is not allowed
to work for more than 12 hours in any one day except in specified circumstances, such as where the work is essential to the life of the
community, defense or security. In addition, section 38(5) of the Singapore EA limits the extent of overtime work that a relevant employee
can perform, to 72 hours a month.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
employment-related benefits which are prescribed by law include (i) contributions to be made by an employer to the Central Provident
Fund, under the Central Provident Fund Act 1953 of Singapore in respect of each employee who is a citizen or permanent resident of Singapore;
(ii) the provision of statutory maternity, paternity, childcare, adoption, unpaid infant care and shared parental leave benefits (in
each case subject to the fulfilment of certain eligibility criteria) under the Child Development Co-savings Act 2001 of Singapore; (iii)
statutory protections against dismissal on the grounds of age, and statutory requirements to offer re-employment to an employee who attains
the prescribed minimum retirement age, under the Retirement and Re-employment Act 1993 of Singapore; and (iv) statutory requirements
relating to work injury compensation, and workplace safety and health, under the Work Injury Compensation Act 2019 of Singapore and the
Workplace Safety and Health Act 2006 of Singapore, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Road
Traffic Act 1961 of Singapore (&#8220;RTA&#8221;)</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no laws in Singapore which specifically govern the provision of our quick commerce package delivery services in Singapore. However,
certain rules under the RTA and its subsidiary legislation prohibit chauffeured private hire car drivers and taxi drivers from providing
any courier pick-up and delivery service using their chauffeured private hire car or taxi, without the prior approval of the Registrar
of Vehicles appointed under the RTA. Such requirements may apply to the driver partners who provide package delivery services under our
quick commerce segment. We have, on behalf of our driver partners and subject to certain terms and conditions, obtained approval from
the Registrar of Vehicles in respect to the provision of courier pick-up and delivery services by such driver partners. The penalties
for non-compliance with the terms and conditions of the aforesaid approval include revocation of the approval.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Point-to-Point
Passenger Transport Industry Act 2019</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Point-to-Point Passenger Transport Industry Act 2019 of Singapore (the &#8220;PPPTIA&#8221;) is intended to regulate the point-to-point
passenger transport services industry in order to (a) to facilitate the delivery of safe, reliable, efficient and customer-focused point-to-point
passenger transport services in Singapore; and (b) to enable the development and operation of innovative and accessible point-to-point
passenger transport services which contribute to the mobility and safety of people in Singapore.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is the principal piece of legislation that covers the ride-hailing booking services provided by us including RydePOOL, RydeX, RydeXL,
RydeLUXE, RydeFLASH, RydePET, RydeHIRE and RydeTAXI. Licensees are required to, among other things, comply with the conditions set out
in their licenses, and to comply with any directions, codes of practice and/or emergency directives issued by the Land Transport Authority
of Singapore. We have obtained the relevant licenses under the PPPTIA to provide our carpooling and ride hailing booking services in
Singapore.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
ride-hailing licensees under the PPPTIA are required to ensure that the ride-hailing fares associated with their services are consistent
with the pricing policies put in place by the Public Transport Council of Singapore.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the conditions of the licenses granted to us under the PPPTIA, we are also required to ensure that our driver partners are compliant
with certain legislative requirements relating to motor vehicle insurance and public service vehicle licensing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
penalties for non-compliance with the conditions of the licenses granted under the PPPTIA include revocation or suspension of the licenses
and/or the imposition of financial penalties up to the amount of 10% of the licensee&#8217;s annual turnover or S$100,000 per instance
of non-compliance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
penalties for non-compliance with the pricing policies put in place by the Public Transport Council of Singapore include the imposition
of fines up to the amount of S$100,000 and/or imprisonment for a term of up to six months.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Payment
Services Act</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Monetary Authority of Singapore (&#8220;MAS&#8221;) regulates persons who carry on the business of providing certain regulated payment
services in Singapore under the Payment Services Act 2019 which came into force on January 28, 2020 (the &#8220;PS Act&#8221;). Unless
excluded or exempted, a person must obtain and have in force the relevant license to carry on a business in providing regulated payment
services under the PS Act, namely, account issuance service, e-money issuance service, domestic money transfer service, cross-border
money transfer service, merchant acquisition service, digital payment token service, and money-changing service.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the foregoing, the Payment Services (Amendment) Bill was passed in parliament in 2021 but has not come into force yet.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the PS Act, licensees may generally be subject to obligations relating to general approval requirements for changes of control and the
appointment of the CEO and directors, general notification and record-keeping requirements, audit requirements, base capital requirements,
anti-money laundering requirements, the requirement to furnish security (for a major payment institution), the requirement to safeguard
customer monies (for certain major payment institutions), and other applicable requirements. Licensees are expected to implement certain
systems, processes and controls in line with the various notices and guidelines published by the MAS, including without limitation the
MAS&#8217; Guidelines on Risk Management Practices &#8211; Technology Risk applicable to financial institutions in Singapore. Non-compliance
with the above could potentially result in penalties under the PS Act including revocation or suspension of the license, civil damages
claims, and criminal penalties for the respective licensee and/or its officers including fines with potential for additional amounts
for ongoing non-compliance, for the duration of the non-compliance, and (in the case of officers) imprisonment, for each offence.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Personal
Data Protection Act 2012</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Data
Protection Obligations</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Personal Data Protection Act 2012 of Singapore (&#8220;PDPA&#8221;) establishes the baseline regime for the protection of personal data
in Singapore. The PDPA applies to all organizations that collect, use, disclose, and/or process personal data. The PDPA is administered
and enforced by the Personal Data Protection Commission (&#8220;PDPC&#8221;). In this regard, &#8220;personal data&#8221; as defined
under the PDPA refers to data, whether true or not, about an individual who can be identified from that data or other information to
which the organization has or is likely to have access to.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
organization is required to comply with, amongst other things, the data protection obligations prescribed by the PDPA, which may be summarized
as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent
    obligation &#8211; the consent of individuals must be obtained before collecting, using, disclosing and/or processing their personal
    data, unless an exception applies. Additionally, an organization must allow the withdrawal of consent by an individual which has
    been given or is deemed to have been given;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Purpose
    limitation obligation </i>&#8211; personal data must be collected, used, disclosed, and/or processed only for purposes that a reasonable
    person would consider appropriate in the circumstances, and if applicable, have been notified to the individual concerned;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Notification
    obligation</i> &#8211; individuals must be notified of the purposes for the collection, use, disclosure, and/or processing of their
    personal data, prior to such collection, use, disclosure, and/or processing;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Access
    and correction obligations</i> &#8211; when requested by an individual and unless an exception applies, an organization must: (i)
    provide that individual with access to his personal data in the possession or under the control of the organization and information
    about the ways in which his personal data may have been used or disclosed during the past year, and/or (ii) correct an error or omission
    in his personal data that is in the possession or under the control of the organization;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Accuracy
    obligation</i> &#8211; an organization must make reasonable efforts to ensure that personal data collected by or on its behalf is
    accurate and complete if such data is likely to be used by the organization to make a decision affecting the individual to whom the
    personal data relates or if such data is likely to be disclosed to another organization;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Protection
    obligation</i> &#8211; an organization must implement reasonable security arrangements to protect personal data in its possession
    or under its control from (i) unauthorized access, collection, use, disclosure, copying, modification, disposal or similar risks,
    and (ii) the loss of any storage medium or device on which personal data is stored;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Retention
    limitation obligation</i> &#8211; an organization must anonymize or must not keep personal data for longer than it is necessary to
    fulfill; (i) the purposes for which it was collected, or (ii) a legal or business purpose;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Transfer
    limitation obligation</i> &#8211; personal data must not be transferred out of Singapore except in accordance with the requirements
    prescribed under the PDPA. In this regard, an organization must ensure that the recipient of the personal data in that country outside
    Singapore is bound by legally enforceable obligations to provide the transferred personal data a standard of protection that is at
    least comparable to the protection under the PDPA;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Accountability
    obligation</i> &#8211; an organization must implement the necessary policies and procedures in order to meet its obligations under
    the PDPA, communicate and inform their staff about these policies and procedures, as well as make information of such policies and
    procedures available on request. In addition, an organization must develop a process to receive and respond to data-related complaints,
    and must designate at least one individual as the data protection officer to oversee the organization&#8217;s compliance with the
    PDPA; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Data
    breach notification obligation</i> - an organization must notify the PDPC and/or the affected individuals if it has suffered a data
    breach that meets the notification thresholds prescribed under the PDPA (i.e. the data breach is or is likely to be of significant
    scale, or has caused or is likely to cause significant harm to the affected individuals). The organization is expected to expeditiously
    assess the severity of the breach, and the timeline to notify the PDPC is 3 calendar days of the organization assessing that a notification
    threshold has been met; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Data
    portability obligation</i> &#8211; the data portability obligation (which is not yet in force as at the date of this annual report)
    grants individuals with an existing direct relationship with an organization the right to request for a copy of their personal data
    to be transmitted in a commonly used machine-readable format to another organization which has a business presence in Singapore.
    The exact scope and applicability of this right will be delineated by the relevant regulations and guidelines to be published by
    the PDPC.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
maximum financial penalty that can be imposed on organizations is S$1 million, or 10% of the organization&#8217;s annual turnover in
Singapore, whichever is higher. The severity of the penalties will be assessed based on, amongst other things, the amount of personal
data involved, and the degree of harm caused to individuals.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Seasonality</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
typically expect to experience seasonal impacts to our operating results, as we generate lower number of trips in our first quarter compared
to other quarters due in part to regional holiday, such as lunar new year. Additionally, other festivities like Christmas, the new year
celebration, and Ramadan&#8217;s fasting month impact the demand for mobility and quick commerce services, as well as the availability of driver-partners.
Weather conditions, like the rainy season, also contribute to seasonal fluctuations in our operating results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.
Organizational structure</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a list of our subsidiaries as of the date of this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name
    of subsidiary</b></span></td>
    <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Jurisdiction
    of Incorporation</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ryde
    Group (BVI) Ltd</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">British
    Virgin Islands</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ryde
    Technologies Pte. Ltd.</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Singapore</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Meili
    Technologies Pte. Ltd.</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Singapore</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Meili
    Technologies (M) Sdn. Bhd.</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Malaysia</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following diagram illustrates the corporate structure of Ryde Group Ltd and its subsidiaries as of the date of this annual report:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_017.jpg" alt=""/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.
Property, Plant and Equipment</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Facilities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
corporate headquarters is located at 7500A Beach Road, #13-301A, The Plaza, Singapore 199591. We leased an aggregate of approximately
84.8 square meters of offices as of December 31, 2023. Our lease agreement for our headquarters has a term that expires in January 2025.
We do not foresee any issues with renewing our lease agreement in the near future. However, if for whatever reason, our lease agreement
is not renewed, we do not foresee any issues relocating to an alternative location in Singapore that provide similar facilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that our facilities are adequate to meet our needs for the immediate future, and that, should it be needed, suitable additional
space will be available to accommodate any such expansion of our operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intellectual
Property</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
recognize the importance of protecting and enforcing our intellectual property rights. We rely on a combination of contractual rights
as well as intellectual property controls and procedures to protect our intellectual property rights. These include registering our trademarks
and entering into confidentiality agreements, employee intellectual property assignment agreements, and license agreements with our employees,
suppliers and other parties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this annual report, we have four registered trademarks with the Intellectual Property Office of Singapore (&#8220;IPOS&#8221;).
We cannot guarantee that any of our trademark applications will result in the registration of those trademarks.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are the registered holder of two domain names, (&#8220;https://www.rydesharing.com&#8221; and &#8220;www.ryde.io&#8221;) and have full
legal rights over all these domain names for the period for which such domain names are registered.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
generally control access to and use of our proprietary technology and other confidential information with internal and external policies,
processes and controls, including network security and contractual protections with employees, contractors and other third parties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Despite
our various efforts to protect our proprietary rights, unauthorized parties may still copy or otherwise obtain and use our technology.
In addition, as we face increasing competition and as our business grows, we could face allegations that we have infringed the trademarks,
copyrights, patents, trade secrets or other intellectual property proprietary of third parties, including of our competitors, strategic
partners, investors and other entities with whom we may share information or receive information from, and as a result may be subject
to legal proceedings and claims from time to time relating to the intellectual property of others.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="Z_001"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
4A. Unresolved Staff Comments</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Z_002"></span>ITEM
5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following discussion and analysis of our financial condition, changes in financial condition and results of operations should be read
in conjunction with our audited consolidated financial statements and the related notes and other financial information included elsewhere
in this annual report. In addition to historical consolidated financial information, the following discussion may contain forward-looking
statements that reflect our plans, estimates, and beliefs that involve risks and uncertainties. Our actual results could differ materially
from those discussed in the forward-looking statements as a result of many factors, including those factors set forth in &#8220;Item
3. Key Information&#8212;D. Risk Factors&#8221; and the section titled &#8220;Cautionary Note Regarding Forward-Looking Statements,&#8221;
which you should review for a discussion of some of the factors that could cause actual results to differ materially from the results
described in or implied by the forward-looking statements contained in the following discussion and analysis and elsewhere in this annual
report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.A.
Operating Results</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Factors
affecting our performance</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
part of our business model, we earn revenues from fees from transactions completed by the consumers and driver partner who use our services
across our mobility and quick commerce solutions. Therefore our revenue is a function of the number of active customers, including both
new and returning, transaction on our Ryde app and the fares/rates that we charge. Therefore the key factors affecting our results include
our growing consumer and driver base, their recurring volumes per consumer and the fares/rates we charge, which together underpin our
revenue growth. Our focus on controlling costs, like incentives to drivers and riders costs and employee expenses supports our profitability
and our ability to generate cash and capital.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
customer and driver base growth rates</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
consumer and driver base growth rates which we measure by number of consumers and drivers, is key to the success of our app and business.
To achieve this, we believe in increasing the number of driver partners and customers using our app, which is facilitated by our focus
on creating a super mobility app ecosystem that generates synergies between the supply and demand sides. With this, we expect this ecosystem
will grow organically as we continue to use promotions to attract customers to our platform.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market
competition affecting customer retention rates</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are facing tough competition in both our segments and the Singapore market. Our competitors are established players or new entrants who
offer low-cost alternatives or higher quality services. They may have reputational advantages, better brand recognition, larger marketing
budgets, and more supportive regulatory regimes than us. Our competitors may also offer discounted services, driver partners incentives,
and consumer incentives, as well as innovative products and alternative pricing models. We may need to adjust our prices, fees, commissions,
and marketing expenses in response to competitive pressures. Some of our competitors may consolidate or establish cooperative relationships,
which may enhance their resources and offerings. The barriers to entry in our market are low, and driver partners and consumers may choose
alternative platforms or services. Our competitors may adopt our product features or innovations that are more attractive to consumers
or driver partners, which could reduce our ability to differentiate ourselves from them. As a result of the foregoing, this in turn affect
customer and driver retention rates and could impact our revenues and costs. Driver partners and consumers may shift to other platforms
based on earning potential, volume of work, overall user experience, and convenience.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Investment
into technology for more products</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
invest in our business, including, among others, such as expanding our quick commerce and mobility offerings, growing our driver partner
and consumer base, improving our mobile app, upgrading our technology and infrastructure, and recruiting skilled employees. We also plan
to expand our business in Southeast Asia using a hyperlocal approach that requires substantial investments to accommodate the different
infrastructure, regulations, systems, and user preferences in each country. Our business model requires significant investments to achieve
profitability and remain competitive, which may entail adjusting commissions and offering incentives to driver partners and consumers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Strategic
partnerships and acquisitions</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have formed partnerships and alliances with other companies in the past, and will continue to do so in the future. For instance, we recently
partnered with an insurance company to offer insurance to our platform users. Such partnerships can lead to increased revenue in several
ways, including expanded customer base through greater brand awareness by accessing new customers of the partner who may not have used
our services, and new revenue streams. For instance, if we were to partner with companies like a food and beverage chain, we may increase
our revenue through food delivery services, a new revenue stream. Partnerships could also help us reduce costs. For example, if we have
a partner who has access to a fleet of rental cars, buses, we can access the partner&#8217;s fleet of vehicles thereby reducing our cost
and increasing our revenue stream if we provide bus/van rental services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Regulatory
environment</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
operate in Singapore&#8217;s mobility and quick commerce segments, which are subjects to various regulations. These regulations include
the evolution of laws related to mobility and quick commerce, data regulations such as data privacy, data localization, data portability,
cybersecurity, and advertising, gig economy regulations, anti-trust regulations, economic regulations such as price, supply, safety,
health, and environment regulations, foreign ownership restrictions, artificial intelligence regulations, and regulations regarding the
provision of online services. Obtaining necessary licenses, permits, and approvals may be challenging as the relevant laws and regulations
are still evolving, and we cannot guarantee that we will maintain the licenses and approvals we have obtained. We may be required to
make operational adjustments to comply with new regulatory requirements, which could involve significant costs or may not be practicable,
and failure to comply with applicable regulations could expose us to regulatory actions such as fines or orders to cease our business
activities. Furthermore, our actual or perceived non-compliance could materially and adversely affect our business, operations, financial
performance, financial condition, results of operations, and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Ability
to manage our costs</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business model involves rewarding both our driver partners and consumers with incentives for using our platform, such as completing a
certain number of trips or receiving bonuses and incentives. Our ability to generate more revenue and become profitable depends on our
effective use of these bonuses and incentives and gradually reducing the amount of bonuses and incentives paid to both driver partners
and consumers, relative to the commissions and fees we receive. If we are unable to achieve this, it could negatively impact our revenue
growth, capital raising efforts, and overall profitability, which could ultimately affect our ability to continue operating. Additionally,
if we were to decrease the use of bonuses and incentives, it could lead to reduced growth in the number of users and driver partners
and ultimately lead to a decline in our revenues, which could have significant adverse effects on our business, financial performance,
and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Ability
to grow our revenue from ride-hailing and quick commerce</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ability to grow revenue from ride-hailing and quick commerce services is subject to various factors that may impact our business, financial
performance, and prospects. There are inherent challenges and risks that could hinder our ability to sustain and further increase revenue.
One key factor is the level of competition in the ride-hailing and quick commerce industry. We operate in a highly competitive market
with both local and international players offering similar services. This intense competition can lead to pricing pressures and increased
marketing expenses as we strive to attract and retain customers and driver-partners. If we are unable to effectively differentiate ourselves
or compete on price, our ability to grow revenue may be adversely affected. Additionally, our ability to grow revenue relies on the adoption
and satisfaction of our platform by both consumers and driver-partners. Factors such as user experience, service reliability, and driver-partner
availability are critical in attracting and retaining customers. Any negative experiences, safety concerns, or difficulties in recruiting
and retaining a sufficient number of driver-partners may lead to reduced customer demand and hamper our revenue growth, while we continually
invest in technology, innovation, and marketing strategies to enhance our competitive position and increase customer engagement. However,
there can be no assurance that we will successfully overcome these challenges, and any failure to do so may have significant adverse
effects on our business, financial performance, and revenue growth prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Results
of Operations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Comparison
of Years Ended December 31, 2023, and 2022</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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  <tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(118</td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">68</td><td style="text-align: left">%</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
total revenue comprised mobility, quick commerce, advertising initiatives and others. Mobility and quick commerce revenue is derived from
the service fees paid by driver partners and consumers for use of the platform and related service to connect with consumers and successfully
complete a trip or delivery via the platform. Membership subscription fees is paid by the consumers on a monthly or quarterly basis.
Advertising initiatives revenue are earned from partners who pay for digital space in our app and website. In 2023, total revenue from
all income streams marginally decreased by 2% from S$8,825,000 for the year ended December 31, 2022 to S$8,667,000 for the
year ended December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
from mobility decreased by 10% to S$5,866,000 in 2023 compared to S$6,510,000 in 2022. The decrease was mainly due to
the decrease in the consumer demand.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
from quick commerce increased mainly contributed by the new subsidiary, Meili Technologies Pte. Ltd., by 59% to S$146,000
in 2023 compared to S$92,000 in 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2023, the revenue from advertising initiatives
increased by 25% mainly due to the advertising initiatives commencing in June 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Drivers
and riders cost and related expenses</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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    <td>&#160;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Employee
benefits expenses</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&#160;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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depreciation and amortization expenses increased by 34% to S$402,000 for the year ended December 31, 2023 from S$301,000
for the year ended December 31, 2022. This was mainly due to increase in intangibles assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Finance
expense</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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    <td>&#160;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&#160;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
finance expense increased by 125% to S$446,000 for the year ended December 31, 2023 from S$198,000 for the year ended December
31, 2022. The increase of the finance expenses is primarily attributable to the unsecured note from a shareholder and convertible loan from third parties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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expenses</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
other expenses increased by 7% to S$4,289,000 for the year ended December 31, 2023 from S$3,995,000 for the year ended
December 31, 2022. This was mainly due to an increase in marketing expenses by 25% to S$2,441,000 from S$1,948,000 for the
year ended 2023 and 2022 respectively. Other expenses that decreased comprise rental and other expenses which decreased by S$292,000
and S$72,000 respectively for the year ended December 31, 2023 as compared to year ended December 31, 2022. Lastly, the increase of other
expenses was also affected by the increase in technology fees and legal and professional of S$106,000 and S$59,000 respectively for
the year ended December 31, 2023 as compared to December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Impairment
of goodwill</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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the financial year ended December 31, 2023, an impairment of goodwill was recognized as a result of the carrying value exceeding the
fair value of Meili Technologies Pte. Ltd.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Share-based
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August 2023, the Company have established an employee share option scheme (the &#8220;Scheme&#8221;) pursuant to which the right to subscribe
for Class A Ordinary Shares may be granted to employees of the Company, its subsidiaries and affiliates who meet the eligibility criteria
in accordance with the rules of the Scheme. The Scheme will subsist from 14 September 2023 till the date of the listing of the Company
on a securities exchange or till the date on which the Scheme is terminated by the board of directors of the Company, whichever is earlier.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
September 2023, the Company issued 1,131,715 Class A Ordinary Shares issued to certain employees
of the Company pursuant to the Scheme.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of the Class A Ordinary Shares issued to employees were measured using the Black-Scholes method. A summary of the measurement
of the fair values and inputs at grant date is as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk-free
interest rate is estimated based on the yield curve of US Sovereign Bond as of the option valuation date. The expected volatility at
the grant date and each option valuation date is estimated based on annualized standard deviation of daily stock price return of comparable
companies with a time horizon close to the expected term of the options. The Company has never declared or paid any cash dividends on
its capital stock, and the Company does not anticipate any dividend payments in the foreseeable future. Expected term is the period of
time from the grant date to the exercise date or the forfeiture date. The lock-up period of the Class A Ordinary Shares issued to the
employees are subject for a period varying between 12 months to 36 months</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023, the Company recognized share-based payment expenses of S$5,470,000 (US$4,146,000) in the consolidated
statements of operations and comprehensive loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
September 2023, the Company issued 2,086,561 Class A Ordinary Shares issued to certain consultants of the Company in consideration for
the past services to the Company in connection with the listing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of the Class A Ordinary Share issued to consultants was measured using probability-weighted-average method. The weighted
average fair value of the Class A Ordinary shares issued to consultants during the year ended was US$1.95 per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the year ended
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Other
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td>&#160;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
income decreased by 69% from S$289,000 for the year ended December 31, 2022 to S$89,000 for the year ended December 31,
2023. The decrease was mainly due the reduction in the government grants given by the Singapore authorities to assist companies during
the COVID-19 period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Key
Non-US GAAP Financial Measures</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the measures presented in our consolidated financial statements, we use the following key non-US GAAP financial measures
to help us evaluate our business, identify trends affecting our business, formulate business plans, and make strategic decisions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Adjusted
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjusted
EBITDA is a non-US GAAP financial measure calculated as net loss adjusted to exclude: (a) finance cost, (b) income tax expenses, (c)
depreciation and amortization, (d) share-based compensation expenses, (e) impairment loss on goodwill, and (f) share listing and associated
expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjusted
EBITDA has limitations as a financial measure, should be considered as supplemental in nature, and is not meant as a substitute for the
related financial information prepared in accordance with US GAAP. For a reconciliation of Adjusted EBITDA to the most directly comparable
US GAAP measure see the section titled &#8220;<i>Reconciliation of Non-IFRS Financial Measures</i>&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Reconciliation
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
supplement our financial information, we use the following non-US GAAP financial measures: Adjusted EBITDA. However, the definitions
of our non-US GAAP financial measures may be different from those used by other companies, and therefore, may not be comparable. Furthermore,
these non-US GAAP financial measures have certain limitations in that they do not include the impact of certain expenses that are reflected
in our consolidated financial statements that are necessary to run our business. Thus, these non-US GAAP financial measures should be
considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with US GAAP. We compensate
for these limitations by providing a reconciliation of these non-US GAAP financial measures to the related US GAAP financial measures.
We encourage investors and others to review our financial information in its entirety, not to rely on any single financial measure and
to view these non-IFRS financial measures in conjunction with their respective related US GAAP financial measures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following tables provide reconciliations of Adjusted EBITDA.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.B.
Liquidity and Capital Resources</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
assessing the Company&#8217;s liquidity, the Company monitors and evaluates its cash and cash equivalent and its operating and capital
expenditure commitments. The Company&#8217;s liquidity needs are to meet its working capital requirements, operating expenses and capital
expenditure obligations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
flow from operations and capital contributions and loans from shareholders have been utilized to finance the working capital requirements
of the Company. As of December 31, 2023, the Company has negative cash flow from operating activities of S$1,612,000 (US$1,223,000).
The Company&#8217;s working capital was negative S$8,124,000 (US$6,158,000) as of December 31, 2023. And the Company had S$1,694,000
(US$1,284,000) in cash and cash equivalents, which is unrestricted as to withdrawal and use as of December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
sustain its ability to support the Company&#8217;s operating activities, the Company considered supplementing its sources of funding
through the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
has commenced a strategy to raise debt and equity. However, there can be no certainty that these additional financings will be available
on acceptable terms or at all. If management is unable to execute this plan, there would likely be a material adverse effect on the Company&#8217;s
business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 6, 2024, the Company completed its initial public offering. In this offering, the Company issued 3,000,000 Ordinary Shares at a
price of US$4.00 per share. The Company received gross proceeds in the amount of US$12 million before deducting any underwriting discounts
or expenses. In view of these circumstances, the management of the Company has given consideration to the future liquidity and performance
of the Company and its available sources of finance in assessing whether the Company will have sufficient financial resources to continue
as a going concern.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe our existing cash and cash equivalents, gross proceeds received from the initial public offering, and the cash flow we generate
from our operations will be sufficient to meet our working capital and capital expenditure needs and other liquidity requirements for
the next 12 months. Our future capital requirements may be materially different than those currently planned in our budgeting and forecasting
activities and depend on many factors, including our rate of revenue growth, the timing and extent of spending on content and research
and development, the expansion of our sales and marketing activities, our continued international expansion, the acquisition of other
companies, competitive factors, and overall economic conditions, globally. To the extent that current and anticipated future sources
of liquidity are insufficient to fund our future business activities and requirements, we may be required to seek additional equity or
debt financing. The sale of additional equity would result in additional dilution to our shareholders, while the incurrence of debt financing
would result in debt service obligations. Such debt instruments also could introduce covenants that might restrict our operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash
flow summary</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 35%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net cash used in operating activities</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,612</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-58</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(319</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(422</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(482</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(60</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-12</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net cash provided by financing activities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">547</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">721</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,700</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(3,979</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-85</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline">Operating
Activities</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in operating activities was S$1,612,000 for the year ended December 31, 2023. This was mainly attributable to the net loss
of S$12,869,000 adjusted for non-cash items which included depreciation of property and equipment, amortization of intangibles,
interest expense, amortization of debt issuance cost, impairment loss of goodwill, share-based payment expenses, and net effect of
exchange rate changes totaling S$8,476,000. This was offset against net cash inflows arising from the net change in operating assets
and liabilities of S$2,781,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in operating activities was S$3,841,000 for the year ended December 31, 2022. This was mainly attributable to the net loss
of S$4,960,000 adjusted for non-cash items which included depreciation of property and equipment and amortization of intangibles totaling
S$301,000. This was offset against net cash inflows arising from the net change in operating assets and liabilities of S$818,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline">Investing
Activities</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash flows used in investing activities was S$422,000 for the year ended December 31, 2023. This was primarily due to the increase in
intangible assets of S$482,000 and the purchase of property and equipment of S$3,000. This was offset against net cash inflow from the
acquisition of subsidiaries of S$63,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash flows used in investing activities was S$482,000 for the year ended December 31, 2022. This was primarily due to the increase in
intangible assets of S$467,000 and the purchase of property and equipment of S$15,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline">Financing
Activities</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash provided by financing activities was S$721,000 for the year ended December 31, 2023. This was due to proceeds from note from a
shareholder of S$2,850,000. This was offset by the repayment of lease liabilities of S$50,000 and the deferred IPO costs of S$2,079,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash provided by financing activities was S$4,700,000 for the year ended December 31, 2022. This was contributed by proceeds from the
note payable amounting to S$5,200,000. This was offset by the repayment of note from a shareholder of S$500,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Indebtedness</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table shows the amount of our total consolidated current and non-current liabilities outstanding as of December 31, 2023 and
2022:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
                                            31,</b></span></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</b></span></p></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
                                            31,</b></span></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</b></span></p></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
                                            31,</b></span></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></p></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Increase/(Decrease)</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">US$&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">S$&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">S$&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">S$&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Current liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    borrowings</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,094</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">59</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, total borrowings comprised convertible loan from third parties and note from a shareholder.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
convertible loan from third parties comprised (a) a convertible loan amounted S$1,935,000, which is an unsecured, fixed rate loan as
at December 31, 2023 that bears interest of 5% per annum and is repayable on or before February 28, 2024. The convertible loan has
been fully repaid in March 2024; and (b) an exchangeable note amounting to S$368,000 arising from the acquisition by Ryde
Technologies Pte. Ltd. of Meili Technologies Pte. Ltd. pursuant to which the purchase consideration was satisfied by the issuance of
exchangeable notes to the Meili Noteholders each exchangeable into shares in the Company. In March 2024, 68,478 Class A Ordinary
Shares were issued to Meili Noteholders pursuant to an exchange of their exchangeable notes under the exchangeable note subscription
agreement dated April 12, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
note from a shareholder as of December 31, 2023 comprised (a) an unsecured, fixed rate loan of S$2,000,000 that bears interest of 12%
per annum and is repayable on March 2024; and (b) an unsecured and non-interest-bearing loan of S$850,000 and is repayable 6 months after
the initial disbursement date. The note from a shareholder has been fully repaid in March 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Contractual
Obligations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline">Lease
commitments</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company determines if a contract contains a lease at inception. US GAAP requires that the Company&#8217;s leases be evaluated and classified
as operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date and the
lease term used in the evaluation includes the non-cancellable period for which the Company has the right to use the underlying asset,
together with renewal option periods when the exercise of the renewal option is reasonably certain and failure to exercise such option
which results in an economic penalty.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s operating lease right-of-use assets is related to the office lease agreements with lease terms for two years. The Company&#8217;s
lease agreement do not contain any material residual value guarantees or material restrictive convents. Upon adoption of ASU 2016-02,
no right-of-use (&#8220;ROU&#8221;) assets nor lease liability was recorded for the lease with a lease term with one year or less.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s commitment for minimum lease payments under the operating lease that is within twelve months as of December 31, as follow:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Twelve
    months ending December 31,</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Minimum
    lease payment</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">S$&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 80%; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="width: 2%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">50</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total future lease payment</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">50</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Amount representing
    interest</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Present value of operating lease liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">49</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Less: current portion</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(49</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Non-current portion</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.C.
Research and Development, Patent and Licenses, etc</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
refer to &#8220;Item 4. Information on the Company &#8211; D. Property, Plant and Equipment &#8211; Intellectual Property of this annual
report.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.D.
Trend Information</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than as disclosed elsewhere in this annual report, we are not aware of any trends, uncertainties, demands, commitments or events that
are reasonably likely to have a material effect on our net revenues, income from continuing operations, profitability, liquidity or capital
resources, or that would cause reported financial information not necessarily to be indicative of future operating results or financial
condition or results of operations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.
Critical Accounting Estimates</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
consolidated financial statements are prepared in accordance with US GAAP. The preparation of these consolidated financial statements
requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses and related
disclosures. See Note 2 to our consolidated financial statements included elsewhere in this report for additional information on our
critical accounting estimates and policies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an &#8220;emerging growth company&#8221; as defined under the federal securities laws and, as such, will be subject to reduced public
company reporting requirements. Section 107 of the JOBS Act provides that an &#8220;emerging growth company&#8221; can take advantage
of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act, for complying with new or revised accounting
standards. We have elected to take advantage of the extended transition period for complying with new or revised accounting standards
and acknowledge such election is irrevocable pursuant to Section 107 of the JOBS Act. As a result of our election, our financial statements
may not be comparable to those of companies that comply with public company effective dates.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="Z_004"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.A.
Directors and Senior Management</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table provides information regarding our executive officers and directors as of the date hereof:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directors
    and Executive Officers</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Age</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position/Title</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Terence
    Zou</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Founder,
    Chairman and Chief Executive Officer </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lang
    Chen Fei</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    financial officer</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tan
    Ting Yong</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-executive
    Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joanne
    Khoo<sup>(2)(3)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Director, Chair of Audit Committee</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Poon
    Wai Hong<sup>(1)(3)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Director, Chair of Nomination Committee</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Venkata
    Subramanian s/o Sreenivasan<sup>(1)(2)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Director, Chair of Compensation Committee</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Member
                                            of the Audit Committee</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Member
                                            of the Compensation Committee</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><p style="margin-top: 0; margin-bottom: 0"></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Member
                                            of the Nomination Committee</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Mr.
Terence Zou</b>, our founder, has served as the Chief Executive Officer of Ryde Technologies Pte. Ltd. since its inception in September
2014. He is the chairman of the board of directors and chief executive officer of our Group. Mr. Zou is an accomplished leader with a
wealth of experience in strategic development and day-to-day operations. Prior to founding our Group, Mr. Zou held senior positions in
investment and finance, including serving as an Investment Director at Newfields Capital from 2011 to 2013 and a Vice President at 3V
SourceOne Capital from 2009 to 2011. He also served as a commander for the Republic of Singapore Navy from 1999 to 2007, where he honed
his leadership skills and developed a deep sense of commitment to excellence. Mr. Zou is a highly educated professional, with an MBA
from Harvard Business School, a Master of Science from the Massachusetts Institute of Technology, and a Bachelor of Science from The
London School of Economics.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Lang
Chen Fei</b> is currently the Chief financial officer of our Group, overseeing key financial aspects of our Group, including financial
reporting, forecasting and budgeting, taxation and implementing accounting control systems. Mr. Lang was formerly a financial controller
at Oxley Holdings Ltd from 2019 to 2021 and a financial controller at Edition Limited from 2018 to 2019. Prior to that, he was a group
accounts manager at Amara Holdings Ltd from 2015 to 2018 and an audit manager at Baker Tilly TFW LLP from 2008 to 2015. Mr. Lang holds
a Bachelor of Accounting degree from Multimedia University, Malaysia. He is also a member of the Institute of Singapore Chartered Accountants
since 2017 and a member of the Malaysian Institute of Accountants since 2011.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tan
Ting Yong</b> has served on our board of directors since February 2024. Mr. Tan is currently serving as an investment director at Octava
Pte. Ltd., a family office based in Singapore that has multiple investments across diverse industries, focusing mainly on real estate
investment, property development, financial technology and artificial intelligence of machine learning, where he oversees Octava&#8217;s
investment portfolio, evaluates new investment opportunities and strategizes growth initiatives. Prior to that, Mr Tan. worked in DBS
Bank Ltd. as part of their Investment Banking Group where he headed the Transportation and Logistics Team from 1999 to 2000 and the Electronics
Team from 1999 to 2000. Mr. Tan holds a Master of Business Administration degree (major in Banking and Finance) as well as a Bachelor
of Engineering degree (Electrical and Electronics Engineering) from the National University of Singapore. Mr. Tan has also obtained the
Chartered Financial Analyst designation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Joanne
Khoo</b> has served on our board of directors since February 2024. Ms. Khoo has over 26 years of experience in investment banking, corporate
finance, capital markets and business advisory services. Ms. Khoo started her career at PricewaterhouseCoopers in January 1997 and her
last position was senior associate in February 2000. From May 2000 to August 2004, she worked at Stone Forest Consulting Pte Ltd., a
business advisory company, and her last position was an assistant manager. She was responsible for providing consultancy services including
IPO advisory, working capital consulting, business turnaround and profit improvement. Ms. Khoo worked in the corporate finance industry
at several companies, which include (i) Hong Leong Finance Limited from September 2004 to November 2005 as an assistant vice president;
(ii) Phillip Securities Pte Ltd. from November 2005 to January 2008 as an assistant vice president; and (iii) Canaccord Genuity Singapore
Pte. Ltd. (formerly known as Collins Stewart Pte. Limited) from February 2008 to October 2012 with her last position as a director. She
founded and has acted as an executive director of Bowmen Capital Private Limited, a management consultancy company, since February 2013.
From October 2019 to April 2020, she also served as a director of PayLinks Pte. Ltd., a financial service company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
Khoo served as an independent director of Kitchen Culture Holdings Limited (a company listed on the Catalist of the Singapore Exchange
Limited (stock code: SGX:5TI)) from October 2012 to February 2019. Since January 2014, she has served as an independent director of Teho
International Inc Ltd. (a company listed on the Catalist of the Singapore Exchange Limited (stock code: SGX:5OQ)). Ms. Khoo served as
an independent director of Excelpoint Technology Ltd. (a company listed on the main board of the Singapore Exchange Limited (stock code:
SGX:BDF)) from September 2016 to April 2022. She has also served as an independent non-executive director of Xamble Group Limited (a
company listed on The Australian Securities Exchange (stock code: ASX:XGL)) since July 2017. Since June 2020, she has also served as
an independent non-executive director of ES Group (Holdings) Limited (a company listed on the Catalist of the Singapore Exchange Limited
(stock code: SGX:5RC)). Since January 2022, she has also served as an independent non-executive director of JE Cleantech Holdings Ltd
(a company listed on Nasdaq (stock code: NASDAQ:JCSE)).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
Khoo obtained a Bachelor of Business degree in Accountancy from Royal Melbourne Institute of Technology in November 1997. She was admitted
as a Certified Public Accountant of the CPA Australia in October 1999 and a Chartered Accountant of the Malaysian Institute of Accountants
in July 2000. Ms. Khoo was a member of the Women Corporate Directors from September 2018 to June 2019.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Poon
Wai Hong</b> has served on our board of directors since February 2024. Mr. Poon has over 20 years of experience involved in various parts
of the Singapore capital market. Mr. Poon is currently the Co-founding Director and Chief Products Officer at DC Frontiers Pte Ltd since
2011. DC Frontiers Pte Ltd is a Singapore headquartered Data Tech company focused on disrupting the Know Your Customer industry using
Artificial Intelligence. Mr. Poon is also serving as a member of the Catalist Approval Committee of SAC Capital Private Limited since
2011. Prior to that, Mr. Poon started his career with Singapore Exchange Ltd (&#8220;SGX&#8221;) in 2000 and he has been involved in
all facets of the business from listing promotion to listed issuer engagement. He was an equity analysis of CLSA Pte Ltd (&#8220;CLSA&#8221;)
from 2007 to 2008. From 2008 to 2011, he served as a member of the SGX Catalist Regulation team.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Venkata
Subramanian s/o Sreenivasan (&#8220;Ven Sreenivasan&#8221;) </i></b>has served on our board of directors since February 2024. Mr. Ven
Sreenivasan began his career in 1987 with the government service as an economist/industry analyst at the National Productivity Board,
a unit of the Ministry of Trade &amp; Industry. From 1993 to 2017, for a period of nearly 25 years, he was the Senior Correspondent and
News Editor for the Business Times (&#8220;BT&#8221;) specializing in coverage of economic, corporate and financial markets, including
breaking news, interviews, features and analysis. He also produced major featured columns which include The Business Times&#8217; Raffles
Conversation series and Hock Lock Siew. He also contributed to the Editorial/Leader columns and was BT&#8217;s main aviation correspondent
from 2000, covering the sector which included policies and players (airports, airlines and authorities). In addition, he completed a
stint as BT&#8217;s Malaysia based correspondent in 1996 and was also BT&#8217;s motoring columnist during the 1997-2000 period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">He
was considered one of the leading writers in the newsroom and was responsible for newsroom management and editorial oversight, managing
and overseeing corporate/financial news team of 40 journalists at the financial daily. He also wrote columns on markets, companies and
aviation at the same time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
2017 to present, he has been appointed as Executive Editor, SPH Radio &amp; Associate Editor, Straits Times of Singapore Press Holdings.
He helped establish MoneyFM 89.3, Singapore&#8217;s first and only financial radio station and coached the team presenters and producers.
He has been instrumental with programming and content, sourcing of guests and market experts and maintain oversight on quality and accuracy
of content. He also assisted the Straits Times Business team, providing guidance and oversight on stories and providing story tips. Since
2021, he has also served as an independent non-executive director of Medinex Limited.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">He
produces a weekly column where a wide range of topics ranging from economics, business, corporate and financial markets are covered.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">He
holds a Degree in Economics &amp; Political Science from Brandon University and a Masters Degree of Arts from the University of Manitoba.
In addition, he holds a Graduate Diploma in Financial Management from the Singapore Institute of Management.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.B.
Compensation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compensation
of Directors and Executive Officers</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2023, we paid an aggregate of S$318,000 (US$235,000) in cash to our executive officers, and we did not pay any compensation to our non-executive
directors. We have not set aside or accrued any amount to provide pension, retirement or other similar benefits to our directors and
executive officers. Our subsidiaries in Singapore are required by the applicable laws and regulations of Singapore to make contributions,
as employers, to the Central Provident Fund for all employees (including our executive officers) who are employed under a contract of
service by our Singapore subsidiaries as prescribed under the Central Provident Fund Act 1953. The contribution rates vary, depending
on the age of the employee, and whether such employee is a Singapore citizen or permanent resident (contributions are not required or
permitted in respect of a foreigner on a work pass). We did not pay any cash compensation to our independent directors in 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
information regarding share awards granted to our directors and executive officers, see &#8220;&#8212;Share Incentive Plans.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Employment
Agreements and Indemnification Agreements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have entered into employment agreements with our executive officers. Each of our executive officers is employed for a continuous term,
unless either we or the executive officer gives prior notice to terminate such employment. We may terminate the employment for cause,
at any time, without notice or remuneration, for certain acts of the executive officer, including but not limited to the commitment of
any continued material breach of the terms and conditions of the employment, conviction of a criminal offense (other than one which in
the reasonable opinion of the board of our Company does not affect the executive&#8217;s position), fraud, dishonesty, misconduct or
willful neglect of his duties. An executive officer may terminate his employment at any time with a three-month prior written notice.
Each executive officer has agreed to devote the whole of his time and attention during normal hours of work of the Company to discharge
of his duties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
executive officer has agreed to hold, both during and after the employment agreement expires or is earlier terminated, in strict confidence
and not to disclose, use, copy, reproduce, exploit, divulge or communicate to any person any trade secret or any information concerning
the business or financial arrangements or position of the Group or any of the dealings, transactions or affairs of the business of the
Group. Each executive officer has also agreed to disclose in confidence and full details to us all intellectual property, including but
not limited to patents, trademarks, unregistered designs, utility models, copyrights, discoveries, creations, inventions or improvements
upon or additions to an invention, confidential information, know-how, research effort, moral rights and other intellectual property
and rights (the &#8220;Intellectual Property&#8221;) that are relating to or capable of being used in the business of the Company, which
they discovered or participated in the making or discovery during the executive officer&#8217;s employment with us. Such Intellectual
Property shall be the absolute property of the Company and the Company shall assign its rights to such Intellectual Property to a member
of the Group or any company that the Company agrees to assign to. In addition, all executive officers have agreed to be bound by non-competition
and non-solicitation restrictions set forth in their agreements. Each executive officer has agreed not to, for a certain period following
termination of his or her employment or expiration of the employment agreement, he will not, directly or indirectly, either on his own
account or in conjunction with or on behalf of any other person, without prior written consent of the Company: (i) within the territory
of Singapore and any other jurisdiction the Group may have business when the employment is terminated, engaged or concerned in any capacity
or otherwise carry on any business similar to or in competition with the Group and with which the executive officer was involved in the
course of his employment during the period of 12 months prior to the termination of his employment, (ii) solicit or entice away or attempt
to solicit or entice away from the Group the custom of any of the Group&#8217;s customer, client, agent, distributor or correspondent
or in the habit of dealing with the Group with whom the executive officer had substantial contact in the course of his employment during
the period of 12 months prior to the termination of his employment, or (iii) solicit, entice away from, or interfere with the Group&#8217;s
employment relationship with any person who has been employed or engaged by the Group with whom the executive officer had dealings in
the course of his employment during the period of three months prior to the termination of his employment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have entered into indemnification agreements with our directors, pursuant to which we will agree to indemnify our directors against certain
liabilities and expenses incurred by such persons in connection with claims made by reason of their being such a director.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share
Incentive Plan(s) </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have adopted the Share Incentive Plan, or the Plan, to attract and retain best available personnel, provide additional incentives to
employees, directors and consultants, and promote the success of our business. Under the Plan, the maximum aggregate number of Shares
which may be issued pursuant to all awards (including incentive share options) are 1,557,104 shares, representing 10% of the number of
fully-diluted shares outstanding as of the date of our Company&#8217;s initial public offering, or after our Company&#8217;s initial
public offering, to represent 10% of the number of fully-diluted shares outstanding as of December 31 of the preceding calendar year,
as the case may be.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Plan, on the day of the company&#8217;s listing on March 6, 2024 (the &#8220;Listing date&#8221;), the CEO and CFO were awarded a
total of 929,250 Restricted Stock Units (RSUs). Each RSU grants the CEO and CFO the right, subject to Plan terms and conditions, to receive
one Class A Ordinary Share of the company, with either no par value or the minimum par value as required by statutory regulations. The
vesting period for the entire RSU allocation is set to occur 24 months from the Listing date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have also established an employee share option scheme (the <b>&#8220;Scheme&#8221;</b>) pursuant to which the right to subscribe for
Class A Ordinary Shares may be granted to employees of the Company, its subsidiaries and affiliates who meet the eligibility criteria
in accordance with the rules of the Scheme. The Scheme will subsist from 14 September 2023 till the date of the listing of the Company
on a securities exchange or till the date on which the Scheme is terminated by the board of directors of the Company, whichever is earlier.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.C.
Board Practices</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Board
of Directors</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of Directors consists of five Directors, three of them are independent Directors. As a Cayman Islands company listed on the NYSE
American, we are a foreign private issuer and are permitted to follow the home country practice with respect to certain corporate governance
matters rather than complying with NYSE American corporate governance standards. Cayman Islands law does not require a majority of a
publicly traded company&#8217;s board of directors to be comprised of independent directors. However, to enhance our corporate governance,
we elect to follow NYSE American corporate governance standards and have a majority of our board comprised of independent directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Committees
of the Board of Directors</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has an audit committee, a compensation committee and a nominating committee. Each committee&#8217;s members and functions
are described below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Audit
Committee</i></b>. Our audit committee consists of Ms. Khoo Su Nee, Joanne, Mr. Poon Wai Hong and Mr. Venkata Subramanian s/o Sreenivasan,
and is chaired by Ms. Khoo Su Nee, Joanne. Our board of directors has determined that each such member satisfies the &#8220;independence&#8221;
requirements of Rule 803(A)(2) of NYSE American LLC Company Guide and meets the independence standards under Rule 10A-3 under the Exchange
Act. Our audit committee consists solely of independent directors that satisfy the NYSE American and SEC requirements. Our board of directors
has also determined that Ms. Khoo Su Nee, Joanne qualifies as an &#8220;audit committee financial expert&#8221; within the meaning of
the SEC rules and possesses financial sophistication within the meaning of the Listing Rules of the NYSE American. The audit committee
oversees our accounting and financial reporting processes and the audits of the financial statements of our company. The audit committee
is responsible for, among other things:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">selecting
    our independent registered public accounting firm and pre-approving all auditing and non-auditing services permitted to be performed
    by our independent registered public accounting firm;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    with our independent registered public accounting firm any audit problems or difficulties and management&#8217;s response and approving
    all proposed related party transactions, as defined in Item 404 of Regulation S-K;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">discussing
    the annual audited financial statements with management and our independent registered public accounting firm;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">periodically
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">meeting
    periodically with the management and our internal auditor and our independent registered public accounting firm;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reporting
    regularly to the full board of directors;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    the adequacy and effectiveness of our accounting and internal control policies and procedures and any steps taken to monitor and
    control major financial risk exposure; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">such
    other matters that are specifically delegated to our audit committee by our board of directors from time to time.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Compensation
Committee</i></b>. Our compensation committee consists of Mr. Poon Wai Hong, Ms. Khoo Su Nee, Joanne and Mr. Venkata Subramanian s/o
Sreenivasan, and is chaired by Mr. Poon Wai Hong. Our board of directors has determined that each such member satisfies the &#8220;independence&#8221;
requirements of Rule 803(A)(2) of NYSE American LLC Company Guide. Our compensation committee assists the board in reviewing and approving
the compensation structure, including all forms of compensation, relating to our directors and executive officers. Our chief executive
officer may not be present at any committee meeting during which his compensation is deliberated upon. The compensation committee is
responsible for, among other things:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    and approving to the board with respect to the total compensation package for our chief executive officer;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">selecting
    and receiving advice from compensation consultants, legal counsel or other advisors after taking into consideration all factors relevant
    to that person&#8217;s independence from management; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">programs
    or similar arrangements, annual bonuses, employee pension and welfare benefit plans.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Nominations
Committee</i></b>. Our nominations committee consists of Mr. Venkata Subramanian s/o Sreenivasan, Ms. Khoo Su Nee, Joanne and Mr. Poon
Wai Hong, and is chaired by Mr. Venkata Subramanian s/o Sreenivasan. Our board of directors has determined that each such member satisfies
the &#8220;independence&#8221; requirements of Rule 803(A)(2) of NYSE American LLC Company Guide. The nominations committee assists the
board of directors in selecting individuals qualified to become our directors and in determining the composition of the board of directors
and its committees. The nominations committee is responsible for, among other things:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">identifying
    and recommending nominees for election or re-election to our board of directors or for appointment to fill any vacancy;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
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    and availability of service to us;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">advising
    the board periodically with respect to significant developments in the law and practice of corporate governance as well as our compliance
    with applicable laws and regulations, and making recommendations to our board of directors on all matters of corporate governance
    and on any corrective action to be taken; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">monitoring
    compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to
    ensure proper compliance.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Duties
of Directors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Cayman Islands law, our directors owe fiduciary duties to our company, including a duty of loyalty, a duty to act honestly, and a duty
to act in what they consider in good faith to be in our best interests. Our directors must also exercise their powers only for a proper
purpose. Our directors also owe to our company a duty to act with skill and care. It was previously considered that a director need not
exhibit in the performance of his duties a greater degree of skill than may reasonably be expected from a person of his knowledge and
experience. However, English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care
and these authorities are likely to be followed in the Cayman Islands. In fulfilling their duty of care to us, our directors must ensure
compliance with our memorandum and articles of association, as amended and restated from time to time. Our company has the right to seek
damages if a duty owed by our directors is breached. In limited exceptional circumstances, a shareholder may have the right to seek damages
in our name if a duty owed by our directors is breached.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
functions and powers of our board of directors include, among others:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">convening
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">declaring
    dividends and distributions;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">appointing
    officers and determining the term of office of officers;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">exercising
    the borrowing powers of our company and mortgaging the property of our company; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">approving
    the transfer of shares of our company, including the registering of such shares in our share register.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Terms
of Directors and Executive Officers</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
of our directors holds office until the expiration of his or her term, as may be provided in a written agreement with our company, and
his or her successor has been elected and qualified, until his or her resignation or until his or her office is otherwise vacated in
accordance with our articles of association. At each annual general meeting one-third of the directors for the time being shall retire
from office by rotation. However, if the number of directors is not a multiple of three, then the number nearest to but not less than
one-third shall be the number of retiring directors. A retiring director shall be eligible for re-election. All of our executive officers
are appointed by and serve at the discretion of our board of directors. Our directors may be appointed or removed from office by an ordinary
resolution of shareholders. A director will be removed from office automatically if, among other things, the director (i) becomes bankrupt
or has a receiving order made against him or suspends payment or compounds with his creditors generally; (ii) dies or is found to be
or becomes of unsound mind and the board of directors resolves that his office be vacated; (iii) resigns; (iv) without special leave
of absence from our board of directors, is absent from three consecutive meetings of the board and the board resolves that his office
be vacated; (v) is prohibited by operation of law from being or ceases to be a director; (vi) is removed from office by the requisite
majority of the directors or otherwise pursuant to our amended and restated memorandum and articles of association then in effect; or
(vii) has been required by the NYSE American to cease to be a director. The compensation of our directors is determined by the board
of directors. There is no mandatory retirement age for directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Board
Diversity</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td colspan="4" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Board
    Diversity Matrix (As of the date of this annual report)</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Country
    of Principal Executive Office</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Singapore</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 71%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign
    Private Issuer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosure
    Prohibited Under Home Country Law</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    Number of Directors</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    </tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 20pt; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Female</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Male</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Binary</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Did
    Not Disclose Gender</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Part
    I: Gender Identity</b></span></td>
    <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Part
    II: Demographic Background</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underrepresented
    Individual in Home Country Jurisdiction</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Female</b></span></p></td>
    <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Male</b></span></p></td>
    <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Binary</b></span></p></td>
    <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Did
    Not Disclose Gender</b></span></td>
    <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Part
    I: Gender Identity</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Part
    II: Demographic Background</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underrepresented
    Individual in Home Country Jurisdiction</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="7" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LGBTQ+</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="7" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.D.
Employees</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
employed 34 persons as December 31, 2023 and 38 persons as of December 31, 2022, who were mostly located in Singapore. Our employees
are not covered by collective bargaining agreements. We consider our labor practices and employee relations to be good. The following table indicates the distribution of our employees by business and role as of December 31, 2023:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Function</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number
    of Employees</span></td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 80%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operations</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</span></td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finance and Human Resource and Administration</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</span></td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Technology Development</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</span></td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Product and Design</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business Strategy</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</span></td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marketing and Business Development</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</span></td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Number of Employees</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</span></td>
    </tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.E.
Share Ownership</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth information regarding the beneficial ownership of Ordinary Shares as of the date of this annual report by:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
                                            person known by us to be the beneficial owner of more than 5% of Ordinary Shares;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
                                            of our directors and executive officers; and</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">all
                                            our directors and executive officers as a group.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beneficial
ownership is determined in accordance with the rules of the SEC and includes voting or investment power with respect to, or the power
to receive the economic benefit of ownership of, the securities. In computing the number of shares beneficially owned by a person and
the percentage ownership of that person, shares that the person has the right to acquire within 60 days are included, including through
the exercise of any option or other right or the conversion of any other security. However, these shares are not included in the computation
of the percentage ownership of any other person. Each Class A Ordinary Share carries one vote, and each Class B Ordinary Share carries
10 votes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
percentage of our Ordinary Shares beneficially owned is computed on the basis of 15,839,871 Class A Ordinary Shares and 3,542,400 Class B Ordinary Shares issued and
outstanding as of the date of this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Class
    A Ordinary Shares</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Class
    B Ordinary Shares</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Shares</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">%
    of Voting Power</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Shares</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">%
    of Voting Power</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">%
    of Aggregate Voting Power</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Directors and Executive
    Officers:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 37%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Zou Junming Terence</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Poon Wai Hong</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Venkata Subramanian s/o
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">All
    Directors and Executive Officers as a Group</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Principal Shareholders:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DLG Ventures Pte. Ltd.<sup>(1)</sup></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">34.39</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">13.00</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Tan Choon Ming</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2.26</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-left: 7.1pt"><span style="font-family: Times New Roman, Times, Serif">All
    Directors and Executive Officers as a Group, and Principal Shareholders</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,849,626</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,542,400</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">18.27</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">69.10</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">84.41</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DLG
    Ventures Pte. Ltd. is beneficially owned by Joseph Tey Wei Jin (33.36%), Lee Kok Leong (33.32%) and Pang Sze Khai (33.32%).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
information regarding share awards granted to our directors and executive officers, see &#8220;&#8212;Share Incentive Plans.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.F.
Disclosure of a Registrant&#8217;s Action to Recover Erroneously Awarded Compensation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="Z_005"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7.A.
Major Shareholders</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
refer to &#8220;Item 6. Directors, Senior Management and Employees &#8212; 6.E. Share Ownership.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7.B.
Related Party Transactions</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Terms
of Directors and Officers</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 6. Directors, Senior Management and Employees&#8212;6.C. Board Practices&#8212;Terms of Directors and Officers.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Employment
Agreements and Indemnification Agreements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 6. Directors, Senior Management and Employees&#8212;6.B. Compensation&#8212;Employment Agreements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other
Related Party Transactions</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have adopted an audit committee charter, which requires the committee to review all related-party transactions on an ongoing basis and
all such transactions be approved by the committee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Set
forth below are related-party transactions of our Company for the financial years ended December 31, 2023 and 2022, which are identified
in accordance with the rules prescribed under Form F-1 and Form 20-F and may not be considered as related-party transactions under Singapore
law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2023, Ryde Tech entered into a shareholders loan agreement with DLG with a principal amount of S$2,000,000. The interest rate is
12% per annum accrued on a daily basis. As of December 31, 2023, the actual drawdown amount was S$2,000,000. The loan, together with
interest accruing, shall be repaid in March 2024, being 12 months after the first date on which the relevant drawdown amount was disbursed
to us. The loan ranks above all of our indebtedness due to or owing under to (i) certain investors who entered into an exchangeable loan
agreement dated February 7, 2022; and (ii) our other unsecured creditors. The shareholders have been fully repaid in March 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2022 and 2023, significant transactions with DLG were as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Year
    ended December 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">S$&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">S$&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">US$&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 46%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Interest expense on
    note from a shareholder</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">5</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">171</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">130</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022 and 2023, the significant balances with DLG were as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">As
    of December 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 46%; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 14%; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>S$&#8217;000</b></span></td><td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 14%; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>S$&#8217;000</b></span></td><td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 14%; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>US$&#8217;000</b></span></td><td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Note from a shareholder</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,850</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,160</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7.C.
Interests of Experts and Counsel</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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    <div style="break-before: page; margin-top: 6pt">&#160;</div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Z_006"></span>ITEM
8. FINANCIAL INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8.A.
Consolidated Statements and Other Financial Information</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
refer to &#8220;Item 18. Financial Statements.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Legal
and Administrative Proceedings</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are currently not a party to any legal, arbitration or administrative proceedings that, in the opinion of our management, are likely
to have a material and adverse effect on our business, financial condition or results of operations, and we are not aware of any threat
of any of the above-mentioned proceedings. However, we may from time to time become a party to various legal, arbitration or administrative
proceedings arising.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dividend
Policy</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have never declared or paid any cash dividend on our Class A Ordinary Shares. We currently plan to retain any future earnings and do
not expect to pay any dividends in the foreseeable future. Any further determination to pay dividends on our Ordinary Shares would be
at the discretion of our board of directors, subject to applicable laws, and would depend on our financial condition, results of operations,
capital requirements, general business conditions, and other factors that our board of directors may deem relevant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8.B.
Significant Changes</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as otherwise disclosed in this report, we have not experienced any significant changes since the date of our audited consolidated financial
statements included herein.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="Z_007"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
9. THE OFFER AND LISTING</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9.A.
Offer and listing details</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
listed our Class A Ordinary Shares on the NYSE American under the symbol &#8220;RYDE&#8221; since March 6, 2024. In our initial public
offering, we issued 3,000,000 Class A Ordinary Shares par value US$0.0002 at a price of US$4.00 per share. On March 15, 2024, the representative
of the underwriters of our initial public offering partially exercised the over-allotment option to purchase an additional 200,350 Class
A Ordinary Shares, par value US$0.0002 per share at a price of US$4.00 per share. We received gross proceeds totaling to US$12.8
million before deducting underwriting discounts and other related expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9.B.
Plan of distribution</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9.C.
Markets</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Ordinary Shares are listed on the NYSE American under the symbol &#8220;RYDE&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9.D.
Selling shareholders</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9.E.
Dilution</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9.F.
Expenses of the issue</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="Z_008"></span><b>ITEM
10. ADDITIONAL INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.A.
Share capital</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.B.
Memorandum and articles of association</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following are summaries of the material provisions of our amended and restated memorandum and articles of association and the Companies
Act, insofar as they relate to the material terms of our Ordinary Shares. They do not purport to be complete. Reference is made to our
amended and restated memorandum and articles of association, a copy of which is filed as an exhibit to the annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Objects
of Our Company</i>. Under our post-offering memorandum and articles of association, the objects of our company are unrestricted and we
have the full power and authority to carry out any object not prohibited by the laws of the Cayman Islands.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Ordinary
Shares</i>. Our Ordinary Shares are divided into Class A Ordinary Shares and Class B Ordinary Shares. Holders of our Class A Ordinary
Shares and Class B Ordinary Shares will have the same rights except for voting and conversion rights. Each Class A Ordinary Share shall
entitle the holder thereof to one vote on all matters subject to vote at our general meetings and each Class B Ordinary Share shall entitle
the holder thereof to 10 votes on all matters subject to vote at our general meetings. Our Ordinary Shares are issued in registered form
and are issued when registered in our register of members. We may not issue shares to bearer. Our shareholders who are non-residents
of the Cayman Islands may freely hold and vote their shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Conversion.
</i>Class B Ordinary Shares may be converted into the same number of Class A Ordinary Shares at the option of the holders thereof at
any time, while Class A Ordinary Shares cannot be converted into Class B Ordinary Shares under any circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Dividends.
</i>The holders of our Ordinary Shares are entitled to such dividends as may be declared by our board of directors or declared by our
shareholders by ordinary resolution (provided that no dividend may be declared by our shareholders which exceeds the amount recommended
by our directors). Our post-offering memorandum and articles of association provide that dividends may be declared and paid out of our
profits, realized or unrealized, or from any reserve set aside from profits which our board of directors determine is no longer needed.
Under the laws of the Cayman Islands, our company may pay a dividend out of either profit or share premium account, provided that in
no circumstances may a dividend be paid if this would result in our company being unable to pay its debts as they fall due in the ordinary
course of business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Voting
Rights. </i>Holders of Class A Ordinary Shares and Class B Ordinary Shares shall, at all times, vote together as one class on all matters
submitted to a vote by the members at any general meeting of the Company. Each Class A Ordinary Share shall be entitled to one vote and
each Class B Ordinary Share shall be entitled to 10 votes on all matters subject to the vote at general meetings of our Company. Voting
at any meeting of shareholders is by show of hands unless a poll (before or on the declaration of the result of the show of hands) is
demanded. A poll may be demanded by the chairperson of such meeting or any one shareholder present in person or by proxy.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
ordinary resolution to be passed at a meeting by the shareholders requires the affirmative vote of a simple majority of the votes attaching
to the Ordinary Shares cast at a meeting, while a special resolution requires the affirmative vote of no less than two-thirds of the
votes cast attaching to the outstanding and issued Ordinary Shares cast at a meeting. A special resolution will be required for important
matters such as a change of name or making changes to our post-offering memorandum and articles of association. Our shareholders may,
among other things, divide or combine their shares by ordinary resolution.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>General
Meetings of Shareholders. </i>As a Cayman Islands exempted company, we are not obliged by the Companies Act to call shareholders&#8217;
annual general meetings. Our post-offering memorandum and articles of association provide that we may (but are not obliged to) in each
year hold a general meeting as our annual general meeting in which case we shall specify the meeting as such in the notices calling it,
and the annual general meeting shall be held at such time and place as may be determined by our directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders&#8217;
general meetings may be convened by a majority of our board of directors. Advance notice of at least ten days is required for the convening
of our annual general shareholders&#8217; meeting (if any) and any other general meeting of our shareholders. A quorum required for any
general meeting of shareholders consists of at least one shareholder present or by proxy, representing not less than one-third of all
votes attaching to the issued and outstanding shares in our company entitled to vote at the general meeting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Companies Act provides shareholders with only limited rights to requisition a general meeting, and does not provide shareholders with
any right to put any proposal before a general meeting. However, these rights may be provided in a company&#8217;s articles of association.
Our post-offering memorandum and articles of association provide that upon the requisition of any one or more of our shareholders who
together hold shares which carry in aggregate not less than one-third of all votes attaching to the issued and outstanding shares of
our company entitled to vote at general meetings, our board will convene an extraordinary general meeting and put the resolutions so
requisitioned to a vote at such meeting. However, our post-offering memorandum and articles of association do not provide our shareholders
with any right to put any proposals before annual general meetings or extraordinary general meetings not called by such shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Transfer
of Ordinary Shares. </i>Subject to the restrictions set out in our post-offering memorandum and articles of association as set out below,
any of our shareholders may transfer all or any of his or her Ordinary Shares by an instrument of transfer in the usual or common form
or any other form approved by our board of directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors may, in its absolute discretion, decline to register any transfer of any ordinary share which is not fully paid up
or on which we have a lien. Our board of directors may also decline to register any transfer of any ordinary share unless:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    instrument of transfer is lodged with us, accompanied by the certificate for the Ordinary Shares to which it relates and such other
    evidence as our board of directors may reasonably require to show the right of the transferor to make the transfer; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    instrument of transfer is in respect of only one class of Ordinary Shares; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    instrument of transfer is properly stamped, if required; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
    the case of a transfer to joint holders, the number of joint holders to whom the ordinary share is to be transferred does not exceed
    four; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    ordinary share transferred is free of any lien in favor of the Company; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    fee of such maximum sum as the NYSE American may determine to be payable or such lesser sum as our directors may from time to time
    require is paid to us in respect thereof.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
our directors refuse to register a transfer they shall, within three months after the date on which the instrument of transfer was lodged,
send to each of the transferor and the transferee notice of such refusal.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
registration of transfers may, after compliance with any notice required of NYSE American, be suspended and the register closed at such
times and for such periods as our board of directors may from time to time determine, provided, however, that the registration of transfers
shall not be suspended nor the register closed for more than 30 days in any year as our board may determine.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidation</i>.
On the winding up of our company, if the assets available for distribution amongst our shareholders shall be more than sufficient to
repay the whole of the share capital at the commencement of the winding up, the surplus shall be distributed amongst our shareholders
in proportion to the par value of the shares held by them at the commencement of the winding up, subject to a deduction from those shares
in respect of which there are monies due, of all monies payable to our company for unpaid calls or otherwise. If our assets available
for distribution are insufficient to repay all of the paid-up capital, the assets will be distributed so that the losses are borne by
our shareholders in proportion to the par value of the shares held by them.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Calls
on Shares and Forfeiture of Shares</i>. Our board of directors may from time to time make calls upon shareholders for any amounts unpaid
on their shares in a notice served to such shareholders at least 14 days prior to the specified time and place of payment. The shares
that have been called upon and remain unpaid are subject to forfeiture.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Redemption,
Repurchase and Surrender of Shares</i>. We may issue shares on terms that such shares are subject to redemption, at our option or at
the option of the holders of these shares, on such terms and in such manner as may be determined by our board of directors or by special
resolution of our shareholders. Our company may also repurchase any of our shares on such terms and in such manner as have been approved
by our board of directors or by an ordinary resolution of our shareholders. Under the Companies Act, the redemption or repurchase of
any share may be paid out of our Company&#8217;s profits or out of the proceeds of a new issue of shares made for the purpose of such
redemption or repurchase, or out of capital (including share premium account and capital redemption reserve) if our company can, immediately
following such payment, pay its debts as they fall due in the ordinary course of business. In addition, under the Companies Act no such
share may be redeemed or repurchased (a) unless it is fully paid up, (b) if such redemption or repurchase would result in there being
no shares issued and outstanding or (c) if the Company has commenced liquidation. In addition, our company may accept the surrender of
any fully paid share for no consideration.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Variations
of Rights of Shares</i>. If at any time, our share capital is divided into different classes of shares, the rights attached to any class
may be materially adversely varied with the consent in writing of the holders of at least two-thirds (2/3) of the issued shares of that
class or with the sanction of a resolution passed by not less than two-thirds of the votes cast at a separate meeting of the holders
of the shares of that class. The rights conferred upon the holders of the shares of any class issued shall not, be deemed to be materially
adversely varied by the creation, allotment or issue of further shares ranking <i>pari passu</i> with or subsequent to them or the redemption
or purchase of any shares of any class by the Company. The rights of the holders of shares shall not be deemed to be materially adversely
varied by the creation or issue of shares with preferred or other rights including, without limitation, the creation of shares with enhanced
or weighted voting rights.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Issuance
of Additional Shares</i>. Our post-offering memorandum and articles of association authorize our board of directors to issue additional
Ordinary Shares from time to time as our board of directors shall determine, to the extent out of available authorized but unissued Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
post-offering memorandum and articles of association also authorize our board of directors to establish from time to time one or more
series of preferred shares and to determine, with respect to any series of preferred shares, the terms and rights of that series, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    designation of the series; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    number of shares of the series; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    dividend rights, dividend rates, conversion rights, voting rights; and </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    rights and terms of redemption and liquidation preferences.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors may issue preferred shares without action by our shareholders to the extent out of authorized but unissued preferred
shares. Issuance of these shares may dilute the voting power of holders of Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Inspection
of Books and Records</i>. Holders of our Ordinary Shares will have no general right under Cayman Islands law to inspect or obtain copies
of our list of shareholders or our corporate records.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Anti-Takeover
Provisions</i>. Some provisions of our post-offering memorandum and articles of association may discourage, delay or prevent a change
of control of our company or management that shareholders may consider favorable, including provisions that:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">authorize
    our board of directors to issue preferred shares in one or more series and to designate the price, rights, preferences, privileges
    and restrictions of such preferred shares without any further vote or action by our shareholders; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">limit
    the ability of shareholders to requisition and convene general meetings of shareholders.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
under Cayman Islands law, our directors may only exercise the rights and powers granted to them under our post-offering memorandum and
articles of association for a proper purpose and for what they believe in good faith to be in the best interests of our company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exempted
Company</i>. We are an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary
resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside
of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the
same as for an ordinary company except that an exempted company:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">does
    not have to file an annual return of its shareholders with the Registrar of Companies of the Cayman Islands; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
    not required to open its register of members for inspection; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">does
    not have to hold an annual general meeting; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">may
    obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first
    instance); </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">may
    register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">may
    register as a limited duration company; and </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">may
    register as a segregated portfolio company.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Limited
liability&#8221; means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the
company (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper
purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exclusive
Forum</i>. Unless we consent in writing to the selection of an alternative forum, the United States District Court for the Southern District
of New York (or, if the United States District Court for the Southern District of New York lacks subject matter jurisdiction over a particular
dispute, the state courts in New York County, New York) shall be the exclusive forum within the United States for the resolution of any
complaint asserting a cause of action arising out of or relating in any way to the federal securities laws of the United States, regardless
of whether such legal suit, action, or proceeding also involves parties other than us. Any person or entity purchasing or otherwise acquiring
any share or other securities in our company, or purchasing or otherwise acquiring American depositary shares issued pursuant to deposit
agreements, shall be deemed to have notice of and consented to the provisions of this article. Without prejudice to the foregoing, if
the provision in this article is held to be illegal, invalid or unenforceable under applicable law, the legality, validity or enforceability
of the rest of articles of association shall not be affected and this article shall be interpreted and construed to the maximum extent
possible to apply in the relevant jurisdiction with whatever modification or deletion may be necessary so as best to give effect to our
intention.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Differences
in Corporate Law </i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Companies Act is derived, to a large extent, from the older Companies Acts of England but does not follow recent English statutory enactments
and accordingly there are significant differences between the Companies Act and the current Companies Act of England. In addition, the
Companies Act differs from laws applicable to U.S. corporations and their shareholders. Set forth below is a summary of certain significant
differences between the provisions of the Companies Act applicable to us and the laws applicable to companies incorporated in the United
States and their shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Mergers
and Similar Arrangements</i>. The Companies Act permits mergers and consolidations between Cayman Islands companies and between Cayman
Islands companies and non-Cayman Islands companies. For these purposes, (i) &#8220;merger&#8221; means the merging of two or more constituent
companies and the vesting of their undertaking, property and liabilities in one of such companies as the surviving company, and (ii)
a &#8220;consolidation&#8221; means the combination of two or more constituent companies into a consolidated company and the vesting
of the undertaking, property and liabilities of such companies to the consolidated company. In order to effect such a merger or consolidation,
the directors of each constituent company must approve a written plan of merger or consolidation, which must then be authorized by (a)
a special resolution of the shareholders of each constituent company, and (b) such other authorization, if any, as may be specified in
such constituent company&#8217;s articles of association. The written plan of merger or consolidation must be filed with the Registrar
of Companies of the Cayman Islands together with a declaration as to the solvency of the consolidated or surviving company, a list of
the assets and liabilities of each constituent company and an undertaking that a copy of the certificate of merger or consolidation will
be given to the members and creditors of each constituent company and that notification of the merger or consolidation will be published
in the Cayman Islands Gazette. Court approval is not required for a merger or consolidation which is effected in compliance with these
statutory procedures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
merger between a Cayman parent company and its Cayman subsidiary or subsidiaries does not require authorization by a resolution of shareholders
of that Cayman subsidiary if a copy of the plan of merger is given to every member of that Cayman subsidiary to be merged unless that
member agrees otherwise. For this purpose a company is a &#8220;parent&#8221; of a subsidiary if it holds issued shares that together
represent at least ninety percent (90%) of the votes at a general meeting of the subsidiary.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consent of each holder of a fixed or floating security interest over a constituent company is required unless this requirement is waived
by a court in the Cayman Islands.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Save
in certain limited circumstances, a shareholder of a Cayman constituent company who dissents from the merger or consolidation is entitled
to payment of the fair value of his shares (which, if not agreed between the parties, will be determined by the Cayman Islands court)
upon dissenting to the merger or consolidation, provided that the dissenting shareholder complies strictly with the procedures set out
in the Companies Act. The exercise of dissenter rights will preclude the exercise by the dissenting shareholder of any other rights to
which he or she might otherwise be entitled by virtue of holding shares, save for the right to seek relief on the grounds that the merger
or consolidation is void or unlawful.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Separate
from the statutory provisions relating to mergers and consolidations, the Companies Act also contains statutory provisions that facilitate
the reconstruction and amalgamation of companies by way of schemes of arrangement, provided that the arrangement is approved by a majority
in number of each class of shareholders and creditors with whom the arrangement is to be made, and who must in addition represent three-fourths
in value of each such class of shareholders or creditors, as the case may be, that are present and voting either in person or by proxy
at a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned
by the Grand Court of the Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction
ought not to be approved, the court can be expected to approve the arrangement if it determines that:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    statutory provisions as to the required majority vote have been met; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    shareholders have been fairly represented at the meeting in question and the statutory majority are acting bona fide without coercion
    of the minority to promote interests adverse to those of the class; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    arrangement is such that may be reasonably approved by an intelligent and honest man of that class acting in respect of his interest;
    and </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Companies Act also contains a statutory power of compulsory acquisition which may facilitate the &#8220;squeeze out&#8221; of dissentient
minority shareholders upon a tender offer. When a tender offer is made and accepted by holders of 90.0% of the shares affected within
four months, the offeror may, within a two-month period commencing on the expiration of such four-month period, require the holders of
the remaining shares to transfer such shares to the offeror on the terms of the offer. An objection can be made to the Grand Court of
the Cayman Islands but this is unlikely to succeed in the case of an offer which has been so approved unless there is evidence of fraud,
bad faith or collusion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an arrangement and reconstruction by way of scheme of arrangement is thus approved and sanctioned, or if a tender offer is made and accepted
in accordance with the foregoing statutory procedures, a dissenting shareholder would have no rights comparable to appraisal rights,
which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment
in cash for the judicially determined value of the shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shareholders&#8217;
Suits</i>. In principle, we will normally be the proper plaintiff to sue for a wrong done to us as a company, and as a general rule a
derivative action may not be brought by a minority shareholder. However, based on English authorities, which would in all likelihood
be of persuasive authority in the Cayman Islands, the Cayman Islands court can be expected to follow and apply the common law principles
(namely the rule in Foss v. Harbottle and the exceptions thereto) so that a non-controlling shareholder may be permitted to commence
a class action against or derivative actions in the name of the company to challenge actions where:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    company acts or proposes to act illegally or ultra vires (and is therefore incapable of ratification by the shareholder); </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    act complained of, although not ultra vires, could only be effected duly if authorized by more than a simple majority vote that has
    not been obtained; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    act purports to abridge or abolish the individual rights of a shareholder; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">those
    who control the company are perpetrating a &#8220;fraud on the minority.&#8221;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the case of a company (not being a bank) having its share capital divided into shares, the Grand Court may, on the application of members
holding not less than one fifth of the shares of the company in issue, appoint an inspector to examine the affairs of the company and
to report thereon in such manner as the Grand Court shall direct.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Indemnification
of Directors and Executive Officers and Limitation of Liability</i>. Cayman Islands law does not limit the extent to which a company&#8217;s
memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision
may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the
consequences of committing a crime. Our post-offering memorandum and articles of association provide that that we shall indemnify our
officers and directors against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained
by such directors or officer, other than by reason of such person&#8217;s dishonesty, willful default or fraud, in or about the conduct
of our company&#8217;s business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his
duties, powers, authorities or discretions, including, without prejudice to the generality of the foregoing, any costs, expenses, losses
or liabilities incurred by such director or officer in defending (whether successfully or otherwise) any civil proceedings concerning
our company or its affairs in any court whether in the Cayman Islands or elsewhere. This standard of conduct is generally the same as
permitted under the Delaware General Corporation Law for a Delaware corporation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we expect to enter into indemnification agreements with our directors and executive officers that provide such persons with
additional indemnification beyond that provided in our post-offering memorandum and articles of association.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling
us under the foregoing provisions, we have been informed that in the opinion of the SEC, such indemnification is against public policy
as expressed in the Securities Act and is therefore unenforceable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Directors&#8217;
Fiduciary Duties</i>. Under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and
its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act
in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director
must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction.
The duty of loyalty requires that a director acts in a manner he reasonably believes to be in the best interests of the corporation.
He must not use his corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that
the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling
shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed
basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption
may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by
a director, the director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a matter of Cayman Islands law, a director of a Cayman Islands company is in the position of a fiduciary with respect to the company
and therefore it is considered that he owes the following duties to the company &#8212; a duty to act bona fide in the best interests
of the company, a duty not to make a profit based on his position as director (unless the company permits him to do so), a duty not to
put himself in a position where the interests of the company conflict with his personal interest or his duty to a third party, and a
duty to exercise powers for the purpose for which such powers were intended. A director of a Cayman Islands company owes to the company
a duty to act with skill and care. It was previously considered that a director need not exhibit in the performance of his duties a greater
degree of skill than may reasonably be expected from a person of his knowledge and experience. However, English and Commonwealth courts
have moved towards an objective standard with regard to the required skill and care and these authorities are likely to be followed in
the Cayman Islands.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shareholder
Action by Written Consent</i>. Under the Delaware General Corporation Law, a corporation may eliminate the right of shareholders to act
by written consent by amendment to its certificate of incorporation. Cayman Islands law and our post-offering memorandum and articles
of association provide that our shareholders may approve corporate matters by way of a unanimous written resolution signed by or on behalf
of each shareholder who would have been entitled to vote on such matter at a general meeting without a meeting being held.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shareholder
Proposals</i>. Under the Delaware General Corporation Law, a shareholder has the right to put any proposal before the annual meeting
of shareholders; provided it complies with the notice provisions in the governing documents. A special meeting may be called by the board
of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special
meetings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Companies Act provides shareholders with only limited rights to requisition a general meeting, and does not provide shareholders with
any right to put any proposal before a general meeting. However, these rights may be provided in a company&#8217;s articles of association.
Our post-offering memorandum and articles of association allow any one or more of our shareholders holding shares which carry in aggregate
not less than one-third of the total number of votes attaching to all issued and the outstanding shares of our company entitled to vote
at general meetings to requisition an extraordinary general meeting of our shareholders, in which case our board is obliged to convene
an extraordinary general meeting and to put the resolutions so requisitioned to a vote at such meeting. Other than this right to requisition
a shareholders&#8217; meeting, our post-offering memorandum and articles of association do not provide our shareholders with any other
right to put proposals before annual general meetings or extraordinary general meetings. As a Cayman Islands exempted company, we are
not obliged by law to call shareholders&#8217; annual general meetings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cumulative
Voting</i>. Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation&#8217;s
certificate of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders
on a board of directors since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single
director, which increases the shareholder&#8217;s voting power with respect to electing such director. There are no prohibitions in relation
to cumulative voting under the laws of the Cayman Islands but our post-offering memorandum and articles of association do not provide
for cumulative voting. As a result, our shareholders are not afforded any less protections or rights on this issue than shareholders
of a Delaware corporation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Removal
of Directors</i>. Under the Delaware General Corporation Law, a director of a corporation with a classified board may be removed only
for cause with the approval of a majority of the issued and outstanding shares entitled to vote, unless the certificate of incorporation
provides otherwise. Under our post-offering memorandum and articles of association, directors may be removed with or without cause, by
an ordinary resolution of our shareholders. A director will also cease to be a director if he (i) becomes bankrupt or makes any arrangement
or composition with his creditors; (ii) dies or is found to be or becomes of unsound mind; (iii) resigns his office by notice in writing;
(iv) without special leave of absence from our board, is absent from meetings of our board for three consecutive meetings and our board
resolves that his office be vacated; or (v) is removed from office pursuant to any other provision of our articles of association.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Transactions
with Interested Shareholders</i>. The Delaware General Corporation Law contains a business combination statute applicable to Delaware
corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its certificate
of incorporation, it is prohibited from engaging in certain business combinations with an &#8220;interested shareholder&#8221; for three
years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or a group
who or which owns or owned 15% or more of the target&#8217;s outstanding voting share within the past three years. This has the effect
of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated
equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder,
the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested
shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with
the target&#8217;s board of directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cayman
Islands law has no comparable statute. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business
combination statute. However, although Cayman Islands law does not regulate transactions between a company and its significant shareholders,
it does provide that such transactions must be entered into bona fide in the best interests of the company and not with the effect of
constituting a fraud on the minority shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Dissolution;
Winding up</i>. Under the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution
must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the
board of directors may it be approved by a simple majority of the corporation&#8217;s outstanding shares. Delaware law allows a Delaware
corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated
by either an order of the courts of the Cayman Islands or by the board of directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Cayman Islands law, a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution of its
members or, if the company is unable to pay its debts as they fall due, by an ordinary resolution of its members. The court has authority
to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable to
do so.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Variation
of Rights of Shares</i>. Under the Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the
approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise. Under our
post-offering memorandum and articles of association, if our share capital is divided into more than one class of shares, the rights
attached to any such class may, subject to any rights or restrictions for the time being attached to any class, only be materially adversely
varied with the consent in writing of the holders of at least two-thirds (2/3) of the issued shares of that class or with the sanction
of a special resolution passed at a separate meeting of the holders of the shares of that class. The rights conferred upon the holders
of the shares of any class issued with preferred or other rights shall not, subject to any rights or restrictions for the time being
attached to the shares of that class, be deemed to be materially adversely varied by the creation, allotment or issue of further shares
ranking <i>pari passu</i> with or subsequent to them or the redemption or purchase of any shares of any class by our company. The rights
of the holders of shares shall not be deemed to be materially adversely varied by the creation or issue of shares with preferred or other
rights including, without limitation, the creation of shares with enhanced or weighted voting rights.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Amendment
of Governing Documents</i>. Under the Delaware General Corporation Law, a corporation&#8217;s governing documents may be amended with
the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under
the Companies Act and our post-offering memorandum and articles of association, our memorandum and articles of association may only be
amended by a special resolution of our shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rights
of Non-resident or Foreign Shareholders</i>. There are no limitations imposed by our post-offering memorandum and articles of association
on the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares. In addition, there are no provisions
in our post-offering memorandum and articles of association governing the ownership threshold above which shareholder ownership must
be disclosed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.C.
Material contracts</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than those described in this annual report, we have not entered into any material agreements other than in the ordinary course of business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.D.
Exchange controls</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Cayman Islands, British Virgin Islands and Singapore currently have no exchange control regulations or currency restrictions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.E.
Taxation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cayman
Islands Taxation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is
no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to us levied by the government
of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or, after execution, brought within
the jurisdiction of the Cayman Islands. The Cayman Islands is a party to a double tax treaty entered with the United Kingdom in 2010
but is otherwise not party to any double tax treaties that are applicable to any payments made to or by our company. There are no exchange
control regulations or currency restrictions in the Cayman Islands. Pursuant to Section 6 of the Tax Concessions Act (Revised) of the
Cayman Islands, our Company has obtained an undertaking from the Financial Secretary: (a) that no law which is enacted in the Cayman
Islands imposing any tax to be levied on profits, income, gains or appreciations shall apply to our Company or its operations; and (b)
that the aforesaid tax or any tax in the nature of estate duty or inheritance tax shall not be payable on or in respect of the shares,
debentures or other obligations of our Company or by way of withholding in whole or in part of any relevant payment as defined in section
6(3) of the Tax Concessions Act (Revised) of the Cayman Islands. The undertaking for our Company is for a period of 20 years from February
28, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments
of dividends and capital in respect of our Class A Ordinary Shares will not be subject to taxation in the Cayman Islands and no withholding
will be required on the payment of a dividend or capital to any holder of our Class A Ordinary Shares, nor will gains derived from the
disposal of our Class A Ordinary Shares be subject to Cayman Islands income or corporation tax.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
stamp duty is payable in the Cayman Islands in respect of the issue of our Class A Ordinary Shares or on an instrument of transfer in
respect of our Class A Ordinary Shares, so long as the instrument of transfer is not executed in, brought to, or produced before a court
of in the Cayman Islands.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Singapore
Taxation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Dividend
Distributions</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
Singapore-tax resident companies are currently under the one-tier corporate tax system, or one-tier system.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the one-tier system, the income tax paid by a tax resident company is a final tax and its distributable profits can be distributed to
shareholders as tax exempt (one-tier) dividends. Such dividends are tax exempt in the hands of a shareholder, regardless of the tax residence
status, shareholding level or legal form of the shareholder.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accordingly,
dividends received in respect of the Ordinary Shares by either a resident or non-resident of Singapore are not subject to Singapore income
tax (whether by withholding or otherwise), on the basis that we are a tax resident of Singapore and under the one-tier system.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign
shareholders are advised to consult their own tax advisers to take into account the tax laws of their respective countries of residence
and the existence of any agreement for the avoidance of double taxation which their country of residence may have with Singapore.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Gains
on Disposal of Shares</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Singapore
does not currently impose tax on capital gains. Gains arising from the disposal of the shares may be construed to be of an income nature
and subject to Singapore income tax, especially if they arise from activities which may be regarded as the carrying on of a trade or
business in Singapore. Such gains may also be considered income in nature, even if they do not arise from an activity in the ordinary
course of trade or business or an ordinary incident of some other business activity, if the shares were purchased with the intention
or purpose of making a profit by sale rather than holding for long-term investment purposes in Singapore. Conversely, gains from disposition
of the shares in Singapore, if considered as capital gains rather than income by the Inland Revenue Authority of Singapore (&#8220;IRAS&#8221;),
are not taxable in Singapore.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no specific laws or regulations which deal with the characterization of whether a gain is income or capital in nature. The characterization
of gains arising from the sale of our shares will depend primarily on the facts and circumstances (commonly referred to as the &#8220;badges
of trade&#8221;) of each shareholder.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to specified exceptions, Section 13W of the Singapore Income Tax Act 1947, or &#8220;SITA,&#8221; provides for certainty on the non-taxability
of gains derived by a corporate taxpayer from the disposal of Ordinary Shares during the period from June 1, 2012 to December 31, 2027
(both dates inclusive) where:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    divesting company had legally and beneficially held a minimum shareholding of 20% of the Ordinary Shares of the company whose shares
    are being disposed; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    divesting company had maintained the minimum 20% shareholding for a continuous period of at least 24 months immediately prior to
    the disposal.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
above-mentioned &#8220;safe harbor rules&#8221; prescribed under Section 13W of SITA will not apply to a divesting company under certain
scenarios. These include, but are not limited to, the divesting company that is in the business of trading or holding Singapore immovable
properties (excluding property development), where the shares are not listed on a stock exchange in Singapore or elsewhere, the divesting
company whose gains or profits from the disposal of Ordinary Shares are included as part of its income based on the provisions of section
26 of the SITA, disposal of shares by a partnership, limited partnership or limited liability partnership where one or more of the partners
is a company or are companies, etc.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
who apply, or who are required to apply, the Singapore Financial Reporting Standard 39 &#8211;Financial Instruments: Recognition and
Measurement, or FRS 39; the Singapore Financial Reporting Standard 109 &#8211; Financial Instruments, or FRS 109; or the Singapore Financial
Reporting Standard (International) 9 &#8211; Financial Instruments, or SFRS(I) 9, may for the purposes of Singapore income tax be required
to recognize gains or losses in respect of financial instruments (not being gains or losses in the nature of capital) in accordance with
FRS 39, FRS 109 or SFRS(I) 9 (as the case may be) (as modified by the applicable provisions of Singapore income tax law) even where no
sale or disposal of the shares is made.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
34A of the SITA provides of the tax treatment for financial instruments in accordance with FRS 39 (subject to certain exceptions and
&#8220;opt-out&#8221; provisions) for taxpayers who are required to comply with FRS 39 for financial reporting purposes. The IRAS has
also issued a circular entitled &#8220;Income Tax Implications Arising from the Adoption of FRS 39 &#8212; Financial Instruments: Recognition
and Measurement.&#8221; FRS 109 or SFRS(I) 9 (as the case may be) is mandatorily effective for annual periods beginning on or after January
1, 2018, replacing FRS 39. Section 34AA of the SITA requires taxpayers who comply or who are required to comply with FRS 109 or SFRS(I)
9 (as the case may be) for financial reporting purposes to calculate their profit, loss or expense for Singapore income tax purposes
in respect of financial instruments in accordance with FRS 109 or SFRS(I) 9 (as the case may be), subject to certain exceptions. The
IRAS has also issued a circular entitled &#8220;Income Tax: Income Tax Treatment Arising from Adoption of FRS 109 &#8212; Financial Instruments.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
who may be subject to the above-mentioned tax treatments, including under Sections 34A or 34AA of the SITA, should consult their accounting
and tax advisers regarding the Singapore income tax consequences of their acquisition, holding and disposal of the shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Stamp
Duty</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no stamp duty payable on the subscription and issuance of the shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
relation to a transfer of the Ordinary Shares, no stamp duty is payable if no instrument of transfer is executed or if the instrument
of transfer is executed outside Singapore and not received in Singapore. Accordingly, stamp duty is not applicable to electronic transfers
of our shares effected solely on a book entry basis outside Singapore. We therefore expect that no Singapore stamp duty will be payable
where shares are acquired by U.S. Holders solely in book entry form through the facility outside Singapore established by our transfer
agent and registrar outside Singapore to the extent that the instruments of transfer (including electronic instruments) are not received
in Singapore and all electronic records and any information relating to such transfers are not electronically received by persons in
Singapore, stored on any server or device in Singapore or made accessible to any person in Singapore.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stamp
duty will be payable if there is an instrument (including an electronic instrument) for the transfer of our shares which is either executed
in Singapore or executed outside Singapore and received in Singapore.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
the instrument of transfer is executed in Singapore, stamp duty must be paid within 14 days of the execution of the instrument of transfer.
Where the instrument of transfer is executed outside Singapore and received in Singapore, stamp duty must be paid within 30 days of receipt
of the instrument of transfer in Singapore. An electronic instrument that is executed outside Singapore is treated as received in Singapore
in any of the following scenarios: (a) it is retrieved or accessed by a person in Singapore; (b) an electronic copy of it is stored on
a device (including a computer) and brought into Singapore; or (c) an electronic copy of it is stored on a computer in Singapore.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stamp
duty on an instrument of transfer of shares is payable at the rate of 0.2% of the consideration for, or market value of, the shares,
whichever is higher.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stamp
duty is borne by the purchaser unless there is an agreement to the contrary.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Estate
Duty</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Singapore
estate duty was abolished with respect to all deaths occurring on or after February 15, 2008.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Tax
Treaties Regarding Withholding Taxes</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no comprehensive agreement for the avoidance of double taxation between the U.S. and Singapore which applies to withholding taxes
(if any) on dividends or capital gains.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Goods
and Services Tax (&#8220;GST&#8221;)</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
sale of the shares by a GST-registered investor belonging in Singapore for GST purposes to another person belonging in Singapore is an
exempt supply not subject to GST. Any input GST (for example, GST on brokerage) incurred by the GST-registered investor in connection
with the making of an exempt supply is generally not recoverable from the Singapore Comptroller of GST and will become an additional
cost to the investor unless the investor satisfies certain conditions prescribed under the GST legislation or satisfies certain GST concessions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
the shares are sold by a GST-registered investor in the course of or furtherance of a business carried on by such investor contractually
to and for the direct benefit of a person belonging outside Singapore, the sale should generally, subject to satisfaction of certain
conditions, be considered a taxable supply subject to GST at 0%. Any input GST (for example, GST on brokerage) incurred by the GST-registered
investor in making such a supply in the course of or furtherance of a business may be fully recoverable from the Singapore Comptroller
of GST. Investors should seek their own tax advice on the recoverability of GST incurred on expenses in connection with the purchase
and sale of the shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Services
consisting of arranging, brokering, underwriting or advising on the issue, allotment or transfer of ownership of the shares rendered
by a GST-registered person to an investor belonging in Singapore for GST purposes in connection with the investor&#8217;s purchase, sale
or holding of the shares will be subject to GST at the standard rate of 7%. This rate will be raised from 7% to 8% with effect from January
1, 2023, and from 8% to 9% with effect from January 1, 2024. Similar services rendered by a GST registered person contractually to an
investor belonging outside Singapore and for the direct benefit of such an investor or a GST registered person belonging in Singapore
should generally, subject to the satisfaction of certain conditions, be subject to GST at 0%.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Certain
United States Federal Income Tax Considerations</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following discussion is a summary of certain U.S. federal income tax considerations generally applicable to the ownership and
disposition of the Ordinary Shares by a U.S. Holder (as defined below) that acquires the Class A Ordinary Shares in this annual
report and holds the Ordinary Shares as &#8220;capital assets&#8221; (generally, property held for investment) under the Section
1221 of the U.S. Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;). This discussion is based upon existing U.S.
federal income tax laws, which is subject to differing interpretations or change, possibly with retroactive effect. There can be no
assurance that the Internal Revenue Service or a court will not take a contrary position. This discussion, moreover, does not
address the U.S. federal estate, gift, Medicare, and alternative minimum tax considerations, or any state, local and non-U.S. tax
considerations, relating to the ownership or disposition of the Class A Ordinary Shares. The following summary does not address all
aspects of U.S. federal income taxation that may be important to particular investors in light of their individual circumstances or
to persons in special tax situations such as, banks and other financial institutions; insurance companies; pension plans;
cooperatives; regulated investment companies; real estate investment trusts; broker-dealers; traders that elect to use a
mark-to-market method of accounting; certain former U.S. citizens or long-term residents; tax-exempt entities (including private
foundations); holders who acquire their Class A Ordinary Shares pursuant to any employee share option or otherwise as compensation;
investors that will hold their Class A Ordinary Shares as part of a straddle, hedge, conversion, constructive sale or other
integrated transaction for U.S. federal income tax purposes; investors that have a functional currency other than the U.S. dollar;
persons holding their Class A Ordinary Shares in connection with a trade or business conducted outside the United States; persons
that actually or constructively own 10% or more of our stock (by vote or value); or partnerships or other entities taxable as
partnerships for U.S. federal income tax purposes, or persons holding the Class A Ordinary Shares through such entities, all of whom
may be subject to tax rules that differ significantly from those discussed below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
U.S. Holder is urged to consult its tax advisor regarding the application of U.S. federal taxation to its particular circumstances, and
the state, local, non-U.S. and other tax considerations of the ownership and disposition of the Class A Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>General</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of this discussion, a &#8220;U.S. Holder&#8221; is a beneficial owner of the Ordinary Shares that is, for U.S. federal income
tax purposes, (i) an individual who is a citizen or resident of the United States; (ii) a corporation (or other entity treated as a corporation
for U.S. federal income tax purposes) created in or organized under the law of the United States or any state thereof or the District
of Columbia; (iii) an estate the income of which is includible in gross income for U.S. federal income tax purposes regardless of its
source; or (iv) a trust (A) the administration of which is subject to the primary supervision of a U.S. court and which has one or more
U.S. persons who have the authority to control all substantial decisions of the trust or (B) that has otherwise validly elected to be
treated as a U.S. person under the Code.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a partnership (or other entity treated as a partnership for U.S. federal income tax purposes) is a beneficial owner of the Ordinary Shares,
the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership.
Partnerships holding the Ordinary Shares and their partners are urged to consult their tax advisors regarding an investment in the Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
U.S. federal income tax purposes, a U.S. Holder of Ordinary Shares will generally be treated as the beneficial owner of the underlying
shares represented by the Ordinary Shares. The remainder of this discussion assumes that a U.S. Holder of the Ordinary Shares will be
treated in this manner. Accordingly, deposits or withdrawals of Ordinary Shares will generally not be subject to U.S. federal income
tax.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Dividends
</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to the PFIC rules described below under &#8220;&#8212; Passive
Foreign Investment Company Considerations&#8221;, any cash distributions paid on the Ordinary Shares (including the amount of any Singapore tax withheld) out of our current
or accumulated earnings and profits, as determined under U.S. federal income tax principles, will generally be includible in the gross
income of a U.S. Holder as dividend income on the day actually or constructively received by the U.S. Holder, in the case of Ordinary Shares. Because we do not intend to determine our earnings and profits on the basis of U.S. federal income tax principles, any distribution
we pay will generally be treated as a &#8220;dividend&#8221; for U.S. federal income tax purposes. Dividends received on the Ordinary Shares will not be eligible for the dividends-received deduction allowed to corporations in respect of dividends received from U.S. corporations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Individuals
and other non-corporate U.S. Holders will be subject to tax at the lower capital gain tax rate applicable to &#8220;qualified dividend
income&#8221;; provided that certain conditions are satisfied, including that (1) the Ordinary Shares on which the dividends are paid
are readily tradable on an established securities market in the United States, (2) we are neither a PFIC nor treated as such with respect
to a U.S. Holder (as discussed below) for the taxable year in which the dividend is paid and the preceding taxable year, and (3) certain
holding period and other requirements are met.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
U.S. foreign tax credit purposes, dividends paid on the Ordinary Shares generally will be treated as income from foreign sources and
generally will constitute passive category income. A U.S. Holder who does not elect to claim a foreign tax credit for foreign tax withheld
may instead claim a deduction for U.S. federal income tax purposes, in respect of such withholding, but only for a year in which such
holder elects to do so for all creditable foreign income taxes. The rules governing the foreign tax credit are very complex. For example, certain Treasury Regulations promulgated
in December 2021 imposed requirements regarding the eligibility of creditable taxes for U.S. holders and recent notices from the IRS provided
temporary relief from such Treasury Regulations, provided certain requirements are satisfied. U.S. Holders are urged to consult their
tax advisors regarding the availability of the foreign tax credit under their particular circumstances, including the effects of any applicable
income tax treaties and any Treasury Regulations or IRS guidance.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Sale
or Other Disposition</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
U.S. Holder will generally recognize gain or loss upon the sale or other disposition of Ordinary Shares in an amount equal to the difference
between the amount realized upon the disposition and the holder&#8217;s adjusted tax basis in such Ordinary Shares. The gain or loss
will generally be capital gain or loss. Any capital gain or loss will be long term if the Ordinary Shares have been held for more than
one year. The deductibility of a capital loss may be subject to limitations. Any such gain or loss that the U.S. Holder recognizes will
generally be treated as U.S. source income or loss for foreign tax credit limitation purposes, which may limit the availability of foreign
tax credits. Each U.S. Holder is advised to consult its tax advisor regarding the tax consequences if a foreign tax is imposed on a disposition
of the Ordinary Shares, including the availability of the foreign tax credit under its particular circumstances and <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the effects of any applicable income
tax treaties and the recent Treasury Regulations and IRS guidance discussed above</span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Passive
Foreign Investment Company Considerations</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
United States federal income tax purposes, a non-United States corporation, such as our Company, will be treated as a &#8220;passive
foreign investment company,&#8221; or &#8220;PFIC&#8221; if, in the case of any particular taxable year, either (a)75% or more of our
gross income for such year consists of certain types of &#8220;passive&#8221; income or (b) 50% or more of the value of our assets (generally
determined on the basis of a quarterly average) during such year produce or are held for the production of passive income. Passive income for this purpose generally includes, among other things,
dividends, interest, rents, royalties, gains from commodities and securities transactions, and gains from assets that produce passive
income. Cash is generally a passive asset. Goodwill is active to the extent attributable to activities that produce or are intended to
produce active income. In determining whether a non-U.S. corporation is a PFIC, a pro rata portion of the income and assets of each corporation
in which it owns, directly or indirectly, at least a 25% interest (by value) is taken into account.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based upon our current and expected income and assets (including goodwill),
we do not expect to be a PFIC for the current taxable year. However,
while we do not expect to be or become a PFIC, no assurance can be given in this regard because the determination of whether we are or
will become a PFIC for any taxable year is a fact-intensive inquiry made annually that depends, in part, upon the composition and classification
of our income and assets. Fluctuations in the market price of our Ordinary Shares may cause us to be or become a PFIC for the current
or subsequent taxable years because the value of our assets for the purpose of the asset test, including the value of our goodwill and
any unbooked intangibles, may be determined by reference to the market price of our Ordinary Shares (which may be volatile). The composition
of our income and assets may also be affected by how, and how quickly, we use our liquid assets and the cash raised in our initial price
offering. It is also possible that the Internal Revenue Service may challenge our classification of certain income or assets for purposes
of the analysis set forth in subparagraphs (a) and (b), above or the valuation of our goodwill and any unbooked intangibles, which
may result in our company being or becoming a PFIC for the current or future taxable years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are classified as a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Shares, and unless the U.S. Holder makes
a mark-to-market election (as described below), the U.S. Holder will generally be subject to special tax rules on (i) any excess distribution
that we make to the U.S. Holder (which generally means any distribution paid during a taxable year to a U.S. Holder that is greater than
125% of the average annual distributions paid in the three preceding taxable years or, if shorter, the U.S. Holder&#8217;s holding period
for the Ordinary Shares), and (ii) any gain realized on the sale or other disposition, including, under certain circumstances, a pledge,
of Ordinary Shares. Under the PFIC rules:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">such
    excess distribution and/or gain will be allocated ratably over the U.S. Holder&#8217;s holding period for the Ordinary Shares;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">such
    amount allocated to the current taxable year and any taxable years in the U.S. Holder&#8217;s holding period prior to the first taxable
    year in which we are a PFIC, each a pre-PFIC year, will be taxable as ordinary income;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">such
    amount allocated to each prior taxable year, other than a pre-PFIC year, will be subject to tax at the highest tax rate in effect
    applicable to the U.S. Holder for that year; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    interest charge generally applicable to underpayments of tax will be imposed on the tax attributable to each prior taxable year,
    other than a pre-PFIC year.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Shares and we own any equity in a non-United States
entity that is also a PFIC, or a lower-tier PFIC, such U.S. Holder would be treated as owning a proportionate amount (by value) of the
shares of the lower-tier PFIC for purposes of the application of these rules. U.S. Holders are advised to consult their tax advisors
regarding the application of the PFIC rules to any of the entities in which we may own equity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
U.S. Holder that holds stock in a non-U.S. corporation during any taxable year in which the corporation is treated as a PFIC is subject
to special tax rules with respect to (a) any gain realized on the sale, exchange or other disposition of the stock and (b) any &#8220;excess
distribution&#8221; by the corporation to the holder, unless the holder elects to treat the PFIC as a &#8220;qualified electing fund&#8221;
(&#8220;QEF&#8221;) or makes a &#8220;mark-to-market&#8221; election, each as discussed below. An &#8220;excess distribution&#8221; is
that portion of a distribution with respect to PFIC stock that exceeds 125% of the average of such distributions over the preceding three-year
period or, if shorter, the U.S. Holder&#8217;s holding period for its shares. Excess distributions and gains on the sale, exchange or
other disposition of stock of a corporation which was a PFIC at any time during the U.S. Holder&#8217;s holding period are allocated
ratably to each day of the U.S. Holder&#8217;s holding period. Amounts allocated to the taxable year in which the disposition occurs
and amounts allocated to any period in the shareholder&#8217;s holding period before the first day of the first taxable year that the
corporation was a PFIC will be taxed as ordinary income (rather than capital gain) earned in the taxable year of the disposition. Amounts
allocated to each of the other taxable years in the U.S. Holder&#8217;s holding period are not included in gross income for the year
of the disposition, but are subject to a tax (equal to the highest ordinary income tax rates in effect for those years, and increased
by an interest charge at the rate applicable to income tax deficiencies) that is added to the tax otherwise due for the taxable year
in which the disposition occurs. The tax liability for amounts allocated to years before the year of disposition or &#8220;excess distribution&#8221;
cannot be offset by any net operating losses for such years, and gains (but not losses) realized on the sale of the Equity Shares cannot
be treated as capital, even if a U.S. Holder held such Equity Shares as capital assets. The preferential U.S. federal income tax rates
for dividends and long-term capital gain of individual U.S. Holders (as well as certain trusts and estates) would not apply, and special
rates would apply for calculating the amount of the foreign tax credit with respect to excess distributions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a corporation is a PFIC for any taxable year during which a U.S. Holder holds shares in the corporation, then the corporation generally
will continue to be treated as a PFIC with respect to the holder&#8217;s shares, even if the corporation no longer satisfies either the
passive income or passive asset tests described above, unless the U.S. Holder terminates this deemed PFIC status by electing to recognize
gain, which will be taxed under the excess distribution rules as if such shares had been sold on the last day of the last taxable year
for which the corporation was a PFIC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
excess distribution rules may be avoided if a U.S. Holder makes a QEF election effective beginning with the first taxable year in the
holder&#8217;s holding period in which the corporation is a PFIC. A U.S. Holder that makes a QEF election is required to include in income
its pro rata share of the PFIC&#8217;s ordinary earnings and net capital gain as ordinary income and long-term capital gain, respectively,
subject to a separate election to defer payment of taxes, which deferral is subject to an interest charge. A U.S. Holder whose QEF election
is effective after the first taxable year during the holder&#8217;s holding period in which the corporation is a PFIC will continue to
be subject to the excess distribution rules for years beginning with such first taxable year for which the QEF election is effective.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, a U.S. Holder makes a QEF election by attaching a completed IRS Form 8621 to a timely filed (taking into account any extensions)
U.S. federal income tax return for the year beginning with which the QEF election is to be effective. In certain circumstances, a U.S.
Holder may be able to make a retroactive QEF election. A QEF election can be revoked only with the consent of the IRS. In order for a
U.S. Holder to make a valid QEF election, the corporation must annually provide or make available to the holder certain information.
We do not intend to provide to U.S. Holders the information required to make a valid QEF election and we currently make no undertaking
to provide such information. Accordingly, it is currently anticipated that a U.S. Holder will not be able to avoid the special tax rules
described above by making the QEF election.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
an alternative to making a QEF election, a U.S. Holder may make a &#8220;mark-to-market&#8221; election with respect to its PFIC shares
if the shares meet certain minimum trading requirements. If a U.S. Holder makes a valid mark-to-market election for the first tax year
in which such holder holds (or is deemed to hold) stock in a corporation and for which such corporation is determined to be a PFIC, such
holder generally will not be subject to the PFIC rules described above in respect of its stock. Instead, a U.S. Holder that makes a mark-to-market
election will be required to include in income each year an amount equal to the excess, if any, of the fair market value of the shares
that the holder owns as of the close of the taxable year over the holder&#8217;s adjusted tax basis in the shares. The U.S. Holder will
be entitled to a deduction for the excess, if any, of the holder&#8217;s adjusted tax basis in the shares over the fair market value
of the shares as of the close of the taxable year; provided, however, that the deduction will be limited to the extent of any net mark-to-market
gains with respect to the shares included by the U.S. Holder under the election for prior taxable years. The U.S. Holder&#8217;s basis
in the shares will be adjusted to reflect the amounts included or deducted pursuant to the election. Amounts included in income pursuant
to a mark-to-market election, as well as gain on the sale, exchange or other taxable disposition of the shares, will be treated as ordinary
income. The deductible portion of any mark-to-market loss, as well as loss on a sale, exchange or other disposition of shares to the
extent that the amount of such loss does not exceed net mark-to-market gains previously included in income, will be treated as ordinary
loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
mark-to-market election applies to the taxable year for which the election is made and all subsequent taxable years, unless the shares
cease to meet applicable trading requirements (described below) or the IRS consents to its revocation. The excess distribution rules
generally do not apply to a U.S. Holder for tax years for which a mark-to-market election is in effect. However, if a U.S. Holder makes
a mark-to-market election for PFIC stock after the beginning of the holder&#8217;s holding period for the stock, a coordination rule
applies to ensure that the holder does not avoid the tax and interest charge with respect to amounts attributable to periods before the
election.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
mark-to-market election is available only if the shares are considered &#8220;marketable&#8221; for these purposes. Shares will be marketable
if they are regularly traded on a national securities exchange that is registered with the Securities and Exchange Commission or on a
non-U.S. exchange or market that the IRS determines has rules sufficient to ensure that the market price represents a legitimate and
sound fair market value. For these purposes, shares will be considered regularly traded during any calendar year during which they are
traded, other than in de minimis quantities, on at least 15 days during each calendar quarter. Any trades that have as their principal
purpose meeting this requirement will be disregarded. Each U.S. Holder should ask its own tax advisor whether a mark-to-market election
is available or desirable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
U.S. Holder of PFIC stock must generally file an IRS Form 8621 annually. A U.S. Holder must also provide such other information as may
be required by the U.S. Treasury Department if the U.S. Holder (i) receives certain direct or indirect distributions from a PFIC, (ii)
recognizes gain on a direct or indirect disposition of PFIC stock, or (iii) makes certain elections (including a QEF election or a mark-to-market
election) reportable on IRS Form 8621.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
Holders are urged to consult their tax advisors as to our status as a PFIC, and, if we are treated as a PFIC, as to the effect on them
of, and the reporting requirements with respect to, the PFIC rules and the desirability of making, and the availability of, either a
QEF election or a mark-to-market election with respect to our ordinary shares. We provide no advice on taxation matters.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Information
with Respect to Foreign Financial Assets</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, certain U.S. Holders may be subject to certain reporting obligations with respect to ordinary shares if the aggregate value
of these and certain other &#8220;specified foreign financial assets&#8221; exceeds $50,000. If required, this disclosure is made by
filing Form 8938 with the IRS. Significant penalties can apply if U.S. Holders are required to make this disclosure and fail to do so.
In addition, a U.S. Holder should consider the possible obligation for online filing of a FinCEN Report 114&#8212;Foreign Bank and Financial
Accounts Report as a result of holding ordinary shares. U.S. Holders are thus encouraged to consult their U.S. tax advisors with respect
to these and other reporting requirements that may apply to their acquisition of ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Information
Reporting and Backup Withholding</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, information reporting requirements will apply to distributions made on our ordinary shares within the U.S. to a non-corporate
U.S. Holder and to the proceeds from the sale, exchange, redemption or other disposition of Equity Shares by a non-corporate U.S. Holder
to or through a U.S. office of a broker. Payments made (and sales or other dispositions effected at an office) outside the U.S. will
be subject to information reporting in limited circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, backup withholding of U.S. federal income tax may apply to such amounts if the U.S. Holder fails to provide an accurate taxpayer
identification number (or otherwise establishes, in the manner provided by law, an exemption from backup withholding) or to report dividends
required to be shown on the U.S. Holder&#8217;s U.S. federal income tax returns.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Backup
withholding is not an additional income tax, and the amount of any backup withholding from a payment to a U.S. Holder will be allowed
as credit against the U.S. Holder&#8217;s U.S. federal income tax liability provided that the appropriate returns are filed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 6.5pt 0 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should consult your own tax advisor as to the qualifications for exemption from backup withholding and the procedures for obtaining the
exemption.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 6.5pt 0 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.F.
Dividends and paying agents</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.G.
Statement by experts</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.H.
Documents on display</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to the information requirements of the Exchange Act. In accordance with these requirements, the Company files reports and
other information with the SEC. You may read and copy any materials filed with the SEC at the Public Reference Room at 100 F Street,
N.E., Washington, D.C. 20549. You may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330.
The SEC also maintains a web site at http://www.sec.gov that contains reports and other information regarding registrants that file electronically
with the SEC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.I.
Subsidiary Information</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
a list of our subsidiaries, see &#8220;Item 4. Information of the Company &#8211; C. Organizational Structure.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.J.
Annual Report to Security Holders</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="Z_009"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interest
Rate Risk</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
rate fluctuations, primarily due to the uncertain future behavior of markets, may have a material impact on the financial results of
a company. Given the fact that the Company has no outstanding bank borrowings or loans, we believe we have not been exposed to material
risks due to changes in market interest rates. However, we cannot provide assurance that we will not be exposed to material risks due
to changes in market interest rate in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign
Exchange Risk</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
functional currency of our operating subsidiary is SGD, and therefore our operations are exposed to foreign exchange rate fluctuations.
Our results of operations and cash flows are subject to fluctuations due to changes in foreign currency exchange rates, particularly
changes in the SGD to the U.S. dollar.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity
Risk</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquidity
risk refers to the risk that the Company may encounter challenges in fulfilling its obligations related to financial liabilities settled
through cash or other financial assets. The Company&#8217;s primary goal in managing liquidity is to ensure adequate resources are available
to meet its obligations, both in normal circumstances and during stressed scenarios, without incurring unacceptable losses or risking
damage to its reputation. Management monitors rolling forecasts of the Company&#8217;s cash and cash equivalents on the basis of expected
cash flows. This monitoring process is typically conducted by the operating entity, adhering to established practices and limits defined
by the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="Z_010"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12.A.
Debt Securities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12.B.
Warrants and Rights</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12.C.
Other Securities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12.D.
American Depositary Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Z_011"></span>PART
II</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Z_012"></span>ITEM
13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="Z_013"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>14.A.
&#8211; 14.D. Material Modifications to the Rights of Security Holders</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 10. Additional Information&#8221; for a description of the rights of shareholders, which remain unchanged.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>14.E.
Use of Proceeds</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following &#8220;Use of Proceeds&#8221; information relates to the registration statement on Form F-1 (File No. 333- 274283), as amended,
which was declared effective by the SEC on February 28, 2023, with respect to the Company&#8217;s initial public offering completed on
March 6, 2023. In this offering, the Company issued 3,000,000 Class A Ordinary Shares at a price of US$4.00 per share. Maxim Group
LLC was the representative of the underwriters. The Company received gross proceeds in the
amount of US$12 million and net proceeds of approximately US$10.1 million after deducting underwriting discounts and expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 14, 2024, Maxim Group LLC., the underwriter of the initial public offering (the &#8220;IPO&#8221;) of the Company, notified the
Company of their decision to exercise the over-allotment option to purchase an additional 200,350 Class A Ordinary Shares of the Company,
par value $0.0002 per share, at a price of US$4.00 per share. The closing for the sale of the Over-allotment Class A Shares took place
on March 15, 2023. Gross proceeds of the Company&#8217;s IPO, including the proceeds from the sale of the Over-allotment Class A Shares,
totaled approximately US$0.8 million, before deducting underwriting discounts and other related expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of April 26, 2024, we used the net proceeds received from our initial public offering for (i) prepayments of US$3.5 million to
five consultants for the consulting services include investor relation, business strategic and business development for the
consulting period over 20 months; and (ii) repayment of US$3.55 million to shareholder loans. We still intend to use
the remainder of the proceeds from our initial public offering as disclosed in our registration statements on Form F-1.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None
of these net proceeds from our initial public offering and the optional offering was paid, directly or indirectly, to any of our directors
or officers or their associates, persons owning 10% or more of our equity securities or our affiliates or others.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Z_014"></span>ITEM
15. CONTROLS AND PROCEDURES</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Disclosure
controls and procedures</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosure
controls and procedures include controls and procedures designed to provide reasonable assurance that information required to be disclosed
in reports filed under the Exchange Act is recorded, processed, summarized and reported within the specified time periods and accumulated
and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely
decisions regarding required disclosure. Our management, under the supervision and with the participation of our Chief Executive Officer
and our Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures, as defined in Rules 13a-15(f)
or 15(d)-15(f) promulgated under the Exchange Act, as of December 31, 2023. Based on that evaluation, our Chief Executive Officer and
Chief Financial Officer have concluded that as of such date, our disclosure controls and procedures are effective at a reasonable assurance
level.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management&#8217;s
Annual Report on Internal Control over Financial Reporting</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rule 13a-15(f)
or 15(d)-15(f) under the Exchange Act. Internal control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. In addition, projections
of any evaluation of effectiveness of our internal control over financial reporting to future periods are subject to the risk that controls
may become inadequate because of changes in conditions, or that the degree of compliance with the policies and procedures may deteriorate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the supervision and with the participation of our management, we conducted an assessment of the effectiveness of our internal control
over financial reporting as of December 31, 2023. Based on our evaluation, our management concluded that our internal control over financial
reporting was effective as of December 31, 2023 based on the criteria set forth in the Internal Control &#8211; Integrated Framework
(2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
Meili Technologies Pte. Ltd. (&#8220;Meili&#8221;) was acquired in a business combination in 2023, management has excluded Meili from
its assessment of internal control over financial reporting as of December 31, 2023. Meili represented approximately 8.3% of our consolidated
total assets as of December 31, 2023, and 0.8% of our consolidated revenues for the year ended December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Attestation
report of the registered public accounting firm</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
annual report on Form 20-F does not include an attestation report of our registered public accounting firm due to a transition period
established by rules of the SEC for newly public companies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Changes
in internal control over financial reporting</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
have been no changes in our internal controls over financial reporting occurred during the fiscal year ended December 31, 2023, that
have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="Z_015"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
16. [RESERVED]</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="Z_016"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
16A. AUDIT COMMITTEE AND FINANCIAL EXPERT</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audit committee consists of Ms. Khoo Su Nee, Joanne, Mr. Poon Wai Hong, and Mr. Venkata Subramanian s/o Sreenivasan. All audit committee
members satisfy the independence requirements set forth under the rules of the NYSE American, and in Rule 10A-3 under the Exchange Act.
Our board of directors has determined that Ms. Joanne Khoo qualifies as an audit committee financial expert as defined in Item 16A of
Form 20-F.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="Z_017"></span><b>ITEM
16B. CODE OF ETHICS</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has adopted a Code of Business Conduct and Ethics that is applicable to all of our employees, and also contains provisions that
apply only to our principal executive officer, principal financial and accounting officers and persons performing similar functions.
A copy of our Code of Business Conduct and Ethics is incorporated by reference as an exhibit to this Annual Report and posted on our
website at <span style="text-decoration: underline">https://investor.rydesharing.com/governance/</span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="Z_018"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth the aggregate fees in connection with certain professional services rendered by Kreit &amp; Chiu CPA LLP,
our independent registered public accounting firms, during the period indicated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">Services</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">US$&#8217;000</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">US$&#8217;000</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit fees<sup>(1)</sup></span></td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right">300,000</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right">180,000</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Total</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">300,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">180,000</td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit
    fees include the aggregate fees billed in each of the fiscal years for professional services rendered by our independent registered
    public accounting firm for the audit of our annual financial statements, review of the interim financial statements and for the audits
    of our financial statements in connection with our initial public offering, and comfort letter in connection with the underwritten
    public offering.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
policy of our audit committee is to pre-approve all audit and non-audit services provided by our independent registered public accounting
firm, including audit services as described above, other than those for de minimis services which are approved by the audit committee
prior to the completion of the audit.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="Z_019"></span><b>ITEM
16D. EXEMPTIONS FORM THE LISTING STANDARDS FOR AUDIT COMMITTEES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Z_020"></span>ITEM
16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Z_021"></span>ITEM
16F. CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="Z_022"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
16G. CORPORATE GOVERNANCE</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a company incorporated in the Cayman Islands and are listed on NYSE American. NYSE American rules permit a foreign private issuer
to follow the corporate governance practices of our home country. Certain corporate governance practices in the Cayman Islands, which
is our home country, may differ significantly from NYSE American corporate governance listing standards applicable to domestic U.S. companies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are not required to have a compensation committee and a nominating committee composed entirely of independent directors. Although not
required, we have a compensation committee and a nominating committee comprised of three independent directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are also not required to obtain shareholder approval with respect (a) the establishment (or material amendment to) a stock option or purchase
plan or other equity compensation arrangement as specified in Section 711 of the NYSE American LLC Company Guide; (b) the issuance of
additional shares as sole or partial consideration for an acquisition of the stock or assets of another company in the circumstances
specified in Section 712 of the NYSE American LLC Company Guide; and (c) the issuance of additional shares in connection with a transaction
specified in Section 713 of the NYSE American LLC Company Guide, or that will result in a change of control of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the foregoing, we rely on the exemptions listed above. As a result, you may not be provided with the benefits of certain corporate
governance requirements of NYSE American applicable to U.S. domestic public companies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="Z_023"></span><b>ITEM
16H. MINE SAFETY DISCLOSURE</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="Z_024"></span><b>ITEM
16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="Z_025"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
16J. INSIDER TRADING POLICIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have adopted insider trading policies governing the purchase, sale, and other dispositions of our securities by directors, senior management,
and employees. A copy of the insider trading policies is attached as an exhibit to this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="Z_026"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
16K. CYBERSECURITY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk
Management and Strategy</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
maintain cybersecurity risk management program designed to identify, assess, manage, mitigate, and respond to cybersecurity threats.
To implement such program, our management works closely with our IT, operations and finance teams. We have also developed and integrated
certain mitigation measures and programs into our overall risk management framework, including robust security protocols, regular system
updates, employee training, and incident response plans.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have, from time to time, experienced threats to our data and systems, including malware and computer virus attacks. Although such risks
have not materially affected us, and despite our proactive and extensive efforts to manage cybersecurity risks, we may not be successful
in preventing or mitigating a cybersecurity incident that could have a material adverse effect on us. For more information about the
cybersecurity risks we face, refer to &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8221; (and in particular the risk factors
headed &#8220;Security, privacy, or data breaches involving sensitive, personal or confidential information could also expose us to liability
under various laws and regulations, decrease trust in our platform, and increase the risk of litigation and governmental investigation.&#8221;
and &#8220;The proper uninterrupted functioning of our highly complex technology platform is essential to our business&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Governance</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors oversees the management of our cybersecurity risk. At the management level, our Chief Financial Officer and Chief
Technology Officer are primarily responsible for assessing and managing material cybersecurity risks and incidents. They meet regularly
with our IT and business operations teams to review cybersecurity performance metrics, identify top cybersecurity risks, and assess the
status of cybersecurity programs and initiatives.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="Z_027"></span><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
17. FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have elected to provide financial statements pursuant to Item 18.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Z_028"></span>ITEM
18. FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
audited consolidated financial statements of the Company and its subsidiaries are included at the end of this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Z_029"></span>ITEM
19. EXHIBITS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EXHIBIT
INDEX</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 0.75in"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EXHIBIT</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NUMBER</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DESCRIPTION</b></span></p>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1971115/000149315223030764/ex10-6.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employment Agreement by and between Ryde Group Ltd and its Chief Financial Officer (incorporated by reference to Exhibit 10.6 to our Registration Statement on Form F-1 (File No. 333-274283), as amended, initially filed with the SEC on August 31, 2023).</span></a></p>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1971115/000149315224015604/ex10-1.htm" style="-sec-extract: exhibit">2023 Share Incentive Plan (incorporated by reference to Exhibit 10.1 to our Registration Statement on Form S-8 (File No. 333-278873) filed with the SEC on April 23, 2024).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="https://www.sec.gov/Archives/edgar/data/1971115/000149315223030764/ex10-2.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Indemnification Agreement (incorporated by reference to Exhibit 10.2 to our Registration Statement on Form F-1 (File No. 333-274283), as amended, initially filed with the SEC on August 31, 2023).</span></a></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="https://www.sec.gov/Archives/edgar/data/1971115/000149315223030764/ex10-3.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Independent Director Agreement (incorporated by reference to Exhibit 10.3 to our Registration Statement on Form F-1 (File No. 333-274283), as amended, initially filed with the SEC on August 31, 2023).</span></a></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1971115/000149315223030764/ex10-4.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employment Agreement by and between Ryde Group Ltd and Tan Ting Yong (incorporated by reference to Exhibit 10.4 to our Registration Statement on Form F-1 (File No. 333-274283), as amended, initially filed with the SEC on August 31, 2023).</span></a></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1971115/000149315223030764/ex21-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">List of Subsidiaries (incorporated by reference to Exhibit 21.1 to our Registration Statement on Form F-1 (File No. 333-274283), as amended, initially filed with the SEC on August 31, 2023).</span></a></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1971115/000149315223030764/ex14-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Code of Business Conduct and Ethics of the Registrant (incorporated by reference to Exhibit 14.1 to our Registration Statement on Form F-1 (File No. 333-274283), as amended, initially filed with the SEC on August 31, 2023).</span></a></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.2*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex11-2.htm">Insider Trading Policy.</a> </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><a href="ex12-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification of our Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</span></a></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><a href="ex12-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification of our Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</span></a></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1**</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><a href="ex13-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification of our Principal Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the SarbanesOxley Act of 2002.</span></a></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2**</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><a href="ex13-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification of our Principal Financial Officer pursuant to 18 U.S.C Section 1350 as adopted pursuant to Section 906 of the SarbanesOxley Act of 2002.</span></a></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.1*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex15-1.htm">Consent of Independent Registered Public Accounting Firm.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">15.2*</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex15-2.htm">Consent of Harney Westwood &amp; Riegels Singapore LLP.</a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">97.1*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex97-1.htm">Compensation Recovery Policy.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.INS*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Instance Document.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.SCH*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Taxonomy Extension Schema Document.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Taxonomy Extension Calculation Linkbase Document.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Taxonomy Extension Definition Linkbase Document.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.LAB*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Taxonomy Extension Labels Linkbase Document.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    XBRL Taxonomy Extension Presentation Linkbase Document.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover
    Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
Filed with this annual report on Form 20-F</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**
Furnished with this annual report on Form 20-F</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNATURES</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this annual report on its behalf.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RYDE
    GROUP LTD</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 45%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    Zou Junming Terence</i></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zou
    Junming Terence</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman
    and Chief Executive Officer</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: April 26, 2024</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.1in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RYDE
GROUP LTD</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font: small-caps 10pt Times New Roman, Times, Serif"><b>INDEX
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; width: 1in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#f_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Report
    of Independent Registered Public Accounting Firm</span></a> PCAOB ID: <span id="xdx_906_edei--AuditorFirmId_c20230101__20231231_zAGIihDSOulj"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000056" name="dei:AuditorFirmId">6651</ix:nonNumeric></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-2</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
    Statements:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><a href="#f_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Balance Sheets as of December 31, 2022 and 2023</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-3
    </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><a href="#f_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated
    Statements of Operations and Comprehensive Loss for the year ended December 31, 2021, 2022 and 2023</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><a href="#f_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated
    Statements of Changes in Shareholders&#8217; Equity for the year ended December 31, 2021, 2022 and 2023</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-5</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><a href="#f_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated
    Statements of Cash Flows for the year ended December 31, 2021, 2022 and 2023</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-6</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><a href="#f_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to Consolidated Financial Statements</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-7
    &#8211; F-29</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="f_001"></span>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Board of Directors and Shareholders of</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ryde
Group Ltd</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Opinion
on the Financial Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying consolidated balance sheets of Ryde Group Ltd and its subsidiaries (collectively, the &#8220;Company&#8221;)
as of December 31, 2023 and 2022, and the related consolidated statements of income, changes in shareholders&#8217; equity, and cash
flows for the three years ended and the related notes (collectively referred to as the &#8220;consolidated financial statements&#8221;).
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company
as of December 31, 2023 and 2022, and the results of its operations and its cash flows for the three years in the period ended December
31, 2023, in conformity with accounting principles generally accepted in the United States of America.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis
for Opinion</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
consolidated financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion
on the Company&#8217;s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Company
in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part
of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing
an opinion on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due
to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audits provide a reasonable basis for our opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
<span id="xdx_907_edei--AuditorName_c20230101__20231231_zvEAm3Rn7q0j"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000057" name="dei:AuditorName">Kreit &amp; Chiu CPA LLP</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have served as the Company&#8217;s auditors since 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_edei--AuditorLocation_c20230101__20231231_zWIWZ8y1gm2k"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000058" name="dei:AuditorLocation">Los
Angeles, California</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 26, 2024</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="f_002"></span><b>RYDE
GROUP LTD</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_402_eus-gaap--Assets_i01TI_mtAztTt_zKQwmv15oLMh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--LiabilitiesAndStockholdersEquityAbstract_iB_zKK4PKUGRVYb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--LiabilitiesCurrentAbstract_i01B_zhfK1PKSOPMl" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--AccountsPayableCurrent_i02I_maLCzH8W_zelaUO59MbMg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_405_eus-gaap--AccruedLiabilitiesAndOtherLiabilities_i02I_maLCzH8W_zyPxhj72wZoe" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_408_eus-gaap--ConvertibleDebtCurrent_i02I_maLCzH8W_zBlwzWC3X8X6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Convertible loans</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0135">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40D_eus-gaap--NotesPayableCurrent_i02I_maLCzH8W_zwAo3HE1ryp4" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Note from a shareholder</td><td>&#160;</td>
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  <tr id="xdx_40F_eus-gaap--OperatingLeaseLiabilityCurrent_i02I_maLCzH8W_zgzZWWxf1ekg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Operating lease obligations</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0145">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityCurrent" contextRef="AsOf2023-12-31" id="Fact000146" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SingaporeDollar">49</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_986_eus-gaap--OperatingLeaseLiabilityCurrent_i02I_pn3n3_uUSD_c20231231_zYx7SHv5Jgi" title="Operating lease obligations" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityCurrent" contextRef="AsOf2023-12-31" id="Fact000148" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">37</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--LiabilitiesCurrent_i02TI_mtLCzH8W_maLzJl8_z9pEVezXKNz" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total current liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2022-12-31" id="Fact000150" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SingaporeDollar">4,228</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact000151" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SingaporeDollar">12,587</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_989_eus-gaap--LiabilitiesCurrent_iTI_pn3n3_uUSD_c20231231_zHELFgWiHSG3" title="Total current liabilities" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact000153" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">9,541</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--LiabilitiesNoncurrentAbstract_i01B_zkovWlvOPArg" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Non-current liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--ConvertibleDebtNoncurrent_i02I_maLNzNUF_zoMurWKJTuZe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Convertible loans</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ConvertibleDebtNoncurrent" contextRef="AsOf2022-12-31" id="Fact000158" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SingaporeDollar">5,094</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0159">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_984_eus-gaap--ConvertibleDebtNoncurrent_iI_pn3n3_uUSD_c20231231_z64VZ3CHC7Tl" title="Convertible loan from third parties" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0161">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--DeferredIncomeTaxLiabilitiesNet_i02I_maLNzNUF_zlBRtT4HPyP9" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Deferred tax liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0163">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:DeferredIncomeTaxLiabilitiesNet" contextRef="AsOf2023-12-31" id="Fact000164" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SingaporeDollar">32</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--DeferredIncomeTaxLiabilitiesNet_iI_pn3n3_uUSD_c20231231_zGfyWUxRC8X2" title="Deferred tax liabilities" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:DeferredIncomeTaxLiabilitiesNet" contextRef="AsOf2023-12-31" id="Fact000166" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">24</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--LiabilitiesNoncurrent_i02TI_mtLNzNUF_maLzJl8_zXBRmiByB9ki" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total non-current liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:LiabilitiesNoncurrent" contextRef="AsOf2022-12-31" id="Fact000168" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SingaporeDollar">5,094</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:LiabilitiesNoncurrent" contextRef="AsOf2023-12-31" id="Fact000169" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SingaporeDollar">32</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_981_eus-gaap--LiabilitiesNoncurrent_iTI_pn3n3_uUSD_c20231231_zJdX9QzabNo9" title="Total non-current liabilities" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:LiabilitiesNoncurrent" contextRef="AsOf2023-12-31" id="Fact000171" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">24</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--Liabilities_i01TI_mtLzJl8_maLASEz4QP_zaGHf7LV8rRf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_405_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_iB_zFUf5X7b5X6k" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--CommonStockValue_i01I_maSEz40Q_zftJiXDUQt0k" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_405_eus-gaap--AdditionalPaidInCapital_i01I_maSEz40Q_zlrBdNlr7Dl6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Additional paid-in capital</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--AdditionalPaidInCapital_iI_pn3n3_uUSD_c20231231_zVfwOlTgGvP5" title="Additional paid-in capital" style="text-align: right"><ix:nonFraction name="us-gaap:AdditionalPaidInCapital" contextRef="AsOf2023-12-31" id="Fact000217" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">14,146</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--RetainedEarningsAccumulatedDeficit_i01I_maSEz40Q_zxczqRfOQT93" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Accumulated deficit</td><td>&#160;</td>
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  <tr id="xdx_409_eus-gaap--AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax_i01I_maSEz40Q_zLNVZSwyn8e3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Foreign currency translation reserve</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0224">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax" contextRef="AsOf2023-12-31" id="Fact000225" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="SingaporeDollar">117</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98E_eus-gaap--AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax_iI_pn3n3_uUSD_c20231231_zN5ermCWhCa4" title="Foreign currency translation reserve" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax" contextRef="AsOf2023-12-31" id="Fact000227" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">89</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_40C_eus-gaap--StockholdersEquity_i01TI_mtSEz40Q_maSEIPAzKmh_zw8kYs9lTqca" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Deficit attributable to owners of the Company</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2022-12-31" id="Fact000229" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="SingaporeDollar">4,962</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2023-12-31" id="Fact000230" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="SingaporeDollar">7,343</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr id="xdx_408_eus-gaap--MinorityInterest_i01I_maSEIPAzKmh_zI9aBzDqNAIe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Non-controlling interests</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:MinorityInterest" contextRef="AsOf2022-12-31" id="Fact000234" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="SingaporeDollar">37</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:MinorityInterest" contextRef="AsOf2023-12-31" id="Fact000235" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="SingaporeDollar">79</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--MinorityInterest_i02I_pn3n3_uUSD_c20231231_ziiH0hfAP58k" title="Non-controlling interests" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:MinorityInterest" contextRef="AsOf2023-12-31" id="Fact000237" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">60</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_408_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_i01TI_pn3n3_mtSEIPAzKmh_maLASEz4QP_zkIzBRjK3qDl" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total shareholders&#8217; deficit</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2023-12-31" id="Fact000240" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="SingaporeDollar">7,422</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_982_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_iTI_pn3n3_uUSD_c20231231_zwWvFkbGYxy7" title="Total shareholders' deficit" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2023-12-31" id="Fact000242" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">5,626</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_40C_eus-gaap--LiabilitiesAndStockholdersEquity_i01TI_mtLASEz4QP_zkjmPSXVPpZ" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">TOTAL LIABILITIES AND SHAREHOLDERS&#8217; EQUITY</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:LiabilitiesAndStockholdersEquity" contextRef="AsOf2022-12-31" id="Fact000244" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SingaporeDollar">4,323</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:LiabilitiesAndStockholdersEquity" contextRef="AsOf2023-12-31" id="Fact000245" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SingaporeDollar">5,197</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--LiabilitiesAndStockholdersEquity_iTI_pn3n3_uUSD_c20231231_zCl7Zl3MhAi" title="TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:LiabilitiesAndStockholdersEquity" contextRef="AsOf2023-12-31" id="Fact000247" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,939</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="f_003"></span><b>RYDE
GROUP LTD</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
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    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_403_eus-gaap--EarningsPerShareAbstract_iB_zQwGPCWaMPz6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Net loss per share attributable to ordinary shareholders</td><td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td title="Revenues" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td title="Revenues" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--WeightedAverageNumberOfSharesOutstandingAbstract_iB_zSjDYiAM9Oo8" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td title="Revenues" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right"><span id="xdx_901_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_i01_pn3n3_c20210101__20211231_zFkjbufrS8e2" title="Weighted average number of ordinary shares used in computing net loss per share, Basic" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__"><span id="xdx_909_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_i01_pn3n3_c20210101__20211231_zP03hkqPysnh" title="Weighted average number of ordinary shares used in computing net loss per share, Diluted" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="From2021-01-012021-12-31" id="Fact000405" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" contextRef="From2021-01-012021-12-31" id="Fact000407" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">11,702</ix:nonFraction></ix:nonFraction></span></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these financial statements.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span id="f_004"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RYDE
GROUP LTD</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS&#8217; EQUITY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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  <tr id="xdx_430_c20230101__20231231_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_iE_pn3n3_uUSD_zElpq1ktyZPi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance
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<tr id="xdx_435_c20230101__20231231_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_iE_pn3n3_uUSD_zHVT1sgubFA2" style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td id="xdx_F05_zMBD1SSMbLva" style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="width: 5pt"/><td style="text-align: justify"><span id="xdx_F1C_zXsDGtIocBbc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000572" xml:lang="en-US">As part of the
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</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="f_005"></span>RYDE
GROUP LTD</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td>&#160;</td>
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    <td>Repayments of borrowings</td><td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:RepaymentsOfShortTermDebt" contextRef="From2022-01-012022-12-31" id="Fact000706" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SingaporeDollar">500</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0707">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0711">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">(<ix:nonFraction name="us-gaap:FinanceLeasePrincipalPayments" contextRef="From2023-01-01to2023-12-31" id="Fact000712" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SingaporeDollar">50</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left; padding-bottom: 1.5pt">Deferred IPO costs</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0716">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 35pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount less than
1,000</span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td id="xdx_F08_zxviIUfMeJbl" style="width: 15pt; text-align: right">*</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_F18_zt92pNr2RPgb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000763" xml:lang="en-US">Amount less than
1,000</ix:footnote></span></span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these financial statements.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="f_006"></span>RYDE
GROUP LTD</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000765" name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"><p id="xdx_806_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_zoB9YRBZc6i5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1&#160;&#160;&#160;&#160;</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_829_zNumG6PfxDag">Organization and business overview</span></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ryde
Group Ltd (the &#8220;Company&#8221;) is an investment holding company incorporated on February 21, 2023 under the laws of the Cayman
Islands. The Company has no substantial operations other than holding all of the outstanding share capital of Ryde Group (BVI) Ltd (&#8220;Ryde
BVI&#8221;) incorporated under the laws of the British Virgin Islands (&#8220;BVI) on February 22, 2023. Ryde BVI has no substantial
operations other than holding all of the equity interest of Ryde Technologies Pte. Ltd., a Singapore company incorporated on September
2, 2014.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company through its subsidiaries provide mobility and quick commerce solutions to its consumers. Ryde is a technology-driven platform
that offers reliable, affordable, and sustainable mobility and quick commerce solutions to our consumers. The Company&#8217;s core business
is divided into two categories: (i) mobility, which involves providing flexible and scheduled carpooling and ride-hailing services, matching
riders with our network of driver partners; and (ii) quick commerce, which involves on-demand, scheduled, and multi-stop parcel delivery
services. Our technology-enabled platform enables us to provide efficient, personalized, and cashless payment services, ensuring a seamless
user experience for both riders and partners. Ultimately, Ryde is dedicated to providing sustainable, affordable, and convenient mobility
and delivery solutions to our consumers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ryde
Group Ltd, and its subsidiaries are collectively referred to as the &#8220;Company&#8221; or &#8220;Ryde&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is headquartered in Singapore.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 5, 2023, the Company completed an internal reorganization of Ryde Technologies Pte. Ltd. whereby certain then existing shareholders,
who collectively owned <span id="xdx_90E_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20230505__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--RydeTechnologiesPteLtdMember_zchFSXuPgZI4" title="Equity interest owned"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2023-05-05_custom_RydeTechnologiesPteLtdMember" id="Fact000767" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">99.26</ix:nonFraction>%</span> of the equity interests of Ryde Technologies Pte. Ltd. prior to the reorganization, transferred their respective
Ordinary Shares in the capital of Ryde Technologies Pte. Ltd. to the Company&#8217;s nominee, Ryde Group (BVI) Ltd. In consideration
thereof, the Company had allotted and issued an aggregate of <span id="xdx_90E_eus-gaap--CommonStockSharesIssued_iI_pid_c20230505__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--RydeTechnologiesPteLtdMember_zgZXbQZtdTib" title="Ordinary shares issued"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2023-05-05_custom_RydeTechnologiesPteLtdMember" id="Fact000769" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">4,503,985</ix:nonFraction></span> Ordinary Shares comprising <span id="xdx_904_eus-gaap--CommonStockSharesIssued_iI_pid_c20230505__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--RydeTechnologiesPteLtdMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z8vEXyULFhx4" title="Ordinary shares issued"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2023-05-05_custom_RydeTechnologiesPteLtdMember_us-gaap_CommonClassAMember" id="Fact000771" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,263,666</ix:nonFraction></span> Class A Ordinary Shares of
the Company and <span id="xdx_90C_eus-gaap--CommonStockSharesIssued_iI_pid_c20230505__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--RydeTechnologiesPteLtdMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zKTbfB0kmiZ5" title="Ordinary shares issued"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2023-05-05_custom_RydeTechnologiesPteLtdMember_us-gaap_CommonClassBMember" id="Fact000773" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,240,319</ix:nonFraction></span> Class B Ordinary Shares of the Company to such shareholders of Ryde Technologies Pte. Ltd. Zou Junming Terence
has transferred his share in Ryde Group (BVI) Ltd to the Company, in consideration thereof, the Company had allotted and issued <span id="xdx_90D_eus-gaap--CommonStockSharesIssued_iI_pid_c20230505__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__srt--TitleOfIndividualAxis__custom--ZouJunmingTerenceMember_zlEITA1yWn4" title="Ordinary shares issued"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2023-05-05_us-gaap_CommonClassBMember_custom_ZouJunmingTerenceMember" id="Fact000775" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">176,640.8</ix:nonFraction></span>
Class B Ordinary Shares of the Company to Zou Junming Terence, in accordance with and subject to the terms of the Restructuring Agreement.
After the reorganization, Ryde Technologies Pte. Ltd. became a <span id="xdx_90E_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20230505__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--RydeTechnologiesPteLtdMember_zMpBFvaFpkU" title="Equity interest owned"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2023-05-05_custom_RydeTechnologiesPteLtdMember" id="Fact000777" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">99.26</ix:nonFraction>%</span> subsidiary of Ryde Group (BVI) Ltd, who is in turn, a wholly-owned
subsidiary of Ryde Group Ltd. These entities are under common control, accordingly, the consolidated financial statements are prepared
on the basis as if the reorganization became effective as of the beginning of the first period presented in the accompanying consolidated
financial statements of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000779" name="us-gaap:EquityMethodInvestmentsTextBlock"><p id="xdx_89D_eus-gaap--EquityMethodInvestmentsTextBlock_z0U2fyZpD9H2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements of the Company include the following entities:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B1_zmln6vaX9q08">Schedule
of financial statements of the company</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.25in">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Meili Technologies Pte. Ltd.</td><td>&#160;</td>
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</ix:nonNumeric><p id="xdx_8A1_zDf1XHZTrNI4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 110; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RYDE
GROUP LTD</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;&#160;&#160;&#160;Organization and business overview (continued)</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
major rights, preferences and privileges of the Class A and Class B Ordinary Shares are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Conversion
rights</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class
B Ordinary Shares may be converted into the same number of Class A Ordinary Shares at the option of the holders thereof at any time,
while Class A Ordinary Shares cannot be converted into Class B Ordinary Shares under any circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Dividend
rights</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
holders of Class A and Class B Ordinary Shares are entitled to such dividends as may be declared by our board of directors or declared
by our shareholders by ordinary resolution (provided that no dividend may be declared by our shareholders which exceeds the amount recommended
by our directors).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--CommonStockDividendsPerShareDeclared_do_c20230101__20231231_zx8MmtrAxWI9" title="Common Stock, dividends, declared"><span id="xdx_90D_eus-gaap--CommonStockDividendsPerShareDeclared_do_c20220101__20221231_zbI8hKIjPUrh" title="Common Stock, dividends, declared"><ix:nonFraction name="us-gaap:CommonStockDividendsPerShareDeclared" contextRef="From2023-01-01to2023-12-31" id="Fact000813" format="ixt-sec:numwordsen" decimals="INF" unitRef="SGDpShares"><ix:nonFraction name="us-gaap:CommonStockDividendsPerShareDeclared" contextRef="From2022-01-012022-12-31" id="Fact000815" format="ixt-sec:numwordsen" decimals="INF" unitRef="SGDpShares">No</ix:nonFraction></ix:nonFraction></span></span>
dividends on Ordinary Shares have been declared for the year ended December 31, 2023 and December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidation
preferences</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event of any liquidation, dissolution, or winding up of the Company, either voluntarily or involuntarily, the holders of Class A
and Class B Ordinary Shares are entitled to any distribution of any assets or funds in proportion to the par value of the shares held
by them.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Voting
rights</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders
of Class A Ordinary Shares and Class B Ordinary Shares shall, at all times, vote together as one class on all matters submitted to a
vote by the members at any general meeting of the Company. <span id="xdx_904_eus-gaap--CommonStockVotingRights_c20230101__20231231_zC78cnWawN09" title="Common stock voting rights"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000817" name="us-gaap:CommonStockVotingRights">Each Class A Ordinary Share shall be entitled to one vote and each Class B
Ordinary Share shall be entitled to 10 votes on all matters subject to the vote at general meetings of our Company.</ix:nonNumeric></span></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000819" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_80A_eus-gaap--SignificantAccountingPoliciesTextBlock_zNR1T8dCFiO7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2&#160;&#160;&#160;&#160;</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_829_z5jh260eI03c">Summary of significant accounting policies</span></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000821" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock"><p id="xdx_847_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_z5MKLSABh1tc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_863_zvsNnYqxrWgl">Basis
of presentation</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the
United States of America (&#8220;US GAAP&#8221;) and pursuant to the applicable rules and regulations of the Securities and Exchange
Commission (&#8220;SEC&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000823" name="us-gaap:ConsolidationPolicyTextBlock"><p id="xdx_844_eus-gaap--ConsolidationPolicyTextBlock_zrvwvVlycsS1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86B_zzHXTrnrKGFk">Consolidation</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. Significant inter-company balances,
investment and capital, if any, have been eliminated upon consolidation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RYDE
GROUP LTD</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2&#160;&#160;&#160;&#160;</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Summary of significant accounting policies (continued)</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000825" name="RYDE:LiquidityPolicyTextBlock"><p id="xdx_84D_ecustom--LiquidityPolicyTextBlock_zt0uCOtnTDH7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86C_zfcVnkXWmtE7">Liquidity</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">In assessing the Company&#8217;s liquidity,
the Company monitors and evaluates its cash and cash equivalent and its operating and capital expenditure commitments. The Company&#8217;s
liquidity needs are to meet its working capital requirements, operating expenses and capital expenditure obligations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash flow from operations and capital contributions and loans from shareholders have been utilized to finance the
working capital requirements of the Company. As of December 31, 2023, the Company has negative cash flow from operating activities of
S$<span id="xdx_900_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iN_di_c20230101__20231231_znDd17AkonIk" title="Operating activities"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact000827" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="SingaporeDollar">1,612,000</ix:nonFraction></span> (US$<span id="xdx_90E_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iN_di_uUSD_c20230101__20231231_zxkxrPerCHv1" title="Operating activities"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact000829" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,223,000</ix:nonFraction></span>). The Company&#8217;s working capital was negative S$<span id="xdx_90F_ecustom--WorkingCapital_iNI_di_c20231231_ztHnddtx2cdh" title="Working capital"><ix:nonFraction name="RYDE:WorkingCapital" contextRef="AsOf2023-12-31" id="Fact000831" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="SingaporeDollar">8,124,000</ix:nonFraction></span> (US$<span id="xdx_90C_ecustom--WorkingCapital_iNI_di_uUSD_c20231231_zmVSTHHrtVg6" title="Working capital"><ix:nonFraction name="RYDE:WorkingCapital" contextRef="AsOf2023-12-31" id="Fact000833" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">6,158,000</ix:nonFraction></span>) as of December 31, 2023. And the
Company had S$<span id="xdx_908_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20231231_zYKL5CFgLqlg" title="Cash and cash equivalents"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2023-12-31" id="Fact000835" format="ixt:numdotdecimal" decimals="0" unitRef="SingaporeDollar">1,694,000</ix:nonFraction></span> (US$<span id="xdx_903_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_uUSD_c20231231_zemHui45kXI5" title="Cash and cash equivalents"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2023-12-31" id="Fact000837" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,284,000</ix:nonFraction></span>) in cash and cash equivalents, which is unrestricted as to withdrawal and use as of December 31,
2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
sustain its ability to support the Company&#8217;s operating activities, the Company considered supplementing its sources of funding
through the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="margin: 0">cash and cash equivalents generated from operations;</p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">other
    available sources of financing from Singapore banks and other financial institutions;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">financial
    support from the Company&#8217;s related parties and shareholders;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">issuance
    of additional convertible notes; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">obtaining funds through a future raise debt and equity</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
has commenced a strategy to raise debt and equity. However, there can be no certainty that these additional financings will be available
on acceptable terms or at all. If management is unable to execute this plan, there would likely be a material adverse effect on the Company&#8217;s
business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 6, 2024, the Company completed its initial public offering. In this offering, the Company issued <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20240305__20240305__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--AwardTypeAxis__us-gaap--IPOMember_zTWBBO2RReX1" title="Shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2024-03-052024-03-05_us-gaap_SubsequentEventMember_us-gaap_IPOMember" id="Fact000839" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,000,000</ix:nonFraction></span>
Ordinary Shares at a price of US$<span id="xdx_906_eus-gaap--SaleOfStockPricePerShare_iI_pid_uUSDPShares_c20240305__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--AwardTypeAxis__us-gaap--IPOMember_ziK37v5itWIf" title="Share price"><ix:nonFraction name="us-gaap:SaleOfStockPricePerShare" contextRef="AsOf2024-03-05_us-gaap_SubsequentEventMember_us-gaap_IPOMember" id="Fact000841" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">4.00</ix:nonFraction></span> per share. The Company received gross proceeds in the amount of US$<span id="xdx_901_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_pn6n6_uUSD_c20240306__20240306__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zo0a8klrUHq7" title="Gross proceeds from initial public offering"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" contextRef="From2024-03-062024-03-06_us-gaap_SubsequentEventMember" id="Fact000843" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">12</ix:nonFraction></span> million before deducting any
underwriting discounts or expenses. In view of these circumstances, the management of the Company has given consideration to the future
liquidity and performance of the Company and its available sources of finance in assessing whether the Company will have sufficient financial
resources to continue as a going concern.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000845" name="us-gaap:UseOfEstimates"><p id="xdx_84F_eus-gaap--UseOfEstimates_zEtv5jHXhBR" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86E_zSUk1elwhK9l">Use
of estimates</span> </i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of consolidated financial statements in conformity with US GAAP requires management to make judgements, estimates and assumptions
that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated
assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances,
the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent
from other sources. Significant accounting estimates reflected in the Company&#8217;s consolidated financial statements include, but
are not limited to, impairment of long-lived assets, and allowance for credit losses on receivables, provision for expired credit. Actual
results may differ from these estimates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000847" name="us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock"><p id="xdx_84E_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_zX7zvycgEzx9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_863_zIfErfYfH7Ca">Foreign
currency translation and transaction</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying consolidated financial statements are presented in the Singapore Dollars (&#8220;SGD&#8221; or &#8220;S$&#8221;), which
is the reporting currency of the Company. The functional currency of the Company and its subsidiary in the British Virgin Islands is
United States Dollars (&#8220;USD&#8221; or &#8220;US$&#8221;). All information presented in S$ have been rounded to the nearest thousand,
unless otherwise stated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000849" name="RYDE:ConvenienceTranslationPolicyTextBlock"><p id="xdx_849_ecustom--ConvenienceTranslationPolicyTextBlock_zmifmWQBZ4z8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Convenience
translation</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Translations
of balances in the consolidated balance sheets, consolidated statements of income, consolidated statements of changes in shareholders&#8217;
equity and consolidated statements of cash flows from SGD into USD as of December 31, 2023 are solely for the convenience of the readers
and are calculated at the rate of <span id="xdx_905_eus-gaap--ForeignCurrencyTransactionsDescription_c20230101__20231231_zJ7DLxjmDWO2" title="Convenience translation rate"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000851" name="us-gaap:ForeignCurrencyTransactionsDescription">SGD1.00 = USD0.7580</ix:nonNumeric></span>, representing the exchange rate set forth in the H.10 statistical release of the
Federal Reserve Board on December 31, 2023. No representation is made that the SGD amounts could have been, or could be, converted, realized
or settled into USD at such rate, or at any other rate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RYDE
GROUP LTD</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2&#160;&#160;&#160;&#160;</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Summary of significant accounting policies (continued)</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000853" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock"><p id="xdx_84F_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zaVDPbLaQ5f7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_865_z4XB5cLYbBs">Cash
and cash equivalents</span> </i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
and cash equivalents represent cash in bank and are unrestricted as to withdrawal or use.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000855" name="us-gaap:TradeAndOtherAccountsReceivablePolicy"><p id="xdx_840_eus-gaap--TradeAndOtherAccountsReceivablePolicy_zOVCOyM6Rw07" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_861_zUESsJVAyLzh">Accounts
receivable, net</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivable, net represent the amounts that the Company has an unconditional right to consideration from
riders, other individual customers and enterprise customers, and primarily consist of (i) unpaid fare amounts from riders, (ii) fare amounts
paid by riders but not yet received by the Company, (iii) fare amounts not yet paid by enterprise customers, (iv) unpaid amounts from
individual customers and enterprise customers for other services completed. These accounts receivable are recorded
net of any allowance for credit losses. Although we pre-authorize forms of payment to mitigate our exposure, we bear the cost of any accounts receivable
losses. We record an allowance for credit losses for accounts receivable that may never settle or be collected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000857" name="RYDE:DepositsAndPrepaymentsPolicyTextBlock"><p id="xdx_84C_ecustom--DepositsAndPrepaymentsPolicyTextBlock_znGDV73Zx4Ag" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_868_z8fQQGJJqzSk">Deposits
and prepayments</span> </i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposits
and prepayments are classified as either current or non-current based on the terms of the respective agreements. These advances are unsecured
and are reviewed periodically to determine whether their carrying value has become impaired. As of December 31, 2023 and 2022, management
believes that the Company&#8217;s prepayments and deposits are not impaired.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000859" name="us-gaap:CreditLossFinancialInstrumentPolicyTextBlock"><p id="xdx_848_eus-gaap--CreditLossFinancialInstrumentPolicyTextBlock_z40AWXgQ1bm9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_860_zmIQjjHOTUlb">Provision
for expired credit</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provision
for expired credit represent all expired credits that are not redeemed by consumers. A provision for expired credit is recognized when
the credit expires, if the amount of the obligation can be estimated reliably. The provision is recognized as a reduction of expense
in the consolidated income statement, and as an asset on the consolidated balance sheet. The amount of the provision for expired credit
is estimated based on historical experience and the expected rate of redemption. The estimate is reviewed regularly and adjusted if necessary,
based on actual experience.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000861" name="us-gaap:PropertyPlantAndEquipmentPolicyTextBlock"><p id="xdx_84B_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zheZg8VRdcy5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_867_z2QoOQvvJVWh">Property
and equipment, net</span> </i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000863" name="RYDE:ScheduleOfPropertyAndEquipmentEstimatedUsefulLife"><p id="xdx_890_ecustom--ScheduleOfPropertyAndEquipmentEstimatedUsefulLife_zeNwayvkiEHj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
and equipment are stated at cost less accumulated depreciation and impairment if applicable. The Company computes depreciation using
the straight-line method over the estimated useful lives of the assets as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BE_z42rwQDpn3jj">Schedule of property and equipment estimated useful life</span></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 97%; border-collapse: collapse; margin-left: 0.25in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_zOVb0q0Y96kk"><ix:nonNumeric contextRef="AsOf2023-12-31_us-gaap_ComputerEquipmentMember" format="ixt-sec:durwordsen" id="Fact000864" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">3
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office
    equipment </span></td>
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    years</ix:nonNumeric></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Renovations
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--RenovationsMember_z48rG6mVevu6"><ix:nonNumeric contextRef="AsOf2023-12-31_custom_RenovationsMember" format="ixt-sec:durwordsen" id="Fact000866" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">3
    years</ix:nonNumeric></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
    lease right-of-use assets</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OperatingLeaseRightOfUseAssetsMember_zzF5UTVqIMOd"><ix:nonNumeric contextRef="AsOf2023-12-31_custom_OperatingLeaseRightOfUseAssetsMember" format="ixt-sec:durwordsen" id="Fact000867" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">2
    years</ix:nonNumeric></span></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A5_zZRoXJky6yTc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is
included in the consolidated statement of income. Expenditures for maintenance and repairs are charged to expense as incurred, while additions renewals and betterments, which are expected to extend the useful life of assets,
are capitalized. The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant
revised estimates of useful lives.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RYDE
GROUP LTD</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2&#160;&#160;&#160;&#160;</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Summary of significant accounting policies (continued)</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000869" name="us-gaap:IntangibleAssetsFiniteLivedPolicy"><p id="xdx_84F_eus-gaap--IntangibleAssetsFiniteLivedPolicy_zPiGPfdZr9o2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86F_zDvJBn4jKF55">Intangible
assets, net</span> </i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Develop
technology</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research
costs are expensed as incurred. An intangible asset arising from development expenditure on an individual project is recognized only
when the Company can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or
sale, its intention to complete and its ability to use or sell the assets, how that asset will generate future economic benefits, the
availability of resources to complete and the ability to measure reliably the expenditure during the development. Deferred development
costs have finite useful life and are amortized over a period of expected sales from the related project of <span id="xdx_906_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20231231__srt--RangeAxis__srt--MinimumMember_zoOSiBaxvzZa" title="Development technology useful life"><ix:nonNumeric contextRef="AsOf2023-12-31_srt_MinimumMember" format="ixt-sec:duryear" id="Fact000871" name="us-gaap:FiniteLivedIntangibleAssetUsefulLife">3</ix:nonNumeric></span> to <span id="xdx_909_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20231231__srt--RangeAxis__srt--MaximumMember_zYb3peymnFr9" title="Development technology useful life"><ix:nonNumeric contextRef="AsOf2023-12-31_srt_MaximumMember" format="ixt-sec:duryear" id="Fact000873" name="us-gaap:FiniteLivedIntangibleAssetUsefulLife">5</ix:nonNumeric></span> years on a straight-line
basis from the date that they are available for use.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Business
combinations</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
account for our business combinations using the acquisition method of accounting, which requires, among other things, allocation of the
fair value of purchase consideration to the tangible and intangible assets acquired and liabilities assumed at their estimated fair values
on the acquisition date. The excess of the fair value of purchase consideration over the values of these identifiable assets and liabilities
is recorded as goodwill. When determining the fair value of assets acquired and liabilities assumed, we make significant estimates and
assumptions, especially with respect to intangible assets. Our estimates of fair value are based upon assumptions believed to be reasonable,
but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. During the measurement
period, not to exceed one year from the date of acquisition, we may record adjustments to the assets acquired and liabilities assumed,
with a corresponding offset to goodwill if new information is obtained related to facts and circumstances that existed as of the acquisition
date. After the measurement period, any subsequent adjustments are reflected on the consolidated statements of operations. Acquisition
costs, such as legal and consulting fees, are expensed as incurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000875" name="us-gaap:GoodwillAndIntangibleAssetsGoodwillPolicy"><p id="xdx_847_eus-gaap--GoodwillAndIntangibleAssetsGoodwillPolicy_zqKqWbZAof58" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_863_z15BIRszA9Af">Goodwill</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill
is measured at cost less accumulated impairment losses. Goodwill is not subject to amortization, but is tested for impairment on an annual
basis during the fourth quarter or whenever events or changes in circumstances indicate the carrying value of the reporting unit may
be in excess of its fair value. As part of the annual goodwill impairment test, the Company first performs a qualitative assessment to
determine whether further impairment testing is necessary. If, as a result of its qualitative assessment, it is more-likely-than-not
that the fair value of the Company&#8217;s reporting unit is less than its carrying amount, the quantitative impairment test will be
required. Alternatively, the Company may bypass the qualitative assessment and perform a quantitative impairment test. An impairment
loss of goodwill amounted to S$<span id="xdx_908_eus-gaap--GoodwillImpairmentLoss_c20230101__20231231_zQae4pN6fYU3" title="Impairment of goodwill"><ix:nonFraction name="us-gaap:GoodwillImpairmentLoss" contextRef="From2023-01-01to2023-12-31" id="Fact000877" format="ixt:numdotdecimal" decimals="0" unitRef="SingaporeDollar">664,000</ix:nonFraction></span> was recorded for the year ended December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RYDE
GROUP LTD</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2&#160;&#160;&#160;&#160;</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Summary of significant accounting policies (continued)</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000879" name="us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock"><p id="xdx_849_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zzIF3P9iNwA8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_864_zpAcqStpccn2">Impairment
of long-lived assets </span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company evaluates the recoverability of its long-lived assets (asset groups), including property and equipment and operating lease right-of-use
assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of its asset (asset group) may not
be fully recoverable. When these events occur, the Company measures impairment by comparing the carrying amount of the assets to the
estimated undiscounted future cash flows expected to result from the use of the asset (asset group) and their eventual disposition. If
the sum of the expected undiscounted cash flows is less than the carrying amount of the asset (asset group), the Company recognizes an
impairment loss based on the excess of the carrying amount of the asset (asset group) over their fair value. Fair value is generally
determined by discounting the cash flows expected to be generated by the asset (asset group), when the market prices are not readily
available. The adjusted carrying amount of the asset is the new cost basis and is depreciated over the asset&#8217;s remaining useful
life. Long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely
independent of the cash flows of other assets and liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000881" name="us-gaap:LesseeLeasesPolicyTextBlock"><p id="xdx_841_eus-gaap--LesseeLeasesPolicyTextBlock_zmqHKPvRhCLk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_861_zVO7yl2yPXJl">Operating
lease right-of-use assets</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company adopted ASC 842 on January 1, 2019. The Company determines if an arrangement is a lease at inception. Operating leases are included
in operating lease right-of-use (&#8220;ROU&#8221;) assets, operating lease liability, and operating lease liability, non-current in
the Company&#8217;s consolidated balance sheets. ROU assets represent the Company&#8217;s right to use an underlying asset for the lease
term and lease liabilities represent the Company&#8217;s obligation to make lease payments arising from the lease. Operating lease ROU
assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. When determining
the lease term, the Company includes options to extend or terminate the lease when it is reasonably certain that it will exercise that
option, if any. As the Company&#8217;s leases do not provide an implicit rate, the Company used an incremental borrowing rate based on
the information available at commencement date in determining the present value of lease payments. The Company has elected to adopt the
following lease policies in conjunction with the adoption of ASU 2016-02: (i) for leases that have lease terms of 12 months or less and
does not include a purchase option that is reasonably certain to exercise, the Company elected not to apply ASC 842 recognition requirements;
and (ii) the Company elected to apply the package of practical expedients for existing arrangements entered into prior to January 1,
2019 to not reassess (a) whether an arrangement is or contains a lease, (b) the lease classification applied to existing leases, and
(c) initial direct costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000883" name="us-gaap:FairValueMeasurementPolicyPolicyTextBlock"><p id="xdx_844_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_z4npzC1k8b4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_860_zxku6grxB3ab">Fair
value measurements</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC
820 defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required
or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in pricing the asset or liability.
ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 97%; border-collapse: collapse; margin-left: 0.25in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    other inputs that are directly or indirectly observable in the marketplace. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    unobservable inputs which are supported by little or no market activity. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
carrying amounts of cash and cash equivalents, accounts receivable, deposits and prepayments, contract assets and liabilities, accounts
payable, other payables to related parties, and accruals and other payables approximate their fair values because of their generally
short maturities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RYDE
GROUP LTD</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2&#160;&#160;&#160;&#160;</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Summary of significant accounting policies (continued)</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000885" name="us-gaap:RevenueFromContractWithCustomerPolicyTextBlock"><p id="xdx_841_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_zNVvHZ92ExYl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_861_zuYg3Xzx2my">Revenue
recognition</span> </i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Mobility
and quick commerce arrangement</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognizes revenue for its ride-hailing and quick commerce marketplace in accordance with ASC 606. The Company generates revenue
from commissions and service fees (collectively, &#8220;fees&#8221;) paid by driver partners and consumers for use of the Ryde platform
to connect driver partners with consumers to facilitate and successfully complete transaction via the App where the Company operates
as an agent. The Company recognizes revenue upon completion of each transaction. Driver partners and consumers enter into terms of service
(&#8220;ToS&#8221;) with the Company in order to use the Ryde App. Under the ToS, driver partners and consumers agree that the Company
retains the applicable fee as consideration for their use of the Ryde platform from the fare and related charges it collects from consumers
on behalf of driver partners. The Company is acting as an agent in facilitating the ability for a driver partner to provide a mobility
and quick commerce service to a consumer. The Company reports revenue on a net basis, reflecting the fee owed to the Company from a driver
partner as revenue, and not the gross amount collected from the consumer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
the Company&#8217;s customary business practice, a contract exists between the driver partner and consumer and the Company when the driver
partner&#8217;s and consumer&#8217;s ability to cancel the transaction lapses, which typically is upon pickup of the consumer or goods.
The Company&#8217;s single performance obligation in the transaction is to connect driver partners with consumer to facilitate the completion
of a successful mobility or quick commerce service for consumer. The Company recognizes revenue upon completion of a transaction as its
performance obligation is satisfied upon the completion of the transaction. The Company collects the fare and related charges from consumers
on behalf of driver partners using the consumer&#8217;s pre-authorized credit card or other payment mechanism and retains its fees before
making the remaining disbursement to driver partners; thus the driver partner&#8217;s ability and intent to pay is not subject to significant
judgment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Principle
vs Agent consideration</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Judgment
is required in determining whether we are the principal or agent in transactions with driver partners, and consumer. We evaluate the
presentation of revenue on a gross or net basis based on whether we control the service provided to the consumers and are the principal
(i.e. &#8220;gross&#8221;), or we arrange for other parties to provide the service to the consumers and are an agent (i.e. &#8220;net&#8221;).
This determination also impacts the presentation of incentives provided to driver partners and discounts and promotions offered to consumers
to the extent they are not customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the mobility and quick-commerce transactions, our role is to provide the service to driver partners to facilitate a successful trip or
quick-commerce service to consumer. We concluded we do not control the good or service provided by driver partners to consumers as (i)
we do not pre-purchase or otherwise obtain control of the goods or services prior to its transfer to the consumers; (ii) we do not direct
driver partners to perform the service on our behalf, and (iii) we do not integrate services provided by driver partners with our other
services and then provide them to consumers. As part of our evaluation of control, we review other specific indicators to assist in the
principal versus agent conclusions. We are not primarily responsible for mobility and quick commerce services provided to consumers,
nor do we have inventory risk related to these services. While we facilitate setting the price for mobility and quick commerce services,
the driver partners and consumers have the ultimate discretion in accepting the transaction price and this indicator alone does not result
in us controlling the services provided to consumers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
transactions with consumers, we act as an agent of the driver partners by connecting consumers seeking mobility and quick commerce services
with driver partners looking to provide these services. Driver partners and consumers are our customers and pay us a fee for each successfully
completed transaction with consumers. Accordingly, we recognize revenue on a net basis, representing the fee we expect to receive in
exchange for us providing the service to driver partners and consumers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RYDE
GROUP LTD</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2&#160;&#160;&#160;&#160;</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Summary of significant accounting policies (continued)</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Revenue
recognition (continued)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Mobility
and quick commerce</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company derives its mobility and quick commerce revenue primarily from fees paid by driver partners and consumers for use of the platform
and related service to connect with consumers and successfully complete a transaction via the platform. The Company recognizes revenue
when a transaction is completed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
presentation of revenue is on a net basis. The Company is an agent as its performance obligation is to arrange for another party (i.e.
the driver partners) to provide the mobility and quick commerce services. Through the Company&#8217;s application, it allows for the
connecting of the driver partners and consumers. The Company only facilitates by connecting the driver partners and consumers. The driver
partners are responsible for fulfilling the contract.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incentives
provided to driver partners are recorded as a reduction of revenue if the Company does not receive a distinct good or service or cannot
reasonably estimate the fair value of the good or service received. Incentives to driver partners that are not provided in exchange for
a distinct good or service are evaluated as variable consideration, in the most likely amount to be earned by the driver partners at
the time or as they are earned by the driver partners, depending on the type of incentive. Since incentives are earned over a short period
of time, there is limited uncertainty when estimating variable consideration.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Excess
driver partners incentives refer to cumulative payments to driver partners that exceed the cumulative revenue that are recognize from
driver partners with no future guarantee of additional revenue. Cumulative payments to driver partners could exceed cumulative revenue
from driver partners as a result of driver partners incentives or when the amount paid to driver partners for a trip exceeds the fare
charged to the consumer. Driver partners incentives largely depend on the business decisions based on market conditions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
the cumulative amount of driver partners incentives exceeds the cumulative revenue earned since inception of the driver partners relationship,
the excess driver partners incentives are recorded in profit or loss as an expense. As a result, driver partners incentives provided
to driver partners at the beginning of a relationship are typically classified as cost of revenue, while driver partners incentives provided
to driver partners with a more mature relationship are typically classified as a reduction of revenue.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Incentive
to consumers</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company provides consumer incentives in the form of credit upon completion of transaction, with the aim of encouraging consumers to utilize
the Ryde platform for their future transactions. These credits are offered to consumers in the market to acquire new consumers, re-engage
existing customers, or generally increase overall use of the platform, and are similar to coupons. The Company records these credits
as liability on the balance sheet and as driver and riders cost and related expenses in the statement of operations and comprehensive
loss at the time these credits are redeemed by the consumers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RYDE
GROUP LTD</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2&#160;&#160;&#160;&#160;</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Summary of significant accounting policies (continued)</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Revenue
from Advertising</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
from advertising is recognized when the advertising services are provided to the merchant. The revenue is recognized at the amount of
consideration that the company expects to be entitled to receive, net of any discounts or refunds. If the consideration for the advertising
services includes barter trade, the revenue and cost are recognized separately based on the fair value of the barter trade.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company derives revenue from digital advertising services provided to merchants under contractual agreements. These services encompass
the display of merchants&#8217; advertisements within our mobile/web platform and email channels. Revenue recognition commences at the
initiation of the contract period, as stipulated in the signed agreement with our merchant clients. The Company employs the &#8216;output
method&#8217; to measure progress towards fulfilling its performance obligations. Under this method, revenue is recognized proportionately
over the duration of the contractual period. This method accurately reflects the faithful depiction of the transfer of services, as it
aligns with the nature of the services provided, where revenue is recognized based on the contractual period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Membership</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
from membership is recognized over the period of the membership. The subscription fee is recognized as revenue over the subscription
period. Any relevant costs incurred to provide the membership benefits are recognized as cost. The cashback bonuses, exclusive lifestyle
and food and beverage perks, and discounts provided to the members are not recognized as revenue.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000887" name="us-gaap:SegmentReportingPolicyPolicyTextBlock"><p id="xdx_84C_eus-gaap--SegmentReportingPolicyPolicyTextBlock_zRffjQ8bzNqg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_865_zL8zT4EOxSr3">Segments</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC
280, &#8220;Segment Reporting&#8221;, establishes standards for reporting information about operating segments on a basis consistent
with the Company&#8217;s internal organizational structure as well as information about geographical areas, business segments and major
clients in financial statements for detailing the Company&#8217;s business segments. Management has determined that the Company operates
in a single segment because there is only one Chief Operating Decision Maker (&#8220;CODM&#8221;) for the Company who is the Company&#8217;s
Chief Executive Officer. Operating and financial metrics are applied to the entire Company as whole. The Company&#8217;s sales are principally
in Singapore.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000889" name="us-gaap:ConcentrationRiskCreditRisk"><p id="xdx_84C_eus-gaap--ConcentrationRiskCreditRisk_zOmQAq8fABF4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_869_zplpGnnShGg6">Concentrations
and credit risk</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
instruments that potentially expose the Company to concentration of credit risk consist primarily of accounts receivable. The Company
has designed their credit policies with an objective to minimize their exposure to credit risk. The Company&#8217;s accounts receivable
are short term in nature and the associated risk is minimal. The Company conducts credit evaluations on its clients and generally does
not require collateral or other security. The Company periodically evaluates the creditworthiness of the existing clients in determining
the allowance for credit losses primarily based upon the age of the receivables and factors surrounding the credit risk of specific
clients. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023 and 2022, the Company&#8217;s assets were located in Singapore and the Company&#8217;s revenue was principally derived
in Singapore.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RYDE
GROUP LTD</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2&#160;&#160;&#160;&#160;</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Summary of significant accounting policies (continued)</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000891" name="us-gaap:PensionAndOtherPostretirementPlansPolicy"><p id="xdx_840_eus-gaap--PensionAndOtherPostretirementPlansPolicy_zg4dyBm4L046" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_864_zYODQI2xFBh6">Employee
benefits</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee
benefits are recognized as an expense, unless the cost qualifies to be capitalized as an asset.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Defined
contribution plans are post-employment benefit plans under which the Company pays fixed contributions into separate entities such as
the Central Provident Fund on a mandatory, contractual or voluntary basis. The Company has no further payment obligations once the contributions
have been paid. The Central Provident Fund paid to The Central Provident Fund Board in Singapore is S$<span id="xdx_908_eus-gaap--PensionContributions_c20230101__20231231_zNbxeHdNdncd" title="Provident fund"><ix:nonFraction name="us-gaap:PensionContributions" contextRef="From2023-01-01to2023-12-31" id="Fact000893" format="ixt:numdotdecimal" decimals="0" unitRef="SingaporeDollar">211,000</ix:nonFraction></span> (US$<span id="xdx_90B_eus-gaap--PensionContributions_uUSD_c20230101__20231231_zZPkd92jp0C1" title="Provident fund"><ix:nonFraction name="us-gaap:PensionContributions" contextRef="From2023-01-01to2023-12-31" id="Fact000895" format="ixt:numdotdecimal" decimals="0" unitRef="USD">160,000</ix:nonFraction></span>), S$<span id="xdx_904_eus-gaap--PensionContributions_c20220101__20221231_zY61rzTI47Ne" title="Provident fund"><ix:nonFraction name="us-gaap:PensionContributions" contextRef="From2022-01-012022-12-31" id="Fact000897" format="ixt:numdotdecimal" decimals="0" unitRef="SingaporeDollar">229,000</ix:nonFraction></span>
and S$<span id="xdx_905_eus-gaap--PensionContributions_c20210101__20211231_zseaydIds8Vc" title="Provident fund"><ix:nonFraction name="us-gaap:PensionContributions" contextRef="From2021-01-012021-12-31" id="Fact000899" format="ixt:numdotdecimal" decimals="0" unitRef="SingaporeDollar">162,000</ix:nonFraction></span> for the year ended December 31, 2023, 2022 and 2021 respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000901" name="us-gaap:CompensationRelatedCostsPolicyTextBlock"><p id="xdx_84F_eus-gaap--CompensationRelatedCostsPolicyTextBlock_zPhbZi9hWuN1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_863_zWTkpLwwaJK4">Share-based
compensation</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company follows ASC 718, Compensation &#8212;Stock Compensation (&#8220;ASC 718&#8221;), which requires the measurement and recognition
of compensation expense for all share-based payment awards, including restricted stock units, based on estimated grant date fair values.
Restricted stock units are valued using the market price of the Company&#8217;s common shares on the date of grant. The Company records
compensation expense, net of estimated forfeitures, over the requisite service period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Awards
classified in equity under ASC 718 that may be subject to temporary equity classification include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
    with a repurchase feature that the employee can exercise only after the shares have been vested for at least six months, as well
    as options on such shares.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
    that have a contingent repurchase feature that is outside the control of the employee and the entity if it is currently probable
    that the contingency would not occur. Examples include shares redeemable only on the occurrence of a liquidity event, such as a change
    of control.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options
    that have a contingent cash-settlement provision not within the employee&#8217;s or the entity&#8217;s control if it is not currently
    probable that the contingency would occur.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000903" name="RYDE:RelatedPartyPolicyTextBlock"><p id="xdx_842_ecustom--RelatedPartyPolicyTextBlock_zmvdMIUX1hPh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_864_zh1JlXhr6pd">Related
parties</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parties
are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant
influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject
to common control or significant influence of the same party, such as a family member or relative, shareholder, or a related corporation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RYDE
GROUP LTD</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2&#160;&#160;&#160;&#160;</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Summary of significant accounting policies (continued)</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000905" name="us-gaap:IncomeTaxPolicyTextBlock"><p id="xdx_841_eus-gaap--IncomeTaxPolicyTextBlock_zQsIuLiFwd28" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_868_zwud3Dpn6Ov3">Income
taxes</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for income taxes under FASB ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences
attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their
respective tax bases. Deferred tax assets are also provided for net operating loss carry forwards that can be utilized to offset future
taxable income.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized
in income in the period including the enactment date. A valuation allowance is established, when necessary, to reduce net deferred tax
assets to the amount expected to be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing
authorities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
provisions of FASB ASC 740-10-25, &#8220;Accounting for Uncertainty in Income Taxes,&#8221; prescribe a more-likely-than-not threshold
for consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This
interpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred
income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company did not accrue any liability, interest or penalties related to uncertain tax positions in its provision for income taxes for
the year ended December 31, 2023 and 2022. The Company does not expect that its assessment regarding unrecognized tax positions will
materially change over the next 12 months.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000907" name="us-gaap:GovernmentAssistancePolicyTextBlock"><p id="xdx_84C_eus-gaap--GovernmentAssistancePolicyTextBlock_zDzogZahCycc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86D_zXR8YmOxhPid">Government
grants</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Government
grants are recognized when there is reasonable assurance that the grant will be received, and all attaching conditions will be complied
with. Government grants shall be recognized in profit or loss on a systematic basis over the periods in which the entity recognizes as
expenses the related costs for which the grants are intended to compensate. Government grant is recognized as &#8216;Other income&#8217;
in profit or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a description of the government grants the Company have received for the financial year ended December 31, 2023 and 2022:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Jobs Growth Incentive (&#8220;JGI&#8221;): To support employers to expand local hiring from September 2020 to March 2023. The duration
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    Progressive Wage Credit Scheme: It was introduced in Singapore Budget 2022 to provide transitional wage support for employers to
    adjust to upcoming mandatory wage increases for lower-wage workers covered by the Progressive Wage and Local Qualifying Salary requirements
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    business strategy, financial management, human capital development, service excellence, strategic brand and marketing development.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RYDE
GROUP LTD</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2&#160;&#160;&#160;&#160;</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Summary of significant accounting policies (continued)</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000911" name="us-gaap:EarningsPerSharePolicyTextBlock"><p id="xdx_846_eus-gaap--EarningsPerSharePolicyTextBlock_zOcuHhojdrKh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86F_zQALfXTgzDLb">Earnings
(loss) per share</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic
earnings (loss) per share is computed by dividing net earnings (loss) attributable to ordinary shareholders by the weighted average number
of Ordinary Shares outstanding during the year. Diluted earnings per share reflect the potential dilution that could occur if outstanding
stock options, warrants and convertible debt were exercised or converted into Ordinary Shares. When the Company has a loss, diluted shares
are not included as their effect would be anti-dilutive. The Company has <span id="xdx_903_eus-gaap--DilutiveSecurities_do_c20230101__20231231_zlg8lvukDkxd" title="Dilutive securities"><span id="xdx_907_eus-gaap--DilutiveSecurities_do_c20220101__20221231_z13OvbH8kt6c" title="Dilutive securities"><ix:nonFraction name="us-gaap:DilutiveSecurities" contextRef="From2023-01-01to2023-12-31" id="Fact000913" format="ixt-sec:numwordsen" decimals="0" unitRef="SingaporeDollar"><ix:nonFraction name="us-gaap:DilutiveSecurities" contextRef="From2022-01-012022-12-31" id="Fact000915" format="ixt-sec:numwordsen" decimals="0" unitRef="SingaporeDollar">no</ix:nonFraction></ix:nonFraction></span></span> dilutive securities or debt for each of the year ended 31
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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rate risk</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
rate risk is the risk that the fair value or future cash flows of the Company&#8217;s financial instruments will fluctuate because of
changes in market interest rates. The Company&#8217;s exposure to interest rate risk arises mainly from its interest-bearing financial
liabilities. The Company periodically reviews its liabilities and monitors interest rate fluctuations to ensure that the exposure to
interest rate risk is within acceptable levels. The interest-bearing financial liabilities are usually at fixed interest rates except
for money market loans, bank overdrafts and floating interest rate loans. The Company does not utilize interest rate derivatives to minimize
its interest rate risk.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000919" name="us-gaap:CommitmentsAndContingenciesPolicyTextBlock"><p id="xdx_842_eus-gaap--CommitmentsAndContingenciesPolicyTextBlock_z5PVqbCbm9U7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_861_z6F7D06ItPnl">Commitments
and Contingencies</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the normal course of business, the Company is subject to contingencies, including legal proceedings and claims arising out of the business
that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes its liability for such
contingency if it determines it is probable that a loss has occurred and a reasonable estimate of the loss can be made. The Company may
consider many factors in making these assessments including historical and the specific facts and circumstances of each matter.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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Adopted Accounting Pronouncements </span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
October 2021, the FASB issued ASU 2021-08, &#8220;Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities
from Contracts with Customers&#8221;, which requires entities to apply Topic 606 to recognize and measure contract assets and contract
liabilities in a business combination as if it had originated the contracts. The standard is effective for public companies for fiscal
years, and interim periods within those fiscal years, beginning after December 15, 2022. We adopted the ASU on January 1, 2023 and will
apply the guidance prospectively for future acquisitions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
June 2022, the FASB issued ASU 2022-03, &#8220;Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject
to Contractual Sale Restrictions&#8221;, which clarifies that contractual sale restrictions are not considered in measuring fair value
of equity securities and requires additional disclosures for equity securities subject to contractual sale restrictions. The standard
is effective for public companies for fiscal years beginning after December 15, 2023. Early adoption is permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and does
not expect materials impact to its consolidated financial statements. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
November 2023, the FASB issued ASU 2023-07, Segment Reporting&#8212;Improvements to Reportable Segment Disclosures (Topic 280). The standard
requires incremental disclosures related to reportable segments, including disaggregated expense information and the title and position
of the company&#8217;s chief operating decision maker (&#8220;CODM&#8221;), as identified for purposes of segment determination. The ASU is effective
for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Entities
must adopt the changes to the segment reporting guidance on a retrospective basis. Early adoption is permitted. The Company is currently
evaluating the impact of this standard on its consolidated financial statements and does not expect materials impact to its consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2023, the FASB issued ASU 2023-09, &#8220;Income Taxes (Topic 740): Improvements to Income Tax Disclosures,&#8221; which
requires disaggregated information about a reporting entity&#8217;s effective tax rate reconciliation as well as information on
income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be
useful in making capital allocation decisions. The standard will be effective for public companies for fiscal years beginning after
December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this accounting standard update on
our consolidated financial statements and does not expect materials impact to its consolidated financial statements..</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RYDE
GROUP LTD</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;&#160;&#160;&#160;<span id="xdx_822_zdDIQeTGHt9i">Deposits, prepaid expenses and other current assets</span></b></span></p>


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</ix:nonNumeric><p id="xdx_8AF_zsuRmJwj7R77" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000954" name="RYDE:DeferredInitialPublicOfferingCostsDisclosureTextBlock"><p id="xdx_80B_ecustom--DeferredInitialPublicOfferingCostsDisclosureTextBlock_zy0ZmShU0f31" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4
<span id="xdx_824_zUALn2uk6YBk">Deferred IPO costs</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to ASC 340-10-S99-1, IPO costs directly attributable to an offering of equity securities are deferred and would be charged against the
gross proceeds of the offering as a reduction of additional paid-in capital. These costs include legal fees related to the registration
drafting and counsel, consulting fees related to the registration preparation, the SEC filing and print related costs. As of December
31, 2023, the Company did not conclude its IPO.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022 and 2023, the accumulated deferred IPO cost was <span id="xdx_90B_eus-gaap--DeferredCostsCurrentAndNoncurrent_iI_dxL_c20221231_z0g6sr8lsFZc" title="Accumulated deferred IPO cost::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl0956">Nil</span></span> and S$<span id="xdx_902_eus-gaap--DeferredCostsCurrentAndNoncurrent_iI_c20231231_zMJLnB1Uy4P4" title="Accumulated deferred IPO cost"><ix:nonFraction name="us-gaap:DeferredCostsCurrentAndNoncurrent" contextRef="AsOf2023-12-31" id="Fact000958" format="ixt:numdotdecimal" decimals="0" unitRef="SingaporeDollar">2,079,000</ix:nonFraction></span> (US$<span id="xdx_901_eus-gaap--DeferredCostsCurrentAndNoncurrent_iI_uUSD_c20231231_zcUBeN8Q0uuj" title="Accumulated deferred IPO cost"><ix:nonFraction name="us-gaap:DeferredCostsCurrentAndNoncurrent" contextRef="AsOf2023-12-31" id="Fact000960" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,576,000</ix:nonFraction></span>), respectively</span>.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 5, 2024, the Company completed
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The Company received gross proceeds in the amount of US$<span id="xdx_901_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_pn6n6_uUSD_c20240306__20240306__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zg2ZE7reVCgj" title="Gross proceeds from initial public offering"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" contextRef="From2024-03-062024-03-06_us-gaap_SubsequentEventMember" id="Fact000966" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">12</ix:nonFraction></span> million before deducting any underwriting discounts or expenses. The Ordinary
Shares began trading on March 6, 2024 on the NYSE American under the ticker symbol &#8220;RYDE&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000968" name="us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock"><p id="xdx_804_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_zrNxzYjHCCtj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; display: none"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5&#160;&#160;&#160;&#160;</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_827_zLK7eLwCqbjk">Property and equipment, net</span></b></span></p>


<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000970" name="us-gaap:PropertyPlantAndEquipmentTextBlock"><p id="xdx_898_eus-gaap--PropertyPlantAndEquipmentTextBlock_zmB6Ejkj2b3b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BE_zrWq1OBUxjLl" style="display: none">Schedule
of property and equipment, net</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.25in">
  <tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--PropertyPlantAndEquipmentNet_iTI_mtPPAENz92n_zxMuM9Mbkmj1" style="vertical-align: bottom; background-color: White">
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</ix:nonNumeric><p id="xdx_8AF_zgVyTV5k2DF7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s operating lease right-of-use assets is related to the office lease agreements with lease terms for two years. The Company&#8217;s
lease agreement do not contain any material residual value guarantees or material restrictive convents. Upon adoption of ASU 2016-02,
no right-of-use (&#8220;ROU&#8221;) assets nor lease liability was recorded for the lease with a lease term with one year or less.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 122; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RYDE
GROUP LTD</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001008" name="us-gaap:IntangibleAssetsDisclosureTextBlock"><p id="xdx_806_eus-gaap--IntangibleAssetsDisclosureTextBlock_zkem2IypyxUb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6&#160;&#160;&#160;&#160;</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82A_zq7MEzrLHvJj">Intangible assets, net </span></b></span></p>


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of intangible assets, net</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.25in">
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="font-weight: bold; text-align: center">S$&#8217;000</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">US$&#8217;000</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TechnologyEquipmentMember_zAFtNfzfIju5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_409_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--OtherIntangibleAssetsMember_zHBVNILsKw8j" style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsGross" contextRef="AsOf2022-12-31_us-gaap_OtherIntangibleAssetsMember" id="Fact001017" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SingaporeDollar">5</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_maIANEGzxvo_z9QPLgtWTHN1" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_407_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iNI_di_msIANEGzxvo_zpkrgxz4hQy2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</ix:nonNumeric><p id="xdx_8A6_zv6khW8Ddi86" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 21.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BC_ziMvXzGX0qvi" style="display: none">Schedule
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.25in">
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</ix:nonNumeric><p id="xdx_8A7_zHEO7Xeggft8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001051" name="us-gaap:GoodwillDisclosureTextBlock"><p id="xdx_80F_eus-gaap--GoodwillDisclosureTextBlock_z56q0pUQBX4g" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7&#160;&#160;&#160;&#160;</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_828_z779keqv8tfg">Goodwill, net</span></b></span></p>


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  <tr style="vertical-align: bottom">
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    <td style="padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Total goodwill net</span></td><td style="padding-bottom: 2.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A2_zv2Ri6iATG2h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Acquisition
of Meili Technologies Pte. Ltd. and its subsidiaries (&#8220;Meili Group&#8221;)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 20, 2023, Ryde Technologies Pte. Ltd. entered into a Sale and Purchase Agreement for the acquisition of Meili Group, a last-mile
on-demand logistics service provider in Singapore. The Meili Group comprises of Meili Technologies Pte. Ltd. and its wholly-owned subsidiary,
Meili Technologies (M) Snd. Bhd. (&#8220;Meili Malaysia&#8221;), which located in Malaysia. Meili Malaysia is a dormant since the date
of incorporation on December 16, 2021. The acquisition is expected to contribute to the growth of the Company&#8217;s current quick commerce
business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 123; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RYDE
GROUP LTD</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7&#160;&#160;&#160;&#160;</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Goodwill, net (continued)</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
purchase consideration was satisfied by the issuance of exchangeable notes to the Meili Noteholders each exchangeable into shares in
the Company. Under the terms and conditions of the exchangeable notes, unless previously redeemed or exchanged into shares in the Company,
the purchase consideration will be mandatorily exchanged into shares of the Company upon the occurrence of the Company obtaining the
receipt of the notification from a recognized exchange for the filing of the offer document for the listing. The mandatory exchange of
the exchangeable notes into shares of the Company will be based on a <span id="xdx_906_eus-gaap--SharesAcquiredWeightedAverageDiscountToNetAssetsPercentage_pid_dp_uPure_c20230220__20230220_zFmOEiit2Pr7" title="Percentage of discount to price per share"><ix:nonFraction name="us-gaap:SharesAcquiredWeightedAverageDiscountToNetAssetsPercentage" contextRef="From2023-02-202023-02-20" id="Fact001070" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25</ix:nonFraction></span>% discount to the price per share on the post-money valuation
of the Company immediately following the listing. As of December 31, 2023, the fair value of the purchase consideration is S$<span title="Goodwill impairment loss"><span id="xdx_907_eus-gaap--BusinessCombinationConsiderationTransferred1_pid_c20230101__20231231_z3KnkK6I8n51" title="Purchase consideration"><ix:nonFraction name="us-gaap:BusinessCombinationConsiderationTransferred1" contextRef="From2023-01-01to2023-12-31" id="Fact001072" format="ixt:numdotdecimal" decimals="INF" unitRef="SingaporeDollar">600,000</ix:nonFraction></span></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the acquisition of Meili Group, the Company recognized identifiable assets and assumed liabilities at their respective
fair values on a provisional basis as of February 20, 2023. These values are subject to change upon receipt of all the necessary information
about the facts and circumstances that were in existence as of the acquisition date. The key information in this regard pertains to the
value of the consideration used in measuring goodwill, which is subject to the post-money valuation of the Company and the completion
of the exchange of all of the exchangeable notes held by the Meili Noteholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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following table summarizes the fair value of the assets acquired and liabilities assumed as of February 20, 2023:</span></p>

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    <td style="padding-bottom: 1.5pt">Goodwill</td><td style="padding-bottom: 1.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8AB_zq1YI5sl7qw4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
excess of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Goodwill
Impairment</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the financial year, we performed a goodwill impairment test by comparing the fair value of the Meili Group to its carrying value. The
fair value was determined as a sum of the discounted cash flow (&#8220;DCF&#8221;) method. The significant unobservable inputs used in
the fair value measurement include discount rate of <span id="xdx_906_ecustom--GoodwillMeasurementInput_iI_pid_dp_uPure_c20231231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputDiscountRateMember_zHn8FIV19X01" title="Goodwill measurement input"><ix:nonFraction name="RYDE:GoodwillMeasurementInput" contextRef="AsOf2023-12-31_us-gaap_MeasurementInputDiscountRateMember" id="Fact001092" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">6.12</ix:nonFraction></span>%, growth rate of <span id="xdx_909_ecustom--GoodwillMeasurementInput_iI_pid_dp_uPure_c20231231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputLongTermRevenueGrowthRateMember__srt--RangeAxis__srt--MinimumMember_zyuBYvYCRIR" title="Goodwill measurement input"><ix:nonFraction name="RYDE:GoodwillMeasurementInput" contextRef="AsOf2023-12-31_us-gaap_MeasurementInputLongTermRevenueGrowthRateMember_srt_MinimumMember" id="Fact001094" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction>%</span> to <span id="xdx_905_ecustom--GoodwillMeasurementInput_iI_pid_dp_uPure_c20231231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputLongTermRevenueGrowthRateMember__srt--RangeAxis__srt--MaximumMember_zYdmnDTLazC4" title="Goodwill measurement input"><ix:nonFraction name="RYDE:GoodwillMeasurementInput" contextRef="AsOf2023-12-31_us-gaap_MeasurementInputLongTermRevenueGrowthRateMember_srt_MaximumMember" id="Fact001096" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction>%</span>, and dividend yield of <span id="xdx_905_ecustom--GoodwillMeasurementInput_iI_pid_dp_uPure_c20231231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember_zlLHpFaUFq4j" title="Goodwill measurement input"><ix:nonFraction name="RYDE:GoodwillMeasurementInput" contextRef="AsOf2023-12-31_us-gaap_MeasurementInputExpectedDividendRateMember" id="Fact001098" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0</ix:nonFraction>%</span>. The carrying value of
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 124; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RYDE
GROUP LTD</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001101" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><p id="xdx_80A_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zHcGXhtrsnAk" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8&#160;&#160;&#160;&#160;</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82E_zl7K6ni5DYSc">Related party transactions and balances</span></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parties
are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant
influence over the other party in making financial and operational decisions. Parties are also considered to be related if they are subject
to common control. Related parties may be individuals or corporate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001103" name="us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock"><p id="xdx_898_eus-gaap--ScheduleOfRelatedPartyTransactionsTableTextBlock_ziYnF61YdJnh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below sets forth the major related parties and their relationships with the Company as of December 31, 2023 and 2022:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span id="xdx_8BB_zbzCRqnBiHPd" style="display: none">Schedule of related party with their relationships and transactions</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 97%; border-collapse: collapse; margin-left: 0.25in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name
    of related parties</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DLG
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i)
Significant transactions with related parties were as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii)
Significant balances with related parties were as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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</ix:nonNumeric><p id="xdx_8A4_zXkye1BhfsIj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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</ix:nonNumeric><p id="xdx_8AA_ztscMV15OBJk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


<ix:exclude><!-- Field: Page; Sequence: 125; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RYDE
GROUP LTD</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9&#160;&#160;&#160;&#160;</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Convertible loans (continued)</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(a)</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Convertible
    loan from noteholders</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
refers to an exchangeable note arising from the acquisition by Ryde Technologies Pte. Ltd. of Meili Technologies Pte. Ltd. pursuant to
which the purchase consideration was satisfied by the issuance of exchangeable notes to the Meili Noteholders each exchangeable into
shares in the Company. In April 2024, <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_c20240401__20240430__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z6t6bxDVco4k" title="Number of shares issued to noteholders"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" contextRef="From2024-04-012024-04-30_us-gaap_CommonClassAMember_us-gaap_SubsequentEventMember" id="Fact001154" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">68,478</ix:nonFraction></span> Class A Ordinary Shares were issued to Meili Noteholders pursuant to an exchange of their
exchangeable notes under the exchangeable note subscription agreement dated April 12, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective January 1, 2021, the Company early adopted ASU 2020-06 using
the full retrospective approach. As a result of this adoption, convertible loan is recorded as a single liability measured at its amortized
cost.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(b)</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Convertible
    loans</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001156" name="RYDE:ConvertibleLoanTableTextBlock"><p id="xdx_895_ecustom--ConvertibleLoanTableTextBlock_zTQPUxfX4uQ7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
convertible loans as of December 31, 2023 and 2022 are set out below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B0_zJKY2uRZqSw4" style="display: none">Schedule
of convertible loan</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.25in">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td>&#160;</td><td>&#160;</td>
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">2022</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">2023</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">2023</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Loan</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Currency</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Period</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Interest rate per annum</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Guarantees</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Carrying amount</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(S$&#8217;000)</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Carrying amount</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(US$&#8217;000)</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 28%; text-align: left; padding-bottom: 2.5pt">Unsecured fixed rate convertible loans</td><td style="width: 2%; padding-bottom: 2.5pt">&#160;</td>
    <td style="width: 7%; text-align: right; padding-bottom: 2.5pt">SGD</td><td style="width: 2%; padding-bottom: 2.5pt">&#160;</td>
    <td style="width: 7%; text-align: right; padding-bottom: 2.5pt"><span id="xdx_905_eus-gaap--DebtInstrumentTerm_dtM_c20230101__20231231__us-gaap--DebtInstrumentAxis__custom--UnsecuredFixedRateConvertibleLoanMember_z2Jhb0Mlo3Wg" title="Debt Period"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_UnsecuredFixedRateConvertibleLoanMember" format="ixt-sec:durmonth" id="Fact001158" name="us-gaap:DebtInstrumentTerm">24</ix:nonNumeric></span>-month</td><td style="width: 2%; padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; width: 1%; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; width: 5%; text-align: right"><span id="xdx_90C_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20231231__us-gaap--DebtInstrumentAxis__custom--UnsecuredFixedRateConvertibleLoanMember_zUytZ1oImQpb" title="Debt Interest rate per annum"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2023-12-31_custom_UnsecuredFixedRateConvertibleLoanMember" id="Fact001160" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left">%</td><td style="width: 2%; padding-bottom: 2.5pt">&#160;</td>
    <td style="width: 7%; text-align: center; padding-bottom: 2.5pt">&#160;&#160;<span id="xdx_900_ecustom--DebtGuarantees_iI_dxL_c20231231__us-gaap--DebtInstrumentAxis__custom--UnsecuredFixedRateConvertibleLoanMember_zgdFR0Yey9se" title="Debt Guarantees::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1162">Nil</span></span></td><td style="width: 2%; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; width: 5%; text-align: right"><span id="xdx_909_eus-gaap--DebtSecurities_iI_c20231231__us-gaap--DebtInstrumentAxis__custom--UnsecuredFixedRateConvertibleLoanMember_zujcoG4V3Kf" title="Debt Other Security"><span style="-sec-ix-hidden: xdx2ixbrl1164">-</span></span></td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="width: 2%; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; width: 5%; text-align: right"><span id="xdx_90D_eus-gaap--ConvertibleDebt_iI_c20221231__us-gaap--DebtInstrumentAxis__custom--UnsecuredFixedRateConvertibleLoanMember_zLt47H631Jm3" title="Convertible debt"><ix:nonFraction name="us-gaap:ConvertibleDebt" contextRef="AsOf2022-12-31_custom_UnsecuredFixedRateConvertibleLoanMember" id="Fact001166" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SingaporeDollar">5,094</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="width: 2%; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; width: 5%; text-align: right"><span id="xdx_90D_eus-gaap--ConvertibleDebt_iI_c20231231__us-gaap--DebtInstrumentAxis__custom--UnsecuredFixedRateConvertibleLoanMember_zasSCFIcyO2e" title="Convertible debt"><ix:nonFraction name="us-gaap:ConvertibleDebt" contextRef="AsOf2023-12-31_custom_UnsecuredFixedRateConvertibleLoanMember" id="Fact001168" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SingaporeDollar">2,303</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="width: 2%; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; width: 5%; text-align: right"><span id="xdx_900_eus-gaap--ConvertibleDebt_iI_uUSD_c20231231__us-gaap--DebtInstrumentAxis__custom--UnsecuredFixedRateConvertibleLoanMember_zfO5CNm75fFk" title="Convertible debt"><ix:nonFraction name="us-gaap:ConvertibleDebt" contextRef="AsOf2023-12-31_custom_UnsecuredFixedRateConvertibleLoanMember" id="Fact001170" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,746</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AD_zkBLT5LACdwk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
convertible loans are repayable on or before February 28, 2024. There is no repayment and no interest paid for the financial year ended
December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 11, 2023, Ryde Technologies Pte. Ltd. (&#8220;Ryde Tech&#8221;) entered into a Second Supplemental Agreement with third parties
(the &#8220;Agreement&#8221;). The Agreement give rise to Ryde Tech to redeem the convertible loan of S$<span id="xdx_90C_eus-gaap--ConvertibleDebt_iI_pn4n6_c20230711__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThirdPartiesMember__srt--OwnershipAxis__custom--RydeTechnologiesPteLtdMember_zI0waBcvsMog" title="Convertible loan"><ix:nonFraction name="us-gaap:ConvertibleDebt" contextRef="AsOf2023-07-11_custom_ThirdPartiesMember_custom_RydeTechnologiesPteLtdMember" id="Fact001172" format="ixt:numdotdecimal" decimals="-4" scale="6" unitRef="SingaporeDollar">1.95</ix:nonFraction></span>
million on the listing date. In March 2024, the convertible loan has been fully repaid.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
convertible loan of S$<span id="xdx_903_eus-gaap--DebtConversionConvertedInstrumentAmount1_pn4n6_c20230711__20230711__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThirdPartiesMember__srt--OwnershipAxis__custom--RydeTechnologiesPteLtdMember_zm3TaLYDj1Hg" title="Debt conversion amount"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentAmount1" contextRef="From2023-07-112023-07-11_custom_ThirdPartiesMember_custom_RydeTechnologiesPteLtdMember" id="Fact001174" format="ixt:numdotdecimal" decimals="-4" scale="6" unitRef="SingaporeDollar">3.25</ix:nonFraction></span>
million will give rise to the third parties&#8217; rights to the conversion into <span id="xdx_90B_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_pid_c20230711__20230711__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThirdPartiesMember__srt--OwnershipAxis__custom--RydeTechnologiesPteLtdMember_zgSPmRHnsM79" title="Debt conversion shares issued"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentSharesIssued1" contextRef="From2023-07-112023-07-11_custom_ThirdPartiesMember_custom_RydeTechnologiesPteLtdMember" id="Fact001176" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,155,350</ix:nonFraction></span>
Class A Ordinary Shares of the Company, at an issue price of S$<span id="xdx_903_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20230711__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThirdPartiesMember__srt--OwnershipAxis__custom--RydeTechnologiesPteLtdMember_zgtUoOXSP8xc" title="Debt conversion price per share"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2023-07-11_custom_ThirdPartiesMember_custom_RydeTechnologiesPteLtdMember" id="Fact001178" format="ixt:numdotdecimal" decimals="INF" unitRef="SGDpShares">2.81</ix:nonFraction></span>
per Ordinary Shares. The <span id="xdx_900_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_pid_c20230711__20230711__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThirdPartiesMember__srt--OwnershipAxis__custom--RydeTechnologiesPteLtdMember_zf4rnZsEFOZi" title="Debt conversion shares issued"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentSharesIssued1" contextRef="From2023-07-112023-07-11_custom_ThirdPartiesMember_custom_RydeTechnologiesPteLtdMember" id="Fact001180" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,155,350</ix:nonFraction></span>
Class A Ordinary Shares represented <span id="xdx_906_eus-gaap--MinorityInterestOwnershipPercentageByNoncontrollingOwners_iI_pid_dp_uPure_c20230711__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThirdPartiesMember__srt--OwnershipAxis__custom--RydeTechnologiesPteLtdMember_z1okEhGEoZQ8" title="Ordinary share percentage"><ix:nonFraction name="us-gaap:MinorityInterestOwnershipPercentageByNoncontrollingOwners" contextRef="AsOf2023-07-11_custom_ThirdPartiesMember_custom_RydeTechnologiesPteLtdMember" id="Fact001182" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7.14</ix:nonFraction></span>%
of total Class A Ordinary Shares of the Company after the conversion. In September 2023, the Company issued <span id="xdx_90D_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_pid_c20230711__20230711__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThirdPartiesMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z4nq9MS9SYbc" title="Debt conversion shares issued"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentSharesIssued1" contextRef="From2023-07-112023-07-11_custom_ThirdPartiesMember_us-gaap_CommonClassAMember" id="Fact001184" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,155,350</ix:nonFraction></span> Class A Ordinary of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
January 1, 2021, the Company early adopted ASU 2020-06 using the full retrospective approach. As a result of this adoption, convertible
loan is recorded as a single liability measured at its amortized cost.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 126; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RYDE
GROUP LTD</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001186" name="us-gaap:DebtDisclosureTextBlock"><p id="xdx_806_eus-gaap--DebtDisclosureTextBlock_zWxqiASs4516" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10&#160;&#160;&#160;</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82A_z7ekZ2Lwe5Se">Note from a shareholder</span></b></span></p>


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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.25in">
  <tr style="vertical-align: bottom">
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</ix:nonNumeric><p id="xdx_8AC_zNBFyFJbQlSd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001195" name="RYDE:ShareholderTableTextBlock"><p id="xdx_89A_ecustom--ShareholderTableTextBlock_zFE1o4KWQUDa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B5_zl4uMd7nHQrj" style="display: none">Schedule
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.25in">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: center; padding-bottom: 2.5pt">SGD</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8AD_z0Jq50o1nHfe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: -14.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001221" name="us-gaap:LesseeOperatingLeasesTextBlock"><p id="xdx_80B_eus-gaap--LesseeOperatingLeasesTextBlock_zEKbVybUY7Bc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>11&#160;&#160;&#160;</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82C_zInH2JLqifjj">Operating lease obligation</span></b></span></p>


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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.25in">
  <tr style="vertical-align: bottom">
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</ix:nonNumeric><p id="xdx_8AF_zrwfUb0B8QNi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s operating lease right-of-use assets is related to the office lease agreements with lease terms for two years. The Company&#8217;s
lease agreement do not contain any material residual value guarantees or material restrictive convents. Upon adoption of ASU 2016-02,
no right-of-use (&#8220;ROU&#8221;) assets nor lease liability was recorded for the lease with a lease term with one year or less.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001242" name="us-gaap:LesseeOperatingLeaseLiabilityMaturityTableTextBlock"><p id="xdx_894_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_zU4fN14Xqf1d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s commitment for minimum lease payments under the operating lease that is within twelve months as of December 31, as follow:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B0_zDf9rg9WXyZf" style="display: none">Schedule
of maturities lease payments</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.25in">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Twelve months ending December 31,</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_495_20231231_z2XGiBiTBT8e" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Minimum lease payment</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">S$&#8217;000</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td></tr>
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    <td style="width: 80%; text-align: left; padding-bottom: 1.5pt">2024</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; width: 16%; text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" contextRef="AsOf2023-12-31" id="Fact001244" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SingaporeDollar">50</ix:nonFraction></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_pn3n3_mtLOLLPzCHu_zGGoNcAAhiG7" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Total future lease payment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue" contextRef="AsOf2023-12-31" id="Fact001246" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SingaporeDollar">50</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pn3n3_di_zbgOUUOP0NFh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Amount representing interest</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" contextRef="AsOf2023-12-31" id="Fact001248" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SingaporeDollar">1</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_400_eus-gaap--OperatingLeaseLiability_iTI_pn3n3_zolB6fiYKmT2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Present value of operating lease liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiability" contextRef="AsOf2023-12-31" id="Fact001250" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SingaporeDollar">49</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--OperatingLeaseLiabilityCurrent_iNI_pn3n3_di_zW9RvTPcW4E9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Less: current portion</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:OperatingLeaseLiabilityCurrent" contextRef="AsOf2023-12-31" id="Fact001252" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SingaporeDollar">49</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_406_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_pn3n3_zN9slcnB36j3" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Non-current portion</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1254">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A2_zyzxjvIvvEl7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 127; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RYDE
GROUP LTD</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>11&#160;&#160;&#160;</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operating lease obligation (continued)</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001256" name="us-gaap:ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock"><p id="xdx_894_eus-gaap--ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock_zmFX8pZGKSCd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following summarizes other supplemental information about the Company&#8217;s operating leases as of December 31, 2023:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B7_zOG5jeClA1Ke" style="display: none">Summary
of supplemental operating lease</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.25in">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 80%">Weighted average discount rate</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right"><span id="xdx_906_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20231231_z1QarZAFFmYb" title="Weighted average discount rate"><ix:nonFraction name="us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent" contextRef="AsOf2023-12-31" id="Fact001258" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction></span></td><td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Weighted average remaining lease term (years)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_901_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20231231_zeZlYVAQ7pDg" title="Weighted average remaining lease term (years)"><ix:nonNumeric contextRef="AsOf2023-12-31" format="ixt-sec:duryear" id="Fact001260" name="us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1">1.1</ix:nonNumeric></span></td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>
<!-- Field: Split-Segment; Name: 001 -->
</ix:nonNumeric><p id="xdx_8A3_zObdmJ7ow53c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001262" name="us-gaap:IncomeTaxDisclosureTextBlock"><p id="xdx_807_eus-gaap--IncomeTaxDisclosureTextBlock_zoElexH8E9J" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12&#160;&#160;&#160;</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82A_z1mTwHselk1f">Income taxes</span></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Caymans
and BVIs</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company and its subsidiary are domiciled in the Cayman Island and British Virgin Islands. The locality currently enjoys permanent income
tax holidays; accordingly, the Company and Ryde Group (BVI) Limited do not accrue for income taxes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Singapore</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ryde
Technologies Pte. Ltd. and Meili Technologies Pte. Ltd. are incorporated in Singapore and are subject to Singapore Corporate Tax on the
taxable income as reported in its statutory financial statements adjusted in accordance with relevant Singapore tax laws. The applicable
tax rate is <span id="xdx_90B_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20230101__20231231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--DomesticCountryMember_zbdKxBQ39S3h" title="Statutory income tax rate, percent"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2023-01-012023-12-31_us-gaap_DomesticCountryMember" id="Fact001264" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">17</ix:nonFraction></span>% in Singapore, with <span id="xdx_908_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_uPure_c20230101__20231231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--DomesticCountryMember_zJnpDhKSWhJ2" title="Taxable income, percent"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes" contextRef="From2023-01-012023-12-31_us-gaap_DomesticCountryMember" id="Fact001266" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">75</ix:nonFraction></span>% of the first S$<span id="xdx_90C_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_pid_c20230101__20231231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--DomesticCountryMember_zNlL0eJ1ZBk7" title="Taxable income"><ix:nonFraction name="us-gaap:IncomeTaxReconciliationStateAndLocalIncomeTaxes" contextRef="From2023-01-012023-12-31_us-gaap_DomesticCountryMember" id="Fact001268" format="ixt:numdotdecimal" decimals="INF" unitRef="SingaporeDollar">10,000</ix:nonFraction></span> taxable income and <span id="xdx_90A_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxExemptIncome_pid_dp_uPure_c20230101__20231231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--DomesticCountryMember_zPNh3kLNAEQ4" title="Taxable income exempted from income tax, percent"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationTaxExemptIncome" contextRef="From2023-01-012023-12-31_us-gaap_DomesticCountryMember" id="Fact001270" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">50</ix:nonFraction></span>% of the next S$<span id="xdx_909_eus-gaap--IncomeTaxReconciliationTaxExemptIncome_pid_c20230101__20231231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--DomesticCountryMember_zcbznDW1Yru4" title="Taxable income exempted from income tax"><ix:nonFraction name="us-gaap:IncomeTaxReconciliationTaxExemptIncome" contextRef="From2023-01-012023-12-31_us-gaap_DomesticCountryMember" id="Fact001272" format="ixt:numdotdecimal" decimals="INF" unitRef="SingaporeDollar">190,000</ix:nonFraction></span> taxable income exempted from
income tax.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Malaysia</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Meili
Technologies (M) Sdn. Bhd. is subject to Malaysia Corporate Tax on the taxable income as reported in its statutory financial statements
adjusted in accordance with relevant Malaysia tax laws. The standard corporate income tax rate in Malaysia is <span id="xdx_90B_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20230101__20231231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--ForeignCountryMember_zFfP0VtJ2jwd" title="Statutory income tax rate, percent"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2023-01-012023-12-31_us-gaap_ForeignCountryMember" id="Fact001274" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">24</ix:nonFraction></span>%. However, if <span id="xdx_90E_ecustom--StatutoryIncomeTaxRateDescription_c20230101__20231231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--ForeignCountryMember_zdddWX5kSTx5" title="Statutory income tax rate, description"><ix:nonNumeric contextRef="From2023-01-012023-12-31_us-gaap_ForeignCountryMember" id="Fact001276" name="RYDE:StatutoryIncomeTaxRateDescription">the Company
has a paid-up capital of MYR 2.5 million or less, and gross income from business of not more than MYR 50 million, the tax rates will
be 15% on the first MYR 150,000, 17% on amount between MYR150,001 to MYR600,000, and 24% on amount exceeding MYR 600,000.</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
income tax provision in both current and deferred portions are nil for the year ended December 31, 2023 and 2022, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 128; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RYDE
GROUP LTD</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12&#160;&#160;&#160;</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Income taxes (continued)</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001278" name="us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock"><p id="xdx_892_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zXbgoWHR8S1e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
reconciliation between the Group&#8217;s actual provision for income tax and the provision at the respective statutory rate was as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8BB_ztC34TR8cY65" style="display: none">Schedule of provision for income tax</span></p>

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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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</ix:nonNumeric><p id="xdx_8AB_zKSlanB8n2fl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8BA_zqus769fqth5" style="display: none">Schedule of components of deferred tax balances</span></p>

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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="font-weight: bold; text-align: left">Deferred tax liabilities</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</ix:nonNumeric><p id="xdx_8A8_zTq5P82qT641" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
tax liability in relating to the fair value of intangible assets arising from the acquisition of Meili Technologies Pte. Ltd.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
tax losses carry forwards is available for offsetting against future taxable profits for which no deferred tax asset is recognized due
to uncertainty of its recoverability. The realization of the future income tax benefits from the tax losses carry forwards is available
for an unlimited future period subject to the compliance with certain provisions of the tax legislations of the countries in which the
group companies operate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the open tax year for our entities in Singapore and Malaysia is the tax year 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 129; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RYDE
GROUP LTD</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="display: none; vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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</ix:nonNumeric><p id="xdx_8A2_zPsiZXJM5aD3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


<ix:exclude><!-- Field: Page; Sequence: 130; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RYDE
GROUP LTD</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A6_zl1XSN4kn5Cc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
  <tr style="vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(a)</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Share-based
    payment to employees</i></span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August 2023, the Company have established an employee share option scheme (the &#8220;Scheme&#8221;) pursuant to which the right to
subscribe for Class A Ordinary Shares may be granted to employees of the Company, its subsidiaries and affiliates who meet the
eligibility criteria in accordance with the rules of the Scheme. The Scheme will subsist from September 14, 2023 till the date of
the listing of the Company on a securities exchange or till the date on which the Scheme is terminated by the board of directors of
the Company, whichever is earlier.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001466" name="us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock"><p id="xdx_894_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_zvqrbRDIUpDi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The fair value of the Class A Ordinary Shares issued to employees was measured
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BF_zz2lia4SnKfb">Schedule of measurement of fair values and inputs at grant date</span></span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 93%; border-collapse: collapse; margin-left: 0.5in">
  <tr style="vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk-free
interest rate is estimated based on the yield curve of US Sovereign Bond as of the option valuation date. The expected volatility at
the grant date and each option valuation date is estimated based on annualized standard deviation of daily stock price return of comparable
companies with a time horizon close to the expected term of the options. The Company has never declared or paid any cash
dividends on its capital stock, and the Company does not anticipate any dividend payments in the foreseeable future. Expected term is the
period of time from the grant date to the exercise date or the forfeiture
date. The lock-up period of the Class A Ordinary Shares issued to the employees are subject for a period varying between
12 months to 36 months</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RYDE
GROUP LTD</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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</ix:nonNumeric><p id="xdx_8A6_zy1uqKuRWl84" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
January 1, 2021, we early adopted ASU 2020-06 using the full retrospective approach. Upon adoption, we use the if-converted method and
presume share conversion for our convertible loans from third parties which resulted a reduction in net loss per share. Therefore, the
convertible loans from third parties are antidilutive for the year ended December 31, 2023, 2022, and 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001538" name="us-gaap:ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock"><p id="xdx_895_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_z23J0Qiz4B77" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following weighted-average effects of potentially dilutive convertible loan from third parties were excluded from the computation of
diluted loss per Ordinary Shares because their effects would have been antidilutive for the year ended December 31, 2023 and 2022 (in
thousand):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B8_z1sTPVsuKab3" style="display: none">Schedule of antidilutive securities excluded from computation of earnings per share</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.25in">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 49%">&#160;</td>
    <td style="width: 2%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="text-align: right; width: 13%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
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    <td style="text-align: left; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left; padding-bottom: 2.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8AB_zGwlkZpMUCr1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001544" name="us-gaap:SubsequentEventsTextBlock"><p id="xdx_80C_eus-gaap--SubsequentEventsTextBlock_zHIQUgiyQIyi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18&#160;&#160;&#160;</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82F_zCNj4nVI2u4k">Subsequent events</span></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has assessed all subsequent events through April 26, 2024 which is the date that these consolidated financial statements are
issued and other than the following, there are no further material subsequent events that require disclosure in these consolidated
financial statement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="font: 12pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-size: 10pt">(a)</span></td>
    <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><span style="font-size: 10pt">Consulting Agreements</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">On January 20, 2024, the Company
entered into certain consulting agreements (the &#8220;Consulting Agreements&#8221;) with <span id="xdx_90D_ecustom--NumberOfConsultant_iI_pid_dc_uConsultant_c20240120__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z8ewpBI35yN1" title="Number of consultant"><ix:nonFraction name="RYDE:NumberOfConsultant" contextRef="AsOf2024-01-20_us-gaap_SubsequentEventMember" id="Fact001546" format="ixt-sec:numwordsen" decimals="INF" unitRef="Consultant">five</ix:nonFraction></span>
consultants. The consulting services to be provided to the Company pursuant to the Consulting Agreements include participate in
Company&#8217;s business and management meetings and contribute to Company&#8217;s business plans; assisting Company in corporate
development by introducing customers or strategic partners to Company to drive business growth; strategizing with the Company on its
positioning and road map for capital raising, and assist in dealing with investor relation matters. On March 12, 2024, the Company
agreed to pay and made prepayments totaling US$<span id="xdx_90E_eus-gaap--ProfessionalFees_pn5n6_uUSD_c20240312__20240312__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_znW1DqX3rBWc" title="Consultants fee"><ix:nonFraction name="us-gaap:ProfessionalFees" contextRef="From2024-03-122024-03-12_us-gaap_SubsequentEventMember" id="Fact001548" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">3.5</ix:nonFraction></span> million to five consultants for consulting services over a period of 20
months.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted
                                            Share Units (&#8220;RSU&#8221;) grants to the Chief Executive Officer (&#8220;CEO&#8221;)
                                            and Chief Financial Officer (&#8220;CFO&#8221;)</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
the day of the company&#8217;s listing on March 6, 2024 (the &#8220;Listing date&#8221;), the CEO and CFO were awarded a total of <span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_c20240305__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zTm7TqY9HJv9"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" contextRef="AsOf2024-03-05_us-gaap_SubsequentEventMember_us-gaap_RestrictedStockUnitsRSUMember" id="Fact001549" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">929,250</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted Stock Units (RSUs). Each RSU grants
the CEO and CFO the right, subject to Plan terms and conditions, to receive one Class A Ordinary Shares of the company, with either no
par value or the minimum par value as required by statutory regulations. The vesting period for the entire RSU allocation is set to occur
24 months from the Listing date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="font: 12pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-size: 10pt">(c)</span></td>
    <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><span style="font-size: 10pt">Initial public offering</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">On March 5, 2024, the Company completed
its initial public offering. In this offering, the Company issued <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20240305__20240305__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--AwardTypeAxis__us-gaap--IPOMember_zfM94hZJrech" title="Shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2024-03-052024-03-05_us-gaap_SubsequentEventMember_us-gaap_IPOMember" id="Fact001551" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,000,000</ix:nonFraction></span> Class A Ordinary Shares at a price of US$<span id="xdx_906_eus-gaap--SaleOfStockPricePerShare_iI_pid_uUSDPShares_c20240305__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--AwardTypeAxis__us-gaap--IPOMember_zJedMkgoUSV4" title="Share price"><ix:nonFraction name="us-gaap:SaleOfStockPricePerShare" contextRef="AsOf2024-03-05_us-gaap_SubsequentEventMember_us-gaap_IPOMember" id="Fact001553" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">4.00</ix:nonFraction></span> per share. The
Company received gross proceeds in the amount of US$<span id="xdx_901_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_pn6n6_uUSD_c20240306__20240306__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zHphsOivUGj3" title="Gross proceeds from initial public offering"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" contextRef="From2024-03-062024-03-06_us-gaap_SubsequentEventMember" id="Fact001555" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">12</ix:nonFraction></span> million before deducting any underwriting discounts or expenses. The Ordinary Shares
began trading on March 6, 2024 on the NYSE American under the ticker symbol &#8220;RYDE&#8221;.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="font: 12pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-size: 10pt">(d)</span></td>
    <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><span style="font-size: 10pt">Over-allotment of Class A Ordinary Shares</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">On March 14, 2024, Maxim Group LLC., the
underwriter of the initial public offering (the &#8220;IPO&#8221;) of the Company, notified the Company of their decision to exercise
the over-allotment option to purchase an additional <span id="xdx_900_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20240314__20240314__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--AwardTypeAxis__us-gaap--IPOMember__us-gaap--TypeOfArrangementAxis__custom--MaximGroupLLCMember_znGv6gLvE0b1" title="Shares issued additional"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2024-03-142024-03-14_us-gaap_SubsequentEventMember_us-gaap_IPOMember_custom_MaximGroupLLCMember" id="Fact001557" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">200,350</ix:nonFraction></span> Class A Ordinary Shares of the Company, par value $<span id="xdx_90D_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20240314__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--AwardTypeAxis__us-gaap--IPOMember__us-gaap--TypeOfArrangementAxis__custom--MaximGroupLLCMember_zW2cIGttoDP2" title="Shares issued par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2024-03-14_us-gaap_SubsequentEventMember_us-gaap_IPOMember_custom_MaximGroupLLCMember" id="Fact001559" format="ixt:numdotdecimal" decimals="INF" unitRef="SGDpShares">0.0002</ix:nonFraction></span> per share, at a
price of US$<span id="xdx_902_eus-gaap--SaleOfStockPricePerShare_iI_c20240314__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--AwardTypeAxis__us-gaap--IPOMember__us-gaap--TypeOfArrangementAxis__custom--MaximGroupLLCMember_zjeb4U9ymXh2" title="Shares issued per share"><ix:nonFraction name="us-gaap:SaleOfStockPricePerShare" contextRef="AsOf2024-03-14_us-gaap_SubsequentEventMember_us-gaap_IPOMember_custom_MaximGroupLLCMember" id="Fact001561" format="ixt:numdotdecimal" decimals="INF" unitRef="SGDpShares">4.00</ix:nonFraction></span> per share. The closing for the sale of the Over-allotment Class A Shares took place on March 15, 2023. Gross proceeds
of the Company&#8217;s IPO, including the proceeds from the sale of the Over-allotment Class A Shares, totaled approximately US$<span id="xdx_906_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pn5n6_c20240314__20240314__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--AwardTypeAxis__us-gaap--IPOMember__us-gaap--TypeOfArrangementAxis__custom--MaximGroupLLCMember_zl9jXwpYpxZb" title="Proceeds from shares"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOrSaleOfEquity" contextRef="From2024-03-142024-03-14_us-gaap_SubsequentEventMember_us-gaap_IPOMember_custom_MaximGroupLLCMember" id="Fact001563" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="SingaporeDollar">0.8</ix:nonFraction></span> million,
before deducting underwriting discounts and other related expenses.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="font: 12pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-size: 10pt">(e)</span></td>
    <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><span style="font-size: 10pt">Issuance of Class A Ordinary Shares to Meili Noteholders</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">On March 14, 2024, the Company has completed
the issuance of a total of<span id="xdx_900_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20240314__20240314__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--AwardTypeAxis__us-gaap--IPOMember__us-gaap--TypeOfArrangementAxis__custom--MeiliNoteHoldersMember_zFaId510i9A1" title="Shares issued additional"> <ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2024-03-142024-03-14_us-gaap_SubsequentEventMember_us-gaap_IPOMember_custom_MeiliNoteHoldersMember" id="Fact001565" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">68,478</ix:nonFraction> </span>Class A Ordinary Shares, US$<span id="xdx_904_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20240314__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--AwardTypeAxis__us-gaap--IPOMember__us-gaap--TypeOfArrangementAxis__custom--MeiliNoteHoldersMember_zfK3rZgHKlhg" title="Shares issued par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2024-03-14_us-gaap_SubsequentEventMember_us-gaap_IPOMember_custom_MeiliNoteHoldersMember" id="Fact001567" format="ixt:numdotdecimal" decimals="INF" unitRef="SGDpShares">0.0002</ix:nonFraction></span> par value each, to certain Meili Noteholders in accordance with the
terms and conditions of the exchangeable note subscription agreement entered into on April 12, 2023 between certain investors and Ryde
Technologies Pte. Ltd., the Company&#8217;s subsidiary, in connection with its purchase of Meili Technologies Pte. Ltd. on February 20,
2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="font: 12pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-size: 10pt">(f)</span></td>
    <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><span style="font-size: 10pt">Registration of the 2023 Share Incentive Plan</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">On April 22, 2024, the Company has filed
Form S-8 under the Securities Act to register <span id="xdx_90E_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20240422__20240422__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--AwardTypeAxis__us-gaap--IPOMember__us-gaap--TypeOfArrangementAxis__custom--ShareIncentivePlanMember_zRg0XWH40vIk" title="Shares issued additional"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2024-04-222024-04-22_us-gaap_SubsequentEventMember_us-gaap_IPOMember_custom_ShareIncentivePlanMember" id="Fact001569" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,557,104</ix:nonFraction></span> Class A Ordinary Shares of a par value of US$<span id="xdx_90A_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20240422__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--AwardTypeAxis__us-gaap--IPOMember__us-gaap--TypeOfArrangementAxis__custom--ShareIncentivePlanMember_z7bzD4ff8z9h" title="Shares issued par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2024-04-22_us-gaap_SubsequentEventMember_us-gaap_IPOMember_custom_ShareIncentivePlanMember" id="Fact001571" format="ixt:numdotdecimal" decimals="INF" unitRef="SGDpShares">0.0002</ix:nonFraction></span> each, reserved for issuance
under the 2023 Share Incentive Plan.</p>

</ix:nonNumeric><p id="xdx_812_zbSfgR7ie9I7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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{"company-data": {"conformed-name": "Ryde Group Ltd", "cik": "0001971115", "assigned-sic": "7389", "organization-name": "07 Trade & Services", "irs-number": "000000000", "state-of-incorporation": "E9", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "20-F", "act": "34", "file-number": "001-41950", "film-number": "24885993"}, "business-address": {"street1": "DUO TOWER, FRASER STREET, #08-21", "city": "SINGAPORE", "state": "U0", "zip": "189352", "phone": "1 800 564 0362"}, "mail-address": {"street1": "DUO TOWER, FRASER STREET, #08-21", "city": "SINGAPORE", "state": "U0", "zip": "189352"}}
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
20-F
(Mark
One)
☐
REGISTATION
STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒
ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the fiscal year ended
December 31
,
2023
OR
☐
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from _______ to _______
OR
☐
SHELL
COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date
of event requiring this shell company report
Commission
                                            File Number:
001-41950
Ryde
Group Ltd
(Exact
                                            name of Registrant as specified in its charter)
Not
Applicable
(Translation
of Registrant's name into English)
Cayman
Islands
Jurisdiction
of incorporation or organization
Duo
Tower
,
3 Fraser Street
,
#08-21
Singapore
189352
(Address
of principal executive office)
Lang
Chen Fei
, Chief Financial Officer
Duo
Tower
,
3 Fraser Street
,
#08-21
Singapore
189352
+65
-
9665-3216
（Name,
Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)
Securities
registered or to be registered, pursuant to Section 12(b) of the Act:
Title
    of each class
Trading
    Symbol(s)
Name
    of each exchange on which registered
Class
    A Ordinary Shares, par value S$0.0002
RYDE
NYSE
American
Securities
registered or to be registered pursuant to Section 12(g) of the Act: None
Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act: None
Indicate
the number of outstanding shares of each of the issuer's classes of capital stock or common stock as of the close of business covered
by the annual report:
12,571,043
Class A Ordinary Shares, and
3,542,400
Class B Ordinary Shares, as of December 31, 2023.
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐
No
☒
If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934. Yes ☐
No
☒
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes
☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files).
Yes
☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth
company. See the definitions of "large accelerated filer," "accelerated filer," and "emerging growth company"
in Rule 12b-2 of the Exchange Act.
Large
    accelerated filer ☐
Accelerated
    filer ☐
Non-accelerated
    filer
☒
Emerging
    growth company
☒
If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards † provided
pursuant to Section 13(a) of the Exchange Act.
☐
†
The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards
Board to its Accounting Standards Codification after April 5, 2012.
Indicate
by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report.
☐
If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements.
☐
Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate
by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
U.S. GAAP
☒ International Financial Reporting Standards as issued by the International Accounting Standards Board ☐
Other
☐
If
"Other" has been checked in response to the previous question indicate by check mark which financial statement item the registrant
has elected to follow. Item 17 ☐ Item 18 ☐
If
this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act). Yes ☐ No
☒
(APPLICABLE
ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)
Indicate
by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☐ No ☐
TABLE
OF CONTENTS
Page
CONVENTIONS AND FREQUENTLY USED TERMS
1
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
2
PART I
ITEM
    1.
IDENTIFY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
3
ITEM
    2.
OFFER STATISTICS AND EXPECTED TIMETABLE
3
ITEM
    3.
KEY INFORMATION
3
ITEM
    4.
INFORMATION OF THE COMPANY
37
ITEM
    4A.
UNRESOLVED STAFF COMMENTS
55
ITEM
    5.
OPERATING AND FINANCIAL REVIEW AND PROSPECTS
56
ITEM
    6.
DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
66
ITEM
    7.
MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
75
ITEM
    8.
FINANCIAL INFORMATION
76
ITEM
    9.
THE OFFER AND LISTING
77
ITEM
    10.
ADDITIONAL INFORMATION
78
ITEM
    11.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
94
ITEM
    12.
DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
94
PART II
ITEM
    13.
DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
95
ITEM
    14.
MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
95
ITEM
    15.
CONTROLS AND PROCEDURES
96
ITEM
    16.
[RESERVED]
97
ITEM
    16A.
AUDIT COMMITTEE AND FINANCIAL EXPERT
97
ITEM
    16B.
CODE OF ETHICS
97
ITEM
    16C.
PRINCIPAL ACCOUNTANT FEES AND SERVICES
97
ITEM
    16D.
EXEMPTIONS FORM THE LISTING STANDARDS FOR AUDIT COMMITTEES
97
ITEM
    16E.
PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
97
ITEM
    16F.
CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
97
ITEM
    16G.
CORPORATE GOVERNANCE
98
ITEM
    16H.
MINE SAFETY DISCLOSURE
98
ITEM
    16I.
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
98
ITEM
    16J.
INSIDER TRADING POLICIES
98
ITEM
    16K.
CYBERSECURITY
98
PART
    III
ITEM
    17.
FINANCIAL STATEMENTS
99
ITEM
    18.
FINANCIAL STATEMENTS
99
ITEM
    19.
EXHIBITS
100
i
CONVENTIONS
AND FREQUENTLY USE TERMS
Unless
otherwise stated or unless the context otherwise requires, in this annual report:
●
"Ryde,"
    "we," "us," "our company" and "our" refer to Ryde Group Ltd, a Cayman Islands exempted
    company, and its subsidiaries;
●
"Singapore"
    refers to the Republic of Singapore;
●
"Class
    A Ordinary Shares" refer to our Class A Ordinary Shares, of nominal or par value US$0.0002 per share;
●
"Class
    B Ordinary Shares" refer to our Class B Ordinary Shares, of nominal or par value US$0.0002 per share;
●
"consumer"
    refer to an end-user who uses services offered by or through us;
●
"driver-partner"
    refer to an independent third-party contractor who provides mobility and/or quick commerce services on our platform;
●
"ride-hailing"
    refer to prearranged and on-demand transport service for compensation in which drivers and passenger connect via digital applications
    or platform;
●
"Ordinary
    Shares" refer to our Class A Ordinary Shares and Class B Ordinary Shares, of nominal or par value US$0.0002 per share;
●
"quick
    commerce" refer to prearranged and on-demand delivery service for goods or products in exchange for compensation, facilitated
    through digital applications or platforms, connecting consumers with delivery providers;
●
"S$"
    or "SGD" refer to Singapore dollar(s), the legal currency of Singapore; and
●
"US$,"
    "U.S. dollars," "$" and "dollars" refer to United States dollar(s), the legal currency of the
    United States.
Non-US
GAAP Financial Measures
Unless
otherwise stated or unless the context otherwise requires, in this annual report:
●
"Adjusted
    EBITDA" is a non-US GAAP financial measure calculated as net loss adjusted to exclude: (a) finance cost, (b) income tax expenses,
    (c) depreciation and amortization, (d) share-based compensation expenses, (e) impairment loss on goodwill, and (f) share listing
    and associated expenses.
1
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This
annual report contains forward-looking statements that reflect our current expectations and views of future events, all of which are
subject to risks and uncertainties. Forward-looking statements give our current expectations or forecasts of future events. You can identify
these statements by the fact that they do not relate strictly to historical or current facts. You can find many (but not all) of these
statements by the use of words such as "approximates," "believes," "hopes," "expects,"
"anticipates," "estimates," "projects," "intends," "plans," "will,"
"would," "should," "could," "may" or other similar expressions in this annual report.
These statements are likely to address our growth strategy, financial results and product and development programs. You must carefully
consider any such statements and should understand that many factors could cause actual results to differ from our forward-looking statements.
These factors may include inaccurate assumptions and a broad variety of other risks and uncertainties, including some that are known
and some that are not. No forward-looking statement can be guaranteed and actual future results may vary materially. Factors that could
cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to:
●
our
    future business development, financial condition and results of operations;
●
our
    ability to reduce incentives paid to driver-partners and consumers;
●
our
    ability to attract and retain driver-partners and consumers;
●
competition
    in our industry;
●
government
    policies and regulations relating to our industries;
●
other
    factors that may affect our financial condition, liquidity and results of operations; and
●
other
    risk factors discussed under "Item 3. Key Information – 3.D. Risk Factors.
The
forward-looking statements contained in this annual report are based on our management's beliefs and assumptions based on information
available to our management at the time the statements are made. We caution you that actual outcomes and results may, and are likely
to, differ materially from what is expressed, implied or forecast by our forward-looking statements. Accordingly, you should be careful
about relying on any forward-looking statements. Except as required under the federal securities laws, we do not have any intention or
obligation to update publicly any forward-looking statements after the distribution of this annual report, whether as a result of new
information, future events, changes in assumptions, or otherwise.
2
PART
I
ITEM
1. IDENTIFY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
Not
applicable.
ITEM
2. OFFER STATISTICS AND EXPECTED TIMETABLE
Not
applicable.
ITEM
3. KEY INFORMATION
3.A.
[Reserved]
3.B.
Capitalization and Indebtedness
Not
applicable.
3.C.
Reasons for the Offer and Use of Proceeds
Not
applicable.
3.D.
Risk Factors
Risk
Factor Summary
An
investment in our Class A Ordinary Shares involves significant risks. Below is a summary of material risks we face, organized under relevant
headings. These risks are discussed more fully after this summary. You should carefully consider the risks below and after this summary
before making an investment decision. Additional risks not presently known to us or that we currently deem immaterial may also impair
our business operations. Our business, financial condition, results of operations or prospects could be materially and adversely affected
by any of these risks.
Risks
Relating to Our Business and Industry
●
Our
    business is still in an early stage of growth. If our business does not continue to grow, or our aspirations to become a super mobility
    app do not materialize, grows slower than expected, fails to grow as large as expected, or fails to turn profitable, our business
    operations, financial performance, financial condition, results of operations and prospects could be materially and adversely affected.
●
We
    face intense competition across the segments and in the market we serve.
●
We
    may not be able to continue to raise sufficient capital or achieve or sustain profitability.
●
Our
    ability to achieve profitability is dependent on our ability to reduce the amount of driver partner and consumer incentives we pay
    relative to the commissions and fees we receive for our services.
●
Our
    business is subject to numerous legal and regulatory risks that could have an adverse impact on our business and prospects.
3
●
Our
    brand and reputation are amongst our most important assets and are critical to the success of our business.
●
If
    we fail to manage our growth effectively, our business operations, financial performance, financial condition, results of operations
    and prospects could be materially and adversely affected.
●
If
    we are required to reclassify driver partners as employees or otherwise, or if driver partners and/or employees unionize, there may
    be adverse business, financial, tax, legal and other consequences.
●
If
    we are unable to continue to grow our base of platform users, including driver partners and consumers accessing our offerings, our
    value proposition for each constituent group could diminish, impacting our results of operations and prospects.
●
Security,
    privacy, or data breaches involving sensitive, personal or confidential information could also expose us to liability under various
    laws and regulations, decrease trust in our platform, and increase the risk of litigation and governmental investigation.
●
Improper,
    dangerous, illegal or otherwise inappropriate activity by consumers or driver partners or other third parties could harm our business
    and reputation and expose us to liability.
●
We
    are subject to risks associated with strategic alliances and partnerships.
●
We
    rely significantly on third-party cloud infrastructure services providers and any disruption of or interference with the use of our
    services could adversely affect our business operations, financial performance, financial condition, results of operations and prospects.
●
The
    proper uninterrupted functioning of our highly complex technology platform is essential to our business.
●
Our
    business depends upon the interoperability of our mobile app and platform with different devices, operating systems and third-party
    software that we do not control.
●
If
    we do not adequately protect our intellectual property rights, or if third parties claim that we are misappropriating the intellectual
    property of others, we may incur significant costs and our business operations, financial performance, financial condition, results
    of operations and prospects may be adversely affected.
●
We
    may not be able to make acquisitions or investments, or successfully integrate them into our business.
●
Any
    failure by us or our third-party service providers to comply with applicable anti-money laundering or other related laws and regulations
    could damage our business operations, reputation, financial performance, financial condition, and results of operation, or subject
    us to other risks.
●
We
    rely on our partnerships with financial institutions and other third parties for payment processing infrastructure and for the provision
    of services through our platform.
●
Unfavorable
    media coverage could harm our business operations, financial performance, financial condition, results of operations and prospects.
●
We
    rely on the Land Transport Authority of Singapore for the validity of certain licenses.
4
●
We
    depend on talented, experienced and committed personnel, including engineers, to grow and operate our business, and if we are unable
    to recruit, train, motivate and retain qualified personnel, particularly in the technology sector, our business operations, financial
    performance, financial condition, results of operations and prospects may be materially and adversely affected.
●
Adverse
    litigation judgments or settlements resulting from legal proceedings in which we may be involved could expose us to monetary damages
    or limit the ability to operate our business.
●
We
    track certain operating metrics with internal systems and tools and do not independently verify such metrics. Certain of our operating
    metrics are subject to inherent challenges in measurement, and any real or perceived inaccuracies in such metrics may adversely affect
    our business and reputation.
●
Our
    use of open-source software (OSS) under restrictive licenses could: (i) adversely affect our ability to license and commercialize
    certain elements of our proprietary code based on the commercial terms of our choosing; (ii) result in a loss of our trade secrets
    or other intellectual property rights with respect to certain portions of our proprietary code; and (iii) subject us to litigation
    and other disputes.
●
Increases
    in fuel, energy, and other costs could adversely affect us.
●
We
    allow consumers to pay for rides through our platform using cash, which raises numerous operational and safety concerns.
●
We
    have insurance coverage provided by third parties, and we are subject to the risk that this may be insufficient or that insurance
    providers may be unable to meet their obligations.
●
We
    have plans to expand to other countries and are therefore subject to potential risks associated with operating and investing in these
    countries.
●
Negative
    publicity, including those relating to any of our Directors, executive officers, shareholders of more than 5% of our Ordinary Shares,
    may adversely affect our share price.
●
Natural
    events, wars, terrorist attacks and other acts of violence involving any of the countries in which we have plans to expand into in
    the future could adversely affect our operations.
5
Risks
Relating to Our Securities
●
An
    active trading market for our Class A Ordinary Shares may not be established or, if established, may not continue and the trading
    price for our Class A Ordinary Shares may fluctuate significantly.
●
We
    may not maintain the listing of our Class A Ordinary Shares on the NYSE American which could limit investors' ability to make
    transactions in our Class A Ordinary Shares and subject us to additional trading restrictions.
●
The
    trading price of our Class A Ordinary Shares may be volatile, which could result in substantial losses to investors.
●
If
    securities or industry analysts do not publish research or reports about our business, or if they adversely change their recommendations
    regarding our Class A Ordinary Shares, the market price for our Class A Ordinary Shares and trading volume could decline.
●
Short
    selling may drive down the market price of our Class A Ordinary Shares.
●
There
    can be no assurance that we will not be a passive foreign investment company for U.S. federal income tax purposes, which could result
    in adverse U.S. federal income tax consequences for U.S. investors who own our securities.
●
We
    are an emerging growth company within the meaning of the Securities Act and may take advantage of certain reduced reporting requirements.
●
We
    are a foreign private issuer within the meaning of the Exchange Act, and as such we are exempt from certain provisions applicable
    to United States domestic public companies.
●
As
    an exempted company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate
    governance matters that differ significantly from NYSE American corporate governance listing standards.
●
We
    will incur significantly increased costs and devote substantial management time as a result of the listing of our Class A Ordinary
    Shares on the NYSE American.
●
You
    may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because
    we are incorporated under Cayman Islands law.
●
We
    are exposed to risks arising from fluctuations of foreign currency exchange rates.
●
Future
    issuance of Shares by us and sale of Shares by our and/or by our existing shareholders may adversely affect the price of our Class
    A Ordinary Shares.
●
Our
    dual-class voting structure will limit your ability to influence corporate matters and could discourage others from pursuing any
    change of control transactions that holders of our Class A Ordinary Shares may view as beneficial.
●
If
    securities or industry analysts do not publish or publish inaccurate or unfavorable research about our business, or if they adversely
    change their recommendations regarding our Class A Ordinary Shares, the market price for our Class A Ordinary Shares and trading
    volume could decline.
●
The
    conversion of by the holders of Class B Ordinary Shares into Class A Ordinary Shares will result in a dilution of the percentage
    ownership of the existing holders of Class A Ordinary Shares within their class of Ordinary Shares.
●
We
    may not be able to declare dividends in the future.
6
Risks
Related to our Business and Industry
Our
business is still in an early stage of growth. If our business does not continue to grow, or our aspirations to become a super mobility
app do not materialize, grows slower than expected, fails to grow as large as expected, or fails to turn profitable, our business operations,
financial performance, financial condition, results of operations and prospects could be materially and adversely affected.
Although
our business has grown since our inception in 2014, our business is still in a relatively early stage of growth. Therefore, there is
no assurance that we will achieve and maintain growth and profitability across all our business segments. There is also no assurance
that market acceptance of our offerings will continue to grow, or that new offerings will be accepted. In addition, our business could
be impacted by macro-economic conditions and their effect on discretionary consumer spending, which in turn could impact consumer demand
for offerings made available through our platform.
Our
management believes that our growth is dependent on several factors, including our ability to:
●
expand
    and diversify our mobility and quick commerce offerings, which include innovating in new areas and these often require us to make
    investments and absorb losses while we build scale;
●
increase
    the scale of the driver partner base and increase consumer usage of our platform and the synergies within our ecosystem;
●
optimize
    our cost efficiency;
●
develop
    our super mobility app, the tools we provide our driver partners, along with our other technology and infrastructure;
●
recruit
    and retain high quality talent;
●
enhance
    our reputation and brand;
●
ensure
    adequate safety and hygiene standards are established and maintained across our offerings;
●
seek
    to form strategic partnerships, including with leading multinationals and global brands;
●
manage
    our relationships with stakeholders and regulators in Singapore or other jurisdictions in the future, as well as the impact of existing
    and evolving regulations;
●
obtain
    and maintain licenses and regulatory approvals that may be required for our offerings; and
●
compete
    effectively with our competitors.
We
may not successfully accomplish any of these objectives.
In
addition, achieving profitability will require us, for example, to continue to grow and scale our business, manage promotion and incentive
spending, improve monetization, reduce marketing and other spending and increase consumer spending.
We
cannot assure you that we will be able to continue to grow and manage each of our segments or our super mobility app platform or achieve
or maintain profitability. Our success will depend substantially on our ability to develop appropriate strategies and plans, including
our sales and marketing efforts, and the ability to implement such plans effectively. If driver partners and consumers accessing offerings
on our platform do not perceive us as beneficial, or choose not to utilize us, the market for our business may not further develop, may
develop slower than expected, or may not achieve the growth potential or profitability we expect, any of which could materially and adversely
affect our business operations, financial performance, financial condition, results of operations and prospects.
7
We
face intense competition across the segments and in the market we serve.
We
face competition in each of our segments and in the Singapore market. The segments and market in which we operate are intensely competitive
and characterized by shifting user preferences and introductions of new services and offerings. We compete for both driver partners and
consumers accessing offerings through our platform.
Our
competitors may operate in single or multiple segments and in a single market or regionally across multiple markets. These competitors
may be well-established or new entrants and focused on providing low-cost alternatives or higher quality offerings, or any combination
thereof, which may adversely affect our market share. New competitors may include established players with existing businesses in other
segments or markets that expand to compete in our segments or market. Our competitors in Singapore may enjoy competitive advantages such
as reputational advantages, better brand recognition, longer operating histories, larger marketing budgets, and more supportive regulatory
regimes and may also offer discounted services, driver partners incentives, consumer incentives, discounts or promotions, innovative
services and offerings, or alternative pricing models. From time-to-time, competitive factors have caused, and may continue to cause,
us to adjust prices or fees and commissions and increase driver partner or consumer incentives and marketing expenses, which has impacted
and could continue to impact our revenues and costs. In addition, some of our competitors may consolidate to expand their market position
and capabilities, establish cooperative or strategic relationships amongst themselves or with third parties that may further enhance
their resources and offerings. For example, in 2018 Grab acquired Uber's Southeast Asia operations, with Grab integrating Uber's
ridesharing and food delivery business in the region into Grab's existing multi-modal transportation and fintech platform.
In
our segments and market, the barriers to entry are low and driver partners and consumers may choose alternative platforms or services.
Our competitors may adopt certain of our services and/or features or may adopt innovations that consumers or driver partners value more
highly than ours, which could render the offerings on our platform less attractive or reduce our ability to differentiate our offerings.
The driver partners may shift to the platform with the highest earning potential or highest volume of work and lowest commissions. Driver
partners and consumers may shift to the platform that otherwise provides them with the best opportunities. Consumers may access driver
services through the lowest-cost or highest-quality provider or platform or a provider or platform that provides better choices or a
more convenient technology. With respect to our platform, driver partners and consumers may shift to other platforms based on overall
user experience and convenience, tools to enhance profitability, integration with mobile and networking applications, quality of mobile
applications, and convenience of payment settlement services.
In
our quick commerce segment, we face competition from on-demand, last-mile package delivery players such as Lalamove, GrabExpress and
Pickupp. In addition, many merchants may own and operate their own delivery fleets, bypassing the need for our on-demand delivery service.
For example, supermarkets, grocery, and convenience stores are able to utilize their in-house delivery services which are owned by them.
Any
failure to successfully compete or adapt quickly to the changing market conditions and trends could materially and adversely affect our
business operations, financial performance, financial condition, results of operations and prospects.
8
We
may not be able to continue to raise sufficient capital or achieve or sustain profitability.
We
invest in our business, including, among others, (i) expanding the quick commerce and mobility offerings on our platform; (ii) increasing
the scale of the driver partner base and consumer base accessing offerings on our platform; (iii) developing and enhancing our mobile
app, (iv) enhancing the tools that we provide for the driver partners, our payments network and other technology and infrastructure and
(v) recruiting quality talent. We also have plans to develop our business across countries, where each country has different infrastructure,
regulations, systems, and user expectations, with a strategy that involves a hyperlocal approach to our operations, all of which require
more investment than if we only operated in one country. Our offerings require us to make investments and develop scale in order to achieve
profitability. To be competitive, generate scale and increase liquidity, from time to time we will adjust commissions and offer driver
partners and consumers incentives, which also reduces our revenue. We will continue to require significant capital investment to support
and grow our business. Issuances of equity or convertible debt securities could cause existing shareholders to suffer significant dilution,
and any new equity securities issued may have rights, preferences, and privileges superior to those of existing shareholders. Debt financing
could contain restrictive covenants relating to financial and operational matters including restrictions on the ability to incur additional
secured or unsecured indebtedness that may make it more difficult to obtain additional capital with which to pursue business opportunities.
We may not be able to obtain additional financing on acceptable terms, if at all.
Any
failure to increase our revenue, manage the increase in our operating expenses, continue to raise capital or manage our liquidity could
prevent us from achieving or maintaining profitability, and could materially and adversely affect our business operations, financial
performance, financial condition, results of operations and prospects.
Our
ability to achieve profitability is dependent on our ability to reduce the amount of driver partner and consumer incentives we pay relative
to the commissions and fees we receive for our services.
Our
business model includes payment of incentives to our driver partners (which are typically awarded to our driver partners when they complete
a certain number of trips within a certain period) and consumers ('cashback' or bonuses by way of RydeCoins are awarded to
consumers as part of the promotions or marketing campaigns, typically when they complete a trip or multiple trips). Our ability to increase
our revenues and achieve profitability is therefore dependent on our ability to effectively use incentives to encourage the use of our
platform and over time to reduce the amount of incentives we pay to both our driver partners and consumers of our services relative to
the amount of commissions and fees we receive for our services. If we are unable to reduce the amount of incentives, we pay overtime
relative to the commissions and fees we receive, it will likely impact our ability to increase our revenues, raise capital and achieve
profitability, any or all of which could prevent us from continuing as a going concern or maintaining or increasing profitability. In
addition, given our use of incentives to encourage use of our platform, future decreases in the use of incentives could also result in
decreased growth in the number of users and driver partners or an overall decrease in users and driver partners and decreases in our
revenues, which could materially and adversely affect our business operations, financial performance, financial condition, results of
operations and prospects.
9
Our
business is subject to numerous legal and regulatory risks that could have an adverse impact on our business and prospects.
We
operate across the mobility and quick commerce segments in Singapore, in which we are subject to various regulations.
The
focus areas of regulatory risk that we are exposed to include, among others: (i) evolution of laws and regulations applicable to mobility
and quick commerce offerings, (ii) various forms of data regulation such as data privacy, data portability, cybersecurity and advertising
or marketing, (iii) gig economy regulations, (iv) anti-trust regulations, (v) economic regulations such as price, supply regulation,
safety, health and environment regulations, (vi) foreign ownership restrictions, and (vii) regulations regarding the provision of online
services, including with respect to the internet and mobile devices.
In
addition, we may not be able to obtain all the licenses, permits and approvals that may be necessary to provide our offerings and those
we plan to offer. As the segments we operate in are relatively new and disruptive in our market, the relevant laws and regulations are
often evolving. For this reason, we cannot be certain that we will be able to maintain the licenses and approvals that we have previously
obtained, or that once they expire, we will be able to renew them. We cannot assure you that our interpretations of the rules and our
exemptions have always been or will be consistent with that of local regulators. As we expand our businesses, we may be required to obtain
new licenses and will be subject to additional laws and regulations in the markets we plan to operate in.
Our
business is subject to regulations from various regulators within the jurisdiction we operate in, and such regulators may not always
act in concert. As a result, we may be subject to requirements which separately may not be materially adverse to us but when taken together
could have a material impact on us.
Segments
of our businesses that are currently unregulated could become regulated, or segments of our businesses that are already regulated could
be subject to new and changing regulatory requirements. Various proposals which may impact our business are currently before national
regulatory entities regarding issues related to our business and business model. For example, in Singapore, the Ministry of Manpower
("MOM") convened the Advisory Committee on Platform Workers to look into strengthening protections for platform workers,
possibly in the form of legislative changes, specifically for delivery persons, private-hire drivers and taxi drivers. The Singapore
government has accepted the recommendations given by the Advisory Committee on Platform Workers and are looking to implement the recommendations
in a progressive manner from the later part of 2024 at the earliest. It is contemplated for there to be changes to the applicable legislation.
As such, we may be required to make operational adjustments to comply with the necessary regulatory requirements, in order to avoid incurring
penalties or disruptions in operations, which could involve significant costs or may not be practicable.
Compliance
with existing or new laws and regulations could expose us to liabilities or cause us to incur significant expenses or otherwise impact
our offerings or prospects, such as providing minimum base fare guarantee, contribution of driver partners' Central Provident Fund
(CPF) and paying for driver partners' insurance. Additionally, as we expand our offerings in new areas, we may become subject to
additional laws and regulations, which may require licenses to be obtained for us to provide new offerings or continue to provide existing
offerings in Singapore. Further, developments in environmental regulations, such as those applicable to vehicles that run on fossil fuels,
may adversely impact our mobility and quick commerce businesses.
Our
actual or perceived failure to comply with applicable regulations could expose us to regulatory actions, including, but not limited to,
potential fines, orders to temporarily or permanently cease all or some of our business activities, a prohibition on taking on new consumers
and driver partners, and the implementation of mandated remedial measures. Any such actions could materially and adversely affect our
business operations, financial performance, financial condition, results of operations and prospects.
10
Our
brand and reputation are amongst our most important assets and are critical to the success of our business.
Our
brand and reputation are amongst our most important assets. We believe "Ryde" is a household name in Singapore that is synonymous
with our offerings. Successfully maintaining, protecting, and enhancing our brand and reputation are critical to the success of our business,
including the ability to attract and maintain employees, driver partners and consumers accessing offerings available on our platform,
and otherwise expand our mobility and quick commerce offerings. Our brand and reputation are also important to maintain or grow our standing
in Singapore, including with regulators and community leaders. Any harm to our brand could lead to regulatory action, litigation and
government investigations and weaken our ability to effect legislative changes and obtain licenses. In addition, because of our future
plans to expand in other countries, an adverse impact on our brand or reputation in Singapore can adversely affect other parts of our
business.
A
variety of factors and/or incidents, including those that are actual and within our control, as well as those that are perceived, rumored,
or outside of our control or responsibility, can adversely impact our brand and reputation, such as:
●
complaints
    or negative publicity, including those related to personal injury or sexual assault cases involving consumers using our mobility
    offerings;
●
issues
    with the choices and quality of our services and offerings or trust in our offerings;
●
illegal
    or inappropriate behavior by employees, consumers or driver partners or other third parties we work with, including relating to the
    safety of consumers and driver partners;
●
improper,
    unauthorized, or illegal actions by third parties who conduct fraudulent or other activities, such as phishing-attacks;
●
the
    convenience and reliability of our mobile app and technology platform, as well as any cybersecurity incidents affecting, disruptions
    to the availability of, or defects in our platform or mobile app;
●
the
    convenience and reliability of our mobile app and technology platform, as well as any cybersecurity incidents affecting, disruptions
    to the availability of, or defects in our platform or mobile app;
●
issues
    with the pricing of our offerings or the terms on which we do business with platform users including consumers and driver partners;
●
service
    delays or failures, such as missing, incorrect or cancelled rides, or issues with cleanliness, inappropriate handling during quick
    commerce deliveries;
●
failing
    to act responsibly or in compliance with regulatory requirements, some of which may be evolving, in areas including labor, anti-corruption,
    anti-money laundering, safety and security, data security, privacy, provision of information about consumers and activities on our
    platform, or environmental requirements in areas including emissions, sustainability, human rights, diversity, non-discrimination
    and support for employees, driver partners and the local community; and
●
media
    or legislative scrutiny or litigation or investigations by regulators or other third parties.
Any
harm to our brand or reputation, including as a result of or related to any of the foregoing, could materially and adversely affect our business operations, financial performance, financial condition, results of operations and prospects.
11
If
we fail to manage our growth effectively, our business operations, financial performance, financial condition, results of operations
and prospects could be materially and adversely affected.
Since
our inception in 2014, we have experienced growth in our employee headcount, the number of consumers and driver partners using our platform,
our offerings and scale of our operations. We have also expanded through strategic partnerships. This expansion increases the complexity
of our business and has placed, and will continue to place significant strain on our management, personnel, operations, systems, technical
performance, financial resources, and internal financial control and reporting functions. Our risk management function, particularly
relating to enterprise-wide risk management are in relatively early stages of development and therefore we may be unable to identify,
mitigate and remediate risks as they develop. We may not be able to manage our growth effectively, which could damage our reputation
and negatively affect our operating results. Properly managing our growth will require us to establish consistent policies across functions
as well as additional localized policies where necessary. A failure to effectively develop and implement any such policies could harm
our business. In addition, as we expand, if we are unsuccessful in hiring, training, managing, and integrating new employees and staff
to help manage and operate our businesses, or if we are not successful in retaining our existing employees and staff, our business may
be harmed.
To
manage the growth of our operations and personnel and improve the technology that supports our business operations, our financial and
management systems, disclosure controls and procedures, and our internal controls over financial reporting, we will be required to commit
substantial financial, operational, and technical resources. In particular, upgrades to our technology or network infrastructure are
critical in supporting our growth, and without effective upgrades, we could experience unanticipated system disruptions, slow response
times, or poor experiences for consumers and driver partners. As our operations continue to expand, our technology infrastructure systems
will need to be scaled to support our operations. In addition, our organizational structure will continue to grow as our platform is
used by additional consumers and driver partners, and as we add employees, services and offerings, and technologies. As we continue to
expand, including potentially through acquisitions and strategic partnerships, which may include expansion into business activities where
we have limited experience, such as financial services, car leasing etc, or no experience at all, we are also expecting the organizational
structure to grow and change. If we do not manage the growth of our business and operations effectively, the quality of our platform
and the efficiency of our operations could suffer, which could materially and adversely affect our business operations, financial performance,
financial condition, results of operations and prospects.
If
we are required to reclassify driver partners as employees or otherwise, or if driver partners and/or employees unionize, there may be
adverse business, financial, tax, legal and other consequences.
The
independent contractor status of driver partners is currently being challenged in courts, by government agencies, non-governmental organizations,
groups of drivers, labor unions and trade associations all around the world. The tests governing whether a driver partner is an independent
contractor, or an employee vary by governing law and are typically highly sensitive to certain factors including, among others, changes
in public opinion and political conditions. We believe that the driver partners are independent contractors based on existing employment
classification frameworks, because, among other things, they: (i) can choose whether, when, where, and the manner and means to provide
services on our platform; (ii) are able to provide services on our competitors' platforms; (iii) have each acknowledged and agreed
when signing up to our terms and conditions that their relationship with us does not constitute an employment relationship; (iv) may
provide their own vehicles to perform services and are also able to rent cars (as lessees) from any rental company, if needed; and (v)
pay a commission for using our platform. Changes to laws or regulations governing the definition or classification of independent contractors,
or judicial decisions regarding independent contractor classification, could require reclassification of driver partners as employees,
and if so, we would be required to incur significant additional expenses for compensating driver partners, potentially including expenses
associated with the application of wage and hour laws, which may include requirements to pay wages for periods when a driver partner
is offline or not driving through our platform, overtime, meal and rest period requirements, employee benefits (including requirements
with respect to Central Provident Fund (CPF) contribution and compulsory insurance fees), taxes, and penalties. In addition, a determination
that driver partners are employees or ostensible agents could lead to claims, charges or other proceedings under laws and regulations
applicable to employers and employees, such as claims of joint employer liability or agency liability, harassment and discrimination,
and unionization. New employment classifications could be created and applied to the driver partners, with additional requirements imposed
on us beyond current requirements. Any such reclassification or new classifications could have a significant impact on our labor costs,
business operations and employee relations, and an adverse effect on our business and financial condition.
Although
our position with respect to the independent contractor status of driver partners has generally been upheld in Singapore, we may face
challenges from potential changes pertaining to the employee status of driver partners.
12
Furthermore,
we have historically strived to provide driver partner benefits and schemes including offering support to driver partners during the
COVID-19 pandemic. Such benefits may in certain cases go beyond any statutory requirements and are used to both acquire and encourage
the frequent use of our platform by driver partners as well as to demonstrate to stakeholders and regulators that we are a responsible
and good partner to our platform users. However, despite such efforts, regulators may deem our benefits and welfare schemes insufficient
and impose additional requirements on companies like us or change relevant laws or regulations. Policies could change due to, among others,
driver welfare concerns with respect to matters such as income protection and certainty, long-term financial condition, professional
development, the need for health or other insurance, retirement benefits, the need for fair working conditions and the desire to provide
a forum to voice opinions and complaints, and we may not be successful in defending the independent contractor status of driver partners
in Singapore or other jurisdictions we may expand into in the future. The costs associated with complying with future regulations or
defending, settling, or resolving pending and future lawsuits relating to the independent contractor status of the driver partners could
be material to our business.
In
addition, even if we are successful in defending such independent contractor status, governments may nevertheless impose additional requirements
on us with respect to our independent contractors. Although we do work with certain regulators to address these concerns, including discussing
new categories of employment to cater to the needs of gig economy workers in a financially sustainable manner for platform companies
such as us, we may not be successful in these efforts or be able to do so without impacting consumer experience. We may need to incur
substantial additional expenses to provide additional benefits to our independent contractors if required or requested by regulators.
The
occurrence of any of the foregoing events could materially and adversely affect our business operations, financial performance, financial
condition, results of operations and prospects.
If
we are unable to continue to grow our base of platform users, including driver partners and consumers accessing our offerings, our value
proposition for each constituent group could diminish, impacting our results of operations and prospects.
Our
success depends on our ability to increase the scale of the driver partner base and the number of consumers transacting through our platform.
A key focus of our growth strategy has been to develop a super mobility app to create an ecosystem with synergies driving more users
on both the supply and demand sides to our platform. This ecosystem, and the synergies within our ecosystem, take time to develop and
grow, because doing so requires us to replicate our efforts in Singapore, to other cities in the future, where each country has different
infrastructure, regulations, systems and user expectations and preferences, as well as a different approach to localizing our operations.
Although we believe there are strong synergies among our business segments that help increase the breadth, depth and interconnectedness
of our overall ecosystem, there are a number of risks and uncertainties that may impact the attractiveness of our ecosystem, including
the following:
●
If
    consumers are not attracted to our platform or choose quick commerce or mobility services providers outside of our platform, we may
    be unable to attract or retain driver partners to our platform, which in turn means consumers using our platform may have fewer choices
    and may not be able to obtain better value options thereby making our platform less attractive to consumers. Consumers choose our
    platform based on many factors, including the convenience of our mobile app, trust in the services offered through our platform as
    well as our technology platform and the choices and quality of our services and offerings. A deterioration in any of these factors
    could result in a decline in the number of consumers using the offerings on our platform, or the frequency with which they use such
    offerings.
●
If
    driver partners are not attracted to our platform or choose not to offer their services through our platform, or elect to offer them
    through a competitor's platform, we may lack a sufficient supply of driver partners to attract and retain consumers to our
    platform. Driver partners choose us based on many factors, including the opportunity to earn money, the flexibility and autonomy
    to choose where, when and how often to work, the tools and opportunities we provide to seek to maximize productivity and other benefits
    that we provide to them. It is also important that we maintain a balance between demand and supply for mobility and quick commerce
    services in any given area at any given time. We have experienced and expect to continue to experience driver partner supply constraints
    from time to time in certain areas or locations within Singapore. To the extent that we experience driver partner supply constraints,
    we may need to increase, or may not be able to reduce, the driver partners incentives that we offer.
13
The
number of consumers using our platform may decline or fluctuate as a result of many factors, including dissatisfaction with the operation
and security of our mobile app or consumer support, pricing levels, dissatisfaction with the quick commerce or mobility offerings or
quality of services provided by the driver partners and negative publicity related to our brand or reputation, including as a result
of safety incidents, driver partner or community protests or public perception of our business.
The
number of driver partners on our platform may decline or fluctuate as a result of a number of factors, including ceasing to provide services
through our platform, passage or enforcement of local laws regulating, restricting, prohibiting or taxing the services and offerings
of the driver partners, the low costs of switching to alternative platforms, dissatisfaction with our brand or reputation, our pricing
model (including potential reductions in incentives) or other aspects of our business. Additionally, driver partner or community protests
could also negatively impact driver partners' perception of us or our industry and impact our ability to recruit and maintain our
base of driver partners.
In
addition, the synergies we seek to realize from having a super mobility app-led ecosystem may not materialize as we expect them to or
in a cost-effective manner. For example, we expect our super mobility app strategy to benefit from maximizing driver partners'
utilization, which we believe will be linked to lower driver partner and consumer acquisition costs due to potentially lower incentives
that we need to offer, and increased consumer engagement, retention and spending.
Any
inability to maintain or increase the number of consumers or driver partners that use our platform or a failure to effectively develop
our super mobility app could have an adverse effect on our ability to maintain and enhance our ecosystem, as well as the synergies within
our ecosystem, and otherwise materially and adversely affect our business operations, financial performance, financial condition, results
of operations and prospects.
Security,
privacy, or data breaches involving sensitive, personal or confidential information could also expose us to liability under various laws
and regulations, decrease trust in our platform, and increase the risk of litigation and governmental investigation.
Our
business involves the collection, storage, processing, and transmission of a significant amount of personal and sensitive data, such
as that of driver partners, consumers, employees, job candidates and other third parties. We are subject to numerous laws and regulations
designed to protect such data. Laws and regulations that impact our business, and particularly laws, regulations and other measures the
Singapore government may take based on privacy and data protection concerns, are increasingly strict and complex, and change frequently.
We may also be required to disclose personal data about an individual to a government agency, where the disclosure is necessary in the
public interest, or for the purposes of policy formulation or review. Some of these disclosures may put us in a disadvantaged position,
especially if the provided data is repurposed for another intent, or adequate protection is not accorded to such data. As such laws increase
in their complexity and impose new requirements, we may be required to incur increased costs to comply with data privacy laws and could
incur penalties for any non-compliance or breaches. These laws may also limit how we are able to use data. For more information regarding
relevant laws and regulations we are subject to, see "Item 4. Information on the Company – B. Business Overview – Regulations".
From
time to time, we implement measures in order to protect sensitive and personal data in accordance with our contracts, data protection
laws and consumer laws. However, we may be subject to data breach incidents, including where data breach incidents are suffered by third
parties that we contract or interact with, that often involve factors beyond our control. We also rely on third-party service providers
to host or otherwise process some of our platform users' data in Singapore and we may have limited control or influence over the
security policies or measures adopted by such third-party service providers. Any failure by a third party to prevent or mitigate security
breaches or improper access to, or disclosure of, such information could have adverse consequences for us.
14
Although
we maintain, and are in the process of improving, internal access control mechanisms and other security measures to ensure secure and
appropriate access to and storage and use of our sensitive, business, personal, financial or confidential information by anyone including
our employees, contractors and consultants, these mechanisms may not be entirely effective, or fully complied with internally. As part
of periodic reviews carried out by us, we have not identified, but in the future may identify, data protection issues requiring remediation
with respect to such measures that require us to further update our compliance functions. Any misappropriation of personal information,
including credit card information, could harm our relationship with consumers and driver partners and cause us to incur financial liability
and reputational harm. If any person, including any of our employees, improperly breaches our network security or otherwise mismanages
or misappropriates driver partners' or consumers' personal or sensitive data, we could be subject to regulatory actions and
significant fines for violating privacy or data protection and consumer laws or lawsuits for breaching contractual confidentiality or
data protection provisions which could result in negative publicity, legal liability, loss of consumers or driver partners and damage
to our reputation. We are potentially an attractive target of data security attacks by third parties that may attempt to fraudulently
induce employees to disclose information to gain access to our data or the data of platform users. A successful attempt could lead to
the compromise of sensitive, business, personal, financial, credit card or other confidential information, which could result in significant
liability and a material loss of revenue resulting from the adverse impact on our reputation and brand, a diminished ability to retain
or attract new platform users and disruption to our business.
As
the techniques used by an individual or a group to obtain unauthorized access could result in unwarranted alteration to our data and
source codes, or disable and/or degrade services, and sabotage systems are often complex, not easily recognizable and evasive, we may
not be able to anticipate these techniques and implement adequate preventative measures. Such individuals or groups may be able to circumvent
our security measures (including, but not limited to, via phishing attacks, malware infection, system intrusion, misuse of systems, website
defacement, and denial-of-service attacks) and may improperly access or misappropriate confidential, proprietary, or personal information
held by or on behalf of us, disrupt our operations, damage our computers, or otherwise damage our business. Although we have developed,
and continue to develop, systems and processes that are designed to protect our servers, platform and data, including personal and sensitive
data of the driver partners, consumers, employees, job candidates and other third parties, we cannot guarantee that such measures will
be effective at all times. Our efforts may be hindered due to, for example, government surveillance, regulatory requirements or other
external events; software bugs or other technical errors or issues; or errors or misconduct of employees, contractors or others; a rapidly
evolving threat landscape; and inadequate or failed internal processes or business practice. While we endeavor to protect against or
remediate cybersecurity threats or breaches, or to mitigate the impact of any breaches or threats, we may still be subject to potential
liability.
Any
of the foregoing could subject us to regulatory fines, scrutiny and actions, including, but not limited to, orders to temporarily or
permanently cease all or some of our business activities, a prohibition on taking on new consumers or driver partners and the implementation
of mandated remedial measures, which could materially and adversely affect our business operations, financial performance, financial
condition, results of operations and prospects.
Improper,
dangerous, illegal or otherwise inappropriate activity by consumers or driver partners or other third parties could harm our business
and reputation and expose us to liability.
Due
to the breadth of our operations that span across a wide variety of consumers, driver partners and other third parties in Singapore,
we are exposed to potential risks and liabilities arising from improper, dangerous, illegal or otherwise inappropriate actions by a wide
variety of persons that we have no control over. Although we have implemented certain measures to ensure both driver partner and consumer
safety, such measures may not be effective or adequate and any such actions may result in adverse consequences, such as nuisance, property
damage, injuries, fatalities, business interruption, brand and reputational damage or significant liabilities for us.
Although
there are generally certain qualification processes in place for the driver partners, including profile verification on driver partners,
these qualification processes may not bring to light all potentially relevant information and would not bring to light events occurring
after the qualification process is complete. In Singapore, certain information may be limited by applicable laws or limited generally,
and we also may fail to conduct qualification processes adequately. Furthermore, we do not independently test the driving skills of the
driver partners.
15
In
both our mobility and quick commerce businesses, if the driver partners or consumers engage in improper, dangerous, illegal or otherwise
inappropriate activities, driver partners and/or consumers may no longer consider offerings on our platform to be safe and we may otherwise
suffer adverse consequences, such as liability arising from bodily harm to other users of our platform, and other brand and reputational
damage. If consumers or third parties providing other services in partnership with us engage in improper, illegal or otherwise inappropriate
activities while using our platform, other consumers and driver partners may also be unwilling to continue using our platform. Despite
measures that we have taken to detect and reduce the occurrence of fraudulent or other malicious activity on our platform, we cannot
guarantee that our measures will be effective.
Any
of the foregoing activities, whether or not caused by or known to us, could harm our brand and reputation, result in litigation or regulatory
actions, and may otherwise materially and adversely affect our business operations, financial performance, financial condition, results
of operations and prospects.
We
are subject to risks associated with strategic alliances and partnerships.
We
have entered into strategic alliances and partnerships with third parties and may continue to do so in the future. For example, we entered
into a partnership with an insurance company to provide insurance for riders who make trips using our Ryde platform. These alliances
and partnerships subject us to a number of risks, including risks associated with the sharing of proprietary information between parties,
non-performance by us or our partners of obligations under relevant agreements, disputes with strategic partners over strategic or operational
decisions or other matters, increased expenses in establishing new strategic alliances and non-compete provisions under some of such
arrangements which limit our ability to operate in certain market segments, and reputational risks from association with strategic partners,
as well as litigation risks associated therewith.
Furthermore,
some of our strategic alliances and partnership agreements may contain exclusivity provisions restricting us from providing a particular
service outside of the strategic alliance or partnership in Singapore. Although we agree to such restrictions because we believe that
the overall strategic alliance or partnership is to our benefit, such restrictions could materially and adversely affect our business
operations, financial performance, financial condition, results of operations and prospects.
We
rely significantly on third-party cloud infrastructure services providers and any disruption of or interference with the use of our services
could adversely affect our business operations, financial performance, financial condition, results of operations and prospects.
Our
platform is currently hosted within data centers provided by third-party cloud infrastructure services providers. As the continuing and
uninterrupted performance of our platform is critical to our success, any system failures of such third-party providers' services
could reduce the attractiveness of our platform and may adversely affect our ability to meet the requirements of consumers and driver
partners when they are using our platform. Third-party cloud infrastructure services providers are vulnerable to damage or interruptions
from factors beyond our or their control, including but not limited to computer viruses and other malicious code, denial-of-service attacks,
cyber and ransomware attacks, phishing attacks, break-ins, sabotage, vandalism, power loss or other telecommunications failure, fire,
flood, hurricane, tornado or other natural disasters, software or hardware errors, failures or crashes and other similar disruptive problems.
We expect that if/when we expand to certain jurisdictions outside of Singapore in the future, it may become increasingly difficult to
ensure reliability of our platform as we expand, and the usage of our platform increases. Any future disruptions could adversely impact
user experience, create negative publicity harming our reputation, impact the quality, availability and speed of the services we provide
as well as potentially violate regulatory requirements in relation to technology risk and business continuity risk management. Any of
the foregoing could result in interruptions, delays, loss of data, cessations to our operations or in the provision of offerings through
our platform and compensation payments to our partners and end consumers, and could materially and adversely affect our business operations,
financial performance, financial condition, results of operations and prospects.
Furthermore,
under our agreements with our third-party cloud infrastructure services providers, there are no minimum spending commitments, but there
are however, standard rates based on the amount of storage required, and if we exceed the storage provided, we will have to incur additional
expenses.
16
The
proper uninterrupted functioning of our highly complex technology platform is essential to our business.
Our
business depends on the performance and reliability of our system as well as the efficient and uninterrupted operation of mobile communications
systems that are not under our control. Our mobile app platform is a complex system composed of many interoperating components and incorporates
software that is highly complex, and therefore, many events that are beyond our control may cause service interruptions or degradations
or other performance problems across the whole platform, including but not limited to computer viruses and other malicious code, denial-of-service
attacks, cyber and ransomware attacks, phishing attacks, break-ins, sabotage, vandalism, power loss or other telecommunications failure,
fire, flood, hurricane, tornado or other natural disasters, software or hardware errors, failures or crashes, and other similar disruptive
problems. We may experience system failures and other events or conditions from time to time that interrupt the availability or reduce
or affect the speed or functionality of our platform. We have certain disaster response procedures, and we or our third-party service
providers currently have a business continuity framework in place in all instances. However, there can be no assurance that such framework
will be implemented in a cost-effective manner or at all, or that it will prove effective or meet all the expectations of our stakeholders,
including our consumers, driver partners and regulators, both current and in the future, in relation to cybersecurity risk, technology
risk and business continuity management.
Our
software, including third-party or open-source software that is incorporated into our software code, may now or in the future contain
undetected errors, bugs, or vulnerabilities. Some errors in our software code may only be discovered after the code has been released.
Bugs in our software, third-party software including open source software that is incorporated into our code, misconfigurations of our
systems and unintended interactions between systems could result in our failure to comply with certain regulatory reporting obligations
or compliance requirements or the introduction of vulnerabilities into our platform that may be exploited by cyber-attackers or third-parties
engaging in fraudulent activities, or could cause downtime that would impact the availability of our platform, which could reduce the
attractiveness of our platform to users, increase the likelihood of a successful cyber-attack or result in violations of regulators'
expectations of prescribed technology risk management practices. Further, we may need our third-party service providers to comply with
certain regulatory requirements and we cannot assure you that such third-party service providers are able to comply with such requirements.
To mitigate this risk, we endeavor to have a diverse pool of third-party service providers. Cyber-attackers and third-parties engaged
in fraudulent activities have not exploited vulnerabilities in our platform but may in the future attempt to do so. If the measures we
take to prevent these incidents from occurring are unsuccessful, we may incur losses from these fraudulent activities.
Disruptions
in internet infrastructure, the absence of available mobile data or global positioning system signals or the failure of telecommunications
network operators to provide us with the necessary bandwidth for our services and offerings could also interfere with the speed and availability
of our platform. Furthermore, we have no control over the costs of the services provided by Singapore's telecommunications operators.
If mobile internet access fees or other charges to internet users increase, consumer traffic may decrease, which may in turn cause our
revenue to significantly decrease. Our operations also rely on various other third-party software and applications, and disruptions with
respect to our usage of any such software could cause business interruption.
Furthermore,
although we seek to maintain and improve the availability of our platform and to enable rapid releases of new features and services,
it may become increasingly difficult to maintain and improve the availability of our platform, especially during peak usage times and
as our platform becomes more complex and more services are offered through our mobile app and user traffic increases. If our platform
is unavailable when driver partners and consumers and/or platform users attempt to access it or it does not load as quickly as they expect
or it experiences capacity constraints, users may seek other offerings including our competitors' services or offerings and may
not return to our platform as often in the future, or at all. This could adversely affect our ability to maintain our ecosystem of driver
partners and consumers and decrease the frequency with which they use our platform. We may not effectively address capacity constraints,
upgrade systems as needed, or develop technology and network architecture to accommodate actual and anticipated changes in technology.
Any
of these events could significantly disrupt our operations, impact user satisfaction and in turn our reputation and subject us to liability,
which could materially and adversely affect our business operations, financial performance, financial condition, results of operations
and prospects.
17
Our
business depends upon the interoperability of our mobile app and platform with different devices, operating systems and third-party software
that we do not control.
One
of the most important features of our mobile app and platform is their broad interoperability with a range of devices, operating systems,
and third-party applications. Our mobile app and platform are accessible from devices running various operating systems such as iOS and
Android. We depend on the accessibility of our mobile app and platform across these third-party operating systems and applications that
we do not control. Moreover, third-party services are constantly evolving, and we may not be able to modify our platform to assure our
compatibility with that of other third parties following development changes. The loss of interoperability, whether due to actions of
third parties or otherwise, could materially and adversely affect our business operations, financial performance, financial condition,
results of operations and prospects.
As
new mobile devices and mobile platforms are released, there is no guarantee that certain mobile devices will continue to support our
platform or effectively roll out updates to our applications. Additionally, in order to deliver high-quality applications, we need to
ensure that our platform is designed to work effectively with a range of mobile technologies, systems, networks, and standards. We may
not be successful in developing or maintaining relationships with key participants in the mobile industry that enhance users' experience.
If consumers or driver partners that utilize our platform encounter any difficulty accessing or using our applications on their mobile
devices or if we are unable to adapt to changes in popular mobile operating systems, platform growth and user engagement would be adversely
affected.
We
also depend on third parties maintaining open marketplaces, including the Apple App Store, Google Play and Huawei App Gallery, which
make our mobile app available for download. We cannot assure you that the marketplaces, through which we distribute our mobile app, will
maintain their current structures or that such marketplaces will not charge us fees to list our applications for download. If any such
marketplaces cease to make our mobile app available for download, this would have a material adverse effect on our business.
In
addition, we rely upon certain third parties to provide software or application programming interfaces ("APIs") for our services
and offerings, which are currently important to the functionality of our platform. If such third parties cease to provide access to such
third-party software or APIs on terms that we believe to be attractive or reasonable, or do not provide us with the most current version
of such software, we may be required to seek comparable solutions from other sources, which may be more expensive or inferior and/or
adversely impact user experience. In some cases, such third-party commercial software may be difficult to replace, or become unavailable
to us on commercially reasonable terms. Any such changes to or unavailability of third-party software or APIs could materially and adversely
affect our business operations, financial performance, financial condition, results of operations and prospects.
If
we do not adequately protect our intellectual property rights, or if third parties claim that we are misappropriating the intellectual
property of others, we may incur significant costs and our business operations, financial performance, financial condition, results of
operations and prospects may be adversely affected.
Our
brand value and technology, including our intellectual property, are some of our core assets. We protect our proprietary rights through
a combination of intellectual property and contractual rights. These may include patents, registered designs, trademarks, copyright,
trade secrets, license agreements, confidentiality and non-disclosure agreements with third parties, employee and contractor disclosure
and invention assignment agreements, and other similar contractual rights. The efforts we have taken to protect our intellectual property
may not be sufficient or effective. In addition, it may be possible for other parties to copy or reverse-engineer our services and offerings
or obtain and use the content of our website without authorization. Further, we may be unable to prevent competitors from acquiring domain
names or trademarks that are similar to, infringe upon, or diminish the value of our domain names, trademarks, service marks and other
proprietary rights. In the event of any unauthorized use of our intellectual property or other proprietary rights by third parties, legal
and contractual remedies available to us may not adequately compensate us. We primarily rely on copyrights and confidential information
(including source code, trade secrets, know-how and data) protections, for the purposes of protecting our core technologies and proprietary
databases, rather than registered rights such as patents. Further, the registration of intellectual property can be costly, subject to
complex laws, rules and regulations, and can be challenged by third parties, and we may choose to limit or not to pursue intellectual
property registrations in the future. Our reliance on copyrights and confidential information protections, rather than registered intellectual
property rights, may make it more difficult for us to protect some of our core technologies against third-party infringement and could
increase the risk of third-party infringement actions against us.
18
We
may also be unable to detect infringement of our intellectual property rights, and even if such violations are found, we may not be successful,
and may incur significant expenses in protecting our rights. In addition, our competitors may independently develop technology or services
that are equivalent or superior to our technology services. Any enforcement efforts may be time-consuming, costly and may divert management's
attention. Any failure to protect or any loss or dissolution of our intellectual property rights may have an adverse effect on our ability
to compete and may adversely affect our business operations, financial performance, financial condition, results of operations and prospects.
Furthermore,
as we face increasing competition and as our business grows, we may in the future receive notices that claim we have misappropriated,
misused, or infringed upon other parties' intellectual property rights. In addition, as our strategic alliances and partnerships
at times involve sharing of intellectual property, we are subject to the risk of our partners alleging we have misappropriated or misused
such partner's intellectual property or our partners infringing our intellectual property.
Any
intellectual property claims against us, regardless of merit, could be time consuming and expensive to settle or litigate, could divert
our management's attention and other resources, and could hurt goodwill associated with our brand. These claims may also subject
us to significant liability for damages and may result in us having to stop using technology, content, branding, or business methods
found to be in violation of another party's rights. Certain adverse outcomes of such proceedings could adversely affect our ability
to compete effectively in existing or future businesses.
We
may also be required or may opt to seek a license for the right to use intellectual property held by others, which may not be available
on commercially reasonable terms, or at all. Even if a license is available, we may be required to pay significant royalties, which may
increase our operating expenses. If alternative technology, content, branding, or business methods for any allegedly infringing aspect
of our business are not available, we may be unable to compete effectively or we may be prevented from operating our business in Singapore
and other potential jurisdictions in the future.
The
occurrence of any of the foregoing events could materially and adversely affect our business operations, financial performance, financial
condition, results of operations and prospects.
We
may not be able to make acquisitions or investments, or successfully integrate them into our business.
As
part of our business strategy, we may enter into or regularly pursue a wide array of potential strategic transactions, including strategic
investments, alliances, partnerships, joint ventures and acquisitions, in each case relating to businesses, technologies, services and
other assets that we expect to complement our business or that we believe will help to grow our business.
These
types of transactions involve numerous risks, including, among others:
●
intense
    competition for suitable targets and partners, which could increase prices and adversely affect our ability to consummate deals on
    favorable or acceptable terms;
●
complex
    technologies, terms and arrangements, which may be difficult to implement and manage;
●
failures
    or delays in closing transactions;
●
difficulties
    integrating brand identity, technologies, operations, existing contracts, and personnel;
●
failure
    to realize the anticipated return on investment, benefits or synergies;
●
exclusivity
    provisions which prevent us from providing a particular service outside of the strategic alliance or partnership in Singapore or
    other jurisdictions in the future which could serve to limit access to business opportunities;
19
●
failure
    to identify the problems, liabilities, or other shortcomings or challenges of an acquired company, partner or technology, including
    but not limited to issues related to intellectual property, cybersecurity risks, regulatory compliance practices, litigation, security
    interests over assets, contractual issues, revenue recognition or other accounting practices, or employee or user issues;
●
expanding
    into business activities where we have limited experience, such as financial services, car leasing etc, or no experience at all;
●
failure
    to retain key employees, to ensure that we can preserve value in the existing platform and avoid loss of institutional knowledge;
●
risks
    that regulatory bodies do not approve our acquisitions or business combinations or delay such approvals or other adverse reactions
    from regulators;
●
regulatory
    changes that require adjustments to our business or shareholding or rights in relation to subsidiaries or joint ventures; and
●
adverse
    reactions to acquisitions by investors and other stakeholders.
Each
acquisition will require management bandwidth to integrate, commensurate to the size and scale of the acquisition, which may distract
our management from executing our existing roadmap. If we fail to address the risks or other problems encountered in connection with
future transactions such as the foregoing, or if we fail to successfully integrate or manage such transactions, our business operations,
financial performance, financial condition, results of operations and prospects could be materially and adversely affected.
Any
failure by us or our third-party service providers to comply with applicable anti-money laundering or other related laws and regulations
could damage our business operations, reputation, financial performance, financial condition, and results of operation, or subject us
to other risks.
Our
payment and financial services related systems may, in Singapore and other potential markets, be governed by laws and regulations related
to payment and financial services activities, including, among other things, laws and regulations relating to privacy, anti-money laundering,
counter-terrorist financing, electronic funds transfers, systemic integrity risk assessments, cybersecurity of payment processes, and
consumer protection. Our payment and financial services related activities may be susceptible to illegal and improper uses, including
money laundering, terrorist financing, and payments to sanctioned parties. These laws and regulations to which we are now or in the future
may be subject to are highly complex, may be vague, and could change and may be interpreted to make it difficult or impossible for us
to comply with them. Moreover, activities in Singapore where we allow payments in cash may raise additional legal, regulatory, and operational
concerns. Operating a business that uses cash may increase our compliance risks with respect to a variety of laws and regulations, including
those referred to above. In addition, we may in the future offer new payment options that may be subject to additional regulations and
risks. For example, a digital wallet links with a payment service provider. If we fail to comply with applicable laws and regulations,
we may be subject to civil or criminal penalties, fines, and higher transaction fees, and we may lose our ability to accept or process
online payment, payment card or other related transactions, which could make offerings on our platform less convenient and attractive.
In the event of any failure to comply with applicable laws and regulations, our business operations, financial performance, financial
condition, results of operations and prospects could be adversely affected.
As
our business expands, we will need to continue to invest in compliance with applicable laws and regulations, and to conduct appropriate
risk assessments and implement appropriate controls. Government authorities may scrutinize or seek to bring actions against us if our
systems are used for improper or illegal purposes or if our risk management or controls are not adequately assessed, updated, or implemented,
and the foregoing could result in financial or reputational harm to our business.
In
addition, laws and regulations related to payments and financial services are evolving, and changes in such laws and regulations could
affect our ability to provide services on our platform in the manner that we have done, expect to do, or at all. In addition, as we evolve
our business or make changes to our operations, we may be subject to additional laws and regulations. Historical or future non-compliance
with these laws and regulations could result in significant criminal and civil lawsuits, penalties, forfeiture of significant assets,
or other enforcement actions. Costs associated with fines and enforcement actions, as well as reputational harm, changes in compliance
requirements, or limits on our ability to expand our service offerings, could harm our business operations, financial performance, financial
condition, results of operations and prospects.
20
We
rely on our partnerships with financial institutions and other third parties for payment processing infrastructure and for the provision
of services through our platform.
The
convenient payment mechanisms provided by our mobile app and platform are key factors contributing to the development of our business.
We rely on strategic partnerships with financial institutions and third parties such as Stripe for elements of our payment-processing
infrastructure to process and remit payments to and from consumers and driver partners using our platform. If these companies become
unwilling or unable to provide these services to us on acceptable terms or at all, our business may be disrupted. For certain payment
methods, including credit and debit cards, we generally pay processing and gateway fees, and such fees result in costs.
In
addition, online payment providers are under continued pressure to pay increased fees to banks to process funds, and there is no assurance
that such online payment providers will not pass on any increased costs. If these fees increase over time, our operating costs will increase,
which could materially and adversely affect our business operations, financial performance, financial condition, results of operations
and prospects.
Failures
of the payment processing infrastructure underlying our platform could cause consumers and driver partners to lose trust in our payment
systems and could cause them to instead use our competitors' platforms. If the quality or convenience of our payment processing
infrastructure declines as a result of these limitations or for any other reason, the attractiveness of our business to driver partners
could be adversely affected. If we are forced to migrate to other third-party payment service providers for any reason, the transition
would require significant time and management resources, and may not be as effective, efficient, or well-received by platform users.
Additionally,
online payment providers require us to comply with payment card network operating rules, which are set and interpreted by the payment
card networks. The payment card networks could adopt new operating rules or interpret or reinterpret existing rules in ways that might
prohibit us from providing certain services to some users, be costly to implement, or be difficult to follow. If we fail to comply with
these rules or regulations, we may be subject to fines and higher transaction fees and/or lose our ability to accept credit and debit
card payments from consumers or facilitate other types of online payments. Any of the foregoing risks could adversely affect our business
operations, financial performance, financial condition, results of operations and prospects.
In
addition, as a platform business, our business model generally provides a platform enabling driver partners and other third parties,
such as insurance companies and financial institutions to reach a broader base of consumers. We believe that our platform holds potential
in expanding the size and increasing the diversity of the customer base for insurance companies' and financial institutions by
serving as an outreach marketing tool which assist in increasing the exposure and awareness of the insurance companies and financial
institutions to end riders who use our application. We achieve this by offering complimentary insurance coverage to our customers and
facilitating payments through a variety of credit cards via Stripe, thereby promoting awareness of and familiarity of these insurance
companies and financial institutions.
To
the extent such third parties use other means to reach consumers instead of our platform, our business operations, financial performance,
financial condition, results of operations and prospects could be adversely impacted as we do not provide the services offered through
our platform ourselves.
21
Unfavorable
media coverage could harm our business operations, financial performance, financial condition, results of operations and prospects.
From
time to time, we are the subject of media coverage. Unfavorable publicity regarding, among other things, our business model or offerings,
user support, technology, platform changes, platform quality, privacy or security practices, regulatory compliance, financial or operating
performance, accounting judgments or management team could adversely affect our reputation. Such negative publicity could also harm the
size of our network and the engagement and loyalty of consumers and driver partners that utilize our platform, which could adversely
affect our business operations, financial performance, financial condition, results of operations and prospects. Negative publicity could
also draw regulator attention and lead to regulatory action or new laws or regulations impacting our business. In addition, the foregoing
risks are increased by the widespread use of social media and the increasing incidence of fake or unsubstantiated news, particularly
on social media and other online platforms.
As
our platform continues to scale and public awareness of our brand increases, any future issues that draw media coverage could have an
amplified negative effect on our reputation and brand. In addition, negative publicity related to key brands or influencers that we have
partnered with may damage our reputation, even if the publicity is not directly related to us. The occurrence of any of the foregoing
could materially and adversely affect our business operations, financial performance, financial condition, results of operations and
prospects.
We
rely on the Land Transport Authority of Singapore for the validity of certain licenses.
All
potential driver partners are required to go through our security and safety screening checks before being qualified as a driver partner
on our platform. Part of this profile verification involves ensuring that driver partners have valid licenses issued by the Land Transport
Authority of Singapore, in particular, the Taxi Driver's Vocational License (TDVL) and/or the Private Hire Car Driver's Vocational
License (PDVL). These licenses are a requirement for potential driver partners in Singapore that use our platform, pursuant to applicable
law, and our business may be adversely affected to the extent that we depend on the Land Transport Authority of Singapore for the accuracy
for such licenses still subsisting, or whether it has been revoked.
If
the Land Transport Authority of Singapore's information to us on the validity of such licenses is inaccurate, unqualified drivers
may be permitted to conduct passenger trips or make quick commerce deliveries on our platform, and as a result, we may be unable to adequately
protect or provide a safe environment for consumers. Qualified drivers may also be inadvertently excluded from our platform, which could
adversely affect our reputation and brand.
Any
of the foregoing risks could materially and adversely affect our business operations, financial performance, financial condition, results
of operations and prospects.
22
We
depend on talented, experienced and committed personnel, including engineers, to grow and operate our business, and if we are unable
to recruit, train, motivate and retain qualified personnel, particularly in the technology sector, our business operations, financial
performance, financial condition, results of operations and prospects may be materially and adversely affected.
Due
to the nature of our industry, our business needs to constantly upgrade our technical systems which in turn depends on the skills and
capability of our employees. In the event we are not able to attract or retain talent, our business may be adversely affected. Therefore,
a fundamental driver of our ability to succeed is our ability to recruit, train and retain high-quality management, operations, engineering,
and other personnel who are in high demand, are often subject to competing employment offers and are attractive recruiting targets for
our competitors. Our senior management, mid-level managers and technology sector employees, including software engineers, DevOps engineers,
data analysts, senior product manager, graphic designer are instrumental in implementing our business strategies, executing our business
plans and supporting our business operations and growth. There is particularly acute competition for technology sector and technology
development employees in Singapore. In addition, we depend on the continued services and performance of our key personnel. Our chairman
and CEO, Mr. Terence Zou, and CFO, Mr. Lang Chen Fei and their involvement in our business are important to our success. These key executives
play a central role in the development and implementation of our business strategies and initiatives. Any decrease in the involvement
of any of these key executives in our business or loss of key personnel, particularly to competitors, could have an adverse effect on
our business operations, financial performance, financial condition, results of operations and prospects. The unexpected or abrupt departure
of one or more of our key personnel and the failure to effectively transfer knowledge and effect smooth key personnel transitions may
in the future have an adverse effect on our business resulting from the loss of such person's skills, knowledge of our business,
and years of industry experience. Although our employment contracts contain non-compete clauses, there is the risk that such non-compete
clauses may be deemed unenforceable under applicable law.
To
attract and retain key personnel, we use equity incentives, among other measures, which may not be sufficient to attract and retain the
personnel we require to operate our business effectively. As demand in the technology sector intensifies, we may be required to offer
more in terms of cash or equity in order to attract and retain talent, which would increase our expenses. The equity incentives we use
to attract, retain, and motivate employees may not be effective, particularly if the value of the underlying stock does not increase
commensurate with expectations or consistent with our historical growth. We may need to invest significant amounts of cash and equity
to attract and retain new employees and expend significant time and resources to identify, recruit, train and integrate such employees,
and we may never realize returns on these investments. If we are unable to attract and retain high-quality management and operating personnel
as and when required, our business operations, financial performance, financial condition, results of operations and prospects could
be adversely affected.
Our
ability to recruit and retain talent at desired compensation levels could also be limited by government policies, which at times may
favor Singapore nationals rather than hiring talent from abroad, which could impact our talent pool and the costs associated with it.
Our ability to recruit and retain talent and maintain good relations with our employees could also be impacted by employee activism over
social, political or other matters. There is no assurance that there will be no loss of any of our talented, experienced and committed
personnel or that our management succession plans will be successful in grooming successors.
23
Adverse
litigation judgments or settlements resulting from legal proceedings in which we may be involved could expose us to monetary damages
or limit the ability to operate our business.
In
the course of our business, we may be involved in private actions, collective actions, class actions, investigations, and various other
legal proceedings by driver partners, consumers, employees, commercial partners, competitors, or government agencies, among others, relating
to, for example, personal injury or property damage cases, wrongful act, subrogation, employment or labor-related disputes such as wrongful
termination of employment, consumer complaints, disputes with driver partners, contractual disputes with consumers or suppliers, disputes
with third parties and regulatory inquiries or proceedings relating to compliance with competition and data privacy regulations. The
results of any such litigation, investigations, and legal proceedings are inherently unpredictable and may be expensive. Any claims against
us, whether meritorious or not, could be time consuming, costly, and harmful to our reputation, and could require significant amounts
of management time and corporate resources. Furthermore, we may be held jointly responsible for claims against third parties offering
their services through our platform, including driver partners. If any of these legal proceedings were to be determined adversely to
us, or we were to enter into any settlement arrangement, we could be exposed to monetary damages or be forced to change the way in which
we operate our business, which could have an adverse effect on our business operations, financial performance, financial condition, results
of operations and prospects.
Any
such disputes or future disputes could subject us to negative publicity, have an adverse impact on our brand and reputation, divert management's
time and attention, involve significant costs and otherwise materially and adversely affect our business operations, financial performance,
financial condition, results of operations and prospects.
We
track certain operating metrics with internal systems and tools and do not independently verify such metrics. Certain of our operating
metrics are subject to inherent challenges in measurement, and any real or perceived inaccuracies in such metrics may adversely affect
our business and reputation.
We
track certain key operating metrics, including, among others, our Gross Merchandise Value ("GMV"), driver partners incentives,
and consumer incentives, with internal systems and tools that are not independently verified by any third party and which may differ
from estimates or similar metrics published by third parties due to differences in sources, methodologies, or the assumptions on which
we rely. Our internal systems and tools have a number of limitations, and our methodologies for tracking these metrics may change over
time, which could result in unexpected changes to our metrics, including the metrics we publicly disclose. If the internal systems and
tools we use to track these metrics undercount or overcount performance or contain algorithmic or other technical errors, the data we
report may not be accurate. While these numbers are based on what we believe to be reasonable estimates of our metrics for the applicable
period of measurement, there are inherent challenges in measuring how our platform is used. For example, the accuracy of our operating
metrics could be impacted by fraudulent users of our platform, and further, we believe that there are consumers who have multiple accounts,
even though this is prohibited in our Terms of Service and we implement measures to detect and prevent this behavior. Consumer usage
of multiple accounts may cause us to overstate the number of consumers on our platform. In addition, limitations or errors with respect
to how we measure data or with respect to the data that we measure may affect our understanding of certain details of our business, which
could affect our long-term strategies. If our operating metrics are not accurate representations of our business, if investors do not
perceive our operating metrics to be accurate, or if we discover material inaccuracies with respect to these figures, we expect that
our business operations, financial performance, financial condition, results of operations and prospects could be materially and adversely
affected.
24
Our
use of open-source software (OSS) under restrictive licenses could: (i) adversely affect our ability to license and commercialize certain
elements of our proprietary code based on the commercial terms of our choosing; (ii) result in a loss of our trade secrets or other intellectual
property rights with respect to certain portions of our proprietary code; and (iii) subject us to litigation and other disputes.
In
general, the incorporation of OSS would be a potential cause of concern where the OSS is licensed under restrictive OSS licenses. Under
restrictive OSS licenses, a licensee could be required to release to the public the source code of certain elements of its proprietary
software which incorporate OSS or modified OSS in a certain manner; and (ii) have been conveyed or distributed to the public, or which
the public interacts with. In some cases, restrictive OSS licenses may require a licensee to ensure that elements of its proprietary
software are licensed to the public on the terms set out in the relevant OSS license or at no cost. This could allow competitors to use
certain elements of the licensee's proprietary software on a relatively unrestricted basis or develop similar software at a lower
cost.
OSS
licensors generally do not provide warranties for their OSS, and the OSS may contain security vulnerabilities that we must actively manage
or patch. It may be necessary for us to commit substantial resources to remediate our use of OSS under restrictive OSS licenses, for
example by engineering alternative or work-around code.
There
is an increasing number of OSS license types, and the terms under many of these licenses are unclear or ambiguous, and have not been
interpreted by Singapore or foreign courts, and therefore, the potential impact of such licenses on our business is not fully known or
predictable. As a result, these licenses could be construed in a way that could impose unanticipated conditions or restrictions on our
ability to commercialize our own proprietary code (and in particular the elements of our proprietary code which incorporates OSS or modified
OSS). Furthermore, we could become subject to lawsuits or claims challenging our use of OSS or compliance with OSS license terms. If
unsuccessful in these lawsuits or claims, we may face IP infringement or other liabilities, be required to seek costly licenses from
third parties for the continued use of third-party IP, be required to re-engineer elements of our proprietary code base (e.g. for the
sake of avoiding third-party IP infringement), discontinue or delay the use of infringing aspects of our proprietary code base (such
as if re-engineering is not feasible), or disclose and make generally available, in source code form, certain elements of our proprietary
code.
More
broadly, the use of OSS can give rise to greater risks than the use of commercially acquired software, since open-source licensors usually
limit their liability in respect of the use of the OSS, and do not provide support, warranties, indemnifications or other contractual
protections regarding the use of the OSS which would ordinarily be provided in the context of commercially acquired software.
Any
of the foregoing could adversely impact the value of certain elements of our proprietary code base, and our ability to enforce our intellectual
property rights in such code base against third parties. In turn, this could materially and adversely affect our business operations,
financial performance, financial condition, results of operations and prospects.
Increases
in fuel, energy, and other costs could adversely affect us.
Factors
such as inflation, increased fuel prices, and increased vehicle purchase, rental, or maintenance costs may increase the costs incurred
by the driver partners when providing services on our platform. Many of the factors affecting driver partner costs are beyond their control.
In many cases, these increased costs may cause driver partners to spend less time providing services on our platform or to seek alternative
sources of income. A decreased supply of consumers and driver partners on our platform could harm our business operations, financial
performance, financial condition, results of operations and prospects.
Additionally,
as with other businesses in Singapore, we expect to face inflationary pressures and a general trend of increase in the costs of overheads
such as utilities. Singapore has raised its Goods and Services Tax ("GST") from 7% to 8% in 2023 and is planning a further
GST raise from 8% to 9% in 2024, which could further contribute to cost increases as well. These factors may materially and adversely
affect our business operations, financial performance, financial condition, results of operations and prospects.
25
We
allow consumers to pay for rides through our platform using cash, which raises numerous operational and safety concerns.
We
allow consumers to use cash to pay the driver partners the entire fare of rides (including the service fee payable to us by driver partners
from such rides). The use of cash raises numerous operational and safety concerns. The use of cash can increase safety and security risks
for the driver partners, including potential robbery, assault, violent or fatal attacks, and other criminal acts. We have undertaken
steps to minimize the use of cash by encouraging the use of credit and debit card payments, and providing consumer incentives to encourage
the use of RydeCoins. Additionally, in the event that individual accounts breach or are suspected to have breached the terms of use policies,
the use of cash will be suspended to reduce fare evasion and phantom bookings. As of the date of this annual report, the use of cash
for certain consumer accounts has been temporarily disabled based on our security algorithms.
In
addition, establishing the proper infrastructure to ensure that we receive the correct fee on cash trips is complex, and has in the past
meant and may continue to mean that we cannot collect the entire fee for certain cash-based transactions. We have created a system for
us to collect and properly account for cash received, though it may not always be effective or convenient. Our system allows us to collect
service fee and commissions on cash-based trips by offsetting the amount of cash we would have collected, from the digital wallets of
our driver partners. Should the amount in the driver partners' digital wallet fall below a certain threshold, we will disable the
cash payment option for such accounts for consequent trips in order to mitigate the risk of not being able to collect our commissions
from driver partners for such cash-based trips. Creating, maintaining, and improving these systems requires significant effort and resources,
and we cannot guarantee these systems will be effective in collecting amounts due to us. Further, operating a business that uses cash
raises compliance risks with respect to a variety of rules and regulations, including anti-money laundering laws. If driver partners
fail to pay us under the terms of our agreements or if our collection systems fail, we may be adversely affected by both the inability
to collect amounts due and the cost of enforcing the terms of our contracts, including litigation. Such collection failure and enforcement
costs, along with any costs associated with a failure to comply with applicable rules and regulations, could materially and adversely
affect our business operations, financial performance, financial condition, results of operations and prospects.
We
have insurance coverage provided by third parties, and we are subject to the risk that this may be insufficient or that insurance providers
may be unable to meet their obligations.
We
depend on (i) insurance coverage for driver partners and on other types of insurance for additional risks related to our business, and
(ii) the driver partners' ability to procure and maintain insurance required by law. We maintain a number of insurance policies,
including, but not limited to, workers' compensation, and director and officers' liability. If our insurance providers change
the terms of our policies in an adverse manner, our insurance costs could increase, and if the insurance coverage we maintain is not
adequate to cover losses that occur, we could be liable for additional costs. Additionally, there are certain types of losses such as
from wars, acts of terrorism or some acts of God that generally are not insured because they are either uninsurable or not economically
insurable. In the event any of our insurance providers become insolvent, we would be unable to pay any claim that we make.
For
example, the relevant regulator requires driver partners to carry automobile insurance in Singapore. We rely on a limited number of insurance
providers, and should such providers discontinue or increase the cost of coverage, we cannot guarantee that we, on behalf of driver partners,
would be able to secure replacement coverage on reasonable terms or at all. If we are required to purchase additional insurance for other
aspects of our business, or if we fail to comply with regulations governing insurance coverage, our business could be harmed.
We
may also be subject to claims of significant liability based on traffic accidents, injuries, or other incidents that are claimed to have
been caused by the driver partners. Even if these claims do not result in liability, we could incur significant costs in investigating
and defending against them. If we are subject to claims of liability relating to the acts of driver partners or others using our platform,
we may be subject to negative publicity and incur additional expenses, which could materially and adversely affect our business operations,
financial performance, financial condition, results of operations and prospects.
26
We
have plans to expand to other countries and are therefore subject to potential risks associated with operating and investing in these
countries.
We
currently derive all of our revenue from our operations in Singapore. However, we have plans to expand our business in other countries.
Our potential operations and investments in these countries may be subject to various risks related to the economic, political and social
conditions of the countries in which we may operate in, including risks related to the following:
●
inconsistent
    and evolving regulations, licensing and legal requirements may increase our operational risks and cost of operations among the countries
    in which we may operate in;
●
currencies
    may be devalued or may depreciate or currency restrictions or other restraints on transfer of funds may be imposed;
●
the
    effects of inflation within these countries generally and/or within any specific country in which we may operate may increase our
    cost of operations;
●
governments
    or regulators may impose new or more burdensome regulations, taxes or tariffs;
●
political
    changes may lead to changes in the business, legal and regulatory environments in which we may operate in;
●
economic
    downturns, political instability, civil disturbances, war, military conflict, religious or ethnic strife, terrorism and general security
    concerns may negatively affect our operations;
●
enactment
    or any increase in the enforcement of regulations, including, but not limited to, those related to personal data protection and localization
    and cybersecurity, may incur compliance costs;
●
health
    epidemics, pandemics or disease outbreaks (including the COVID-19 outbreak) may affect our operations and demand for our offerings;
    and
●
natural
    disasters like volcanic eruptions, floods, typhoons and earthquakes may impact our operations severely.
For
example, volatile political situations in certain Southeast Asian countries could impact our business. Any disruptions in our business
activities or volatility or uncertainty in the economic, political or regulatory conditions in the markets we potentially may operate
in could adversely affect our business operations, financial performance, financial condition, results of operations and prospects.
Additionally,
the laws in the countries in which we potentially may operate may change and their interpretation and enforcement may involve significant
uncertainties that could limit the reliability of the legal protections available to us. We cannot predict the effects of future developments
in the legal regimes in the countries in which we may potentially operate.
Any
of the foregoing risks could materially and adversely affect our business operations, financial performance, financial condition, results
of operations and prospects.
Negative
publicity, including those relating to any of our Directors, executive officers, shareholders of more than 5% of our Ordinary Shares,
may adversely affect our share price.
Negative
publicity or announcements, including those relating to any of our Directors, executive officers, shareholders of more than 5% of our
Ordinary Shares, with or without merit, may adversely affect the market perception of our Group or the performance of the price of our
shares, whether or not it is justified. For instance, such negative publicity may arise from unsuccessful attempts in joint ventures,
acquisitions or take-overs, or involvement in litigation or insolvency proceedings.
27
Natural
events, wars, terrorist attacks and other acts of violence involving any of the countries in which we have plans to expand into in the
future could adversely affect our operations.
Natural
disaster events (such as earthquakes, tsunamis, volcanic eruptions, floods, tropical weather conditions and landslides), terrorist attacks,
civil unrest, protests and other acts of violence or war may adversely disrupt our operations in the countries we may expand into in
the future, lead to economic weakness in such countries in which they occur and affect worldwide financial markets, and could potentially
lead to economic recession, which could materially and adversely affect our business operations, financial performance, financial condition,
results of operations and prospects. These events could precipitate sudden significant changes in regional and global economic conditions
and cycles. These events may also potentially pose significant risks to our people and to our business operations.
RISKS
RELATING TO OUR SECURITIES
An
active trading market for our Class A Ordinary Shares may not be established or, if established, may not continue and the trading price
for our Class A Ordinary Shares may fluctuate significantly.
We
cannot assure you that a liquid public market for our Class A Ordinary Shares will be established. If an active public market for our
Class A Ordinary Shares does not occur, the market price and liquidity of our Class A Ordinary Shares may be materially and adversely
affected.
We
may not maintain the listing of our Class A Ordinary Shares on the NYSE American which could limit investors' ability to make transactions
in our Class A Ordinary Shares and subject us to additional trading restrictions.
We
listed our Class A Ordinary Shares on the NYSE American. In order to continue listing our shares on the NYSE American, we must maintain
certain financial and share price levels and we may be unable to meet these requirements in the future. We cannot assure you that our
shares will continue to be listed on the NYSE American in the future.
If
the NYSE American delists our Class A Ordinary Shares and we are unable to list our shares on another national securities exchange, we
expect our shares could be quoted on an over-the-counter market in the United States. If this were to occur, we could face significant
material adverse consequences, including:
(a)
a
    limited availability of market quotations for our Class A Ordinary Shares;
(b)
reduced
    liquidity for our Class A Ordinary Shares;
(c)
a
    determination that our Class A Ordinary Shares are "penny stock", which will require brokers trading in our shares to
    adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our
    Class A Ordinary Shares;
(d)
a
    limited amount of news and analyst coverage; and
(e)
a
    decreased ability to issue additional securities or obtain additional financing in the future.
As
long as our Class A Ordinary Shares are listed on the NYSE American, U.S. federal law prevents or pre-empts the states from regulating
their sale. However, the law does allow the states to investigate companies if there is a suspicion of fraud, and, if there is a finding
of fraudulent activity, then the states can regulate or bar their sale. Further, if we were no longer listed on the NYSE American, we
would be subject to regulations in each state in which we offer our shares.
28
The
trading price of our Class A Ordinary Shares may be volatile, which could result in substantial losses to investors.
The
trading price of our Class A Ordinary Shares may be volatile and could fluctuate widely due to factors beyond our control. This may happen
because of the broad market and industry factors, like the performance and fluctuation of the market prices of other companies with business
operations located mainly in Singapore that have listed their securities in the United States.
In
addition to market and industry factors, the price and trading volume for our shares may be highly volatile for factors specific to our
own operations, including the following:
(a)
fluctuations
    in our revenue, earnings and cash flow;
(b)
changes
    in financial estimates by securities analysts;
(c)
additions
    or departures of key personnel;
(d)
release
    of lock-up or other transfer restrictions on our outstanding equity securities or sales of additional equity securities; and
(e)
potential
    litigation or regulatory investigations.
Any
of these factors may result in significant and sudden changes in the volume and price at which our shares will trade.
In
the past, shareholders of public companies have often brought securities class action suits against those companies following periods
of instability in the market price of their securities. If we were involved in a class action suit, it could divert a significant amount
of our management's attention and other resources from our business and operations and require us to incur significant expenses
to defend the suit, which could harm our results of operations. Any such class action suit, whether or not successful, could harm our
reputation and restrict our ability to raise capital in the future. In addition, if a claim is successfully made against us, we may be
required to pay significant damages, which could have a material adverse effect on our business, financial condition and results of operations.
If
securities or industry analysts do not publish research or reports about our business, or if they adversely change their recommendations
regarding our Class A Ordinary Shares, the market price for our Class A Ordinary Shares and trading volume could decline.
The
trading market for our Class A Ordinary Shares will be influenced by research or reports that industry or securities analysts publish
about us or our business. If one or more analysts downgrade their assessment on our Class A Ordinary Shares or publish inaccurate or
unfavorable research about our business, the market price for our Class A Ordinary Shares would likely decline. If one or more of these
analysts cease to cover us or fail to regularly publish reports on us, or if these securities analysts are not widely respected within
the general investment community, we could lose visibility in the financial markets, which in turn could cause the market price or trading
volume for our Class A Ordinary Shares to decline.
Short
selling may drive down the market price of our Class A Ordinary Shares.
Short
selling is the practice of selling shares that the seller does not own but rather has borrowed from a third party with the intention
of buying identical shares back at a later date to return to the lender. The short seller hopes to profit from a decline in the value
of the shares between the sale of the borrowed shares and the purchase of the replacement shares, as the short seller expects to pay
less in that purchase than it received in the sale. As it is in the short seller's interest for the price of the shares to decline,
many short sellers publish, or arrange for the publication of, negative opinions and allegations regarding the relevant issuer and its
business prospects in order to create negative market momentum and generate profits for themselves after selling the shares short. These
short attacks have, in the past, led to selling of shares in the market. If we were to become the subject of any unfavorable publicity,
whether such allegations are proven to be true or untrue, we would have to expend a significant amount of resources to investigate such
allegations and/or defend ourselves. While we would strongly defend against any such short seller attacks, we may be constrained in the
manner in which we can proceed against the relevant short seller by principles of freedom of speech, applicable state law or issues of
commercial confidentiality.
29
There
can be no assurance that we will not be a passive foreign investment company for U.S. federal income tax purposes, which could result
in adverse U.S. federal income tax consequences for U.S. investors who own our securities.
We
are a non-U.S. corporation and, as such, we will be classified as a passive foreign investment company ("PFIC") for any taxable
year if, for such year, either:
(a)
at
    least 75% of our gross income for the year is passive income; or
(b)
the
    average percentage of our assets (determined at the end of each quarter) during the taxable year that produced passive income or
    that are held for the production of passive income is at least 50%.
Passive
income generally includes dividends, interest, rents, royalties (other than rents or royalties derived from the active conduct of a trade
or business) and gains from the disposition of passive assets. For purposes of the PFIC analysis, in general, a non-U.S. corporation is deemed to own its
pro rata
share
of the gross income and assets of any entity in which it is considered to own at least 25% of the equity by value.
Based
on the current and projected composition of our income and assets, and the expected value of our assets, including goodwill, which is
based on the expected price of our Class A Ordinary Shares in the offering, we do not expect to be a PFIC for the current taxable year.
However, because PFIC status is determined on an annual basis, and therefore our PFIC status for the current taxable year and any future
taxable year will depend upon the future composition of our income and assets, there can be no assurance that we will not be a PFIC for
any taxable year. If we are a PFIC for any taxable year during which a U.S. investor holds Class A Ordinary Shares, we generally would
continue to be treated as a PFIC with respect to that U.S. investor for all succeeding years during which the U.S. investor holds such
Class A Ordinary Shares, even if we ceased to meet the threshold requirements for PFIC status. In such case, such a U.S. investor generally
will be subject to adverse U.S. federal income tax consequences, including (i) the treatment of all or a portion of any gain on disposition
as ordinary income, (ii) the application of a deferred interest charge on such gain and the receipt of certain dividends and (iii) compliance
with certain reporting requirements. We do not intend to provide the information that would enable investors to make a qualified electing
fund election that could mitigate the adverse U.S. federal income tax consequences should we be a PFIC. You are urged to consult your
tax advisor concerning the U.S. federal income tax consequences of owning and disposing of Class A Ordinary Shares if we are to become
classified as a PFIC.
We
are an emerging growth company within the meaning of the Securities Act and may take advantage of certain reduced reporting requirements.
We
are an "emerging growth company", as defined in the JOBS Act, and we may take advantage of certain exemptions from various
requirements applicable to other public companies that are not emerging growth companies including, most significantly, not being required
to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act for so long as we are an emerging growth
company. As a result, if we elect not to comply with such auditor attestation requirements, our investors may not have access to certain
information they may deem important.
In
addition, Section 102(b)(1) of the JOBS Act exempts an emerging growth company from being required to comply with new or revised financial
accounting standards until such date that a private company is otherwise required to comply with such new or revised accounting standards.
In other words, an "emerging growth company" can delay the adoption of certain accounting standards until those standards
would otherwise apply to private companies. We have elected to take advantage of the extended transition period, although we have already
adopted certain new and revised accounting standards based on transition guidance permitted under such standards. As a result of this
election, our future financial statements may not be comparable to other public companies that comply with the public company effective
dates for these new or revised accounting standards, which may make our Class A Ordinary Shares less attractive to investors. In addition,
if we cease to be an emerging growth company, we will no longer be able to use the extended transition period for complying with new
or revised accounting standards.
30
We
are a foreign private issuer within the meaning of the Exchange Act, and as such we are exempt from certain provisions applicable to
United States domestic public companies.
Because
we are a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations
in the United States that are applicable to U.S. domestic issuers, including:
(a)
the
    rules under the Exchange Act requiring the filing of quarterly reports on Form 10-Q or current reports on Form 8-K with the SEC;
(b)
the
    sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered
    under the Exchange Act;
(c)
the
    sections of the Exchange Act requiring insiders to file public reports of their share ownership and trading activities and liability
    for insiders who profit from trades made in a short period of time; and
(d)
the
    selective disclosure rules by issuers of material non-public information under Regulation FD.
We
are required to file an annual report on Form 20-F within four (4) months after the end of each fiscal year. In addition, we intend to
publish our financial results on a semi-annual basis through press releases distributed pursuant to the rules and regulations of the
NYSE American. Press releases relating to financial results and material events will also be furnished to the SEC on Form 6-K. However,
the information we are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to
be filed with the SEC by U.S. domestic issuers. As a result, you may not be afforded the same protections or information that would be
made available to you if you were investing in a U.S. domestic issuer.
The
determination of foreign private issuer status is made annually on the last Business Day of an issuer's most recently completed
on December 31, 2023, and, accordingly, the next determination will be made with respect to us on December 31, 2024. In the future, we
would lose our foreign private issuer status if more than 50% of our outstanding voting securities become directly or indirectly held
of record by U.S. Holders and any one of the following is true: (i) the majority of our directors or executive officers are U.S. citizens
or residents; (ii) more than 50% of our assets are located in the United States; or (iii) our business is administered principally in
the United States. If we lose our foreign private issuer status, we will be required to file with the SEC periodic reports and registration
statements on U.S. domestic issuer forms, which are more detailed and extensive than the forms available to a foreign private issuer.
We will also have to comply with U.S. federal proxy requirements, and our officers, Directors and 10% shareholders will become subject
to the short-swing profit disclosure and recovery provisions of Section 16 of the Exchange Act. In addition, we will lose our ability
to rely upon exemptions from certain corporate governance requirements under the listing rules of the NYSE American. As a U.S. listed
public company that is not a foreign private issuer, we will incur significant additional legal, accounting and other expenses that we
will not incur as a foreign private issuer.
31
As
an exempted company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate
governance matters that differ significantly from NYSE American corporate governance listing standards.
As
an exempted company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate
governance matters that differ significantly from the corporate governance listing requirements of the NYSE American. These practices
may afford less protection to shareholders than they would enjoy if we complied fully with corporate governance listing requirements
of the NYSE American. We will rely on home country practice to be exempted from certain of the corporate governance requirements of the
NYSE American, namely:
(i)
there
    will not be a necessity to hold meetings of board of directors on at least a quarterly basis, or the requirement for independent
    directors to have regularly scheduled executive sessions at least annually without the presence of non-independent directors and
    management; and
(ii)
there
    will be no requirement for the Company to obtain shareholder approval with respect to (a) the establishment (or material amendment
    to) a stock option or purchase plan or other equity compensation arrangement as specified in Section 711 of the NYSE American LLC
    Company Guide; (b) the issuance of additional shares as sole or partial consideration for an acquisition of the stock or assets of
    another company in the circumstances specified in Section 712 of the NYSE American LLC Company Guide; and (c) the issuance of additional
    shares in connection with a transaction specified in Section 713 of the NYSE American LLC Company Guide, or that will result in a
    change of control of the Company.
We
will incur significantly increased costs and devote substantial management time as a result of the listing of our Class A Ordinary Shares
on the NYSE American.
We
are required to comply with the requirements of the rules and regulations of the SEC and the NYSE American rules, including applicable
corporate governance practices. We expect that compliance with these requirements will increase our legal and financial compliance costs
and will make some activities more time-consuming and costly. In addition, we expect that our management and other personnel will need
to divert attention from operational and other business matters to devote substantial time to these public company requirements. We cannot
predict or estimate the number of additional costs we may incur as a public company or the timing of such costs.
In
addition, changing laws, regulations and standards relating to corporate governance and public disclosure are creating uncertainty for
public companies, increasing legal and financial compliance costs and making some activities more time-consuming. These laws, regulations
and standards are subject to varying interpretations, in many cases due to their lack of specificity, and, as a result, their application
in practice may evolve over time as new guidelines are provided by regulatory and governing bodies. This could result in continuing uncertainty
regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices. We intend to
invest resources to comply with evolving laws, regulations and standards, and this investment may result in increased general and administrative
expenses and a diversion of management's time and attention from revenue-generating activities to compliance activities. If our
efforts to comply with new laws, regulations and standards differ from the activities intended by regulatory or governing bodies due
to ambiguities related to their application and practice, regulatory authorities may also initiate legal proceedings against us and our
business may be adversely affected.
32
Some
members of our management team have limited experience managing a publicly traded company, interacting with public company investors
and complying with the increasingly complex laws pertaining to public companies. Our management team may not successfully or efficiently
manage the transition to being a public company subject to significant regulatory oversight and reporting obligations under the federal
securities laws and regulations and the continuous scrutiny of securities analysts and investors. The need to establish the corporate
infrastructure demanded of a public company may divert the management's attention from implementing our growth strategy, which
could prevent us from improving our business, financial condition and results of operations. Furthermore, we expect these rules and regulations
to make it more difficult and more expensive for us to obtain director and officer liability insurance, and consequently we may be required
to incur substantial costs to maintain the same or similar coverage. These additional obligations could have a material adverse effect
on our business, financial condition, results of operations and prospects. These factors could also make it more difficult for us to
attract and retain qualified members of our board of directors, particularly to serve on our audit committee, compensation committee
and nominating committee, and qualified executive officers.
As
a result of disclosure of information in this annual report and in filings required of a public company, our business and financial condition
is more visible than private companies, which we believe may result in threatened or actual litigation, including by competitors and
other third parties. If such claims are successful, our business and operating results could be adversely affected, and, even if the
claims do not result in litigation or are resolved in our favor, these claims, and the time and resources necessary to resolve them,
could cause an adverse effect on our business, financial condition, results of operations, prospects and reputation.
You
may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because
we are incorporated under Cayman Islands law.
We
are an exempted company incorporated under the laws of the Cayman Islands with limited liability, and conduct all of our operations through
our subsidiary, Ryde Technologies Pte. Ltd., outside the United States. All of our assets are located, and our officers and directors
reside, and the assets of such persons are located, outside the United States. As a result, it could be difficult or impossible for you
to bring an action against us or against these individuals outside of the United States in the event that you believe that your rights
have been infringed upon under the applicable securities laws or otherwise. Even if you are successful in bringing an action of this
kind, the laws of the Cayman Islands and Singapore could render you unable to enforce a judgment against our assets or the assets of
our directors and officers.
In
addition, our corporate affairs are governed by our memorandum and articles of association, the Companies Act and the common law of the
Cayman Islands. The rights of shareholders to take action against our Directors and us, actions by minority shareholders and the fiduciary
duties of our Directors to us under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands. The common
law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as from the
common law of England and Wales, which are generally of persuasive authority, but are not binding, on a court in the Cayman Islands.
The rights of our shareholders and the fiduciary duties of our Directors under Cayman Islands law are not as clearly established as they
would be under statutes or judicial precedent in some jurisdictions in the United States. In particular, the Cayman Islands has a different
body of securities laws than the United States, and provide significantly less protection to investors. In addition, Cayman Islands companies
may not have the standing to initiate a shareholder derivative action in a federal court of the United States. There is no statutory
recognition in the Cayman Islands of judgments obtained in the United States, although the courts of the Cayman Islands will generally
recognize and enforce a non-penal judgment of a foreign court of competent jurisdiction without retrial on the merits.
Shareholders
of Cayman Islands exempted companies like us have no general rights under Cayman Islands law to inspect corporate records (other than
the memorandum and articles of association, a list of the current directors of the company, the register of mortgages and charges and
any special resolutions passed by our shareholders) or to obtain copies of lists of shareholders of these companies. Our Directors are
not required under our memorandum and articles of association to make our corporate records available for inspection by our shareholders.
This may make it more difficult for you to obtain the information needed to establish any facts necessary for a shareholder resolution
or to solicit proxies from other shareholders in connection with a proxy contest.
33
The
courts of the Cayman Islands are unlikely (i) to recognize or enforce judgments of courts of the United States predicated upon the civil
liability provisions of the federal securities laws of the United States or any state securities laws; and (ii) in original actions brought
in the Cayman Islands, to impose liabilities predicated upon the civil liability provisions of the federal securities laws of the United
States or any state securities laws, so far as the liabilities imposed by those provisions are penal in nature. In those circumstances,
although there is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, the courts of the Cayman
Islands will recognize and enforce a foreign money judgment of a foreign court of competent jurisdiction without retrial on the merits
based on the principle that a judgment of a competent foreign court imposes upon the judgment debtor an obligation to pay the sum for
which judgment has been given provided certain conditions are met. For a foreign judgment to be enforced in the Cayman Islands, such
judgment must be final and conclusive and for a liquidated sum, and must not be in respect of taxes or a fine or penalty, inconsistent
with a Cayman Islands judgment in respect of the same matter, impeachable on the grounds of fraud or obtained in a manner, or be of a
kind the enforcement of which is, contrary to natural justice or the public policy of the Cayman Islands (awards of punitive or multiple
damages may well be held to be contrary to public policy). A Cayman Islands Court may stay enforcement proceedings if concurrent proceedings
are being brought elsewhere.
Certain
corporate governance practices in the Cayman Islands, which is our home country, differ significantly from requirements for companies
incorporated in other jurisdictions such as the United States. To the extent we choose to follow home country practice with respect to
corporate governance matters, our shareholders may be afforded less protection than they otherwise would under rules and regulations
applicable to U.S. domestic issuers.
As
a result of all of the above, our shareholders may have more difficulty in protecting their interests in the face of actions taken by
our management or members of the board of Directors than they would as shareholders of a company incorporated in a U.S. state.
We
are exposed to risks arising from fluctuations of foreign currency exchange rates.
As
our shares are quoted in US$ on the NYSE American, dividends, if any, in respect of our shares will be paid in US$. Fluctuations in the
exchange rate between the US$ and other currencies will affect, amongst other things, the foreign currency value of the proceeds which
a shareholder would receive upon sale of our shares and the foreign currency value of dividend distributions.
Future
issuance of shares by us and sale of shares by our existing shareholders may adversely affect the price of our Class A Ordinary Shares.
In
the event we issue or our shareholders sell substantial amounts of our shares in the public market, the price of our shares may be adversely
affected. The sale of a significant number of shares in the public market on the NYSE American, or the issue of further new securities
by us, or the perception that such sales or issues may occur, could materially affect the market price of our shares. Such issues or
sales may also make it difficult for us to issue new shares and raise the necessary funds in the future at a time and price we deem appropriate.
Our
dual-class voting structure will limit your ability to influence corporate matters and could discourage others from pursuing any change
of control transactions that holders of our Class A Ordinary Shares may view as beneficial.
Our
authorized and issued Ordinary Shares are divided into Class A Ordinary Shares and Class B Ordinary Shares. Holders of Class A Ordinary
Shares are entitled to one vote per share, while holders of Class B Ordinary Shares are entitled to 10 votes per share. Each Class B
Ordinary Shares is convertible into one Class A Ordinary Shares at any time by the holder thereof, while Class A Ordinary Shares are not
convertible into Class B Ordinary Shares under any circumstances. The holder of Class B Ordinary Shares have the ability to control matters
requiring shareholders' approval, including any amendment of our memorandum and articles of association and approval over any change
of control transactions. Any conversions of Class B Ordinary Shares into Class A Ordinary Shares may dilute the percentage ownership
of the existing holders of Class A Ordinary Shares within their class of Ordinary Shares.
34
Our
founder, chairman of the board of directors and chief executive officer, Mr. Terence Zou, and DLG Ventures Pte. Ltd. beneficially own
all of our issued and outstanding Class B Ordinary Shares. These Class B Ordinary Shares constitute approximately 21.9% of our total
issued and outstanding share capital and approximately 69.5% of the aggregate voting power of our total issued and outstanding share
capital as of the date of this annual report. As a result of the dual-class share structure and the concentration of ownership, holders
of Class B Ordinary Shares have considerable influence over matters such as decisions regarding mergers and consolidations, election
of directors and other significant corporate actions. Such holders may take actions that are not in the best interest of us or our other
shareholders. This concentration of ownership may discourage, delay or prevent a change in control of our company, which could have the
effect of depriving our other shareholders of the opportunity to receive a premium for their shares as part of a sale of our company
and may reduce the price of our Class A Ordinary Shares. This concentrated control will limit your ability to influence corporate matters
and could discourage others from pursuing any potential merger, takeover or other change of control transactions that holders of Class
A Ordinary Shares may view as beneficial.
If
securities or industry analysts do not publish or publish inaccurate or unfavorable research about our business, or if they adversely
change their recommendations regarding our Class A Ordinary Shares, the market price for our Class A Ordinary Shares and trading volume
could decline.
The
trading market for our Class A Ordinary Shares depends in part on the research and reports that securities or industry analysts publish
about us or our business. If research analysts do not establish and maintain adequate research coverage or if one or more of the analysts
who covers us downgrades our Class A Ordinary Shares or publishes inaccurate or unfavorable research about our business, the market price
for our Class A Ordinary Shares would likely decline. If one or more of these analysts cease coverage of the Company or fail to publish
reports on us regularly, we could lose visibility in the financial markets, which, in turn, could cause the market price or trading volume
for our Class A Ordinary Shares to decline.
The
conversion by the holders of Class B Ordinary Shares into Class A Ordinary Shares will result in a dilution of the percentage ownership
of the existing holders of Class A Ordinary Shares within their class of Ordinary Shares.
Holders
of Class B Ordinary Shares may convert each Class B Ordinary Shares into one fully paid Class A Ordinary Shares at any time. The right
to convert is exercisable by the holder of the Class B Ordinary Shares by delivering a written notice to the Company that such holder
elects to convert a specified number of Class B Ordinary Shares into Class A Ordinary Shares. In no event shall Class A Ordinary Shares
be convertible into Class B Ordinary Shares.
In
addition, upon the occurrence of any of the following events:
(i)
any sale, transfer, assignment or disposition of Class B Shares by a holder thereof to any person which is not an affiliate of such holder;
(ii)
a change of beneficial ownership of any Class B Shares as a result of which any person who is not an affiliate of the holders of such
Ordinary Shares becomes a beneficial owner of such Ordinary Shares;
(iii)
the death of Zou Junming Terence;
(iv)
the incapacity of Zou Junming Terence (as determined by a certified medical professional); or
(v)
the effective date of termination of Zou Junming Terence's directorship or employment,
in
relation to paragraphs (i) and (ii) only, the Class B Shares held by the relevant holder and, in relation to paragraphs (iii), (iv) and
(v) only, the Class B Shares held by Zou Junming Terence and DLG Ventures Pte. Ltd., shall be automatically and immediately converted
into an equal number of Class A Shares.
Accordingly,
the conversion by any holder of Class B Ordinary Shares held by it into Class A Ordinary Shares will result in a dilution of the percentage
ownership of the existing holders of Class A Ordinary Shares within their class of Ordinary Shares.
35
We
may not be able to declare dividends in the future.
We
are not legally or contractually required to pay dividends and any determination to pay dividends in the future will be entirely at the
discretion of our Board, taking into consideration a number of factors including our level of cash and retained earnings, our financial
performance, capital expenditure and expansion plans, working capital requirements and general financial condition, the ability of our
subsidiaries to declare and pay dividends to our Company and any applicable restrictions and any other factors that our Board may deem
relevant.
Pursuant
to the Companies Act, no dividends may be paid except out of profits or share premium, and provided that in no circumstances may a dividend
be paid if this would result in our company being unable to pay its debts as they fall due in the ordinary course of business. Our ability
to declare dividends to our shareholders in the future will be contingent on our future financial performance and distributable reserves
of our Company. This is in turn dependent on our ability to implement our future plans, and on regulatory, competitive and technical
factors and other factors such as general economic conditions, demand for our ride-hailing and quick commerce services and other factors
exclusive to the mobility and quick commerce industry, many of which are beyond our control. Any of these factors could have a material
adverse effect on our business operations, prospects, financial position and results of operations, and hence there is no assurance that
we will be able to pay dividends to our shareholders.
The
receipt of dividends from our subsidiaries may also be affected by the passage of new laws, adoption of new regulations and other events
outside our control, and our subsidiaries may not continue to meet the applicable legal and regulatory requirements for the payment of
dividends in the future. Source withholding tax and exchange rate fluctuations may also apply to dividends and distributions from our
subsidiaries to us. If our subsidiaries stop paying dividends or reduce the amount of the dividends they pay to our Company, or dividends
become subject to increased tax because of changes in ownership of our subsidiaries or changes in tax laws or treaties, it would have
an adverse effect on our ability to pay dividends on our Shares.
Further,
in the event that we are required to enter into any loan arrangements with any financial institutions, covenants in the loan agreements
may also limit when and how much dividends we can declare and pay out.
36
ITEM
4. INFORMATION ON THE COMPANY
4.A.
History and Development of the Company
Corporate
History
Our
Company, Ryde Group Ltd, was incorporated in the Cayman Islands on February 21, 2023 under the Companies Act as an exempted company with
limited liability. We currently operate in Singapore, with our core businesses in the following segments:
(i)
mobility,
    where we provide on-demand and scheduled carpooling and ride-hailing services, matching riders to our driver partners; and
(ii)
quick
    commerce, where we provide on-demand, scheduled, and multi-stop parcel delivery services.
We
set out below our key milestones, which show the growth journey of our Group and development of our service offerings throughout the
years.
Year
Milestone
2014
Ryde
    Technologies Pte. Ltd. was founded by Mr. Terence Zou, our chairman and CEO. At this point in time, well known players Uber and Grab
    had begun to provide ride hailing services for private hire drivers. We differentiated ourselves by intending to provide an on-demand
    carpooling offering via our mobile app, with the aim of providing a cleaner, greener, and more efficient way for point-to-point transport
    users in Singapore to get around. We had a vision to become a technology-focused "Super mobility app" where multiple
    mobility tools can be accessed and function seamlessly out of a single app, offering ultimate convenience and reliability for consumers.
2015
We
    launched our on-demand carpooling app to market with the intention of growing our business within the carpooling vertical.
2016
As
    a young company, we required resources in order to advance our technology capabilities. To this end, we raised S$1 million from a
    venture capital company. The funds were used to grow our in-house technology team, improving our technology offerings, as well as
    for initiatives to grow our driver partner supply.
2017
Our
                                            in-house technology team identified that, though our carpooling app was able to leverage
                                            the technology to provide on-demand carpooling services, the traditional taxi industry in
                                            Singapore did not appear to be able to fully utilize the benefits of such technological advances,
                                            leading to what we believe was a less than ideal consumer experience, driven by issues such
                                            as long wait times for taxis, and acceptance of limited types of non-cash payments or cash-only
                                            payments.
To
    this end, we expanded our service offerings to include ride-hailing services for taxis. Our first taxi partnership was with a Singapore
    Exchange Securities Trading Limited ("SGX-ST") listed transport company. We onboarded their taxis onto our platform,
    enabling their taxi drivers to accept taxi-bookings via services integration with our app, as well as allowing our mobile app to
    connect with their technology infrastructure where needed. Our expansion efforts were supported by the venture capital company that
    invested an additional S$2.5 million to aid us in further development of our technology infrastructure.
37
2018
We
                           addressed a gap in the market and launched our on-demand pet-friendly travel option, RydePET in February 2018.
In
    March 2018, Grab acquired Uber's Southeast Asia operations, which included Singapore. Uber's exit from the Singapore
    market, coupled with our success in executing ride-hailing for taxis via our partnership with the SGX-ST listed transport company,
    prompted us to seize the opportunity to expand our ride-hailing services by entering the private hire driver space.
In
    May 2018, we became a full-fledged ride-hailing provider as we launched our RydeX service, which comprised of private hire driver
    fleets.
Our
    expansion to becoming a full-fledged ride-hailing provider, providing both carpooling and ride-hailing, led us to continue to focus
    on innovating mobility related lifestyle offerings. To this end, we piloted RydeSEND, our on-demand parcel delivery service, with
    a beta version launch in September.
2019
Facing stiffer competition
    following the launch of Gojek's ride-hailing services in late 2018, we embarked on a strategy to keep our operations lean,
    charging a competitive commission and platform fee to driver partners and consumers respectively, which helped to entice drivers
    to join our platform, while keeping consumer demand stable. Bearing in mind the importance of growing our driver partner supply with
    the greater competition present, we partnered with another transport company to enable their taxi drivers to accept taxi-bookings
    via services integration with our app, increasing our ride-hailing supply of taxis.
2020
We
        continued to focus on enhancing our technology platform in order to remain as a low cost, high quality, and convenient choice
        for consumers to access mobility or parcel delivery services. In January, DLG Ventures Pte. Ltd. ("DLG") came onboard
        as an investor, providing S$2.3 million in capital to support us in building up our technology team and offerings. With DLG's
        support, we have been able to expand our technology team, which will enable us to enhance our technology platform. This will
        not only help us offer a better user experience but also allow us to stay competitive in the rapidly evolving ride-hailing market.
In
    April, the COVID-19 pandemic led to Singapore entering a lockdown period that resulted in many temporary restrictions and on and
    off adjustments for the ride-hailing industry. Our team deployed innovative, non-monetary schemes to encourage our driver partners
    to take on and complete more trips.
Maintaining
    and growing our driver partner supply is a constant priority for us and we therefore partnered with another transport company to
    enable their taxi drivers to accept taxi-bookings via services integration with our app, further increasing our available ride-hailing
    taxi fleet size.
2021
Following
        the LTA's introduction of a new regulatory framework for the Point-to-Point (P2P) sector in October 2020, we obtained our
        P2P licenses which came into effect on 30 October 2020 to operate both carpooling and ride-hailing services. As at date of this
        annual report, we are one of two players that holds both the Car-Pool Service Operator License and the Ride-Hail Service Operator
        License.
To
    further add value for consumers, we rolled out two new adjacent tools. In June, we piloted a deal with an insurance company to provide
    complimentary insurance for riders who make trips using our Ryde platform, and in December, we launched Ryde+, a value subscription
    plan for users that unlocks exclusive perks and additional savings on their rides.
2022
In February, we introduced
    an advance booking function for RydeSEND to allow consumers to schedule delivery, as well as an up-to six (6) stops option, to meet
    the growing demand of our quick commerce offering.
2023
In
    February, we acquired Meili Technologies Pte. Ltd. for their software technology to and existing key contractual relationships they
    have with various clients to further enhance our competitive technology. We also launched support for motorcyclists and walkers to
    become RydeSEND delivery partners in order to increase our pool of delivery partners to improve our overall fulfillment rate.
2024
In
March, the Company completed its initial public offering. The Class A Ordinary Shares began trading on March 6 on the NYSE American under
the ticker symbol "RYDE".
38
Corporate
Information
Our
principal executive offices are located at Duo Tower, 3 Fraser Street, #08-21, Singapore 189352. Our telephone number at this address
is +65-9665-3216. Our registered office in the Cayman Islands is located at Harneys Fiduciary (Cayman) Limited, 4th Floor, Harbour Place,
103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands. Our agent for service of process in the United States
is Puglisi & Associates, 850 Library Avenue, Suite 204, Newark, Delaware 19711. Our principal website address is
https://rydesharing.com
.
The information contained on our website does not form part of this annual report. The SEC maintains an Internet site that contains reports,
proxy and information statements, and other information regarding issuers that file electronically with the SEC at the website of
http://www.sec.gov
.
4.B.
Business Overview
Overview
Our
mission is to positively impact the lives of all drivers through leveraging technology to better facilitate the movement of people and
goods.
Our
vision is to become a "Super mobility app" where multiple mobility tools can be accessed and function seamlessly out of a
single app, offering ultimate convenience and reliability for our customers.
We
believe that the key to the success of our platform is our large network of driver partners and consumers, proprietary technology, operational
excellence, and service expertise, which together, help facilitate the movement of people and goods from one point to another. We currently
only operate in Singapore and have no business operations outside of Singapore. Our core businesses are in the following segments:
(a)
Mobility.
We provide on-demand and scheduled carpooling and ride-hailing services, matching riders to our driver partners.
(b)
Quick
    Commerce.
We provide on-demand, scheduled, and multi-stop parcel delivery services.
Mobility
Our
mobility business segment includes carpooling and ride-hailing.
Carpooling
refers to services that connect riders with driver partners who provide rides in a variety of vehicles, such as cars of different seating
capacities. Carpooling is about sharing rides and is provided via our RydePOOL service in our mobile app. We launched carpooling through
our RydePOOL service in Singapore. RydePOOL allows real-time, on-demand bookings as well as advance bookings via our Schedule Pickup
function, and only allows seating capacity for one rider per request, while riders may have to share their ride with other riders. Driver
partners may also bring along up to one (1) friend or family member to sit in the front of the car during the trip.
Ride-hailing
refers to services that connect riders with private-hire or taxi drivers, with the rider having the option to choose the type of ride
from a variety of vehicles, such as cars of different seating capacities and make. We started off with only carpooling services, but
ride-hailing services was a natural adjacency for us as we have the technology and the platform to enable it. Our ride-hailing services
allow riders to determine the number of seats they require for the trip, and offers real-time, on-demand bookings as well as advance
bookings and multi-stop options. We started to grow our offerings in this space and currently have the following different service offerings:
RydeX, RydeXL, RydeLUXE, RydeFLASH, RydePET, and RydeTAXI services.
●
RydeX
    is our basic on-demand ride-hailing service, with rider capacity of between one (1) to four (4) people, and trips assigned to private
    hire or taxi drivers. No pets are allowed on RydeX trips.
●
RydeXL
    is our basic on-demand ride-hailing service should riders need a larger capacity of up to six (6) people. Trips are assigned to private
    hire drivers only, and no pets are allowed on RydeXL trips.
●
RydeLUXE
    is our premium service offering, with professional drivers helming either Alphard or Vellfire six (6)-seater vehicles, providing
    a more luxurious offering compared to Ryde XL.
●
RydeFLASH
    assigns our riders to either private hire, taxi drivers or carpool drivers, and riders pay for the number of seats of their choice,
    with the option of between one (1) to four (4) seats. Driver partners may bring along up to one (1) friend or family member to sit
    in the front of the car during the trip. We aim to provide RydeFLASH riders with the fastest ride option available, tapping driver
    partners from all three (3) fleet types.
●
RydePET
    is our household-pet-friendly transport option and is available to private hire and taxi drivers and allows up to two (2) riders,
    excluding pets, onboard. For pets, we allow a maximum of two (2) medium sized pets or one (1) large sized pet. An example of medium
    sized pets would be a Maltese or a Cat, and a large sized one would be a Golden Retriever. Other arrangements (at the driver partner's
    discretion) are available as well.
●
RydeTAXI
    offers our riders an option to book taxis that they would otherwise have had to flag down on the road. We offer four (4)-seater taxis
    on our platform and riders will pay metered taxi fares. When a rider books for RydeTAXI, the flag down fare and regular booking fees
    are applicable, and actual charges will vary among different taxi companies. All fees for Standard and/or Premium taxis follow that
    of the respective taxi company as well.
In
2022 and 2023, revenue from mobility was S$6,510,000 and S$5,866,000, respectively. The following table compares the different services we offer under
our Mobility segment:
RydePOOL
RydeX
RydeXL
RydeLUXE
Seating
1
1
    to 4
1
    to 6
1
    to 6
Car
    type
Carpool,
    Private Hire and Taxi
Private
    Hire and Taxi
Private
    Hire
Private
    Hire
Shared
    ride
Yes
No
No
No
Pets
Not
    allowed
Not
    allowed
Not
    allowed
Not
    allowed
RydeFLASH
RydePET
RydeTAXI
Seating
Pay
    per seat, 1 to 4
1
    to 2
1
    to 4
Car
    type
Carpool,
    Private Hire and Taxi
Private
    Hire and Taxi
Taxi
Shared
    ride
No
No
No
Pets
Not
    allowed
Allowed
Not
    allowed
39
Quick
Commerce
Quick
Commerce is a package delivery booking service, which enables driver partners to accept bookings for package delivery services through
our driver partner app. Consumers can arrange for instant deliveries and cater for different package sizes. E-commerce, Food and Beverage
businesses and social sellers can utilize our last mile delivery services to their customers as an option as well. We provide our quick
commerce service through our RydeSEND offering, which comprises of real-time on-demand, scheduled, and multi-stop parcel delivery services.
RydeSEND
offers delivery of up to six (6) destinations in a single trip. We send small items within 50 minutes of pickup and generally 30 minutes
for each subsequent additional stop. Each stop only allows one (1) parcel to be delivered and the total weight limit is up to 8kg per
delivery trip, and a size limit of 36,000cm
3
(40cm x 30cm x 30cm).
We
provide insurance through RydeSEND Guarantee. RydeSEND Guarantee provides compensation for delivery items in the case of loss or damage.
Our liability for any loss of or damage to delivery Items is limited to the value of the delivery item(s) or S$100 per delivery trip,
whichever is lower. One delivery trip is defined as a delivery order with one (1) unique trip identification number, which may include
one (1) or more stops.
We
use a proprietary algorithm-based routing system to optimize our routes, increasing delivery efficiency. Our multi-stop parcel delivery
services offer merchants that need to dispatch multiple small items on demand, a convenient yet cost efficient delivery solution.
Our
revenue from quick commerce was S$146,000 in 2023 and S$92,000 in 2022.
The
following table summarizes the key features of our Quick Commerce service, RydeSEND:
RydeSEND
Number
    of stops
1
    to 6
Car
    type
Private
    Hire, Taxi
Shared
    ride
Able
    to take on a maximum of three jobs at any one time
Fares
Varies
    based on distance, time, and additional delivery related cost
Weight
    Limit
Up
    to 8kg per delivery trip
Size
    Limit (L x W x H)
40cm
    x 30cm x 30cm
Guarantee
Up
    to S$100 per delivery trip
Consumer
App Key Features
Consumers
may comprise riders that utilize our mobility segment offerings, or users that utilize our delivery services via our quick commerce offering.
The key to our app is the relevance of our mobility specific offerings to consumers' lives. We want to be the first service provider
that comes to the consumers' mind when they have transportation related needs. At a touch of a button, consumers have access to
various point to point transport and parcel delivery offerings on our platform through a single mobile application.
Tight
knit integration across the offerings available through our platform provides, we believe, a consistently high-quality experience for
consumers and encourages them to use more of the offerings on our platform. Integration across offerings on our platform also strengthens
the app ecosystem, enabling the launch of new innovative service offerings. For example, linking deliveries and point to point transport
offerings on our platform, we have enabled a unique driver partner to be able to provide both types of offerings. Further, linking insurance's
offerings on our platform, we have enabled a ride-based coverage, which provides consumers free insurance coverage during their trips
and also serves as an outreach marketing tool for these insurance companies to promote brand awareness among our diverse consumer base.
40
Payments
RydePay
is our digital payments solution that allows users to pay and/or top-up by card and to pay by RydeCoins. We may enhance our RydePay offerings
in the future, for example by allowing consumers to make online and offline electronic payments using their mobile wallet. We will enable
consumers that do not have access to a bank account to add money to their mobile wallet through our network of driver partners, amongst
other top up channels. RydePay will also enable our driver partners to receive digital payments for their services, which we expect will
give them access to a larger consumer base, as well as save them the hassle and risk of having to handle cash payments.
RydeCoins
offer a payment option in our app by using it as our own in-house payment token, exclusively usable within our platform for the services
we offer, with a focus to incentivise customers and consumers for their loyalty through cashback via RydeCoins which may be utilised
on future rides. Users can top up RydeCoins in their Ryde app using a variety of credit cards, with a top up limit of S$1,000 per transaction,
and a minimum top up amount of S$5. The maximum amount a RydeCoin wallet can hold is S$1,000. As of the date of this annual report, we
do not accept bitcoin or any other form of cryptocurrency as a payment method for our services. RydeCoins are solely intended for use
within our platform and are non-refundable and cannot be redeemed, exchanged, transferred or converted into cash or utilised for any
transactions outside of our services. They are valid for six months from the last wallet transaction.
Subscription
Plan
Ryde+
is a value subscription plan that unlocks savings across selected Ryde services for a fixed monthly fee. As at the date of this annual
report, Ryde+ is priced at S$19.99 (inclusive of GST) per month or S$49.99 (inclusive of GST) per quarter, with an auto-renewing payment
for the convenience of our consumers. Ryde+ members enjoy benefits such as priority matching, that aims to reduce the amount of time
it takes for them to be matched with a driver, unlimited 'cashback' by way of RydeCoins for ride-hailing, and deliveries,
provided that certain conditions are met, and exclusive access to special deals provided by our partners. Consumers may use the "cashback"
earned in the form of RydeCoins for their future trips.
To
opt in, consumers must fulfil the minimum criteria set which is based on their rider ratings and cancellation ratings. By ensuring Ryde+
is only available to consumers with positive ratings, we aim to foster a respectable, like-minded, and safe Ryde community. Should riders'
ratings drop below the required threshold, they will not be eligible for the "cashback" bonuses until they take enough rides
to pull up their ratings enough to qualify for benefits again.
Fees
The
fee charged to our riders comprises:
1.
a
    platform fee per trip, that we believe is in line with the industry practice of similar companies;
2.
a
    base fare which is calculated by way of an algorithm;
3.
a
    payment transaction fee for cashless transactions;
4.
a
    standard fixed price for each additional stop made during a trip (if applicable); and
5.
toll
    charge (only applicable for ride-hailing and carpooling services)
We
also implement a cancellation fee and waiting fee on our riders. These fees are appliable in two specific scenarios: firstly, if a rider
cancels a trip within a stipulated timeframe upon being matched with a driver partner, and secondly, if a driver partner is obligated
to wait for a duration exceeding a specified timeframe upon reaching the designated destination.
To
enhance consumer attraction and retention, we offer incentives to both our Ryde+ members and non-Ryde+ members. Ryde+ members enjoy exclusive
benefits, including trip bonuses, where they receive cashback in RydeCoins. This cashback is subject to a predetermined cap on the number
of trips eligible for the bonus. Additionally, Ryde+ members also receive a predetermined percentage of unlimited cashback in RydeCoins
for selected trips. On the other hand, non-Ryde+ members are also incentivized through our referral program. When existing consumers
refer new consumers, they receive referral bonuses, the specific amount of which is determined by us, considering various factors and
promotions. Furthermore, non-Ryde+ members receive a top-up bonus, where they are rewarded with additional RydeCoins upon topping up
a specific amount on our platform. These incentives are designed to promote consumer engagement and loyalty.
41
To
manage the challenges associated with our growing base of consumers while also increasing revenues, we provide cash incentives to our
driver partners. These incentives and the amount awarded are contingent upon and determined by the number of trips they complete within
their respective incentive cycles. By aligning driver incentives with the number of trips they complete, we are able to create a system
which incentivizes our drivers to complete more trips which in turn contributes to further revenue for us. The incentive cycles commence
when driver partners start utilizing the Ryde platform and conclude according to the specific number of days determined by us in our
weekly strategic planning. They are performance-driven, meaning that the amount awarded is linked to the driver partners' trip
completion metrics. Once the criteria for earning the incentives have been met, we proceed to payout the incentives to our driver partners.
This approach not only motivates driver partners to increase their trip count but also contributes to our revenue growth, as the increase
in the number of completed trips signifies higher utilization rate of our services and thereby an increase in our consumer base, and
in turn, an increase in revenue of the Company. In order to ensure that we maintain a profitable margin when implementing these incentives
whilst maintaining an attractive reward structure for our driver partners, we carefully adjust the percentage of incentives provided
to our driver partners during our weekly strategic meetings, factoring in our operational needs. To illustrate, our consumers fully cover
toll charges, and the base fare for each trip is determined using an algorithm which is reviewed monthly to account for the basic costs
associated, such as drivers' operational expenses and overhead.
Insurance
We
want to ensure that our riders have a safe ride, and to this end, we partnered with an insurance company to offer free insurance coverage
for our riders during their trips. All passengers who are on the ride are eligible for the Accidental Death benefit. Only the Ryde user
who opted-in for the complimentary cover and made the ride booking is eligible for the Loss of Identity Document and Emergency Assistance
Benefit. Riders will be covered for every trip they take after they have opted-in for this complimentary cover. Each trip commences from
the moment a rider boards the vehicle and ends at the drop-off point. As at the date of this annual report, the insurance company will
provide such free coverage till 30 June 2024.
There
are three types of benefits under this complimentary cover:
●
Accidental
    Death Benefit;
●
Loss
    of Identity Documents; and
●
Emergency
    Assistance Benefit
Business
Profiles
Under
our Business Profile offering, business users can track their business expenses by signing up with their work email address and manage
their business rides via our app. We help business users claim their business expenses by consolidating their ride receipts and generating
monthly statements.
42
Mobility
User Interface for Consumers
Home
    Screen
Book
    a ride options
Select
    Payment Type
43
Top-up
    Options
Trip
    in-transit
Trip
    in-transit
Rider
    Profile & Rating Page
44
Quick
Commerce User Interface for Consumers
RydeSEND
    Booking
RydeSEND
    Package info/Details
RydeSEND
    Payment Options
RydeSEND
    in-transit
45
Driver
Partner App Key Features
Our
app for driver partners supports them across our mobility and quick commerce segments. Using the same mobile application, our driver
partners are able to perform a variety of tasks including managing their profile and workflows, tracking their earnings and rewards,
and accessing payment.
Our
app for driver partners is integrated across our segments, enabling them to seamlessly switch between bookings for the mobility and quick
commerce segments, optimizing their time more effectively. For example, a driver partner might begin his day delivering parcels, then
move on to ferrying passengers to work, all done using the same driver partner app.
According
to the Land Transport Authority of Singapore, Singapore's road network connects all corners of the island with more than 9,000
land-km of roads and expressways. Our routing and mapping technologies allow us to add new or smaller streets and more localized points
of interest to our maps, which improve the quality of our driver partners' experience on our platform with more accurate routing
and navigation. This enables shorter travel times and makes it easier to locate passengers, hence improving our driver partners'
productivity and earnings.
Safety
of both our driver partners and consumers is of utmost importance to us. Our driver partners undergo a quick but thorough onboarding
process, where they go through our safety and quality requirements and are trained on how to use the application to maximize their earnings
as well as remain safe on the platform. We aim to continue raising the bar for safety, going beyond minimum requirements set forth by
regulators. Our key initiatives include proof of valid driver license, valid policy of insurance, and requirements for suitable and safe
vehicles and engine size.
We
have created a platform that allows drivers and passengers to communicate with each other during their journey. Additionally, we have
included a feature called Smart Response, which offers suggested one-click responses to messages. We have also integrated safety measures
such as Share Trip as well as Lost and Found features to help ensure the well-being of both drivers and passengers.
Furthermore,
we have developed our own mobile telematics technology that uses data from a driver's phone to gather location-based information
and driving behavior. Our algorithms allow us to detect and manage incidents, identify risky driving patterns, and ultimately improve
the safety of everyone involved.
46
User
Interface for Driver Partners
Driver
    partner Earnings and Bonus Page
Driver
    partner Rating and Profile Page
Service
    Options Page
Navigation
    Page
RydeSEND
    in-transit
47
Network
Effects and Platform Synergies
The
foundation of our marketplace business is our network. We connect demand (riders) to supply (driver partners) and to ensure riders are
allocated to the nearest, fastest driver partner available, a large hyperlocal network of both riders and driver partners is imperative
for our business to thrive.
To
create a liquidity network effect, we start by managing supply. We began in 2014 by onboarding driver partners through door-to-door recruitment
drives and engaging drivers at carparks to build our initial network. We also created awareness among consumers by conducting roadshows
and through the distribution of flyers at carparks, etc. Our strategy was to grow the number of driver partners to improve our market
coverage, which will lead to lower average wait times, and attract more riders to our platform. More riders will lead to an increased
number of trips and consequently higher driver partner utilization and earnings for the driver partners. This in turn will attract more
driver partners and enable us to reduce fares for consumers through the effects of dynamic pricing. This virtuous cycle is important
to us as there is a need to create the largest network liquidity possible in a particular geographical location in order for our business
to function at its most optimal level.
We
also experience benefits from having high network liquidity across different offerings on our platform as we are able to offer multiple
service offerings to our customers. For example, driver partners offering carpooling and ride-hailing on our platform are able to deliver
parcels through RydeSEND as well. A network liquidity effect plays a part in helping us increase our market share over time, as it makes
our Mobility and Quick Commerce offerings more convenient and cost-competitive versus other forms of transportation, such as personal
vehicle usage and ownership, or other types of delivery services.
We
have built a network of over 100,000 driver partners and more than 900,000 registered riders. Our network becomes more intelligent with
every additional trip as we analyze data and learn to operate more efficiently.
We
intend to continue to provide new tools for our users that we believe will further strengthen our platform and existing offerings. We
can easily launch, and scale new tools offered on our platform by leveraging on our existing network, technology, and service offering
expertise. Each new tool adds nodes to our network and can strengthen these shared capabilities, allowing us to launch additional services
more effectively. For example, RydeSEND (1) is used by many of our same customers who use our carpool and ride-hailing services (2) is
built using our existing technology, and (3) has grown through the use of the same operation teams that built our carpool and ride-hailing
services. Each new service or offering enables us to invest more efficiently because we share innovations and investments across our
platform offerings. These synergies lower our costs and allow us to invest with scale that becomes increasingly efficient as we grow
with each new service or offering.
Proprietary
Technology
We
have built proprietary marketplace and routing technologies. Our marketplace technologies use algorithms to predict demand, match riders
and driver partners, and create dynamic pricing.
Insurance
We
maintain insurance coverage that we believe is relevant for our businesses and operations. Our insurance includes work injury compensation,
director and officer liability insurance and complimentary insurance which provides exclusive coverage for riders using the Ryde platform
in respect of a particular trip taken by our riders. Such complimentary insurance to riders who make trips using our Ryde platform consists
of an accidental death benefit, coverage for the loss of identity documents, as well as an emergency assistance benefit in the event
of an accident. Such insurance offered is specific to the foregoing instance only and does not purport to include any other insurance
coverage. We cannot guarantee, however, that we will not incur any losses or be the subject of any claims that exceed the scope of the
relevant insurance coverage. We reassess our insurance structure at each renewal, taking into account both insurance market conditions
and the expansion and development of our business.
48
Competition
We
operate a technology platform that provides a range of ride-hailing, carpooling and delivery focused offerings in Singapore. Our vision
is to be a super mobility app. The segments in which we operate are extremely competitive and are characterized by ever changing user
preferences and frequent introductions of new offerings. We face competition in each of our segments from single market and regional
competitors and single segment and multiple segment players. We compete to attract, engage, and retain driver partners and enable access
to consumers based primarily on the following criteria:
●
Driver
    Partners
. We compete based on, among others, our ability to provide flexible income opportunities, attractive earnings potential,
    in part due to our competitive commissions policy, and the quality of our driver partner community and work experience. We believe
    that we are positioned favorably, driven by the breadth of our support for driver partners, including technology-driven tools and
    services that enable them to increase their productivity and earnings. We focus on supporting our driver partners by providing them
    training and cash incentives which are contingent upon and determined by the number of trips they complete within their respective
    incentive cycles.
●
Riders
    and consumers
. We compete to enable driver partners to be able to attract, engage and retain consumers based on, among other
    things, convenience, customer service, reliability and value of offerings on our platform. We believe we are positioned favorably
    based on safety, value, and quality of offerings on our platform. The integration of mobility focused offerings on our platform provides
    consumers with one-stop access to transport or delivery needs, differentiating us from many of our competitors.
Grab,
Gojek, TADA and taxi operators are key competitors in Singapore within the ride-hailing and point-to-point transport space. Generally,
consumers accessing our platform have alternatives, including personal vehicle use, and other transportation options, for example public
transport.
Legal
Proceedings
From
time to time, we may become involved in actions, claims, suits, and other legal proceedings arising in the ordinary course of its business,
including assertions by third parties relating to intellectual property infringement, breaches of contract or warranties or employment-related
matters. We are not currently a party to any actions, claims, suits or other legal proceedings the outcome of which management believes,
if determined adversely to us, would individually or in the aggregate have a material adverse effect on our business, financial condition,
and results of operations.
49
Regulation
This
section sets forth a summary of the material laws and regulations that affect our Group's business and operations in Singapore.
Information contained in this section should not be construed as a comprehensive summary nor detailed analysis of laws and regulations
applicable to the business and operations of our Group. This overview is provided as general information only and not intended to be
a substitute for professional advice. You should consult your own advisers regarding the implication of the laws and regulations of Singapore
on our business and operations.
Singapore
Workplace
Safety and Health Act
The
Workplace Safety and Health Act 2006 of Singapore (the "WSHA") is the principal legislation governing the safety, health
and welfare of persons at work in workplaces. Among other things, the WSHA imposes a duty on every employer and every principal (which
would include us) to take, so far as is reasonably practicable, such measures as are necessary to ensure the safety and health of its
employees, and any contractor, any direct or indirect subcontractor, and any employee employed by such contractor or subcontractor, when
at work.
The
general penalties for non-compliance with the WSHA include the imposition of fines up to the amount of S$500,000 in the case of a body
corporate. Further or other penalties may apply in the case of repeat offences or specific offences under the WSHA or its subsidiary
legislation.
Employment
Act
The
Employment Act 1968 of Singapore, or the Singapore EA, sets out the basic terms and conditions of employment and the rights and
responsibilities of employers as well as employees. With effect from April 1, 2019, the Singapore EA extends to all employees,
including persons employed in managerial or executive positions, with certain exceptions.
The
Singapore EA prescribes certain minimum conditions of service that employers are required to provide to their employees, including (i)
minimum days of statutory annual and sick leave; (ii) paid public holidays; (iii) statutory protection against wrongful dismissal; (iv)
provision of key employment terms in writing; and (v) statutory maternity leave and childcare leave benefits. In addition, certain statutory
protections relating to overtime and hours of work are prescribed under the Singapore EA, but only apply to limited categories of employees,
such as an employee (other than a workman) who is not employed in a managerial or executive position and who receives a salary of up
to S$2,600 a month ("relevant employee"). Section 38(8) of the Singapore EA provides that a relevant employee is not allowed
to work for more than 12 hours in any one day except in specified circumstances, such as where the work is essential to the life of the
community, defense or security. In addition, section 38(5) of the Singapore EA limits the extent of overtime work that a relevant employee
can perform, to 72 hours a month.
Other
employment-related benefits which are prescribed by law include (i) contributions to be made by an employer to the Central Provident
Fund, under the Central Provident Fund Act 1953 of Singapore in respect of each employee who is a citizen or permanent resident of Singapore;
(ii) the provision of statutory maternity, paternity, childcare, adoption, unpaid infant care and shared parental leave benefits (in
each case subject to the fulfilment of certain eligibility criteria) under the Child Development Co-savings Act 2001 of Singapore; (iii)
statutory protections against dismissal on the grounds of age, and statutory requirements to offer re-employment to an employee who attains
the prescribed minimum retirement age, under the Retirement and Re-employment Act 1993 of Singapore; and (iv) statutory requirements
relating to work injury compensation, and workplace safety and health, under the Work Injury Compensation Act 2019 of Singapore and the
Workplace Safety and Health Act 2006 of Singapore, respectively.
50
Road
Traffic Act 1961 of Singapore ("RTA")
There
are no laws in Singapore which specifically govern the provision of our quick commerce package delivery services in Singapore. However,
certain rules under the RTA and its subsidiary legislation prohibit chauffeured private hire car drivers and taxi drivers from providing
any courier pick-up and delivery service using their chauffeured private hire car or taxi, without the prior approval of the Registrar
of Vehicles appointed under the RTA. Such requirements may apply to the driver partners who provide package delivery services under our
quick commerce segment. We have, on behalf of our driver partners and subject to certain terms and conditions, obtained approval from
the Registrar of Vehicles in respect to the provision of courier pick-up and delivery services by such driver partners. The penalties
for non-compliance with the terms and conditions of the aforesaid approval include revocation of the approval.
Point-to-Point
Passenger Transport Industry Act 2019
The
Point-to-Point Passenger Transport Industry Act 2019 of Singapore (the "PPPTIA") is intended to regulate the point-to-point
passenger transport services industry in order to (a) to facilitate the delivery of safe, reliable, efficient and customer-focused point-to-point
passenger transport services in Singapore; and (b) to enable the development and operation of innovative and accessible point-to-point
passenger transport services which contribute to the mobility and safety of people in Singapore.
It
is the principal piece of legislation that covers the ride-hailing booking services provided by us including RydePOOL, RydeX, RydeXL,
RydeLUXE, RydeFLASH, RydePET, RydeHIRE and RydeTAXI. Licensees are required to, among other things, comply with the conditions set out
in their licenses, and to comply with any directions, codes of practice and/or emergency directives issued by the Land Transport Authority
of Singapore. We have obtained the relevant licenses under the PPPTIA to provide our carpooling and ride hailing booking services in
Singapore.
Additionally,
ride-hailing licensees under the PPPTIA are required to ensure that the ride-hailing fares associated with their services are consistent
with the pricing policies put in place by the Public Transport Council of Singapore.
Under
the conditions of the licenses granted to us under the PPPTIA, we are also required to ensure that our driver partners are compliant
with certain legislative requirements relating to motor vehicle insurance and public service vehicle licensing.
The
penalties for non-compliance with the conditions of the licenses granted under the PPPTIA include revocation or suspension of the licenses
and/or the imposition of financial penalties up to the amount of 10% of the licensee's annual turnover or S$100,000 per instance
of non-compliance.
The
penalties for non-compliance with the pricing policies put in place by the Public Transport Council of Singapore include the imposition
of fines up to the amount of S$100,000 and/or imprisonment for a term of up to six months.
Payment
Services Act
The
Monetary Authority of Singapore ("MAS") regulates persons who carry on the business of providing certain regulated payment
services in Singapore under the Payment Services Act 2019 which came into force on January 28, 2020 (the "PS Act"). Unless
excluded or exempted, a person must obtain and have in force the relevant license to carry on a business in providing regulated payment
services under the PS Act, namely, account issuance service, e-money issuance service, domestic money transfer service, cross-border
money transfer service, merchant acquisition service, digital payment token service, and money-changing service.
In
addition to the foregoing, the Payment Services (Amendment) Bill was passed in parliament in 2021 but has not come into force yet.
51
Under
the PS Act, licensees may generally be subject to obligations relating to general approval requirements for changes of control and the
appointment of the CEO and directors, general notification and record-keeping requirements, audit requirements, base capital requirements,
anti-money laundering requirements, the requirement to furnish security (for a major payment institution), the requirement to safeguard
customer monies (for certain major payment institutions), and other applicable requirements. Licensees are expected to implement certain
systems, processes and controls in line with the various notices and guidelines published by the MAS, including without limitation the
MAS' Guidelines on Risk Management Practices – Technology Risk applicable to financial institutions in Singapore. Non-compliance
with the above could potentially result in penalties under the PS Act including revocation or suspension of the license, civil damages
claims, and criminal penalties for the respective licensee and/or its officers including fines with potential for additional amounts
for ongoing non-compliance, for the duration of the non-compliance, and (in the case of officers) imprisonment, for each offence.
Personal
Data Protection Act 2012
Data
Protection Obligations
The
Personal Data Protection Act 2012 of Singapore ("PDPA") establishes the baseline regime for the protection of personal data
in Singapore. The PDPA applies to all organizations that collect, use, disclose, and/or process personal data. The PDPA is administered
and enforced by the Personal Data Protection Commission ("PDPC"). In this regard, "personal data" as defined
under the PDPA refers to data, whether true or not, about an individual who can be identified from that data or other information to
which the organization has or is likely to have access to.
An
organization is required to comply with, amongst other things, the data protection obligations prescribed by the PDPA, which may be summarized
as follows:
(a)
Consent
    obligation – the consent of individuals must be obtained before collecting, using, disclosing and/or processing their personal
    data, unless an exception applies. Additionally, an organization must allow the withdrawal of consent by an individual which has
    been given or is deemed to have been given;
(b)
Purpose
    limitation obligation
– personal data must be collected, used, disclosed, and/or processed only for purposes that a reasonable
    person would consider appropriate in the circumstances, and if applicable, have been notified to the individual concerned;
(c)
Notification
    obligation
– individuals must be notified of the purposes for the collection, use, disclosure, and/or processing of their
    personal data, prior to such collection, use, disclosure, and/or processing;
(d)
Access
    and correction obligations
– when requested by an individual and unless an exception applies, an organization must: (i)
    provide that individual with access to his personal data in the possession or under the control of the organization and information
    about the ways in which his personal data may have been used or disclosed during the past year, and/or (ii) correct an error or omission
    in his personal data that is in the possession or under the control of the organization;
(e)
Accuracy
    obligation
– an organization must make reasonable efforts to ensure that personal data collected by or on its behalf is
    accurate and complete if such data is likely to be used by the organization to make a decision affecting the individual to whom the
    personal data relates or if such data is likely to be disclosed to another organization;
(f)
Protection
    obligation
– an organization must implement reasonable security arrangements to protect personal data in its possession
    or under its control from (i) unauthorized access, collection, use, disclosure, copying, modification, disposal or similar risks,
    and (ii) the loss of any storage medium or device on which personal data is stored;
(g)
Retention
    limitation obligation
– an organization must anonymize or must not keep personal data for longer than it is necessary to
    fulfill; (i) the purposes for which it was collected, or (ii) a legal or business purpose;
52
(h)
Transfer
    limitation obligation
– personal data must not be transferred out of Singapore except in accordance with the requirements
    prescribed under the PDPA. In this regard, an organization must ensure that the recipient of the personal data in that country outside
    Singapore is bound by legally enforceable obligations to provide the transferred personal data a standard of protection that is at
    least comparable to the protection under the PDPA;
(i)
Accountability
    obligation
– an organization must implement the necessary policies and procedures in order to meet its obligations under
    the PDPA, communicate and inform their staff about these policies and procedures, as well as make information of such policies and
    procedures available on request. In addition, an organization must develop a process to receive and respond to data-related complaints,
    and must designate at least one individual as the data protection officer to oversee the organization's compliance with the
    PDPA;
(j)
Data
    breach notification obligation
- an organization must notify the PDPC and/or the affected individuals if it has suffered a data
    breach that meets the notification thresholds prescribed under the PDPA (i.e. the data breach is or is likely to be of significant
    scale, or has caused or is likely to cause significant harm to the affected individuals). The organization is expected to expeditiously
    assess the severity of the breach, and the timeline to notify the PDPC is 3 calendar days of the organization assessing that a notification
    threshold has been met; and
(k)
Data
    portability obligation
– the data portability obligation (which is not yet in force as at the date of this annual report)
    grants individuals with an existing direct relationship with an organization the right to request for a copy of their personal data
    to be transmitted in a commonly used machine-readable format to another organization which has a business presence in Singapore.
    The exact scope and applicability of this right will be delineated by the relevant regulations and guidelines to be published by
    the PDPC.
The
maximum financial penalty that can be imposed on organizations is S$1 million, or 10% of the organization's annual turnover in
Singapore, whichever is higher. The severity of the penalties will be assessed based on, amongst other things, the amount of personal
data involved, and the degree of harm caused to individuals.
Seasonality
We
typically expect to experience seasonal impacts to our operating results, as we generate lower number of trips in our first quarter compared
to other quarters due in part to regional holiday, such as lunar new year. Additionally, other festivities like Christmas, the new year
celebration, and Ramadan's fasting month impact the demand for mobility and quick commerce services, as well as the availability of driver-partners.
Weather conditions, like the rainy season, also contribute to seasonal fluctuations in our operating results.
53
C.
Organizational structure
The
following is a list of our subsidiaries as of the date of this annual report.
Name
    of subsidiary
Jurisdiction
    of Incorporation
Ryde
    Group (BVI) Ltd
British
    Virgin Islands
Ryde
    Technologies Pte. Ltd.
Singapore
Meili
    Technologies Pte. Ltd.
Singapore
Meili
    Technologies (M) Sdn. Bhd.
Malaysia
The
following diagram illustrates the corporate structure of Ryde Group Ltd and its subsidiaries as of the date of this annual report:
D.
Property, Plant and Equipment
Facilities
Our
corporate headquarters is located at 7500A Beach Road, #13-301A, The Plaza, Singapore 199591. We leased an aggregate of approximately
84.8 square meters of offices as of December 31, 2023. Our lease agreement for our headquarters has a term that expires in January 2025.
We do not foresee any issues with renewing our lease agreement in the near future. However, if for whatever reason, our lease agreement
is not renewed, we do not foresee any issues relocating to an alternative location in Singapore that provide similar facilities.
We
believe that our facilities are adequate to meet our needs for the immediate future, and that, should it be needed, suitable additional
space will be available to accommodate any such expansion of our operations.
54
Intellectual
Property
We
recognize the importance of protecting and enforcing our intellectual property rights. We rely on a combination of contractual rights
as well as intellectual property controls and procedures to protect our intellectual property rights. These include registering our trademarks
and entering into confidentiality agreements, employee intellectual property assignment agreements, and license agreements with our employees,
suppliers and other parties.
As
of the date of this annual report, we have four registered trademarks with the Intellectual Property Office of Singapore ("IPOS").
We cannot guarantee that any of our trademark applications will result in the registration of those trademarks.
We
are the registered holder of two domain names, ("https://www.rydesharing.com" and "www.ryde.io") and have full
legal rights over all these domain names for the period for which such domain names are registered.
We
generally control access to and use of our proprietary technology and other confidential information with internal and external policies,
processes and controls, including network security and contractual protections with employees, contractors and other third parties.
Despite
our various efforts to protect our proprietary rights, unauthorized parties may still copy or otherwise obtain and use our technology.
In addition, as we face increasing competition and as our business grows, we could face allegations that we have infringed the trademarks,
copyrights, patents, trade secrets or other intellectual property proprietary of third parties, including of our competitors, strategic
partners, investors and other entities with whom we may share information or receive information from, and as a result may be subject
to legal proceedings and claims from time to time relating to the intellectual property of others.
Item
4A. Unresolved Staff Comments
None.
55
ITEM
5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS
The
following discussion and analysis of our financial condition, changes in financial condition and results of operations should be read
in conjunction with our audited consolidated financial statements and the related notes and other financial information included elsewhere
in this annual report. In addition to historical consolidated financial information, the following discussion may contain forward-looking
statements that reflect our plans, estimates, and beliefs that involve risks and uncertainties. Our actual results could differ materially
from those discussed in the forward-looking statements as a result of many factors, including those factors set forth in "Item
3. Key Information—D. Risk Factors" and the section titled "Cautionary Note Regarding Forward-Looking Statements,"
which you should review for a discussion of some of the factors that could cause actual results to differ materially from the results
described in or implied by the forward-looking statements contained in the following discussion and analysis and elsewhere in this annual
report.
5.A.
Operating Results
Factors
affecting our performance
As
part of our business model, we earn revenues from fees from transactions completed by the consumers and driver partner who use our services
across our mobility and quick commerce solutions. Therefore our revenue is a function of the number of active customers, including both
new and returning, transaction on our Ryde app and the fares/rates that we charge. Therefore the key factors affecting our results include
our growing consumer and driver base, their recurring volumes per consumer and the fares/rates we charge, which together underpin our
revenue growth. Our focus on controlling costs, like incentives to drivers and riders costs and employee expenses supports our profitability
and our ability to generate cash and capital.
Our
customer and driver base growth rates
Our
consumer and driver base growth rates which we measure by number of consumers and drivers, is key to the success of our app and business.
To achieve this, we believe in increasing the number of driver partners and customers using our app, which is facilitated by our focus
on creating a super mobility app ecosystem that generates synergies between the supply and demand sides. With this, we expect this ecosystem
will grow organically as we continue to use promotions to attract customers to our platform.
Market
competition affecting customer retention rates
We
are facing tough competition in both our segments and the Singapore market. Our competitors are established players or new entrants who
offer low-cost alternatives or higher quality services. They may have reputational advantages, better brand recognition, larger marketing
budgets, and more supportive regulatory regimes than us. Our competitors may also offer discounted services, driver partners incentives,
and consumer incentives, as well as innovative products and alternative pricing models. We may need to adjust our prices, fees, commissions,
and marketing expenses in response to competitive pressures. Some of our competitors may consolidate or establish cooperative relationships,
which may enhance their resources and offerings. The barriers to entry in our market are low, and driver partners and consumers may choose
alternative platforms or services. Our competitors may adopt our product features or innovations that are more attractive to consumers
or driver partners, which could reduce our ability to differentiate ourselves from them. As a result of the foregoing, this in turn affect
customer and driver retention rates and could impact our revenues and costs. Driver partners and consumers may shift to other platforms
based on earning potential, volume of work, overall user experience, and convenience.
Investment
into technology for more products
We
invest in our business, including, among others, such as expanding our quick commerce and mobility offerings, growing our driver partner
and consumer base, improving our mobile app, upgrading our technology and infrastructure, and recruiting skilled employees. We also plan
to expand our business in Southeast Asia using a hyperlocal approach that requires substantial investments to accommodate the different
infrastructure, regulations, systems, and user preferences in each country. Our business model requires significant investments to achieve
profitability and remain competitive, which may entail adjusting commissions and offering incentives to driver partners and consumers.
56
Strategic
partnerships and acquisitions
We
have formed partnerships and alliances with other companies in the past, and will continue to do so in the future. For instance, we recently
partnered with an insurance company to offer insurance to our platform users. Such partnerships can lead to increased revenue in several
ways, including expanded customer base through greater brand awareness by accessing new customers of the partner who may not have used
our services, and new revenue streams. For instance, if we were to partner with companies like a food and beverage chain, we may increase
our revenue through food delivery services, a new revenue stream. Partnerships could also help us reduce costs. For example, if we have
a partner who has access to a fleet of rental cars, buses, we can access the partner's fleet of vehicles thereby reducing our cost
and increasing our revenue stream if we provide bus/van rental services.
Regulatory
environment
We
operate in Singapore's mobility and quick commerce segments, which are subjects to various regulations. These regulations include
the evolution of laws related to mobility and quick commerce, data regulations such as data privacy, data localization, data portability,
cybersecurity, and advertising, gig economy regulations, anti-trust regulations, economic regulations such as price, supply, safety,
health, and environment regulations, foreign ownership restrictions, artificial intelligence regulations, and regulations regarding the
provision of online services. Obtaining necessary licenses, permits, and approvals may be challenging as the relevant laws and regulations
are still evolving, and we cannot guarantee that we will maintain the licenses and approvals we have obtained. We may be required to
make operational adjustments to comply with new regulatory requirements, which could involve significant costs or may not be practicable,
and failure to comply with applicable regulations could expose us to regulatory actions such as fines or orders to cease our business
activities. Furthermore, our actual or perceived non-compliance could materially and adversely affect our business, operations, financial
performance, financial condition, results of operations, and prospects.
Ability
to manage our costs
Our
business model involves rewarding both our driver partners and consumers with incentives for using our platform, such as completing a
certain number of trips or receiving bonuses and incentives. Our ability to generate more revenue and become profitable depends on our
effective use of these bonuses and incentives and gradually reducing the amount of bonuses and incentives paid to both driver partners
and consumers, relative to the commissions and fees we receive. If we are unable to achieve this, it could negatively impact our revenue
growth, capital raising efforts, and overall profitability, which could ultimately affect our ability to continue operating. Additionally,
if we were to decrease the use of bonuses and incentives, it could lead to reduced growth in the number of users and driver partners
and ultimately lead to a decline in our revenues, which could have significant adverse effects on our business, financial performance,
and prospects.
Ability
to grow our revenue from ride-hailing and quick commerce
Our
ability to grow revenue from ride-hailing and quick commerce services is subject to various factors that may impact our business, financial
performance, and prospects. There are inherent challenges and risks that could hinder our ability to sustain and further increase revenue.
One key factor is the level of competition in the ride-hailing and quick commerce industry. We operate in a highly competitive market
with both local and international players offering similar services. This intense competition can lead to pricing pressures and increased
marketing expenses as we strive to attract and retain customers and driver-partners. If we are unable to effectively differentiate ourselves
or compete on price, our ability to grow revenue may be adversely affected. Additionally, our ability to grow revenue relies on the adoption
and satisfaction of our platform by both consumers and driver-partners. Factors such as user experience, service reliability, and driver-partner
availability are critical in attracting and retaining customers. Any negative experiences, safety concerns, or difficulties in recruiting
and retaining a sufficient number of driver-partners may lead to reduced customer demand and hamper our revenue growth, while we continually
invest in technology, innovation, and marketing strategies to enhance our competitive position and increase customer engagement. However,
there can be no assurance that we will successfully overcome these challenges, and any failure to do so may have significant adverse
effects on our business, financial performance, and revenue growth prospects.
57
Results
of Operations
Comparison
of Years Ended December 31, 2023, and 2022
For the year ended December 31,
2023
2022
2021
2023 to 2022
2022 to 2021
S$'000
S$'000
S$'000
% change
% change
Revenue
8,667
8,825
6,195
-2
%
42
%
Other income
89
289
440
-69
%
-34
%
Drivers and riders cost and related expenses
(6,813
)
(7,534
)
(4,220
)
-10
%
79
%
Employee benefits expenses
(2,052
)
(2,046
)
(1,473
)
0
%
39
%
Depreciation and amortization expenses
(402
)
(301
)
(273
)
34
%
10
%
Finance cost
(446
)
(198
)
(118
)
125
%
68
%
Other expenses
(4,289
)
(3,995
)
(1,791
)
7
%
123
%
Impairment of goodwill
(664
)
-
-
100
%
-
Share-based payment expenses
(6,959
)
-
-
100
%
-
Loss before income tax expense
(12,869
)
(4,960
)
(1,240
)
159
%
300
%
Income tax expense
-
-
-
-
-
Net loss
(12,869
)
(4,960
)
(1,240
)
159
%
300
%
Revenue
For the year ended December 31,
2023
2022
2021
2023 to 2022
2022 to 2021
S$'000
S$'000
S$'000
% change
% change
Mobility
5,866
6,510
6,086
-10
%
7
%
Quick commerce
146
92
88
59
%
5
%
Membership
616
606
21
2
%
2,786
%
Advertising initiatives
2,025
1,617
-
25
%
100
%
Others
14
-
-
100
%
-
Total revenue
8,667
8,825
6,195
-2
%
46
%
Our
total revenue comprised mobility, quick commerce, advertising initiatives and others. Mobility and quick commerce revenue is derived from
the service fees paid by driver partners and consumers for use of the platform and related service to connect with consumers and successfully
complete a trip or delivery via the platform. Membership subscription fees is paid by the consumers on a monthly or quarterly basis.
Advertising initiatives revenue are earned from partners who pay for digital space in our app and website. In 2023, total revenue from
all income streams marginally decreased by 2% from S$8,825,000 for the year ended December 31, 2022 to S$8,667,000 for the
year ended December 31, 2023.
58
Revenue
from mobility decreased by 10% to S$5,866,000 in 2023 compared to S$6,510,000 in 2022. The decrease was mainly due to
the decrease in the consumer demand.
Revenue
from quick commerce increased mainly contributed by the new subsidiary, Meili Technologies Pte. Ltd., by 59% to S$146,000
in 2023 compared to S$92,000 in 2022.
In 2023, the revenue from advertising initiatives
increased by 25% mainly due to the advertising initiatives commencing in June 2022.
Drivers
and riders cost and related expenses
For the year ended December 31,
2023
2022
2021
2023 to 2022
2022 to 2021
S$'000
S$'000
S$'000
% change
% change
Total drivers and riders cost and related expenses
6,813
7,534
4,220
-10
%
79
%
For
the year ended December 31, 2023 and 2022, our drivers and riders cost and related expenses amounted to S$6,813,000 and S$7,534,000 respectively.
This decrease by 10% from the year ended December 31, 2022 is mainly due to the decrease in incentives paid to driver partners.
Employee
benefits expenses
For the year ended December 31,
2023
2022
2021
2023 to 2022
2022 to 2021
US$'000
S$'000
S$'000
% change
% change
Total employee benefits expenses
2,052
2,046
1,473
0
%
39
%
Our
employee benefits expenses for the year ended December 31, 2023 are comparable to the year ended December 31, 2022.
Depreciation
and amortization expenses
For the year ended December 31,
2023
2022
2021
2023 to 2022
2022 to 2021
S$'000
S$'000
S$'000
% change
% change
Total depreciation and amortization expenses
402
301
273
34
%
10
%
The
depreciation and amortization expenses increased by 34% to S$402,000 for the year ended December 31, 2023 from S$301,000
for the year ended December 31, 2022. This was mainly due to increase in intangibles assets.
Finance
expense
For the year ended December 31,
2023
2022
2021
2023 to 2022
2022 to 2021
S$'000
S$'000
S$'000
% change
% change
Total finance expense
446
198
118
125
%
68
%
Our
finance expense increased by 125% to S$446,000 for the year ended December 31, 2023 from S$198,000 for the year ended December
31, 2022. The increase of the finance expenses is primarily attributable to the unsecured note from a shareholder and convertible loan from third parties.
59
Other
expenses
For the year ended December 31,
2023
2022
2021
2023 to 2022
2022 to 2021
S$'000
S$'000
S$'000
% change
% change
Total other expenses
4,289
3,995
1,791
7
%
109
%
Our
other expenses increased by 7% to S$4,289,000 for the year ended December 31, 2023 from S$3,995,000 for the year ended
December 31, 2022. This was mainly due to an increase in marketing expenses by 25% to S$2,441,000 from S$1,948,000 for the
year ended 2023 and 2022 respectively. Other expenses that decreased comprise rental and other expenses which decreased by S$292,000
and S$72,000 respectively for the year ended December 31, 2023 as compared to year ended December 31, 2022. Lastly, the increase of other
expenses was also affected by the increase in technology fees and legal and professional of S$106,000 and S$59,000 respectively for
the year ended December 31, 2023 as compared to December 31, 2022.
Impairment
of goodwill
For the year ended December 31,
2023
2022
2021
2023 to 2022
2022 to 2021
S$'000
S$'000
S$'000
% change
% change
Total impairment of goodwill
664
-
-
100
%
-
During
the financial year ended December 31, 2023, an impairment of goodwill was recognized as a result of the carrying value exceeding the
fair value of Meili Technologies Pte. Ltd.
Share-based
payment expenses
For the year ended December 31,
2023
2022
2021
2023 to 2022
2022 to 2021
S$'000
S$'000
S$'000
% change
% change
Total share-based payment expenses
6,959
-
-
100
%
-
In
August 2023, the Company have established an employee share option scheme (the "Scheme") pursuant to which the right to subscribe
for Class A Ordinary Shares may be granted to employees of the Company, its subsidiaries and affiliates who meet the eligibility criteria
in accordance with the rules of the Scheme. The Scheme will subsist from 14 September 2023 till the date of the listing of the Company
on a securities exchange or till the date on which the Scheme is terminated by the board of directors of the Company, whichever is earlier.
60
In
September 2023, the Company issued 1,131,715 Class A Ordinary Shares issued to certain employees
of the Company pursuant to the Scheme.
The
fair value of the Class A Ordinary Shares issued to employees were measured using the Black-Scholes method. A summary of the measurement
of the fair values and inputs at grant date is as follows:
2023
Fair value at grant date (weighted average)
0.81 - 1.18
Exercise price at grant date (weighted average)
0.002
Expected volatility (weighted average)
1.74
%
Expected terms (days) (weighted average)
4
Expected dividend (weighted average)
0
%
Risk-free interest rate (weighted average)
5.51
%
Risk-free
interest rate is estimated based on the yield curve of US Sovereign Bond as of the option valuation date. The expected volatility at
the grant date and each option valuation date is estimated based on annualized standard deviation of daily stock price return of comparable
companies with a time horizon close to the expected term of the options. The Company has never declared or paid any cash dividends on
its capital stock, and the Company does not anticipate any dividend payments in the foreseeable future. Expected term is the period of
time from the grant date to the exercise date or the forfeiture date. The lock-up period of the Class A Ordinary Shares issued to the
employees are subject for a period varying between 12 months to 36 months
During
the year ended December 31, 2023, the Company recognized share-based payment expenses of S$5,470,000 (US$4,146,000) in the consolidated
statements of operations and comprehensive loss.
(a)
Share-based payment to non-employees
In
September 2023, the Company issued 2,086,561 Class A Ordinary Shares issued to certain consultants of the Company in consideration for
the past services to the Company in connection with the listing.
The
fair value of the Class A Ordinary Share issued to consultants was measured using probability-weighted-average method. The weighted
average fair value of the Class A Ordinary shares issued to consultants during the year ended was US$1.95 per share.
During the year ended
December 31, 2023, the Company recognized share-based payment expenses of S$1,489,000 (US$1,129,000) in the consolidated statements of
operations and comprehensive loss.
Other
income
For the year ended December 31,
2023
2022
2021
2023 to 2022
2022 to 2021
S$'000
S$'000
S$'000
% change
% change
Total other income
89
289
440
-69
%
-34
%
Other
income decreased by 69% from S$289,000 for the year ended December 31, 2022 to S$89,000 for the year ended December 31,
2023. The decrease was mainly due the reduction in the government grants given by the Singapore authorities to assist companies during
the COVID-19 period.
Key
Non-US GAAP Financial Measures
In
addition to the measures presented in our consolidated financial statements, we use the following key non-US GAAP financial measures
to help us evaluate our business, identify trends affecting our business, formulate business plans, and make strategic decisions.
Adjusted
EBITDA
Adjusted
EBITDA is a non-US GAAP financial measure calculated as net loss adjusted to exclude: (a) finance cost, (b) income tax expenses, (c)
depreciation and amortization, (d) share-based compensation expenses, (e) impairment loss on goodwill, and (f) share listing and associated
expenses.
Adjusted
EBITDA has limitations as a financial measure, should be considered as supplemental in nature, and is not meant as a substitute for the
related financial information prepared in accordance with US GAAP. For a reconciliation of Adjusted EBITDA to the most directly comparable
US GAAP measure see the section titled "
Reconciliation of Non-IFRS Financial Measures
".
Reconciliation
of Non-IFRS Financial Measures
To
supplement our financial information, we use the following non-US GAAP financial measures: Adjusted EBITDA. However, the definitions
of our non-US GAAP financial measures may be different from those used by other companies, and therefore, may not be comparable. Furthermore,
these non-US GAAP financial measures have certain limitations in that they do not include the impact of certain expenses that are reflected
in our consolidated financial statements that are necessary to run our business. Thus, these non-US GAAP financial measures should be
considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with US GAAP. We compensate
for these limitations by providing a reconciliation of these non-US GAAP financial measures to the related US GAAP financial measures.
We encourage investors and others to review our financial information in its entirety, not to rely on any single financial measure and
to view these non-IFRS financial measures in conjunction with their respective related US GAAP financial measures.
61
The
following tables provide reconciliations of Adjusted EBITDA.
For the year ended December 31,
2022
2023
2023
S$'000
S$'000
US$'000
Net loss
(4,960
)
(12,869
)
(9,755
)
Depreciation and amortization expenses
301
402
305
Finance costs
198
446
338
Impairment of goodwill
-
664
503
Share-based payment expenses
-
6,959
5,275
Adjusted EBITDA
(4,461
)
(4,398
)
(3,334
)
5.B.
Liquidity and Capital Resources
In
assessing the Company's liquidity, the Company monitors and evaluates its cash and cash equivalent and its operating and capital
expenditure commitments. The Company's liquidity needs are to meet its working capital requirements, operating expenses and capital
expenditure obligations.
Cash
flow from operations and capital contributions and loans from shareholders have been utilized to finance the working capital requirements
of the Company. As of December 31, 2023, the Company has negative cash flow from operating activities of S$1,612,000 (US$1,223,000).
The Company's working capital was negative S$8,124,000 (US$6,158,000) as of December 31, 2023. And the Company had S$1,694,000
(US$1,284,000) in cash and cash equivalents, which is unrestricted as to withdrawal and use as of December 31, 2023.
To
sustain its ability to support the Company's operating activities, the Company considered supplementing its sources of funding
through the following:
●
cash
    and cash equivalents generated from operations;
●
other
    available sources of financing from Singapore banks and other financial institutions;
●
financial
    support from the Company's related parties and shareholders;
●
issuance
    of additional convertible notes; and
●
obtaining
    funds through a future raise debt and equity
Management
has commenced a strategy to raise debt and equity. However, there can be no certainty that these additional financings will be available
on acceptable terms or at all. If management is unable to execute this plan, there would likely be a material adverse effect on the Company's
business.
On
March 6, 2024, the Company completed its initial public offering. In this offering, the Company issued 3,000,000 Ordinary Shares at a
price of US$4.00 per share. The Company received gross proceeds in the amount of US$12 million before deducting any underwriting discounts
or expenses. In view of these circumstances, the management of the Company has given consideration to the future liquidity and performance
of the Company and its available sources of finance in assessing whether the Company will have sufficient financial resources to continue
as a going concern.
62
We
believe our existing cash and cash equivalents, gross proceeds received from the initial public offering, and the cash flow we generate
from our operations will be sufficient to meet our working capital and capital expenditure needs and other liquidity requirements for
the next 12 months. Our future capital requirements may be materially different than those currently planned in our budgeting and forecasting
activities and depend on many factors, including our rate of revenue growth, the timing and extent of spending on content and research
and development, the expansion of our sales and marketing activities, our continued international expansion, the acquisition of other
companies, competitive factors, and overall economic conditions, globally. To the extent that current and anticipated future sources
of liquidity are insufficient to fund our future business activities and requirements, we may be required to seek additional equity or
debt financing. The sale of additional equity would result in additional dilution to our shareholders, while the incurrence of debt financing
would result in debt service obligations. Such debt instruments also could introduce covenants that might restrict our operations.
Cash
flow summary
For
    the year ended December 31,
2023
2023
2022
Increase/(Decrease)
US$'000
S$'000
S$'000
S$'000
%
Net cash used in operating activities
(1,223
)
(1,612
)
(3,841
)
(2,229
)
-58
%
Net cash used in investing activities
(319
)
(422
)
(482
)
(60
)
-12
%
Net cash provided by financing activities
547
721
4,700
(3,979
)
-85
%
Operating
Activities
Net
cash used in operating activities was S$1,612,000 for the year ended December 31, 2023. This was mainly attributable to the net loss
of S$12,869,000 adjusted for non-cash items which included depreciation of property and equipment, amortization of intangibles,
interest expense, amortization of debt issuance cost, impairment loss of goodwill, share-based payment expenses, and net effect of
exchange rate changes totaling S$8,476,000. This was offset against net cash inflows arising from the net change in operating assets
and liabilities of S$2,781,000.
Net
cash used in operating activities was S$3,841,000 for the year ended December 31, 2022. This was mainly attributable to the net loss
of S$4,960,000 adjusted for non-cash items which included depreciation of property and equipment and amortization of intangibles totaling
S$301,000. This was offset against net cash inflows arising from the net change in operating assets and liabilities of S$818,000.
Investing
Activities
Net
cash flows used in investing activities was S$422,000 for the year ended December 31, 2023. This was primarily due to the increase in
intangible assets of S$482,000 and the purchase of property and equipment of S$3,000. This was offset against net cash inflow from the
acquisition of subsidiaries of S$63,000.
Net
cash flows used in investing activities was S$482,000 for the year ended December 31, 2022. This was primarily due to the increase in
intangible assets of S$467,000 and the purchase of property and equipment of S$15,000.
Financing
Activities
Net
cash provided by financing activities was S$721,000 for the year ended December 31, 2023. This was due to proceeds from note from a
shareholder of S$2,850,000. This was offset by the repayment of lease liabilities of S$50,000 and the deferred IPO costs of S$2,079,000.
Net
cash provided by financing activities was S$4,700,000 for the year ended December 31, 2022. This was contributed by proceeds from the
note payable amounting to S$5,200,000. This was offset by the repayment of note from a shareholder of S$500,000.
63
Indebtedness
The
following table shows the amount of our total consolidated current and non-current liabilities outstanding as of December 31, 2023 and
2022:
December
                                            31,
2023
December
                                            31,
2023
December
                                            31,
2022
Increase/(Decrease)
US$'000
S$'000
S$'000
S$'000
%
Current liabilities
Convertible loan from third parties
1,746
2,303
-
2,303
100
%
Note from a shareholder
2,160
2,850
-
2,850
100
%
Non-current liabilities
Convertible loan from
    third parties
-
-
5,094
(5,094
)
(100
)%
Total
    borrowings
3,906
5,153
5,094
59
1
%
As
of December 31, 2023, total borrowings comprised convertible loan from third parties and note from a shareholder.
The
convertible loan from third parties comprised (a) a convertible loan amounted S$1,935,000, which is an unsecured, fixed rate loan as
at December 31, 2023 that bears interest of 5% per annum and is repayable on or before February 28, 2024. The convertible loan has
been fully repaid in March 2024; and (b) an exchangeable note amounting to S$368,000 arising from the acquisition by Ryde
Technologies Pte. Ltd. of Meili Technologies Pte. Ltd. pursuant to which the purchase consideration was satisfied by the issuance of
exchangeable notes to the Meili Noteholders each exchangeable into shares in the Company. In March 2024, 68,478 Class A Ordinary
Shares were issued to Meili Noteholders pursuant to an exchange of their exchangeable notes under the exchangeable note subscription
agreement dated April 12, 2023.
The
note from a shareholder as of December 31, 2023 comprised (a) an unsecured, fixed rate loan of S$2,000,000 that bears interest of 12%
per annum and is repayable on March 2024; and (b) an unsecured and non-interest-bearing loan of S$850,000 and is repayable 6 months after
the initial disbursement date. The note from a shareholder has been fully repaid in March 2024.
Contractual
Obligations
Lease
commitments
The
Company determines if a contract contains a lease at inception. US GAAP requires that the Company's leases be evaluated and classified
as operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date and the
lease term used in the evaluation includes the non-cancellable period for which the Company has the right to use the underlying asset,
together with renewal option periods when the exercise of the renewal option is reasonably certain and failure to exercise such option
which results in an economic penalty.
The
Company's operating lease right-of-use assets is related to the office lease agreements with lease terms for two years. The Company's
lease agreement do not contain any material residual value guarantees or material restrictive convents. Upon adoption of ASU 2016-02,
no right-of-use ("ROU") assets nor lease liability was recorded for the lease with a lease term with one year or less.
64
The
Company's commitment for minimum lease payments under the operating lease that is within twelve months as of December 31, as follow:
Twelve
    months ending December 31,
Minimum
    lease payment
S$'000
2024
50
Total future lease payment
50
Amount representing
    interest
(1
)
Present value of operating lease liabilities
49
Less: current portion
(49
)
Non-current portion
-
5.C.
Research and Development, Patent and Licenses, etc
Please
refer to "Item 4. Information on the Company – D. Property, Plant and Equipment – Intellectual Property of this annual
report.
5.D.
Trend Information
Other
than as disclosed elsewhere in this annual report, we are not aware of any trends, uncertainties, demands, commitments or events that
are reasonably likely to have a material effect on our net revenues, income from continuing operations, profitability, liquidity or capital
resources, or that would cause reported financial information not necessarily to be indicative of future operating results or financial
condition or results of operations.
E.
Critical Accounting Estimates
Our
consolidated financial statements are prepared in accordance with US GAAP. The preparation of these consolidated financial statements
requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses and related
disclosures. See Note 2 to our consolidated financial statements included elsewhere in this report for additional information on our
critical accounting estimates and policies.
We
are an "emerging growth company" as defined under the federal securities laws and, as such, will be subject to reduced public
company reporting requirements. Section 107 of the JOBS Act provides that an "emerging growth company" can take advantage
of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act, for complying with new or revised accounting
standards. We have elected to take advantage of the extended transition period for complying with new or revised accounting standards
and acknowledge such election is irrevocable pursuant to Section 107 of the JOBS Act. As a result of our election, our financial statements
may not be comparable to those of companies that comply with public company effective dates.
65
ITEM
6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
6.A.
Directors and Senior Management
The
following table provides information regarding our executive officers and directors as of the date hereof:
Directors
    and Executive Officers
Age
Position/Title
Terence
    Zou
50
Founder,
    Chairman and Chief Executive Officer
Lang
    Chen Fei
43
Chief
    financial officer
Tan
    Ting Yong
61
Non-executive
    Director
Joanne
    Khoo
(2)(3)
50
Independent
    Director, Chair of Audit Committee
Poon
    Wai Hong
(1)(3)
48
Independent
    Director, Chair of Nomination Committee
Venkata
    Subramanian s/o Sreenivasan
(1)(2)
66
Independent
    Director, Chair of Compensation Committee
(1)
Member
                                            of the Audit Committee
(2)
Member
                                            of the Compensation Committee
(3)
Member
                                            of the Nomination Committee
Mr.
Terence Zou
, our founder, has served as the Chief Executive Officer of Ryde Technologies Pte. Ltd. since its inception in September
2014. He is the chairman of the board of directors and chief executive officer of our Group. Mr. Zou is an accomplished leader with a
wealth of experience in strategic development and day-to-day operations. Prior to founding our Group, Mr. Zou held senior positions in
investment and finance, including serving as an Investment Director at Newfields Capital from 2011 to 2013 and a Vice President at 3V
SourceOne Capital from 2009 to 2011. He also served as a commander for the Republic of Singapore Navy from 1999 to 2007, where he honed
his leadership skills and developed a deep sense of commitment to excellence. Mr. Zou is a highly educated professional, with an MBA
from Harvard Business School, a Master of Science from the Massachusetts Institute of Technology, and a Bachelor of Science from The
London School of Economics.
Lang
Chen Fei
is currently the Chief financial officer of our Group, overseeing key financial aspects of our Group, including financial
reporting, forecasting and budgeting, taxation and implementing accounting control systems. Mr. Lang was formerly a financial controller
at Oxley Holdings Ltd from 2019 to 2021 and a financial controller at Edition Limited from 2018 to 2019. Prior to that, he was a group
accounts manager at Amara Holdings Ltd from 2015 to 2018 and an audit manager at Baker Tilly TFW LLP from 2008 to 2015. Mr. Lang holds
a Bachelor of Accounting degree from Multimedia University, Malaysia. He is also a member of the Institute of Singapore Chartered Accountants
since 2017 and a member of the Malaysian Institute of Accountants since 2011.
Tan
Ting Yong
has served on our board of directors since February 2024. Mr. Tan is currently serving as an investment director at Octava
Pte. Ltd., a family office based in Singapore that has multiple investments across diverse industries, focusing mainly on real estate
investment, property development, financial technology and artificial intelligence of machine learning, where he oversees Octava's
investment portfolio, evaluates new investment opportunities and strategizes growth initiatives. Prior to that, Mr Tan. worked in DBS
Bank Ltd. as part of their Investment Banking Group where he headed the Transportation and Logistics Team from 1999 to 2000 and the Electronics
Team from 1999 to 2000. Mr. Tan holds a Master of Business Administration degree (major in Banking and Finance) as well as a Bachelor
of Engineering degree (Electrical and Electronics Engineering) from the National University of Singapore. Mr. Tan has also obtained the
Chartered Financial Analyst designation.
66
Joanne
Khoo
has served on our board of directors since February 2024. Ms. Khoo has over 26 years of experience in investment banking, corporate
finance, capital markets and business advisory services. Ms. Khoo started her career at PricewaterhouseCoopers in January 1997 and her
last position was senior associate in February 2000. From May 2000 to August 2004, she worked at Stone Forest Consulting Pte Ltd., a
business advisory company, and her last position was an assistant manager. She was responsible for providing consultancy services including
IPO advisory, working capital consulting, business turnaround and profit improvement. Ms. Khoo worked in the corporate finance industry
at several companies, which include (i) Hong Leong Finance Limited from September 2004 to November 2005 as an assistant vice president;
(ii) Phillip Securities Pte Ltd. from November 2005 to January 2008 as an assistant vice president; and (iii) Canaccord Genuity Singapore
Pte. Ltd. (formerly known as Collins Stewart Pte. Limited) from February 2008 to October 2012 with her last position as a director. She
founded and has acted as an executive director of Bowmen Capital Private Limited, a management consultancy company, since February 2013.
From October 2019 to April 2020, she also served as a director of PayLinks Pte. Ltd., a financial service company.
Ms.
Khoo served as an independent director of Kitchen Culture Holdings Limited (a company listed on the Catalist of the Singapore Exchange
Limited (stock code: SGX:5TI)) from October 2012 to February 2019. Since January 2014, she has served as an independent director of Teho
International Inc Ltd. (a company listed on the Catalist of the Singapore Exchange Limited (stock code: SGX:5OQ)). Ms. Khoo served as
an independent director of Excelpoint Technology Ltd. (a company listed on the main board of the Singapore Exchange Limited (stock code:
SGX:BDF)) from September 2016 to April 2022. She has also served as an independent non-executive director of Xamble Group Limited (a
company listed on The Australian Securities Exchange (stock code: ASX:XGL)) since July 2017. Since June 2020, she has also served as
an independent non-executive director of ES Group (Holdings) Limited (a company listed on the Catalist of the Singapore Exchange Limited
(stock code: SGX:5RC)). Since January 2022, she has also served as an independent non-executive director of JE Cleantech Holdings Ltd
(a company listed on Nasdaq (stock code: NASDAQ:JCSE)).
Ms.
Khoo obtained a Bachelor of Business degree in Accountancy from Royal Melbourne Institute of Technology in November 1997. She was admitted
as a Certified Public Accountant of the CPA Australia in October 1999 and a Chartered Accountant of the Malaysian Institute of Accountants
in July 2000. Ms. Khoo was a member of the Women Corporate Directors from September 2018 to June 2019.
Poon
Wai Hong
has served on our board of directors since February 2024. Mr. Poon has over 20 years of experience involved in various parts
of the Singapore capital market. Mr. Poon is currently the Co-founding Director and Chief Products Officer at DC Frontiers Pte Ltd since
2011. DC Frontiers Pte Ltd is a Singapore headquartered Data Tech company focused on disrupting the Know Your Customer industry using
Artificial Intelligence. Mr. Poon is also serving as a member of the Catalist Approval Committee of SAC Capital Private Limited since
2011. Prior to that, Mr. Poon started his career with Singapore Exchange Ltd ("SGX") in 2000 and he has been involved in
all facets of the business from listing promotion to listed issuer engagement. He was an equity analysis of CLSA Pte Ltd ("CLSA")
from 2007 to 2008. From 2008 to 2011, he served as a member of the SGX Catalist Regulation team.
Venkata
Subramanian s/o Sreenivasan ("Ven Sreenivasan")
has served on our board of directors since February 2024. Mr. Ven
Sreenivasan began his career in 1987 with the government service as an economist/industry analyst at the National Productivity Board,
a unit of the Ministry of Trade & Industry. From 1993 to 2017, for a period of nearly 25 years, he was the Senior Correspondent and
News Editor for the Business Times ("BT") specializing in coverage of economic, corporate and financial markets, including
breaking news, interviews, features and analysis. He also produced major featured columns which include The Business Times' Raffles
Conversation series and Hock Lock Siew. He also contributed to the Editorial/Leader columns and was BT's main aviation correspondent
from 2000, covering the sector which included policies and players (airports, airlines and authorities). In addition, he completed a
stint as BT's Malaysia based correspondent in 1996 and was also BT's motoring columnist during the 1997-2000 period.
He
was considered one of the leading writers in the newsroom and was responsible for newsroom management and editorial oversight, managing
and overseeing corporate/financial news team of 40 journalists at the financial daily. He also wrote columns on markets, companies and
aviation at the same time.
67
From
2017 to present, he has been appointed as Executive Editor, SPH Radio & Associate Editor, Straits Times of Singapore Press Holdings.
He helped establish MoneyFM 89.3, Singapore's first and only financial radio station and coached the team presenters and producers.
He has been instrumental with programming and content, sourcing of guests and market experts and maintain oversight on quality and accuracy
of content. He also assisted the Straits Times Business team, providing guidance and oversight on stories and providing story tips. Since
2021, he has also served as an independent non-executive director of Medinex Limited.
He
produces a weekly column where a wide range of topics ranging from economics, business, corporate and financial markets are covered.
He
holds a Degree in Economics & Political Science from Brandon University and a Masters Degree of Arts from the University of Manitoba.
In addition, he holds a Graduate Diploma in Financial Management from the Singapore Institute of Management.
6.B.
Compensation
Compensation
of Directors and Executive Officers
In
2023, we paid an aggregate of S$318,000 (US$235,000) in cash to our executive officers, and we did not pay any compensation to our non-executive
directors. We have not set aside or accrued any amount to provide pension, retirement or other similar benefits to our directors and
executive officers. Our subsidiaries in Singapore are required by the applicable laws and regulations of Singapore to make contributions,
as employers, to the Central Provident Fund for all employees (including our executive officers) who are employed under a contract of
service by our Singapore subsidiaries as prescribed under the Central Provident Fund Act 1953. The contribution rates vary, depending
on the age of the employee, and whether such employee is a Singapore citizen or permanent resident (contributions are not required or
permitted in respect of a foreigner on a work pass). We did not pay any cash compensation to our independent directors in 2023.
For
information regarding share awards granted to our directors and executive officers, see "—Share Incentive Plans."
Employment
Agreements and Indemnification Agreements
We
have entered into employment agreements with our executive officers. Each of our executive officers is employed for a continuous term,
unless either we or the executive officer gives prior notice to terminate such employment. We may terminate the employment for cause,
at any time, without notice or remuneration, for certain acts of the executive officer, including but not limited to the commitment of
any continued material breach of the terms and conditions of the employment, conviction of a criminal offense (other than one which in
the reasonable opinion of the board of our Company does not affect the executive's position), fraud, dishonesty, misconduct or
willful neglect of his duties. An executive officer may terminate his employment at any time with a three-month prior written notice.
Each executive officer has agreed to devote the whole of his time and attention during normal hours of work of the Company to discharge
of his duties.
68
Each
executive officer has agreed to hold, both during and after the employment agreement expires or is earlier terminated, in strict confidence
and not to disclose, use, copy, reproduce, exploit, divulge or communicate to any person any trade secret or any information concerning
the business or financial arrangements or position of the Group or any of the dealings, transactions or affairs of the business of the
Group. Each executive officer has also agreed to disclose in confidence and full details to us all intellectual property, including but
not limited to patents, trademarks, unregistered designs, utility models, copyrights, discoveries, creations, inventions or improvements
upon or additions to an invention, confidential information, know-how, research effort, moral rights and other intellectual property
and rights (the "Intellectual Property") that are relating to or capable of being used in the business of the Company, which
they discovered or participated in the making or discovery during the executive officer's employment with us. Such Intellectual
Property shall be the absolute property of the Company and the Company shall assign its rights to such Intellectual Property to a member
of the Group or any company that the Company agrees to assign to. In addition, all executive officers have agreed to be bound by non-competition
and non-solicitation restrictions set forth in their agreements. Each executive officer has agreed not to, for a certain period following
termination of his or her employment or expiration of the employment agreement, he will not, directly or indirectly, either on his own
account or in conjunction with or on behalf of any other person, without prior written consent of the Company: (i) within the territory
of Singapore and any other jurisdiction the Group may have business when the employment is terminated, engaged or concerned in any capacity
or otherwise carry on any business similar to or in competition with the Group and with which the executive officer was involved in the
course of his employment during the period of 12 months prior to the termination of his employment, (ii) solicit or entice away or attempt
to solicit or entice away from the Group the custom of any of the Group's customer, client, agent, distributor or correspondent
or in the habit of dealing with the Group with whom the executive officer had substantial contact in the course of his employment during
the period of 12 months prior to the termination of his employment, or (iii) solicit, entice away from, or interfere with the Group's
employment relationship with any person who has been employed or engaged by the Group with whom the executive officer had dealings in
the course of his employment during the period of three months prior to the termination of his employment.
We
have entered into indemnification agreements with our directors, pursuant to which we will agree to indemnify our directors against certain
liabilities and expenses incurred by such persons in connection with claims made by reason of their being such a director.
Share
Incentive Plan(s)
We
have adopted the Share Incentive Plan, or the Plan, to attract and retain best available personnel, provide additional incentives to
employees, directors and consultants, and promote the success of our business. Under the Plan, the maximum aggregate number of Shares
which may be issued pursuant to all awards (including incentive share options) are 1,557,104 shares, representing 10% of the number of
fully-diluted shares outstanding as of the date of our Company's initial public offering, or after our Company's initial
public offering, to represent 10% of the number of fully-diluted shares outstanding as of December 31 of the preceding calendar year,
as the case may be.
Under
the Plan, on the day of the company's listing on March 6, 2024 (the "Listing date"), the CEO and CFO were awarded a
total of 929,250 Restricted Stock Units (RSUs). Each RSU grants the CEO and CFO the right, subject to Plan terms and conditions, to receive
one Class A Ordinary Share of the company, with either no par value or the minimum par value as required by statutory regulations. The
vesting period for the entire RSU allocation is set to occur 24 months from the Listing date.
We
have also established an employee share option scheme (the
"Scheme"
) pursuant to which the right to subscribe for
Class A Ordinary Shares may be granted to employees of the Company, its subsidiaries and affiliates who meet the eligibility criteria
in accordance with the rules of the Scheme. The Scheme will subsist from 14 September 2023 till the date of the listing of the Company
on a securities exchange or till the date on which the Scheme is terminated by the board of directors of the Company, whichever is earlier.
69
6.C.
Board Practices
Board
of Directors
Our
board of Directors consists of five Directors, three of them are independent Directors. As a Cayman Islands company listed on the NYSE
American, we are a foreign private issuer and are permitted to follow the home country practice with respect to certain corporate governance
matters rather than complying with NYSE American corporate governance standards. Cayman Islands law does not require a majority of a
publicly traded company's board of directors to be comprised of independent directors. However, to enhance our corporate governance,
we elect to follow NYSE American corporate governance standards and have a majority of our board comprised of independent directors.
Committees
of the Board of Directors
Our
board of directors has an audit committee, a compensation committee and a nominating committee. Each committee's members and functions
are described below.
Audit
Committee
. Our audit committee consists of Ms. Khoo Su Nee, Joanne, Mr. Poon Wai Hong and Mr. Venkata Subramanian s/o Sreenivasan,
and is chaired by Ms. Khoo Su Nee, Joanne. Our board of directors has determined that each such member satisfies the "independence"
requirements of Rule 803(A)(2) of NYSE American LLC Company Guide and meets the independence standards under Rule 10A-3 under the Exchange
Act. Our audit committee consists solely of independent directors that satisfy the NYSE American and SEC requirements. Our board of directors
has also determined that Ms. Khoo Su Nee, Joanne qualifies as an "audit committee financial expert" within the meaning of
the SEC rules and possesses financial sophistication within the meaning of the Listing Rules of the NYSE American. The audit committee
oversees our accounting and financial reporting processes and the audits of the financial statements of our company. The audit committee
is responsible for, among other things:
●
selecting
    our independent registered public accounting firm and pre-approving all auditing and non-auditing services permitted to be performed
    by our independent registered public accounting firm;
●
reviewing
    with our independent registered public accounting firm any audit problems or difficulties and management's response and approving
    all proposed related party transactions, as defined in Item 404 of Regulation S-K;
●
discussing
    the annual audited financial statements with management and our independent registered public accounting firm;
●
periodically
    reviewing and reassessing the adequacy of our audit committee charter;
●
meeting
    periodically with the management and our internal auditor and our independent registered public accounting firm;
●
reporting
    regularly to the full board of directors;
●
reviewing
    the adequacy and effectiveness of our accounting and internal control policies and procedures and any steps taken to monitor and
    control major financial risk exposure; and
●
such
    other matters that are specifically delegated to our audit committee by our board of directors from time to time.
70
Compensation
Committee
. Our compensation committee consists of Mr. Poon Wai Hong, Ms. Khoo Su Nee, Joanne and Mr. Venkata Subramanian s/o
Sreenivasan, and is chaired by Mr. Poon Wai Hong. Our board of directors has determined that each such member satisfies the "independence"
requirements of Rule 803(A)(2) of NYSE American LLC Company Guide. Our compensation committee assists the board in reviewing and approving
the compensation structure, including all forms of compensation, relating to our directors and executive officers. Our chief executive
officer may not be present at any committee meeting during which his compensation is deliberated upon. The compensation committee is
responsible for, among other things:
●
reviewing
    and approving to the board with respect to the total compensation package for our chief executive officer;
●
reviewing
    the total compensation package for our employees and recommending any proposed changes to our management;
●
reviewing
    and recommending to the board with respect to the compensation of our directors;
●
reviewing
    annually and administering all long-term incentive compensation or equity plans;
●
selecting
    and receiving advice from compensation consultants, legal counsel or other advisors after taking into consideration all factors relevant
    to that person's independence from management; and
●
programs
    or similar arrangements, annual bonuses, employee pension and welfare benefit plans.
Nominations
Committee
. Our nominations committee consists of Mr. Venkata Subramanian s/o Sreenivasan, Ms. Khoo Su Nee, Joanne and Mr. Poon
Wai Hong, and is chaired by Mr. Venkata Subramanian s/o Sreenivasan. Our board of directors has determined that each such member satisfies
the "independence" requirements of Rule 803(A)(2) of NYSE American LLC Company Guide. The nominations committee assists the
board of directors in selecting individuals qualified to become our directors and in determining the composition of the board of directors
and its committees. The nominations committee is responsible for, among other things:
●
identifying
    and recommending nominees for election or re-election to our board of directors or for appointment to fill any vacancy;
●
reviewing
    annually with our board of directors its current composition in light of the characteristics of independence, age, skills, experience
    and availability of service to us;
●
advising
    the board periodically with respect to significant developments in the law and practice of corporate governance as well as our compliance
    with applicable laws and regulations, and making recommendations to our board of directors on all matters of corporate governance
    and on any corrective action to be taken; and
●
monitoring
    compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to
    ensure proper compliance.
71
Duties
of Directors
Under
Cayman Islands law, our directors owe fiduciary duties to our company, including a duty of loyalty, a duty to act honestly, and a duty
to act in what they consider in good faith to be in our best interests. Our directors must also exercise their powers only for a proper
purpose. Our directors also owe to our company a duty to act with skill and care. It was previously considered that a director need not
exhibit in the performance of his duties a greater degree of skill than may reasonably be expected from a person of his knowledge and
experience. However, English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care
and these authorities are likely to be followed in the Cayman Islands. In fulfilling their duty of care to us, our directors must ensure
compliance with our memorandum and articles of association, as amended and restated from time to time. Our company has the right to seek
damages if a duty owed by our directors is breached. In limited exceptional circumstances, a shareholder may have the right to seek damages
in our name if a duty owed by our directors is breached.
The
functions and powers of our board of directors include, among others:
●
convening
    shareholders' annual general meetings and reporting its work to shareholders at such meetings;
●
declaring
    dividends and distributions;
●
appointing
    officers and determining the term of office of officers;
●
exercising
    the borrowing powers of our company and mortgaging the property of our company; and
●
approving
    the transfer of shares of our company, including the registering of such shares in our share register.
Terms
of Directors and Executive Officers
Each
of our directors holds office until the expiration of his or her term, as may be provided in a written agreement with our company, and
his or her successor has been elected and qualified, until his or her resignation or until his or her office is otherwise vacated in
accordance with our articles of association. At each annual general meeting one-third of the directors for the time being shall retire
from office by rotation. However, if the number of directors is not a multiple of three, then the number nearest to but not less than
one-third shall be the number of retiring directors. A retiring director shall be eligible for re-election. All of our executive officers
are appointed by and serve at the discretion of our board of directors. Our directors may be appointed or removed from office by an ordinary
resolution of shareholders. A director will be removed from office automatically if, among other things, the director (i) becomes bankrupt
or has a receiving order made against him or suspends payment or compounds with his creditors generally; (ii) dies or is found to be
or becomes of unsound mind and the board of directors resolves that his office be vacated; (iii) resigns; (iv) without special leave
of absence from our board of directors, is absent from three consecutive meetings of the board and the board resolves that his office
be vacated; (v) is prohibited by operation of law from being or ceases to be a director; (vi) is removed from office by the requisite
majority of the directors or otherwise pursuant to our amended and restated memorandum and articles of association then in effect; or
(vii) has been required by the NYSE American to cease to be a director. The compensation of our directors is determined by the board
of directors. There is no mandatory retirement age for directors.
72
Board
Diversity
Board
    Diversity Matrix (As of the date of this annual report)
Country
    of Principal Executive Office
Singapore
Foreign
    Private Issuer
Yes
Disclosure
    Prohibited Under Home Country Law
No
Total
    Number of Directors
5
Female
Male
Non-Binary
Did
    Not Disclose Gender
Part
    I: Gender Identity
Directors
1
4
0
0
Part
    II: Demographic Background
Underrepresented
    Individual in Home Country Jurisdiction
Female
Male
Non-Binary
Did
    Not Disclose Gender
Part
    I: Gender Identity
Directors
1
4
0
0
Part
    II: Demographic Background
Underrepresented
    Individual in Home Country Jurisdiction
0
LGBTQ+
0
6.D.
Employees
We
employed 34 persons as December 31, 2023 and 38 persons as of December 31, 2022, who were mostly located in Singapore. Our employees
are not covered by collective bargaining agreements. We consider our labor practices and employee relations to be good. The following table indicates the distribution of our employees by business and role as of December 31, 2023:
Function
Number
    of Employees
Operations
5
Finance and Human Resource and Administration
6
Technology Development
9
Product and Design
2
Business Strategy
3
Marketing and Business Development
9
Total Number of Employees
34
6.E.
Share Ownership
The
following table sets forth information regarding the beneficial ownership of Ordinary Shares as of the date of this annual report by:
●
each
                                            person known by us to be the beneficial owner of more than 5% of Ordinary Shares;
●
each
                                            of our directors and executive officers; and
●
all
                                            our directors and executive officers as a group.
Beneficial
ownership is determined in accordance with the rules of the SEC and includes voting or investment power with respect to, or the power
to receive the economic benefit of ownership of, the securities. In computing the number of shares beneficially owned by a person and
the percentage ownership of that person, shares that the person has the right to acquire within 60 days are included, including through
the exercise of any option or other right or the conversion of any other security. However, these shares are not included in the computation
of the percentage ownership of any other person. Each Class A Ordinary Share carries one vote, and each Class B Ordinary Share carries
10 votes.
73
The
percentage of our Ordinary Shares beneficially owned is computed on the basis of 15,839,871 Class A Ordinary Shares and 3,542,400 Class B Ordinary Shares issued and
outstanding as of the date of this annual report.
Class
    A Ordinary Shares
Class
    B Ordinary Shares
Shares
%
%
    of Voting Power
Shares
%
%
    of Voting Power
%
    of Aggregate Voting Power
Directors and Executive
    Officers:
Zou Junming Terence
-
-
-
2,177,175
11.23
42.47
42.47
Lang Chen Fei
25,000
0.13
0.05
-
-
-
0.05
Tan Ting Yong
-
-
-
-
-
-
-
Khoo Su Nee Joanne
-
-
-
-
-
-
-
Poon Wai Hong
-
-
-
-
-
-
-
Venkata Subramanian s/o
    Sreenivasan
-
-
-
-
-
-
-
All
    Directors and Executive Officers as a Group
25,000
0.13
0.05
2,177,175
11.23
42.47
42.52
Principal Shareholders:
DLG Ventures Pte. Ltd.
(1)
6,665,513
34.39
13.00
1,365,225
7.04
26.63
39.63
Tan Choon Ming
1,159,113
5.98
2.26
-
-
-
2.26
All
    Directors and Executive Officers as a Group, and Principal Shareholders
7,849,626
40.50
15.31
3,542,400
18.27
69.10
84.41
(1)
DLG
    Ventures Pte. Ltd. is beneficially owned by Joseph Tey Wei Jin (33.36%), Lee Kok Leong (33.32%) and Pang Sze Khai (33.32%).
For
information regarding share awards granted to our directors and executive officers, see "—Share Incentive Plans."
6.F.
Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation
Not
applicable.
74
ITEM
7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
7.A.
Major Shareholders
Please
refer to "Item 6. Directors, Senior Management and Employees — 6.E. Share Ownership."
7.B.
Related Party Transactions
Terms
of Directors and Officers
See
"Item 6. Directors, Senior Management and Employees—6.C. Board Practices—Terms of Directors and Officers."
Employment
Agreements and Indemnification Agreements
See
"Item 6. Directors, Senior Management and Employees—6.B. Compensation—Employment Agreements
Other
Related Party Transactions
We
have adopted an audit committee charter, which requires the committee to review all related-party transactions on an ongoing basis and
all such transactions be approved by the committee.
Set
forth below are related-party transactions of our Company for the financial years ended December 31, 2023 and 2022, which are identified
in accordance with the rules prescribed under Form F-1 and Form 20-F and may not be considered as related-party transactions under Singapore
law.
In
March 2023, Ryde Tech entered into a shareholders loan agreement with DLG with a principal amount of S$2,000,000. The interest rate is
12% per annum accrued on a daily basis. As of December 31, 2023, the actual drawdown amount was S$2,000,000. The loan, together with
interest accruing, shall be repaid in March 2024, being 12 months after the first date on which the relevant drawdown amount was disbursed
to us. The loan ranks above all of our indebtedness due to or owing under to (i) certain investors who entered into an exchangeable loan
agreement dated February 7, 2022; and (ii) our other unsecured creditors. The shareholders have been fully repaid in March 2024.
For
the year ended December 31, 2022 and 2023, significant transactions with DLG were as follows:
Year
    ended December 31,
2022
2023
2023
S$'000
S$'000
US$'000
Interest expense on
    note from a shareholder
5
171
130
As
of December 31, 2022 and 2023, the significant balances with DLG were as follows:
As
    of December 31,
2022
2023
2023
S$'000
S$'000
US$'000
Note from a shareholder
-
2,850
2,160
7.C.
Interests of Experts and Counsel
Not
applicable.
75
ITEM
8. FINANCIAL INFORMATION
8.A.
Consolidated Statements and Other Financial Information
Please
refer to "Item 18. Financial Statements."
Legal
and Administrative Proceedings
We
are currently not a party to any legal, arbitration or administrative proceedings that, in the opinion of our management, are likely
to have a material and adverse effect on our business, financial condition or results of operations, and we are not aware of any threat
of any of the above-mentioned proceedings. However, we may from time to time become a party to various legal, arbitration or administrative
proceedings arising.
Dividend
Policy
We
have never declared or paid any cash dividend on our Class A Ordinary Shares. We currently plan to retain any future earnings and do
not expect to pay any dividends in the foreseeable future. Any further determination to pay dividends on our Ordinary Shares would be
at the discretion of our board of directors, subject to applicable laws, and would depend on our financial condition, results of operations,
capital requirements, general business conditions, and other factors that our board of directors may deem relevant.
8.B.
Significant Changes
Except
as otherwise disclosed in this report, we have not experienced any significant changes since the date of our audited consolidated financial
statements included herein.
76
ITEM
9. THE OFFER AND LISTING
9.A.
Offer and listing details
We
listed our Class A Ordinary Shares on the NYSE American under the symbol "RYDE" since March 6, 2024. In our initial public
offering, we issued 3,000,000 Class A Ordinary Shares par value US$0.0002 at a price of US$4.00 per share. On March 15, 2024, the representative
of the underwriters of our initial public offering partially exercised the over-allotment option to purchase an additional 200,350 Class
A Ordinary Shares, par value US$0.0002 per share at a price of US$4.00 per share. We received gross proceeds totaling to US$12.8
million before deducting underwriting discounts and other related expenses.
9.B.
Plan of distribution
Not
applicable.
9.C.
Markets
Our
Ordinary Shares are listed on the NYSE American under the symbol "RYDE".
9.D.
Selling shareholders
Not
applicable.
9.E.
Dilution
Not
applicable.
9.F.
Expenses of the issue
Not
applicable.
77
ITEM
10. ADDITIONAL INFORMATION
10.A.
Share capital
Not
applicable.
10.B.
Memorandum and articles of association
The
following are summaries of the material provisions of our amended and restated memorandum and articles of association and the Companies
Act, insofar as they relate to the material terms of our Ordinary Shares. They do not purport to be complete. Reference is made to our
amended and restated memorandum and articles of association, a copy of which is filed as an exhibit to the annual report.
Objects
of Our Company
. Under our post-offering memorandum and articles of association, the objects of our company are unrestricted and we
have the full power and authority to carry out any object not prohibited by the laws of the Cayman Islands.
Ordinary
Shares
. Our Ordinary Shares are divided into Class A Ordinary Shares and Class B Ordinary Shares. Holders of our Class A Ordinary
Shares and Class B Ordinary Shares will have the same rights except for voting and conversion rights. Each Class A Ordinary Share shall
entitle the holder thereof to one vote on all matters subject to vote at our general meetings and each Class B Ordinary Share shall entitle
the holder thereof to 10 votes on all matters subject to vote at our general meetings. Our Ordinary Shares are issued in registered form
and are issued when registered in our register of members. We may not issue shares to bearer. Our shareholders who are non-residents
of the Cayman Islands may freely hold and vote their shares.
Conversion.
Class B Ordinary Shares may be converted into the same number of Class A Ordinary Shares at the option of the holders thereof at
any time, while Class A Ordinary Shares cannot be converted into Class B Ordinary Shares under any circumstances.
Dividends.
The holders of our Ordinary Shares are entitled to such dividends as may be declared by our board of directors or declared by our
shareholders by ordinary resolution (provided that no dividend may be declared by our shareholders which exceeds the amount recommended
by our directors). Our post-offering memorandum and articles of association provide that dividends may be declared and paid out of our
profits, realized or unrealized, or from any reserve set aside from profits which our board of directors determine is no longer needed.
Under the laws of the Cayman Islands, our company may pay a dividend out of either profit or share premium account, provided that in
no circumstances may a dividend be paid if this would result in our company being unable to pay its debts as they fall due in the ordinary
course of business.
Voting
Rights.
Holders of Class A Ordinary Shares and Class B Ordinary Shares shall, at all times, vote together as one class on all matters
submitted to a vote by the members at any general meeting of the Company. Each Class A Ordinary Share shall be entitled to one vote and
each Class B Ordinary Share shall be entitled to 10 votes on all matters subject to the vote at general meetings of our Company. Voting
at any meeting of shareholders is by show of hands unless a poll (before or on the declaration of the result of the show of hands) is
demanded. A poll may be demanded by the chairperson of such meeting or any one shareholder present in person or by proxy.
An
ordinary resolution to be passed at a meeting by the shareholders requires the affirmative vote of a simple majority of the votes attaching
to the Ordinary Shares cast at a meeting, while a special resolution requires the affirmative vote of no less than two-thirds of the
votes cast attaching to the outstanding and issued Ordinary Shares cast at a meeting. A special resolution will be required for important
matters such as a change of name or making changes to our post-offering memorandum and articles of association. Our shareholders may,
among other things, divide or combine their shares by ordinary resolution.
General
Meetings of Shareholders.
As a Cayman Islands exempted company, we are not obliged by the Companies Act to call shareholders'
annual general meetings. Our post-offering memorandum and articles of association provide that we may (but are not obliged to) in each
year hold a general meeting as our annual general meeting in which case we shall specify the meeting as such in the notices calling it,
and the annual general meeting shall be held at such time and place as may be determined by our directors.
78
Shareholders'
general meetings may be convened by a majority of our board of directors. Advance notice of at least ten days is required for the convening
of our annual general shareholders' meeting (if any) and any other general meeting of our shareholders. A quorum required for any
general meeting of shareholders consists of at least one shareholder present or by proxy, representing not less than one-third of all
votes attaching to the issued and outstanding shares in our company entitled to vote at the general meeting.
The
Companies Act provides shareholders with only limited rights to requisition a general meeting, and does not provide shareholders with
any right to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association.
Our post-offering memorandum and articles of association provide that upon the requisition of any one or more of our shareholders who
together hold shares which carry in aggregate not less than one-third of all votes attaching to the issued and outstanding shares of
our company entitled to vote at general meetings, our board will convene an extraordinary general meeting and put the resolutions so
requisitioned to a vote at such meeting. However, our post-offering memorandum and articles of association do not provide our shareholders
with any right to put any proposals before annual general meetings or extraordinary general meetings not called by such shareholders.
Transfer
of Ordinary Shares.
Subject to the restrictions set out in our post-offering memorandum and articles of association as set out below,
any of our shareholders may transfer all or any of his or her Ordinary Shares by an instrument of transfer in the usual or common form
or any other form approved by our board of directors.
Our
board of directors may, in its absolute discretion, decline to register any transfer of any ordinary share which is not fully paid up
or on which we have a lien. Our board of directors may also decline to register any transfer of any ordinary share unless:
●
the
    instrument of transfer is lodged with us, accompanied by the certificate for the Ordinary Shares to which it relates and such other
    evidence as our board of directors may reasonably require to show the right of the transferor to make the transfer;
●
the
    instrument of transfer is in respect of only one class of Ordinary Shares;
●
the
    instrument of transfer is properly stamped, if required;
●
in
    the case of a transfer to joint holders, the number of joint holders to whom the ordinary share is to be transferred does not exceed
    four;
●
the
    ordinary share transferred is free of any lien in favor of the Company; and
●
a
    fee of such maximum sum as the NYSE American may determine to be payable or such lesser sum as our directors may from time to time
    require is paid to us in respect thereof.
If
our directors refuse to register a transfer they shall, within three months after the date on which the instrument of transfer was lodged,
send to each of the transferor and the transferee notice of such refusal.
The
registration of transfers may, after compliance with any notice required of NYSE American, be suspended and the register closed at such
times and for such periods as our board of directors may from time to time determine, provided, however, that the registration of transfers
shall not be suspended nor the register closed for more than 30 days in any year as our board may determine.
79
Liquidation
.
On the winding up of our company, if the assets available for distribution amongst our shareholders shall be more than sufficient to
repay the whole of the share capital at the commencement of the winding up, the surplus shall be distributed amongst our shareholders
in proportion to the par value of the shares held by them at the commencement of the winding up, subject to a deduction from those shares
in respect of which there are monies due, of all monies payable to our company for unpaid calls or otherwise. If our assets available
for distribution are insufficient to repay all of the paid-up capital, the assets will be distributed so that the losses are borne by
our shareholders in proportion to the par value of the shares held by them.
Calls
on Shares and Forfeiture of Shares
. Our board of directors may from time to time make calls upon shareholders for any amounts unpaid
on their shares in a notice served to such shareholders at least 14 days prior to the specified time and place of payment. The shares
that have been called upon and remain unpaid are subject to forfeiture.
Redemption,
Repurchase and Surrender of Shares
. We may issue shares on terms that such shares are subject to redemption, at our option or at
the option of the holders of these shares, on such terms and in such manner as may be determined by our board of directors or by special
resolution of our shareholders. Our company may also repurchase any of our shares on such terms and in such manner as have been approved
by our board of directors or by an ordinary resolution of our shareholders. Under the Companies Act, the redemption or repurchase of
any share may be paid out of our Company's profits or out of the proceeds of a new issue of shares made for the purpose of such
redemption or repurchase, or out of capital (including share premium account and capital redemption reserve) if our company can, immediately
following such payment, pay its debts as they fall due in the ordinary course of business. In addition, under the Companies Act no such
share may be redeemed or repurchased (a) unless it is fully paid up, (b) if such redemption or repurchase would result in there being
no shares issued and outstanding or (c) if the Company has commenced liquidation. In addition, our company may accept the surrender of
any fully paid share for no consideration.
Variations
of Rights of Shares
. If at any time, our share capital is divided into different classes of shares, the rights attached to any class
may be materially adversely varied with the consent in writing of the holders of at least two-thirds (2/3) of the issued shares of that
class or with the sanction of a resolution passed by not less than two-thirds of the votes cast at a separate meeting of the holders
of the shares of that class. The rights conferred upon the holders of the shares of any class issued shall not, be deemed to be materially
adversely varied by the creation, allotment or issue of further shares ranking
pari passu
with or subsequent to them or the redemption
or purchase of any shares of any class by the Company. The rights of the holders of shares shall not be deemed to be materially adversely
varied by the creation or issue of shares with preferred or other rights including, without limitation, the creation of shares with enhanced
or weighted voting rights.
Issuance
of Additional Shares
. Our post-offering memorandum and articles of association authorize our board of directors to issue additional
Ordinary Shares from time to time as our board of directors shall determine, to the extent out of available authorized but unissued Ordinary Shares.
Our
post-offering memorandum and articles of association also authorize our board of directors to establish from time to time one or more
series of preferred shares and to determine, with respect to any series of preferred shares, the terms and rights of that series, including:
●
the
    designation of the series;
●
the
    number of shares of the series;
●
the
    dividend rights, dividend rates, conversion rights, voting rights; and
●
the
    rights and terms of redemption and liquidation preferences.
Our
board of directors may issue preferred shares without action by our shareholders to the extent out of authorized but unissued preferred
shares. Issuance of these shares may dilute the voting power of holders of Ordinary Shares.
80
Inspection
of Books and Records
. Holders of our Ordinary Shares will have no general right under Cayman Islands law to inspect or obtain copies
of our list of shareholders or our corporate records.
Anti-Takeover
Provisions
. Some provisions of our post-offering memorandum and articles of association may discourage, delay or prevent a change
of control of our company or management that shareholders may consider favorable, including provisions that:
●
authorize
    our board of directors to issue preferred shares in one or more series and to designate the price, rights, preferences, privileges
    and restrictions of such preferred shares without any further vote or action by our shareholders; and
●
limit
    the ability of shareholders to requisition and convene general meetings of shareholders.
However,
under Cayman Islands law, our directors may only exercise the rights and powers granted to them under our post-offering memorandum and
articles of association for a proper purpose and for what they believe in good faith to be in the best interests of our company.
Exempted
Company
. We are an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary
resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside
of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the
same as for an ordinary company except that an exempted company:
●
does
    not have to file an annual return of its shareholders with the Registrar of Companies of the Cayman Islands;
●
is
    not required to open its register of members for inspection;
●
does
    not have to hold an annual general meeting;
●
may
    obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first
    instance);
●
may
    register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;
●
may
    register as a limited duration company; and
●
may
    register as a segregated portfolio company.
"Limited
liability" means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the
company (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper
purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).
Exclusive
Forum
. Unless we consent in writing to the selection of an alternative forum, the United States District Court for the Southern District
of New York (or, if the United States District Court for the Southern District of New York lacks subject matter jurisdiction over a particular
dispute, the state courts in New York County, New York) shall be the exclusive forum within the United States for the resolution of any
complaint asserting a cause of action arising out of or relating in any way to the federal securities laws of the United States, regardless
of whether such legal suit, action, or proceeding also involves parties other than us. Any person or entity purchasing or otherwise acquiring
any share or other securities in our company, or purchasing or otherwise acquiring American depositary shares issued pursuant to deposit
agreements, shall be deemed to have notice of and consented to the provisions of this article. Without prejudice to the foregoing, if
the provision in this article is held to be illegal, invalid or unenforceable under applicable law, the legality, validity or enforceability
of the rest of articles of association shall not be affected and this article shall be interpreted and construed to the maximum extent
possible to apply in the relevant jurisdiction with whatever modification or deletion may be necessary so as best to give effect to our
intention.
81
Differences
in Corporate Law
The
Companies Act is derived, to a large extent, from the older Companies Acts of England but does not follow recent English statutory enactments
and accordingly there are significant differences between the Companies Act and the current Companies Act of England. In addition, the
Companies Act differs from laws applicable to U.S. corporations and their shareholders. Set forth below is a summary of certain significant
differences between the provisions of the Companies Act applicable to us and the laws applicable to companies incorporated in the United
States and their shareholders.
Mergers
and Similar Arrangements
. The Companies Act permits mergers and consolidations between Cayman Islands companies and between Cayman
Islands companies and non-Cayman Islands companies. For these purposes, (i) "merger" means the merging of two or more constituent
companies and the vesting of their undertaking, property and liabilities in one of such companies as the surviving company, and (ii)
a "consolidation" means the combination of two or more constituent companies into a consolidated company and the vesting
of the undertaking, property and liabilities of such companies to the consolidated company. In order to effect such a merger or consolidation,
the directors of each constituent company must approve a written plan of merger or consolidation, which must then be authorized by (a)
a special resolution of the shareholders of each constituent company, and (b) such other authorization, if any, as may be specified in
such constituent company's articles of association. The written plan of merger or consolidation must be filed with the Registrar
of Companies of the Cayman Islands together with a declaration as to the solvency of the consolidated or surviving company, a list of
the assets and liabilities of each constituent company and an undertaking that a copy of the certificate of merger or consolidation will
be given to the members and creditors of each constituent company and that notification of the merger or consolidation will be published
in the Cayman Islands Gazette. Court approval is not required for a merger or consolidation which is effected in compliance with these
statutory procedures.
A
merger between a Cayman parent company and its Cayman subsidiary or subsidiaries does not require authorization by a resolution of shareholders
of that Cayman subsidiary if a copy of the plan of merger is given to every member of that Cayman subsidiary to be merged unless that
member agrees otherwise. For this purpose a company is a "parent" of a subsidiary if it holds issued shares that together
represent at least ninety percent (90%) of the votes at a general meeting of the subsidiary.
The
consent of each holder of a fixed or floating security interest over a constituent company is required unless this requirement is waived
by a court in the Cayman Islands.
Save
in certain limited circumstances, a shareholder of a Cayman constituent company who dissents from the merger or consolidation is entitled
to payment of the fair value of his shares (which, if not agreed between the parties, will be determined by the Cayman Islands court)
upon dissenting to the merger or consolidation, provided that the dissenting shareholder complies strictly with the procedures set out
in the Companies Act. The exercise of dissenter rights will preclude the exercise by the dissenting shareholder of any other rights to
which he or she might otherwise be entitled by virtue of holding shares, save for the right to seek relief on the grounds that the merger
or consolidation is void or unlawful.
Separate
from the statutory provisions relating to mergers and consolidations, the Companies Act also contains statutory provisions that facilitate
the reconstruction and amalgamation of companies by way of schemes of arrangement, provided that the arrangement is approved by a majority
in number of each class of shareholders and creditors with whom the arrangement is to be made, and who must in addition represent three-fourths
in value of each such class of shareholders or creditors, as the case may be, that are present and voting either in person or by proxy
at a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned
by the Grand Court of the Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction
ought not to be approved, the court can be expected to approve the arrangement if it determines that:
82
●
the
    statutory provisions as to the required majority vote have been met;
●
the
    shareholders have been fairly represented at the meeting in question and the statutory majority are acting bona fide without coercion
    of the minority to promote interests adverse to those of the class;
●
the
    arrangement is such that may be reasonably approved by an intelligent and honest man of that class acting in respect of his interest;
    and
●
the
    arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act.
The
Companies Act also contains a statutory power of compulsory acquisition which may facilitate the "squeeze out" of dissentient
minority shareholders upon a tender offer. When a tender offer is made and accepted by holders of 90.0% of the shares affected within
four months, the offeror may, within a two-month period commencing on the expiration of such four-month period, require the holders of
the remaining shares to transfer such shares to the offeror on the terms of the offer. An objection can be made to the Grand Court of
the Cayman Islands but this is unlikely to succeed in the case of an offer which has been so approved unless there is evidence of fraud,
bad faith or collusion.
If
an arrangement and reconstruction by way of scheme of arrangement is thus approved and sanctioned, or if a tender offer is made and accepted
in accordance with the foregoing statutory procedures, a dissenting shareholder would have no rights comparable to appraisal rights,
which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment
in cash for the judicially determined value of the shares.
Shareholders'
Suits
. In principle, we will normally be the proper plaintiff to sue for a wrong done to us as a company, and as a general rule a
derivative action may not be brought by a minority shareholder. However, based on English authorities, which would in all likelihood
be of persuasive authority in the Cayman Islands, the Cayman Islands court can be expected to follow and apply the common law principles
(namely the rule in Foss v. Harbottle and the exceptions thereto) so that a non-controlling shareholder may be permitted to commence
a class action against or derivative actions in the name of the company to challenge actions where:
●
a
    company acts or proposes to act illegally or ultra vires (and is therefore incapable of ratification by the shareholder);
●
the
    act complained of, although not ultra vires, could only be effected duly if authorized by more than a simple majority vote that has
    not been obtained;
●
an
    act purports to abridge or abolish the individual rights of a shareholder; and
●
those
    who control the company are perpetrating a "fraud on the minority."
In
the case of a company (not being a bank) having its share capital divided into shares, the Grand Court may, on the application of members
holding not less than one fifth of the shares of the company in issue, appoint an inspector to examine the affairs of the company and
to report thereon in such manner as the Grand Court shall direct.
83
Indemnification
of Directors and Executive Officers and Limitation of Liability
. Cayman Islands law does not limit the extent to which a company's
memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision
may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the
consequences of committing a crime. Our post-offering memorandum and articles of association provide that that we shall indemnify our
officers and directors against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained
by such directors or officer, other than by reason of such person's dishonesty, willful default or fraud, in or about the conduct
of our company's business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his
duties, powers, authorities or discretions, including, without prejudice to the generality of the foregoing, any costs, expenses, losses
or liabilities incurred by such director or officer in defending (whether successfully or otherwise) any civil proceedings concerning
our company or its affairs in any court whether in the Cayman Islands or elsewhere. This standard of conduct is generally the same as
permitted under the Delaware General Corporation Law for a Delaware corporation.
In
addition, we expect to enter into indemnification agreements with our directors and executive officers that provide such persons with
additional indemnification beyond that provided in our post-offering memorandum and articles of association.
Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling
us under the foregoing provisions, we have been informed that in the opinion of the SEC, such indemnification is against public policy
as expressed in the Securities Act and is therefore unenforceable.
Directors'
Fiduciary Duties
. Under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and
its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act
in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director
must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction.
The duty of loyalty requires that a director acts in a manner he reasonably believes to be in the best interests of the corporation.
He must not use his corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that
the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling
shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed
basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption
may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by
a director, the director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.
As
a matter of Cayman Islands law, a director of a Cayman Islands company is in the position of a fiduciary with respect to the company
and therefore it is considered that he owes the following duties to the company — a duty to act bona fide in the best interests
of the company, a duty not to make a profit based on his position as director (unless the company permits him to do so), a duty not to
put himself in a position where the interests of the company conflict with his personal interest or his duty to a third party, and a
duty to exercise powers for the purpose for which such powers were intended. A director of a Cayman Islands company owes to the company
a duty to act with skill and care. It was previously considered that a director need not exhibit in the performance of his duties a greater
degree of skill than may reasonably be expected from a person of his knowledge and experience. However, English and Commonwealth courts
have moved towards an objective standard with regard to the required skill and care and these authorities are likely to be followed in
the Cayman Islands.
Shareholder
Action by Written Consent
. Under the Delaware General Corporation Law, a corporation may eliminate the right of shareholders to act
by written consent by amendment to its certificate of incorporation. Cayman Islands law and our post-offering memorandum and articles
of association provide that our shareholders may approve corporate matters by way of a unanimous written resolution signed by or on behalf
of each shareholder who would have been entitled to vote on such matter at a general meeting without a meeting being held.
84
Shareholder
Proposals
. Under the Delaware General Corporation Law, a shareholder has the right to put any proposal before the annual meeting
of shareholders; provided it complies with the notice provisions in the governing documents. A special meeting may be called by the board
of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special
meetings.
The
Companies Act provides shareholders with only limited rights to requisition a general meeting, and does not provide shareholders with
any right to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association.
Our post-offering memorandum and articles of association allow any one or more of our shareholders holding shares which carry in aggregate
not less than one-third of the total number of votes attaching to all issued and the outstanding shares of our company entitled to vote
at general meetings to requisition an extraordinary general meeting of our shareholders, in which case our board is obliged to convene
an extraordinary general meeting and to put the resolutions so requisitioned to a vote at such meeting. Other than this right to requisition
a shareholders' meeting, our post-offering memorandum and articles of association do not provide our shareholders with any other
right to put proposals before annual general meetings or extraordinary general meetings. As a Cayman Islands exempted company, we are
not obliged by law to call shareholders' annual general meetings.
Cumulative
Voting
. Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation's
certificate of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders
on a board of directors since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single
director, which increases the shareholder's voting power with respect to electing such director. There are no prohibitions in relation
to cumulative voting under the laws of the Cayman Islands but our post-offering memorandum and articles of association do not provide
for cumulative voting. As a result, our shareholders are not afforded any less protections or rights on this issue than shareholders
of a Delaware corporation.
Removal
of Directors
. Under the Delaware General Corporation Law, a director of a corporation with a classified board may be removed only
for cause with the approval of a majority of the issued and outstanding shares entitled to vote, unless the certificate of incorporation
provides otherwise. Under our post-offering memorandum and articles of association, directors may be removed with or without cause, by
an ordinary resolution of our shareholders. A director will also cease to be a director if he (i) becomes bankrupt or makes any arrangement
or composition with his creditors; (ii) dies or is found to be or becomes of unsound mind; (iii) resigns his office by notice in writing;
(iv) without special leave of absence from our board, is absent from meetings of our board for three consecutive meetings and our board
resolves that his office be vacated; or (v) is removed from office pursuant to any other provision of our articles of association.
Transactions
with Interested Shareholders
. The Delaware General Corporation Law contains a business combination statute applicable to Delaware
corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its certificate
of incorporation, it is prohibited from engaging in certain business combinations with an "interested shareholder" for three
years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or a group
who or which owns or owned 15% or more of the target's outstanding voting share within the past three years. This has the effect
of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated
equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder,
the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested
shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with
the target's board of directors.
Cayman
Islands law has no comparable statute. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business
combination statute. However, although Cayman Islands law does not regulate transactions between a company and its significant shareholders,
it does provide that such transactions must be entered into bona fide in the best interests of the company and not with the effect of
constituting a fraud on the minority shareholders.
85
Dissolution;
Winding up
. Under the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution
must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the
board of directors may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware
corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated
by either an order of the courts of the Cayman Islands or by the board of directors.
Under
Cayman Islands law, a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution of its
members or, if the company is unable to pay its debts as they fall due, by an ordinary resolution of its members. The court has authority
to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable to
do so.
Variation
of Rights of Shares
. Under the Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the
approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise. Under our
post-offering memorandum and articles of association, if our share capital is divided into more than one class of shares, the rights
attached to any such class may, subject to any rights or restrictions for the time being attached to any class, only be materially adversely
varied with the consent in writing of the holders of at least two-thirds (2/3) of the issued shares of that class or with the sanction
of a special resolution passed at a separate meeting of the holders of the shares of that class. The rights conferred upon the holders
of the shares of any class issued with preferred or other rights shall not, subject to any rights or restrictions for the time being
attached to the shares of that class, be deemed to be materially adversely varied by the creation, allotment or issue of further shares
ranking
pari passu
with or subsequent to them or the redemption or purchase of any shares of any class by our company. The rights
of the holders of shares shall not be deemed to be materially adversely varied by the creation or issue of shares with preferred or other
rights including, without limitation, the creation of shares with enhanced or weighted voting rights.
Amendment
of Governing Documents
. Under the Delaware General Corporation Law, a corporation's governing documents may be amended with
the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under
the Companies Act and our post-offering memorandum and articles of association, our memorandum and articles of association may only be
amended by a special resolution of our shareholders.
Rights
of Non-resident or Foreign Shareholders
. There are no limitations imposed by our post-offering memorandum and articles of association
on the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares. In addition, there are no provisions
in our post-offering memorandum and articles of association governing the ownership threshold above which shareholder ownership must
be disclosed.
10.C.
Material contracts
Other
than those described in this annual report, we have not entered into any material agreements other than in the ordinary course of business.
10.D.
Exchange controls
The
Cayman Islands, British Virgin Islands and Singapore currently have no exchange control regulations or currency restrictions.
86
10.E.
Taxation
Cayman
Islands Taxation
The
Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is
no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to us levied by the government
of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or, after execution, brought within
the jurisdiction of the Cayman Islands. The Cayman Islands is a party to a double tax treaty entered with the United Kingdom in 2010
but is otherwise not party to any double tax treaties that are applicable to any payments made to or by our company. There are no exchange
control regulations or currency restrictions in the Cayman Islands. Pursuant to Section 6 of the Tax Concessions Act (Revised) of the
Cayman Islands, our Company has obtained an undertaking from the Financial Secretary: (a) that no law which is enacted in the Cayman
Islands imposing any tax to be levied on profits, income, gains or appreciations shall apply to our Company or its operations; and (b)
that the aforesaid tax or any tax in the nature of estate duty or inheritance tax shall not be payable on or in respect of the shares,
debentures or other obligations of our Company or by way of withholding in whole or in part of any relevant payment as defined in section
6(3) of the Tax Concessions Act (Revised) of the Cayman Islands. The undertaking for our Company is for a period of 20 years from February
28, 2023.
Payments
of dividends and capital in respect of our Class A Ordinary Shares will not be subject to taxation in the Cayman Islands and no withholding
will be required on the payment of a dividend or capital to any holder of our Class A Ordinary Shares, nor will gains derived from the
disposal of our Class A Ordinary Shares be subject to Cayman Islands income or corporation tax.
No
stamp duty is payable in the Cayman Islands in respect of the issue of our Class A Ordinary Shares or on an instrument of transfer in
respect of our Class A Ordinary Shares, so long as the instrument of transfer is not executed in, brought to, or produced before a court
of in the Cayman Islands.
Singapore
Taxation
Dividend
Distributions
All
Singapore-tax resident companies are currently under the one-tier corporate tax system, or one-tier system.
Under
the one-tier system, the income tax paid by a tax resident company is a final tax and its distributable profits can be distributed to
shareholders as tax exempt (one-tier) dividends. Such dividends are tax exempt in the hands of a shareholder, regardless of the tax residence
status, shareholding level or legal form of the shareholder.
Accordingly,
dividends received in respect of the Ordinary Shares by either a resident or non-resident of Singapore are not subject to Singapore income
tax (whether by withholding or otherwise), on the basis that we are a tax resident of Singapore and under the one-tier system.
Foreign
shareholders are advised to consult their own tax advisers to take into account the tax laws of their respective countries of residence
and the existence of any agreement for the avoidance of double taxation which their country of residence may have with Singapore.
87
Gains
on Disposal of Shares
Singapore
does not currently impose tax on capital gains. Gains arising from the disposal of the shares may be construed to be of an income nature
and subject to Singapore income tax, especially if they arise from activities which may be regarded as the carrying on of a trade or
business in Singapore. Such gains may also be considered income in nature, even if they do not arise from an activity in the ordinary
course of trade or business or an ordinary incident of some other business activity, if the shares were purchased with the intention
or purpose of making a profit by sale rather than holding for long-term investment purposes in Singapore. Conversely, gains from disposition
of the shares in Singapore, if considered as capital gains rather than income by the Inland Revenue Authority of Singapore ("IRAS"),
are not taxable in Singapore.
There
are no specific laws or regulations which deal with the characterization of whether a gain is income or capital in nature. The characterization
of gains arising from the sale of our shares will depend primarily on the facts and circumstances (commonly referred to as the "badges
of trade") of each shareholder.
Subject
to specified exceptions, Section 13W of the Singapore Income Tax Act 1947, or "SITA," provides for certainty on the non-taxability
of gains derived by a corporate taxpayer from the disposal of Ordinary Shares during the period from June 1, 2012 to December 31, 2027
(both dates inclusive) where:
●
the
    divesting company had legally and beneficially held a minimum shareholding of 20% of the Ordinary Shares of the company whose shares
    are being disposed; and
●
the
    divesting company had maintained the minimum 20% shareholding for a continuous period of at least 24 months immediately prior to
    the disposal.
The
above-mentioned "safe harbor rules" prescribed under Section 13W of SITA will not apply to a divesting company under certain
scenarios. These include, but are not limited to, the divesting company that is in the business of trading or holding Singapore immovable
properties (excluding property development), where the shares are not listed on a stock exchange in Singapore or elsewhere, the divesting
company whose gains or profits from the disposal of Ordinary Shares are included as part of its income based on the provisions of section
26 of the SITA, disposal of shares by a partnership, limited partnership or limited liability partnership where one or more of the partners
is a company or are companies, etc.
Shareholders
who apply, or who are required to apply, the Singapore Financial Reporting Standard 39 –Financial Instruments: Recognition and
Measurement, or FRS 39; the Singapore Financial Reporting Standard 109 – Financial Instruments, or FRS 109; or the Singapore Financial
Reporting Standard (International) 9 – Financial Instruments, or SFRS(I) 9, may for the purposes of Singapore income tax be required
to recognize gains or losses in respect of financial instruments (not being gains or losses in the nature of capital) in accordance with
FRS 39, FRS 109 or SFRS(I) 9 (as the case may be) (as modified by the applicable provisions of Singapore income tax law) even where no
sale or disposal of the shares is made.
Section
34A of the SITA provides of the tax treatment for financial instruments in accordance with FRS 39 (subject to certain exceptions and
"opt-out" provisions) for taxpayers who are required to comply with FRS 39 for financial reporting purposes. The IRAS has
also issued a circular entitled "Income Tax Implications Arising from the Adoption of FRS 39 — Financial Instruments: Recognition
and Measurement." FRS 109 or SFRS(I) 9 (as the case may be) is mandatorily effective for annual periods beginning on or after January
1, 2018, replacing FRS 39. Section 34AA of the SITA requires taxpayers who comply or who are required to comply with FRS 109 or SFRS(I)
9 (as the case may be) for financial reporting purposes to calculate their profit, loss or expense for Singapore income tax purposes
in respect of financial instruments in accordance with FRS 109 or SFRS(I) 9 (as the case may be), subject to certain exceptions. The
IRAS has also issued a circular entitled "Income Tax: Income Tax Treatment Arising from Adoption of FRS 109 — Financial Instruments."
Shareholders
who may be subject to the above-mentioned tax treatments, including under Sections 34A or 34AA of the SITA, should consult their accounting
and tax advisers regarding the Singapore income tax consequences of their acquisition, holding and disposal of the shares.
88
Stamp
Duty
There
is no stamp duty payable on the subscription and issuance of the shares.
In
relation to a transfer of the Ordinary Shares, no stamp duty is payable if no instrument of transfer is executed or if the instrument
of transfer is executed outside Singapore and not received in Singapore. Accordingly, stamp duty is not applicable to electronic transfers
of our shares effected solely on a book entry basis outside Singapore. We therefore expect that no Singapore stamp duty will be payable
where shares are acquired by U.S. Holders solely in book entry form through the facility outside Singapore established by our transfer
agent and registrar outside Singapore to the extent that the instruments of transfer (including electronic instruments) are not received
in Singapore and all electronic records and any information relating to such transfers are not electronically received by persons in
Singapore, stored on any server or device in Singapore or made accessible to any person in Singapore.
Stamp
duty will be payable if there is an instrument (including an electronic instrument) for the transfer of our shares which is either executed
in Singapore or executed outside Singapore and received in Singapore.
Where
the instrument of transfer is executed in Singapore, stamp duty must be paid within 14 days of the execution of the instrument of transfer.
Where the instrument of transfer is executed outside Singapore and received in Singapore, stamp duty must be paid within 30 days of receipt
of the instrument of transfer in Singapore. An electronic instrument that is executed outside Singapore is treated as received in Singapore
in any of the following scenarios: (a) it is retrieved or accessed by a person in Singapore; (b) an electronic copy of it is stored on
a device (including a computer) and brought into Singapore; or (c) an electronic copy of it is stored on a computer in Singapore.
Stamp
duty on an instrument of transfer of shares is payable at the rate of 0.2% of the consideration for, or market value of, the shares,
whichever is higher.
Stamp
duty is borne by the purchaser unless there is an agreement to the contrary.
Estate
Duty
Singapore
estate duty was abolished with respect to all deaths occurring on or after February 15, 2008.
Tax
Treaties Regarding Withholding Taxes
There
is no comprehensive agreement for the avoidance of double taxation between the U.S. and Singapore which applies to withholding taxes
(if any) on dividends or capital gains.
Goods
and Services Tax ("GST")
The
sale of the shares by a GST-registered investor belonging in Singapore for GST purposes to another person belonging in Singapore is an
exempt supply not subject to GST. Any input GST (for example, GST on brokerage) incurred by the GST-registered investor in connection
with the making of an exempt supply is generally not recoverable from the Singapore Comptroller of GST and will become an additional
cost to the investor unless the investor satisfies certain conditions prescribed under the GST legislation or satisfies certain GST concessions.
Where
the shares are sold by a GST-registered investor in the course of or furtherance of a business carried on by such investor contractually
to and for the direct benefit of a person belonging outside Singapore, the sale should generally, subject to satisfaction of certain
conditions, be considered a taxable supply subject to GST at 0%. Any input GST (for example, GST on brokerage) incurred by the GST-registered
investor in making such a supply in the course of or furtherance of a business may be fully recoverable from the Singapore Comptroller
of GST. Investors should seek their own tax advice on the recoverability of GST incurred on expenses in connection with the purchase
and sale of the shares.
89
Services
consisting of arranging, brokering, underwriting or advising on the issue, allotment or transfer of ownership of the shares rendered
by a GST-registered person to an investor belonging in Singapore for GST purposes in connection with the investor's purchase, sale
or holding of the shares will be subject to GST at the standard rate of 7%. This rate will be raised from 7% to 8% with effect from January
1, 2023, and from 8% to 9% with effect from January 1, 2024. Similar services rendered by a GST registered person contractually to an
investor belonging outside Singapore and for the direct benefit of such an investor or a GST registered person belonging in Singapore
should generally, subject to the satisfaction of certain conditions, be subject to GST at 0%.
Certain
United States Federal Income Tax Considerations
The
following discussion is a summary of certain U.S. federal income tax considerations generally applicable to the ownership and
disposition of the Ordinary Shares by a U.S. Holder (as defined below) that acquires the Class A Ordinary Shares in this annual
report and holds the Ordinary Shares as "capital assets" (generally, property held for investment) under the Section
1221 of the U.S. Internal Revenue Code of 1986, as amended (the "Code"). This discussion is based upon existing U.S.
federal income tax laws, which is subject to differing interpretations or change, possibly with retroactive effect. There can be no
assurance that the Internal Revenue Service or a court will not take a contrary position. This discussion, moreover, does not
address the U.S. federal estate, gift, Medicare, and alternative minimum tax considerations, or any state, local and non-U.S. tax
considerations, relating to the ownership or disposition of the Class A Ordinary Shares. The following summary does not address all
aspects of U.S. federal income taxation that may be important to particular investors in light of their individual circumstances or
to persons in special tax situations such as, banks and other financial institutions; insurance companies; pension plans;
cooperatives; regulated investment companies; real estate investment trusts; broker-dealers; traders that elect to use a
mark-to-market method of accounting; certain former U.S. citizens or long-term residents; tax-exempt entities (including private
foundations); holders who acquire their Class A Ordinary Shares pursuant to any employee share option or otherwise as compensation;
investors that will hold their Class A Ordinary Shares as part of a straddle, hedge, conversion, constructive sale or other
integrated transaction for U.S. federal income tax purposes; investors that have a functional currency other than the U.S. dollar;
persons holding their Class A Ordinary Shares in connection with a trade or business conducted outside the United States; persons
that actually or constructively own 10% or more of our stock (by vote or value); or partnerships or other entities taxable as
partnerships for U.S. federal income tax purposes, or persons holding the Class A Ordinary Shares through such entities, all of whom
may be subject to tax rules that differ significantly from those discussed below.
Each
U.S. Holder is urged to consult its tax advisor regarding the application of U.S. federal taxation to its particular circumstances, and
the state, local, non-U.S. and other tax considerations of the ownership and disposition of the Class A Ordinary Shares.
General
For
purposes of this discussion, a "U.S. Holder" is a beneficial owner of the Ordinary Shares that is, for U.S. federal income
tax purposes, (i) an individual who is a citizen or resident of the United States; (ii) a corporation (or other entity treated as a corporation
for U.S. federal income tax purposes) created in or organized under the law of the United States or any state thereof or the District
of Columbia; (iii) an estate the income of which is includible in gross income for U.S. federal income tax purposes regardless of its
source; or (iv) a trust (A) the administration of which is subject to the primary supervision of a U.S. court and which has one or more
U.S. persons who have the authority to control all substantial decisions of the trust or (B) that has otherwise validly elected to be
treated as a U.S. person under the Code.
If
a partnership (or other entity treated as a partnership for U.S. federal income tax purposes) is a beneficial owner of the Ordinary Shares,
the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership.
Partnerships holding the Ordinary Shares and their partners are urged to consult their tax advisors regarding an investment in the Ordinary Shares.
For
U.S. federal income tax purposes, a U.S. Holder of Ordinary Shares will generally be treated as the beneficial owner of the underlying
shares represented by the Ordinary Shares. The remainder of this discussion assumes that a U.S. Holder of the Ordinary Shares will be
treated in this manner. Accordingly, deposits or withdrawals of Ordinary Shares will generally not be subject to U.S. federal income
tax.
90
Dividends
Subject to the PFIC rules described below under "— Passive
Foreign Investment Company Considerations", any cash distributions paid on the Ordinary Shares (including the amount of any Singapore tax withheld) out of our current
or accumulated earnings and profits, as determined under U.S. federal income tax principles, will generally be includible in the gross
income of a U.S. Holder as dividend income on the day actually or constructively received by the U.S. Holder, in the case of Ordinary Shares. Because we do not intend to determine our earnings and profits on the basis of U.S. federal income tax principles, any distribution
we pay will generally be treated as a "dividend" for U.S. federal income tax purposes. Dividends received on the Ordinary Shares will not be eligible for the dividends-received deduction allowed to corporations in respect of dividends received from U.S. corporations.
Individuals
and other non-corporate U.S. Holders will be subject to tax at the lower capital gain tax rate applicable to "qualified dividend
income"; provided that certain conditions are satisfied, including that (1) the Ordinary Shares on which the dividends are paid
are readily tradable on an established securities market in the United States, (2) we are neither a PFIC nor treated as such with respect
to a U.S. Holder (as discussed below) for the taxable year in which the dividend is paid and the preceding taxable year, and (3) certain
holding period and other requirements are met.
For
U.S. foreign tax credit purposes, dividends paid on the Ordinary Shares generally will be treated as income from foreign sources and
generally will constitute passive category income. A U.S. Holder who does not elect to claim a foreign tax credit for foreign tax withheld
may instead claim a deduction for U.S. federal income tax purposes, in respect of such withholding, but only for a year in which such
holder elects to do so for all creditable foreign income taxes. The rules governing the foreign tax credit are very complex. For example, certain Treasury Regulations promulgated
in December 2021 imposed requirements regarding the eligibility of creditable taxes for U.S. holders and recent notices from the IRS provided
temporary relief from such Treasury Regulations, provided certain requirements are satisfied. U.S. Holders are urged to consult their
tax advisors regarding the availability of the foreign tax credit under their particular circumstances, including the effects of any applicable
income tax treaties and any Treasury Regulations or IRS guidance.
Sale
or Other Disposition
A
U.S. Holder will generally recognize gain or loss upon the sale or other disposition of Ordinary Shares in an amount equal to the difference
between the amount realized upon the disposition and the holder's adjusted tax basis in such Ordinary Shares. The gain or loss
will generally be capital gain or loss. Any capital gain or loss will be long term if the Ordinary Shares have been held for more than
one year. The deductibility of a capital loss may be subject to limitations. Any such gain or loss that the U.S. Holder recognizes will
generally be treated as U.S. source income or loss for foreign tax credit limitation purposes, which may limit the availability of foreign
tax credits. Each U.S. Holder is advised to consult its tax advisor regarding the tax consequences if a foreign tax is imposed on a disposition
of the Ordinary Shares, including the availability of the foreign tax credit under its particular circumstances and
the effects of any applicable income
tax treaties and the recent Treasury Regulations and IRS guidance discussed above
.
Passive
Foreign Investment Company Considerations
For
United States federal income tax purposes, a non-United States corporation, such as our Company, will be treated as a "passive
foreign investment company," or "PFIC" if, in the case of any particular taxable year, either (a)75% or more of our
gross income for such year consists of certain types of "passive" income or (b) 50% or more of the value of our assets (generally
determined on the basis of a quarterly average) during such year produce or are held for the production of passive income. Passive income for this purpose generally includes, among other things,
dividends, interest, rents, royalties, gains from commodities and securities transactions, and gains from assets that produce passive
income. Cash is generally a passive asset. Goodwill is active to the extent attributable to activities that produce or are intended to
produce active income. In determining whether a non-U.S. corporation is a PFIC, a pro rata portion of the income and assets of each corporation
in which it owns, directly or indirectly, at least a 25% interest (by value) is taken into account.
91
Based upon our current and expected income and assets (including goodwill),
we do not expect to be a PFIC for the current taxable year. However,
while we do not expect to be or become a PFIC, no assurance can be given in this regard because the determination of whether we are or
will become a PFIC for any taxable year is a fact-intensive inquiry made annually that depends, in part, upon the composition and classification
of our income and assets. Fluctuations in the market price of our Ordinary Shares may cause us to be or become a PFIC for the current
or subsequent taxable years because the value of our assets for the purpose of the asset test, including the value of our goodwill and
any unbooked intangibles, may be determined by reference to the market price of our Ordinary Shares (which may be volatile). The composition
of our income and assets may also be affected by how, and how quickly, we use our liquid assets and the cash raised in our initial price
offering. It is also possible that the Internal Revenue Service may challenge our classification of certain income or assets for purposes
of the analysis set forth in subparagraphs (a) and (b), above or the valuation of our goodwill and any unbooked intangibles, which
may result in our company being or becoming a PFIC for the current or future taxable years.
If
we are classified as a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Shares, and unless the U.S. Holder makes
a mark-to-market election (as described below), the U.S. Holder will generally be subject to special tax rules on (i) any excess distribution
that we make to the U.S. Holder (which generally means any distribution paid during a taxable year to a U.S. Holder that is greater than
125% of the average annual distributions paid in the three preceding taxable years or, if shorter, the U.S. Holder's holding period
for the Ordinary Shares), and (ii) any gain realized on the sale or other disposition, including, under certain circumstances, a pledge,
of Ordinary Shares. Under the PFIC rules:
●
such
    excess distribution and/or gain will be allocated ratably over the U.S. Holder's holding period for the Ordinary Shares;
●
such
    amount allocated to the current taxable year and any taxable years in the U.S. Holder's holding period prior to the first taxable
    year in which we are a PFIC, each a pre-PFIC year, will be taxable as ordinary income;
●
such
    amount allocated to each prior taxable year, other than a pre-PFIC year, will be subject to tax at the highest tax rate in effect
    applicable to the U.S. Holder for that year; and
●
an
    interest charge generally applicable to underpayments of tax will be imposed on the tax attributable to each prior taxable year,
    other than a pre-PFIC year.
If
we are a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Shares and we own any equity in a non-United States
entity that is also a PFIC, or a lower-tier PFIC, such U.S. Holder would be treated as owning a proportionate amount (by value) of the
shares of the lower-tier PFIC for purposes of the application of these rules. U.S. Holders are advised to consult their tax advisors
regarding the application of the PFIC rules to any of the entities in which we may own equity.
A
U.S. Holder that holds stock in a non-U.S. corporation during any taxable year in which the corporation is treated as a PFIC is subject
to special tax rules with respect to (a) any gain realized on the sale, exchange or other disposition of the stock and (b) any "excess
distribution" by the corporation to the holder, unless the holder elects to treat the PFIC as a "qualified electing fund"
("QEF") or makes a "mark-to-market" election, each as discussed below. An "excess distribution" is
that portion of a distribution with respect to PFIC stock that exceeds 125% of the average of such distributions over the preceding three-year
period or, if shorter, the U.S. Holder's holding period for its shares. Excess distributions and gains on the sale, exchange or
other disposition of stock of a corporation which was a PFIC at any time during the U.S. Holder's holding period are allocated
ratably to each day of the U.S. Holder's holding period. Amounts allocated to the taxable year in which the disposition occurs
and amounts allocated to any period in the shareholder's holding period before the first day of the first taxable year that the
corporation was a PFIC will be taxed as ordinary income (rather than capital gain) earned in the taxable year of the disposition. Amounts
allocated to each of the other taxable years in the U.S. Holder's holding period are not included in gross income for the year
of the disposition, but are subject to a tax (equal to the highest ordinary income tax rates in effect for those years, and increased
by an interest charge at the rate applicable to income tax deficiencies) that is added to the tax otherwise due for the taxable year
in which the disposition occurs. The tax liability for amounts allocated to years before the year of disposition or "excess distribution"
cannot be offset by any net operating losses for such years, and gains (but not losses) realized on the sale of the Equity Shares cannot
be treated as capital, even if a U.S. Holder held such Equity Shares as capital assets. The preferential U.S. federal income tax rates
for dividends and long-term capital gain of individual U.S. Holders (as well as certain trusts and estates) would not apply, and special
rates would apply for calculating the amount of the foreign tax credit with respect to excess distributions.
If
a corporation is a PFIC for any taxable year during which a U.S. Holder holds shares in the corporation, then the corporation generally
will continue to be treated as a PFIC with respect to the holder's shares, even if the corporation no longer satisfies either the
passive income or passive asset tests described above, unless the U.S. Holder terminates this deemed PFIC status by electing to recognize
gain, which will be taxed under the excess distribution rules as if such shares had been sold on the last day of the last taxable year
for which the corporation was a PFIC.
The
excess distribution rules may be avoided if a U.S. Holder makes a QEF election effective beginning with the first taxable year in the
holder's holding period in which the corporation is a PFIC. A U.S. Holder that makes a QEF election is required to include in income
its pro rata share of the PFIC's ordinary earnings and net capital gain as ordinary income and long-term capital gain, respectively,
subject to a separate election to defer payment of taxes, which deferral is subject to an interest charge. A U.S. Holder whose QEF election
is effective after the first taxable year during the holder's holding period in which the corporation is a PFIC will continue to
be subject to the excess distribution rules for years beginning with such first taxable year for which the QEF election is effective.
In
general, a U.S. Holder makes a QEF election by attaching a completed IRS Form 8621 to a timely filed (taking into account any extensions)
U.S. federal income tax return for the year beginning with which the QEF election is to be effective. In certain circumstances, a U.S.
Holder may be able to make a retroactive QEF election. A QEF election can be revoked only with the consent of the IRS. In order for a
U.S. Holder to make a valid QEF election, the corporation must annually provide or make available to the holder certain information.
We do not intend to provide to U.S. Holders the information required to make a valid QEF election and we currently make no undertaking
to provide such information. Accordingly, it is currently anticipated that a U.S. Holder will not be able to avoid the special tax rules
described above by making the QEF election.
As
an alternative to making a QEF election, a U.S. Holder may make a "mark-to-market" election with respect to its PFIC shares
if the shares meet certain minimum trading requirements. If a U.S. Holder makes a valid mark-to-market election for the first tax year
in which such holder holds (or is deemed to hold) stock in a corporation and for which such corporation is determined to be a PFIC, such
holder generally will not be subject to the PFIC rules described above in respect of its stock. Instead, a U.S. Holder that makes a mark-to-market
election will be required to include in income each year an amount equal to the excess, if any, of the fair market value of the shares
that the holder owns as of the close of the taxable year over the holder's adjusted tax basis in the shares. The U.S. Holder will
be entitled to a deduction for the excess, if any, of the holder's adjusted tax basis in the shares over the fair market value
of the shares as of the close of the taxable year; provided, however, that the deduction will be limited to the extent of any net mark-to-market
gains with respect to the shares included by the U.S. Holder under the election for prior taxable years. The U.S. Holder's basis
in the shares will be adjusted to reflect the amounts included or deducted pursuant to the election. Amounts included in income pursuant
to a mark-to-market election, as well as gain on the sale, exchange or other taxable disposition of the shares, will be treated as ordinary
income. The deductible portion of any mark-to-market loss, as well as loss on a sale, exchange or other disposition of shares to the
extent that the amount of such loss does not exceed net mark-to-market gains previously included in income, will be treated as ordinary
loss.
92
The
mark-to-market election applies to the taxable year for which the election is made and all subsequent taxable years, unless the shares
cease to meet applicable trading requirements (described below) or the IRS consents to its revocation. The excess distribution rules
generally do not apply to a U.S. Holder for tax years for which a mark-to-market election is in effect. However, if a U.S. Holder makes
a mark-to-market election for PFIC stock after the beginning of the holder's holding period for the stock, a coordination rule
applies to ensure that the holder does not avoid the tax and interest charge with respect to amounts attributable to periods before the
election.
A
mark-to-market election is available only if the shares are considered "marketable" for these purposes. Shares will be marketable
if they are regularly traded on a national securities exchange that is registered with the Securities and Exchange Commission or on a
non-U.S. exchange or market that the IRS determines has rules sufficient to ensure that the market price represents a legitimate and
sound fair market value. For these purposes, shares will be considered regularly traded during any calendar year during which they are
traded, other than in de minimis quantities, on at least 15 days during each calendar quarter. Any trades that have as their principal
purpose meeting this requirement will be disregarded. Each U.S. Holder should ask its own tax advisor whether a mark-to-market election
is available or desirable.
A
U.S. Holder of PFIC stock must generally file an IRS Form 8621 annually. A U.S. Holder must also provide such other information as may
be required by the U.S. Treasury Department if the U.S. Holder (i) receives certain direct or indirect distributions from a PFIC, (ii)
recognizes gain on a direct or indirect disposition of PFIC stock, or (iii) makes certain elections (including a QEF election or a mark-to-market
election) reportable on IRS Form 8621.
U.S.
Holders are urged to consult their tax advisors as to our status as a PFIC, and, if we are treated as a PFIC, as to the effect on them
of, and the reporting requirements with respect to, the PFIC rules and the desirability of making, and the availability of, either a
QEF election or a mark-to-market election with respect to our ordinary shares. We provide no advice on taxation matters.
Information
with Respect to Foreign Financial Assets
In
addition, certain U.S. Holders may be subject to certain reporting obligations with respect to ordinary shares if the aggregate value
of these and certain other "specified foreign financial assets" exceeds $50,000. If required, this disclosure is made by
filing Form 8938 with the IRS. Significant penalties can apply if U.S. Holders are required to make this disclosure and fail to do so.
In addition, a U.S. Holder should consider the possible obligation for online filing of a FinCEN Report 114—Foreign Bank and Financial
Accounts Report as a result of holding ordinary shares. U.S. Holders are thus encouraged to consult their U.S. tax advisors with respect
to these and other reporting requirements that may apply to their acquisition of ordinary shares.
Information
Reporting and Backup Withholding
In
general, information reporting requirements will apply to distributions made on our ordinary shares within the U.S. to a non-corporate
U.S. Holder and to the proceeds from the sale, exchange, redemption or other disposition of Equity Shares by a non-corporate U.S. Holder
to or through a U.S. office of a broker. Payments made (and sales or other dispositions effected at an office) outside the U.S. will
be subject to information reporting in limited circumstances.
In
addition, backup withholding of U.S. federal income tax may apply to such amounts if the U.S. Holder fails to provide an accurate taxpayer
identification number (or otherwise establishes, in the manner provided by law, an exemption from backup withholding) or to report dividends
required to be shown on the U.S. Holder's U.S. federal income tax returns.
Backup
withholding is not an additional income tax, and the amount of any backup withholding from a payment to a U.S. Holder will be allowed
as credit against the U.S. Holder's U.S. federal income tax liability provided that the appropriate returns are filed.
You
should consult your own tax advisor as to the qualifications for exemption from backup withholding and the procedures for obtaining the
exemption.
10.F.
Dividends and paying agents
Not
applicable.
10.G.
Statement by experts
Not
applicable.
10.H.
Documents on display
We
are subject to the information requirements of the Exchange Act. In accordance with these requirements, the Company files reports and
other information with the SEC. You may read and copy any materials filed with the SEC at the Public Reference Room at 100 F Street,
N.E., Washington, D.C. 20549. You may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330.
The SEC also maintains a web site at http://www.sec.gov that contains reports and other information regarding registrants that file electronically
with the SEC.
10.I.
Subsidiary Information
For
a list of our subsidiaries, see "Item 4. Information of the Company – C. Organizational Structure."
10.J.
Annual Report to Security Holders
Not
applicable.
93
ITEM
11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Interest
Rate Risk
Interest
rate fluctuations, primarily due to the uncertain future behavior of markets, may have a material impact on the financial results of
a company. Given the fact that the Company has no outstanding bank borrowings or loans, we believe we have not been exposed to material
risks due to changes in market interest rates. However, we cannot provide assurance that we will not be exposed to material risks due
to changes in market interest rate in the future.
Foreign
Exchange Risk
The
functional currency of our operating subsidiary is SGD, and therefore our operations are exposed to foreign exchange rate fluctuations.
Our results of operations and cash flows are subject to fluctuations due to changes in foreign currency exchange rates, particularly
changes in the SGD to the U.S. dollar.
Liquidity
Risk
Liquidity
risk refers to the risk that the Company may encounter challenges in fulfilling its obligations related to financial liabilities settled
through cash or other financial assets. The Company's primary goal in managing liquidity is to ensure adequate resources are available
to meet its obligations, both in normal circumstances and during stressed scenarios, without incurring unacceptable losses or risking
damage to its reputation. Management monitors rolling forecasts of the Company's cash and cash equivalents on the basis of expected
cash flows. This monitoring process is typically conducted by the operating entity, adhering to established practices and limits defined
by the Company.
ITEM
12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
12.A.
Debt Securities
Not
applicable.
12.B.
Warrants and Rights
Not
applicable.
12.C.
Other Securities
Not
applicable.
12.D.
American Depositary Shares
Not
applicable.
94
PART
II
ITEM
13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
Not
applicable.
ITEM
14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
14.A.
– 14.D. Material Modifications to the Rights of Security Holders
See
"Item 10. Additional Information" for a description of the rights of shareholders, which remain unchanged.
14.E.
Use of Proceeds
The
following "Use of Proceeds" information relates to the registration statement on Form F-1 (File No. 333- 274283), as amended,
which was declared effective by the SEC on February 28, 2023, with respect to the Company's initial public offering completed on
March 6, 2023. In this offering, the Company issued 3,000,000 Class A Ordinary Shares at a price of US$4.00 per share. Maxim Group
LLC was the representative of the underwriters. The Company received gross proceeds in the
amount of US$12 million and net proceeds of approximately US$10.1 million after deducting underwriting discounts and expenses.
On
March 14, 2024, Maxim Group LLC., the underwriter of the initial public offering (the "IPO") of the Company, notified the
Company of their decision to exercise the over-allotment option to purchase an additional 200,350 Class A Ordinary Shares of the Company,
par value $0.0002 per share, at a price of US$4.00 per share. The closing for the sale of the Over-allotment Class A Shares took place
on March 15, 2023. Gross proceeds of the Company's IPO, including the proceeds from the sale of the Over-allotment Class A Shares,
totaled approximately US$0.8 million, before deducting underwriting discounts and other related expenses.
As
of April 26, 2024, we used the net proceeds received from our initial public offering for (i) prepayments of US$3.5 million to
five consultants for the consulting services include investor relation, business strategic and business development for the
consulting period over 20 months; and (ii) repayment of US$3.55 million to shareholder loans. We still intend to use
the remainder of the proceeds from our initial public offering as disclosed in our registration statements on Form F-1.
None
of these net proceeds from our initial public offering and the optional offering was paid, directly or indirectly, to any of our directors
or officers or their associates, persons owning 10% or more of our equity securities or our affiliates or others.
95
ITEM
15. CONTROLS AND PROCEDURES
Disclosure
controls and procedures
Disclosure
controls and procedures include controls and procedures designed to provide reasonable assurance that information required to be disclosed
in reports filed under the Exchange Act is recorded, processed, summarized and reported within the specified time periods and accumulated
and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely
decisions regarding required disclosure. Our management, under the supervision and with the participation of our Chief Executive Officer
and our Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures, as defined in Rules 13a-15(f)
or 15(d)-15(f) promulgated under the Exchange Act, as of December 31, 2023. Based on that evaluation, our Chief Executive Officer and
Chief Financial Officer have concluded that as of such date, our disclosure controls and procedures are effective at a reasonable assurance
level.
Management's
Annual Report on Internal Control over Financial Reporting
Our
management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rule 13a-15(f)
or 15(d)-15(f) under the Exchange Act. Internal control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles.
Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. In addition, projections
of any evaluation of effectiveness of our internal control over financial reporting to future periods are subject to the risk that controls
may become inadequate because of changes in conditions, or that the degree of compliance with the policies and procedures may deteriorate.
Under
the supervision and with the participation of our management, we conducted an assessment of the effectiveness of our internal control
over financial reporting as of December 31, 2023. Based on our evaluation, our management concluded that our internal control over financial
reporting was effective as of December 31, 2023 based on the criteria set forth in the Internal Control – Integrated Framework
(2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
As
Meili Technologies Pte. Ltd. ("Meili") was acquired in a business combination in 2023, management has excluded Meili from
its assessment of internal control over financial reporting as of December 31, 2023. Meili represented approximately 8.3% of our consolidated
total assets as of December 31, 2023, and 0.8% of our consolidated revenues for the year ended December 31, 2023.
Attestation
report of the registered public accounting firm
This
annual report on Form 20-F does not include an attestation report of our registered public accounting firm due to a transition period
established by rules of the SEC for newly public companies.
Changes
in internal control over financial reporting
There
have been no changes in our internal controls over financial reporting occurred during the fiscal year ended December 31, 2023, that
have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
96
ITEM
16. [RESERVED]
Not
applicable.
ITEM
16A. AUDIT COMMITTEE AND FINANCIAL EXPERT
Our
audit committee consists of Ms. Khoo Su Nee, Joanne, Mr. Poon Wai Hong, and Mr. Venkata Subramanian s/o Sreenivasan. All audit committee
members satisfy the independence requirements set forth under the rules of the NYSE American, and in Rule 10A-3 under the Exchange Act.
Our board of directors has determined that Ms. Joanne Khoo qualifies as an audit committee financial expert as defined in Item 16A of
Form 20-F.
ITEM
16B. CODE OF ETHICS
The
Company has adopted a Code of Business Conduct and Ethics that is applicable to all of our employees, and also contains provisions that
apply only to our principal executive officer, principal financial and accounting officers and persons performing similar functions.
A copy of our Code of Business Conduct and Ethics is incorporated by reference as an exhibit to this Annual Report and posted on our
website at
https://investor.rydesharing.com/governance/
.
ITEM
16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES
The
following table sets forth the aggregate fees in connection with certain professional services rendered by Kreit & Chiu CPA LLP,
our independent registered public accounting firms, during the period indicated.
Year Ended December 31,
2022
2023
Services
US$'000
US$'000
Audit fees
(1)
300,000
180,000
Total
300,000
180,000
(1)
Audit
    fees include the aggregate fees billed in each of the fiscal years for professional services rendered by our independent registered
    public accounting firm for the audit of our annual financial statements, review of the interim financial statements and for the audits
    of our financial statements in connection with our initial public offering, and comfort letter in connection with the underwritten
    public offering.
The
policy of our audit committee is to pre-approve all audit and non-audit services provided by our independent registered public accounting
firm, including audit services as described above, other than those for de minimis services which are approved by the audit committee
prior to the completion of the audit.
ITEM
16D. EXEMPTIONS FORM THE LISTING STANDARDS FOR AUDIT COMMITTEES
Not
applicable.
ITEM
16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
Not
applicable.
ITEM
16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
Not
applicable.
97
ITEM
16G. CORPORATE GOVERNANCE
We
are a company incorporated in the Cayman Islands and are listed on NYSE American. NYSE American rules permit a foreign private issuer
to follow the corporate governance practices of our home country. Certain corporate governance practices in the Cayman Islands, which
is our home country, may differ significantly from NYSE American corporate governance listing standards applicable to domestic U.S. companies.
We
are not required to have a compensation committee and a nominating committee composed entirely of independent directors. Although not
required, we have a compensation committee and a nominating committee comprised of three independent directors.
We
are also not required to obtain shareholder approval with respect (a) the establishment (or material amendment to) a stock option or purchase
plan or other equity compensation arrangement as specified in Section 711 of the NYSE American LLC Company Guide; (b) the issuance of
additional shares as sole or partial consideration for an acquisition of the stock or assets of another company in the circumstances
specified in Section 712 of the NYSE American LLC Company Guide; and (c) the issuance of additional shares in connection with a transaction
specified in Section 713 of the NYSE American LLC Company Guide, or that will result in a change of control of the Company.
Subject
to the foregoing, we rely on the exemptions listed above. As a result, you may not be provided with the benefits of certain corporate
governance requirements of NYSE American applicable to U.S. domestic public companies.
ITEM
16H. MINE SAFETY DISCLOSURE
Not
applicable.
ITEM
16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not
applicable.
ITEM
16J. INSIDER TRADING POLICIES
We
have adopted insider trading policies governing the purchase, sale, and other dispositions of our securities by directors, senior management,
and employees. A copy of the insider trading policies is attached as an exhibit to this annual report.
ITEM
16K. CYBERSECURITY
Risk
Management and Strategy
We
maintain cybersecurity risk management program designed to identify, assess, manage, mitigate, and respond to cybersecurity threats.
To implement such program, our management works closely with our IT, operations and finance teams. We have also developed and integrated
certain mitigation measures and programs into our overall risk management framework, including robust security protocols, regular system
updates, employee training, and incident response plans.
98
We
have, from time to time, experienced threats to our data and systems, including malware and computer virus attacks. Although such risks
have not materially affected us, and despite our proactive and extensive efforts to manage cybersecurity risks, we may not be successful
in preventing or mitigating a cybersecurity incident that could have a material adverse effect on us. For more information about the
cybersecurity risks we face, refer to "Item 3. Key Information—D. Risk Factors" (and in particular the risk factors
headed "Security, privacy, or data breaches involving sensitive, personal or confidential information could also expose us to liability
under various laws and regulations, decrease trust in our platform, and increase the risk of litigation and governmental investigation."
and "The proper uninterrupted functioning of our highly complex technology platform is essential to our business").
Governance
Our
board of directors oversees the management of our cybersecurity risk. At the management level, our Chief Financial Officer and Chief
Technology Officer are primarily responsible for assessing and managing material cybersecurity risks and incidents. They meet regularly
with our IT and business operations teams to review cybersecurity performance metrics, identify top cybersecurity risks, and assess the
status of cybersecurity programs and initiatives.
ITEM
17. FINANCIAL STATEMENTS
We
have elected to provide financial statements pursuant to Item 18.
ITEM
18. FINANCIAL STATEMENTS
The
audited consolidated financial statements of the Company and its subsidiaries are included at the end of this annual report.
99
ITEM
19. EXHIBITS
EXHIBIT
INDEX
EXHIBIT
NUMBER
DESCRIPTION
1.1
3rd Amended and Restated Memorandum and Articles of Association of Ryde Group Ltd (incorporated by reference to Exhibit 3.1 to Amendment No. 1 to the Registration Statement on Form F-1 (File No. 333-274283), filed with the SEC on September 29, 2023).
2.1
Registrant's Specimen Certificate for Class A Ordinary Shares (incorporated by reference to Exhibit 4.1 to our Registration Statement on Form F-1 (File No. 333-274283), as amended, filed with the SEC on September 29, 2023).
4.1
Employment Agreement by and between Ryde Group Ltd and its Chief Executive Officer (incorporated by reference to Exhibit 10.5 to our Registration Statement on Form F-1 (File No. 333-274283), as amended, initially filed with the SEC on August 31, 2023).
4.2
Employment Agreement by and between Ryde Group Ltd and its Chief Financial Officer (incorporated by reference to Exhibit 10.6 to our Registration Statement on Form F-1 (File No. 333-274283), as amended, initially filed with the SEC on August 31, 2023).
4.3
2023 Share Incentive Plan (incorporated by reference to Exhibit 10.1 to our Registration Statement on Form S-8 (File No. 333-278873) filed with the SEC on April 23, 2024).
4.4
Form of Indemnification Agreement (incorporated by reference to Exhibit 10.2 to our Registration Statement on Form F-1 (File No. 333-274283), as amended, initially filed with the SEC on August 31, 2023).
4.5
Form of Independent Director Agreement (incorporated by reference to Exhibit 10.3 to our Registration Statement on Form F-1 (File No. 333-274283), as amended, initially filed with the SEC on August 31, 2023).
4.6
Employment Agreement by and between Ryde Group Ltd and Tan Ting Yong (incorporated by reference to Exhibit 10.4 to our Registration Statement on Form F-1 (File No. 333-274283), as amended, initially filed with the SEC on August 31, 2023).
8.1
List of Subsidiaries (incorporated by reference to Exhibit 21.1 to our Registration Statement on Form F-1 (File No. 333-274283), as amended, initially filed with the SEC on August 31, 2023).
11.1
Code of Business Conduct and Ethics of the Registrant (incorporated by reference to Exhibit 14.1 to our Registration Statement on Form F-1 (File No. 333-274283), as amended, initially filed with the SEC on August 31, 2023).
11.2*
Insider Trading Policy.
12.1*
Certification of our Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
12.2*
Certification of our Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
13.1**
Certification of our Principal Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the SarbanesOxley Act of 2002.
13.2**
Certification of our Principal Financial Officer pursuant to 18 U.S.C Section 1350 as adopted pursuant to Section 906 of the SarbanesOxley Act of 2002.
15.1*
Consent of Independent Registered Public Accounting Firm.
15.2*
Consent of Harney Westwood & Riegels Singapore LLP.
97.1*
Compensation Recovery Policy.
101.INS*
Inline
    XBRL Instance Document.
101.SCH*
Inline
    XBRL Taxonomy Extension Schema Document.
101.CAL*
Inline
    XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*
Inline
    XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*
Inline
    XBRL Taxonomy Extension Labels Linkbase Document.
101.PRE*
Inline
    XBRL Taxonomy Extension Presentation Linkbase Document.
104*
Cover
    Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
*
Filed with this annual report on Form 20-F
**
Furnished with this annual report on Form 20-F
100
SIGNATURES
The
registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this annual report on its behalf.
RYDE
    GROUP LTD
By:
/s/
    Zou Junming Terence
Name:
Zou
    Junming Terence
Title:
Chairman
    and Chief Executive Officer
Date: April 26, 2024
101
RYDE
GROUP LTD
INDEX
TO CONSOLIDATED FINANCIAL STATEMENTS
Page
Report
    of Independent Registered Public Accounting Firm
PCAOB ID:
6651
F-2
Financial
    Statements:
Consolidated Balance Sheets as of December 31, 2022 and 2023
F-3
Consolidated
    Statements of Operations and Comprehensive Loss for the year ended December 31, 2021, 2022 and 2023
F-4
Consolidated
    Statements of Changes in Shareholders' Equity for the year ended December 31, 2021, 2022 and 2023
F-5
Consolidated
    Statements of Cash Flows for the year ended December 31, 2021, 2022 and 2023
F-6
Notes to Consolidated Financial Statements
F-7
    – F-29
F-
1
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Board of Directors and Shareholders of
Ryde
Group Ltd
Opinion
on the Financial Statements
We
have audited the accompanying consolidated balance sheets of Ryde Group Ltd and its subsidiaries (collectively, the "Company")
as of December 31, 2023 and 2022, and the related consolidated statements of income, changes in shareholders' equity, and cash
flows for the three years ended and the related notes (collectively referred to as the "consolidated financial statements").
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company
as of December 31, 2023 and 2022, and the results of its operations and its cash flows for the three years in the period ended December
31, 2023, in conformity with accounting principles generally accepted in the United States of America.
Basis
for Opinion
These
consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion
on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company
in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part
of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing
an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our
audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due
to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audits provide a reasonable basis for our opinion.
/s/
Kreit & Chiu CPA LLP
We
have served as the Company's auditors since 2022.
Los
Angeles, California
April 26, 2024
F-
2
RYDE
GROUP LTD
CONSOLIDATED
BALANCE SHEETS
December 31,
2022
December 31,
2023
December 31,
2023
S$'000
S$'000
US$'000
ASSETS
Current assets
Cash and cash equivalents
3,007
1,694
1,284
Accounts receivable, net
70
30
23
Deposits, prepaid expenses and other current assets
690
660
500
Deferred initial public offering
("IPO") costs
-
2,079
1,576
Total current assets
3,767
4,463
3,383
Non-current assets
Property and equipment, net
24
61
46
Intangible assets, net
532
673
510
Goodwill, net
-
-
-
Total non-current assets
556
734
556
TOTAL ASSETS
4,323
5,197
3,939
LIABILITIES
Current liabilities
Accounts payable
3,401
5,463
4,141
Accrued expenses and other current liabilities
827
1,922
1,457
Convertible loans
-
2,303
1,746
Note from a shareholder
-
2,850
2,160
Operating lease obligations
-
49
37
Total current liabilities
4,228
12,587
9,541
Non-current liabilities
Convertible loans
5,094
-
-
Deferred tax liabilities
-
32
24
Total non-current liabilities
5,094
32
24
TOTAL LIABILITIES
9,322
12,619
9,565
SHAREHOLDERS' EQUITY
Ordinary Shares, US$
0.0002
of nominal or par value,
175,000,000
Class A shares and
75,000,000
Class B shares authorized,
12,571,044
Class A shares as of December 31, 2023 (2022:
8,159,166
) and
3,542,400
Class B shares issued and outstanding for both periods
3
4
3
Additional paid-in capital
8,101
18,663
14,146
Accumulated deficit
(
13,066
)
(
25,893
)
(
19,626
)
Foreign currency translation reserve
-
(
117
)
(
89
)
Deficit attributable to owners of the Company
(
4,962
)
(
7,343
)
(
5,566
)
Non-controlling interests
(
37
)
(
79
)
(
60
)
Total shareholders' deficit
(
4,999
)
(
7,422
)
(
5,626
)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
4,323
5,197
3,939
The
accompanying notes are an integral part of these financial statements.
F-
3
RYDE
GROUP LTD
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
For the year ended December 31,
2021
2022
2023
2023
S$'000
S$'000
S$'000
US$'000
Revenue
6,195
8,825
8,667
6,569
Other income
440
289
89
67
Drivers and riders cost and related expenses
(
4,220
)
(
7,534
)
(
6,813
)
(
5,164
)
Employee benefits expenses
(
1,473
)
(
2,046
)
(
2,052
)
(
1,555
)
Depreciation and amortization expenses
(
273
)
(
301
)
(
402
)
(
305
)
Finance costs
(
118
)
(
198
)
(
446
)
(
338
)
Other expenses
(
1,791
)
(
3,995
)
(
4,289
)
(
3,251
)
Impairment of goodwill
-
-
(
664
)
(
503
)
Share-based compensation
-
-
(
6,959
)
(
5,275
)
Loss before income taxes
(
1,240
)
(
4,960
)
(
12,869
)
(
9,755
)
Income tax expense
-
-
-
-
Loss for the year
(
1,240
)
(
4,960
)
(
12,869
)
(
9,755
)
Other comprehensive loss:
Foreign currency translation adjustment
-
-
(
117
)
(
89
)
Net loss and total comprehensive loss
(
1,240
)
(
4,960
)
(
12,986
)
(
9,844
)
Loss for the year attributable to:
Owners of the Company
(
1,231
)
(
4,923
)
(
12,827
)
(
9,723
)
Non-controlling interest
(
9
)
(
37
)
(
42
)
(
32
)
(
1,240
)
(
4,960
)
(
12,869
)
(
9,755
)
Net loss and total comprehensive loss attributable to:
Owners of the Company
(
1,231
)
(
4,923
)
(
12,944
)
(
9,812
)
Non-controlling interest
(
9
)
(
37
)
(
42
)
(
32
)
(
1,240
)
(
4,960
)
(
12,986
)
(
9,844
)
Net loss per share attributable to ordinary shareholders
Basic and diluted
(
0.11
)
(
0.42
)
(
1.00
)
(
0.75
)
Weighted average number of Ordinary Shares used in computing net loss per share
Basic and diluted ('000)
11,702
11,702
13,007
13,007
The
accompanying notes are an integral part of these financial statements.
F-
4
RYDE
GROUP LTD
CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
Ordinary
    Shares
Class
    A Shares Outstanding
Class
    B Shares  Outstanding
Par
    value
Additional
    paid-in capital
Accumulated
    deficit
Foreign
    currency translation reserve
Deficit
    attributable to owners of the Company
Non-
    controlling interests
Total
    deficit
'000
'000
S$'000
S$'000
S$'000
S$'000
S$'000
S$'000
S$'000
Balance as of January 1, 2021
8,159
3,543
3
7,868
(
6,912
)
-
959
7
966
Net loss
-
-
-
-
(
1,231
)
-
(
1,231
)
(
9
)
(
1,240
)
Conversion of
    convertible loan from a shareholder
-
*
-
-
117
-
-
117
1
118
Balance
    as of December 31, 2022
8,159
3,543
3
7,985
(
8,143
)
-
(
155
)
(
1
)
(
156
)
Net
    loss
-
-
-
-
(
4,923
)
-
(
4,923
)
(
37
)
(
4,960
)
Conversion
    of convertible loan from a shareholder
-
*
-
-
116
-
-
116
1
117
Balance
    as of December 31, 2022
8,159
3,543
3
8,101
(
13,066
)
-
(
4,962
)
(
37
)
(
4,999
)
Net
    loss
-
-
-
-
(
12,827
)
(
117
)
(
12,944
)
(
42
)
(
12,986
)
Conversion
    of convertible loan from third parties
1,194
-
-
**
3,481
-
-
3,481
-
3,481
Share-based
    payment
3,218
-
1
7,081
-
-
7,082
-
7,082
Balance
    as of December 31, 2023
12,571
3,543
4
18,663
(
25,893
)
(
117
)
(
7,343
)
(
79
)
(
7,422
)
US$'000
US$'000
US$'000
US$'000
US$'000
US$'000
US$'000
Balance
    as of December 31, 2023
12,571
3,543
3
14,146
(
19,626
)
(
89
)
(
5,566
)
(
60
)
(
5,626
)
*
As part of the
reorganization the entities are under common control as described in Note 1, the convertible loan of S$
2,349,000
and accrued interest
S$
118,000
and S$
117,000
for the financial years ended December 31, 2021 and 2022 was fully converted into the Company's Class A
Ordinary Shares in April 2023. Therefore, the conversion of convertible loan from a shareholder was accounted for retrospectively on
January 1, 2021, and the converted shares are included in Class A Ordinary Shares.
**
Amount less than
S$1,000.
The
accompanying notes are an integral part of these financial statements.
F-
5
RYDE
GROUP LTD
CONSOLIDATED
STATEMENTS OF CASH FLOWS
For the year ended December 31,
2021
2022
2023
2023
S$'000
S$'000
S$'000
US$'000
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss
(
1,240
)
(
4,960
)
(
12,869
)
(
9,755
)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Amortization
265
287
340
258
Depreciation
8
14
62
47
Loss/(Gain) on disposal of property and equipment
1
-
*
-
-
Interest expense
-
-
355
269
Amortization of debt issuance cost
-
-
91
69
Impairment of goodwill
-
-
664
503
Share-based payment expenses
-
-
6,959
5,275
Net effect of exchange rates changes
-
-
5
4
Change in operating assets and liabilities, net of impact of business acquisitions and disposals:
Accounts receivable
(
11
)
(
59
)
52
39
Deposits, prepaid expenses and other current assets
(
302
)
(
16
)
107
81
Accounts payable
860
539
1,895
1,436
Accrued expenses and other current liabilities
307
354
727
551
Net cash used in operating activities
(
112
)
(
3,841
)
(
1,612
)
(
1,223
)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment
(
26
)
(
15
)
(
3
)
(
2
)
Proceeds from disposal of property and equipment
-
-
*
-
-
Additions in intangible assets
(
303
)
(
467
)
(
482
)
(
365
)
Cash acquired from acquisition of subsidiaries
-
-
63
48
Net cash used in investing activities
(
329
)
(
482
)
(
422
)
(
319
)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings
500
5,200
2,850
2,160
Repayments of borrowings
-
(
500
)
-
-
Repayments of lease liabilities
-
-
(
50
)
(
38
)
Deferred IPO costs
-
-
(
2,079
)
(
1,575
)
Net cash provided by financial activities
500
4,700
721
547
Net change in cash and cash equivalents
59
377
(
1,313
)
(
995
)
Cash, cash equivalents and restricted cash - beginning of period
2,571
2,630
3,007
2,279
Cash, cash equivalents and restricted cash - end of period
2,630
3,007
1,694
1,284
Supplemental disclosure of cash flow information
Cash paid for interest
-
-
-
-
Cash paid for income tax
-
-
-
-
Non-cash investing activities
Non-cash transactions from acquisition of subsidiaries
-
-
600
455
*
Amount less than
1,000
The
accompanying notes are an integral part of these financial statements.
F-
6
RYDE
GROUP LTD
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
1
Organization and business overview
Ryde
Group Ltd (the "Company") is an investment holding company incorporated on February 21, 2023 under the laws of the Cayman
Islands. The Company has no substantial operations other than holding all of the outstanding share capital of Ryde Group (BVI) Ltd ("Ryde
BVI") incorporated under the laws of the British Virgin Islands ("BVI) on February 22, 2023. Ryde BVI has no substantial
operations other than holding all of the equity interest of Ryde Technologies Pte. Ltd., a Singapore company incorporated on September
2, 2014.
The
Company through its subsidiaries provide mobility and quick commerce solutions to its consumers. Ryde is a technology-driven platform
that offers reliable, affordable, and sustainable mobility and quick commerce solutions to our consumers. The Company's core business
is divided into two categories: (i) mobility, which involves providing flexible and scheduled carpooling and ride-hailing services, matching
riders with our network of driver partners; and (ii) quick commerce, which involves on-demand, scheduled, and multi-stop parcel delivery
services. Our technology-enabled platform enables us to provide efficient, personalized, and cashless payment services, ensuring a seamless
user experience for both riders and partners. Ultimately, Ryde is dedicated to providing sustainable, affordable, and convenient mobility
and delivery solutions to our consumers.
Ryde
Group Ltd, and its subsidiaries are collectively referred to as the "Company" or "Ryde".
The
Company is headquartered in Singapore.
On
May 5, 2023, the Company completed an internal reorganization of Ryde Technologies Pte. Ltd. whereby certain then existing shareholders,
who collectively owned
99.26
%
of the equity interests of Ryde Technologies Pte. Ltd. prior to the reorganization, transferred their respective
Ordinary Shares in the capital of Ryde Technologies Pte. Ltd. to the Company's nominee, Ryde Group (BVI) Ltd. In consideration
thereof, the Company had allotted and issued an aggregate of
4,503,985
Ordinary Shares comprising
3,263,666
Class A Ordinary Shares of
the Company and
1,240,319
Class B Ordinary Shares of the Company to such shareholders of Ryde Technologies Pte. Ltd. Zou Junming Terence
has transferred his share in Ryde Group (BVI) Ltd to the Company, in consideration thereof, the Company had allotted and issued
176,640.8
Class B Ordinary Shares of the Company to Zou Junming Terence, in accordance with and subject to the terms of the Restructuring Agreement.
After the reorganization, Ryde Technologies Pte. Ltd. became a
99.26
%
subsidiary of Ryde Group (BVI) Ltd, who is in turn, a wholly-owned
subsidiary of Ryde Group Ltd. These entities are under common control, accordingly, the consolidated financial statements are prepared
on the basis as if the reorganization became effective as of the beginning of the first period presented in the accompanying consolidated
financial statements of the Company.
The
consolidated financial statements of the Company include the following entities:
Name
Date of
incorporation
Percentage of
direct or indirect interests
Place of incorporation
Principal activities
Ryde Group (BVI) Limited
February 22, 2023
100
%
British Virgin Islands
Dormant
Ryde Technologies Pte. Ltd.
September 2, 2014
99.26
%
Singapore
Mobility and quick commerce solutions
Meili Technologies Pte. Ltd.
November 30, 2020
99.26
%
Singapore
Quick Commerce solutions
Meili Technologies (M) Sdn. Bhd.
December 16, 2021
99.26
%
Malaysia
Dormant
F-
7
RYDE
GROUP LTD
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
1
Organization and business overview (continued)
The
major rights, preferences and privileges of the Class A and Class B Ordinary Shares are as follows:
Conversion
rights
Class
B Ordinary Shares may be converted into the same number of Class A Ordinary Shares at the option of the holders thereof at any time,
while Class A Ordinary Shares cannot be converted into Class B Ordinary Shares under any circumstances.
Dividend
rights
The
holders of Class A and Class B Ordinary Shares are entitled to such dividends as may be declared by our board of directors or declared
by our shareholders by ordinary resolution (provided that no dividend may be declared by our shareholders which exceeds the amount recommended
by our directors).
No
dividends on Ordinary Shares have been declared for the year ended December 31, 2023 and December 31, 2022.
Liquidation
preferences
In
the event of any liquidation, dissolution, or winding up of the Company, either voluntarily or involuntarily, the holders of Class A
and Class B Ordinary Shares are entitled to any distribution of any assets or funds in proportion to the par value of the shares held
by them.
Voting
rights
Holders
of Class A Ordinary Shares and Class B Ordinary Shares shall, at all times, vote together as one class on all matters submitted to a
vote by the members at any general meeting of the Company.
Each Class A Ordinary Share shall be entitled to one vote and each Class B
Ordinary Share shall be entitled to 10 votes on all matters subject to the vote at general meetings of our Company.
2
Summary of significant accounting policies
Basis
of presentation
The
accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the
United States of America ("US GAAP") and pursuant to the applicable rules and regulations of the Securities and Exchange
Commission ("SEC").
Consolidation
The
accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. Significant inter-company balances,
investment and capital, if any, have been eliminated upon consolidation.
F-
8
RYDE
GROUP LTD
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
2
Summary of significant accounting policies (continued)
Liquidity
In assessing the Company's liquidity,
the Company monitors and evaluates its cash and cash equivalent and its operating and capital expenditure commitments. The Company's
liquidity needs are to meet its working capital requirements, operating expenses and capital expenditure obligations.
Cash flow from operations and capital contributions and loans from shareholders have been utilized to finance the
working capital requirements of the Company. As of December 31, 2023, the Company has negative cash flow from operating activities of
S$
1,612,000
(US$
1,223,000
). The Company's working capital was negative S$
8,124,000
(US$
6,158,000
) as of December 31, 2023. And the
Company had S$
1,694,000
(US$
1,284,000
) in cash and cash equivalents, which is unrestricted as to withdrawal and use as of December 31,
2023.
To
sustain its ability to support the Company's operating activities, the Company considered supplementing its sources of funding
through the following:
●
cash and cash equivalents generated from operations;
●
other
    available sources of financing from Singapore banks and other financial institutions;
●
financial
    support from the Company's related parties and shareholders;
●
issuance
    of additional convertible notes; and
●
obtaining funds through a future raise debt and equity
Management
has commenced a strategy to raise debt and equity. However, there can be no certainty that these additional financings will be available
on acceptable terms or at all. If management is unable to execute this plan, there would likely be a material adverse effect on the Company's
business.
On March 6, 2024, the Company completed its initial public offering. In this offering, the Company issued
3,000,000
Ordinary Shares at a price of US$
4.00
per share. The Company received gross proceeds in the amount of US$
12
million before deducting any
underwriting discounts or expenses. In view of these circumstances, the management of the Company has given consideration to the future
liquidity and performance of the Company and its available sources of finance in assessing whether the Company will have sufficient financial
resources to continue as a going concern.
Use
of estimates
The
preparation of consolidated financial statements in conformity with US GAAP requires management to make judgements, estimates and assumptions
that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated
assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances,
the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent
from other sources. Significant accounting estimates reflected in the Company's consolidated financial statements include, but
are not limited to, impairment of long-lived assets, and allowance for credit losses on receivables, provision for expired credit. Actual
results may differ from these estimates.
Foreign
currency translation and transaction
The
accompanying consolidated financial statements are presented in the Singapore Dollars ("SGD" or "S$"), which
is the reporting currency of the Company. The functional currency of the Company and its subsidiary in the British Virgin Islands is
United States Dollars ("USD" or "US$"). All information presented in S$ have been rounded to the nearest thousand,
unless otherwise stated.
Convenience
translation
Translations
of balances in the consolidated balance sheets, consolidated statements of income, consolidated statements of changes in shareholders'
equity and consolidated statements of cash flows from SGD into USD as of December 31, 2023 are solely for the convenience of the readers
and are calculated at the rate of
SGD1.00 = USD0.7580
, representing the exchange rate set forth in the H.10 statistical release of the
Federal Reserve Board on December 31, 2023. No representation is made that the SGD amounts could have been, or could be, converted, realized
or settled into USD at such rate, or at any other rate.
F-
9
RYDE
GROUP LTD
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
2
Summary of significant accounting policies (continued)
Cash
and cash equivalents
Cash
and cash equivalents represent cash in bank and are unrestricted as to withdrawal or use.
Accounts
receivable, net
Accounts receivable, net represent the amounts that the Company has an unconditional right to consideration from
riders, other individual customers and enterprise customers, and primarily consist of (i) unpaid fare amounts from riders, (ii) fare amounts
paid by riders but not yet received by the Company, (iii) fare amounts not yet paid by enterprise customers, (iv) unpaid amounts from
individual customers and enterprise customers for other services completed. These accounts receivable are recorded
net of any allowance for credit losses. Although we pre-authorize forms of payment to mitigate our exposure, we bear the cost of any accounts receivable
losses. We record an allowance for credit losses for accounts receivable that may never settle or be collected.
Deposits
and prepayments
Deposits
and prepayments are classified as either current or non-current based on the terms of the respective agreements. These advances are unsecured
and are reviewed periodically to determine whether their carrying value has become impaired. As of December 31, 2023 and 2022, management
believes that the Company's prepayments and deposits are not impaired.
Provision
for expired credit
Provision
for expired credit represent all expired credits that are not redeemed by consumers. A provision for expired credit is recognized when
the credit expires, if the amount of the obligation can be estimated reliably. The provision is recognized as a reduction of expense
in the consolidated income statement, and as an asset on the consolidated balance sheet. The amount of the provision for expired credit
is estimated based on historical experience and the expected rate of redemption. The estimate is reviewed regularly and adjusted if necessary,
based on actual experience.
Property
and equipment, net
Property
and equipment are stated at cost less accumulated depreciation and impairment if applicable. The Company computes depreciation using
the straight-line method over the estimated useful lives of the assets as follows:
Computer
3
    years
Office
    equipment
3
    years
Renovations
3
    years
Operating
    lease right-of-use assets
2
    years
The
cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is
included in the consolidated statement of income. Expenditures for maintenance and repairs are charged to expense as incurred, while additions renewals and betterments, which are expected to extend the useful life of assets,
are capitalized. The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant
revised estimates of useful lives.
F-
10
RYDE
GROUP LTD
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
2
Summary of significant accounting policies (continued)
Intangible
assets, net
Develop
technology
Research
costs are expensed as incurred. An intangible asset arising from development expenditure on an individual project is recognized only
when the Company can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or
sale, its intention to complete and its ability to use or sell the assets, how that asset will generate future economic benefits, the
availability of resources to complete and the ability to measure reliably the expenditure during the development. Deferred development
costs have finite useful life and are amortized over a period of expected sales from the related project of
3
to
5
years on a straight-line
basis from the date that they are available for use.
Business
combinations
We
account for our business combinations using the acquisition method of accounting, which requires, among other things, allocation of the
fair value of purchase consideration to the tangible and intangible assets acquired and liabilities assumed at their estimated fair values
on the acquisition date. The excess of the fair value of purchase consideration over the values of these identifiable assets and liabilities
is recorded as goodwill. When determining the fair value of assets acquired and liabilities assumed, we make significant estimates and
assumptions, especially with respect to intangible assets. Our estimates of fair value are based upon assumptions believed to be reasonable,
but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. During the measurement
period, not to exceed one year from the date of acquisition, we may record adjustments to the assets acquired and liabilities assumed,
with a corresponding offset to goodwill if new information is obtained related to facts and circumstances that existed as of the acquisition
date. After the measurement period, any subsequent adjustments are reflected on the consolidated statements of operations. Acquisition
costs, such as legal and consulting fees, are expensed as incurred.
Goodwill
Goodwill
is measured at cost less accumulated impairment losses. Goodwill is not subject to amortization, but is tested for impairment on an annual
basis during the fourth quarter or whenever events or changes in circumstances indicate the carrying value of the reporting unit may
be in excess of its fair value. As part of the annual goodwill impairment test, the Company first performs a qualitative assessment to
determine whether further impairment testing is necessary. If, as a result of its qualitative assessment, it is more-likely-than-not
that the fair value of the Company's reporting unit is less than its carrying amount, the quantitative impairment test will be
required. Alternatively, the Company may bypass the qualitative assessment and perform a quantitative impairment test. An impairment
loss of goodwill amounted to S$
664,000
was recorded for the year ended December 31, 2023.
F-
11
RYDE
GROUP LTD
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
2
Summary of significant accounting policies (continued)
Impairment
of long-lived assets
The
Company evaluates the recoverability of its long-lived assets (asset groups), including property and equipment and operating lease right-of-use
assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of its asset (asset group) may not
be fully recoverable. When these events occur, the Company measures impairment by comparing the carrying amount of the assets to the
estimated undiscounted future cash flows expected to result from the use of the asset (asset group) and their eventual disposition. If
the sum of the expected undiscounted cash flows is less than the carrying amount of the asset (asset group), the Company recognizes an
impairment loss based on the excess of the carrying amount of the asset (asset group) over their fair value. Fair value is generally
determined by discounting the cash flows expected to be generated by the asset (asset group), when the market prices are not readily
available. The adjusted carrying amount of the asset is the new cost basis and is depreciated over the asset's remaining useful
life. Long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely
independent of the cash flows of other assets and liabilities.
Operating
lease right-of-use assets
The
Company adopted ASC 842 on January 1, 2019. The Company determines if an arrangement is a lease at inception. Operating leases are included
in operating lease right-of-use ("ROU") assets, operating lease liability, and operating lease liability, non-current in
the Company's consolidated balance sheets. ROU assets represent the Company's right to use an underlying asset for the lease
term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease ROU
assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. When determining
the lease term, the Company includes options to extend or terminate the lease when it is reasonably certain that it will exercise that
option, if any. As the Company's leases do not provide an implicit rate, the Company used an incremental borrowing rate based on
the information available at commencement date in determining the present value of lease payments. The Company has elected to adopt the
following lease policies in conjunction with the adoption of ASU 2016-02: (i) for leases that have lease terms of 12 months or less and
does not include a purchase option that is reasonably certain to exercise, the Company elected not to apply ASC 842 recognition requirements;
and (ii) the Company elected to apply the package of practical expedients for existing arrangements entered into prior to January 1,
2019 to not reassess (a) whether an arrangement is or contains a lease, (b) the lease classification applied to existing leases, and
(c) initial direct costs.
Fair
value measurements
ASC
820 defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required
or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in pricing the asset or liability.
ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:
Level
    1
-
    observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level
    2
-
    other inputs that are directly or indirectly observable in the marketplace.
Level
    3
-
    unobservable inputs which are supported by little or no market activity.
The
carrying amounts of cash and cash equivalents, accounts receivable, deposits and prepayments, contract assets and liabilities, accounts
payable, other payables to related parties, and accruals and other payables approximate their fair values because of their generally
short maturities.
F-
12
RYDE
GROUP LTD
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
2
Summary of significant accounting policies (continued)
Revenue
recognition
Mobility
and quick commerce arrangement
The
Company recognizes revenue for its ride-hailing and quick commerce marketplace in accordance with ASC 606. The Company generates revenue
from commissions and service fees (collectively, "fees") paid by driver partners and consumers for use of the Ryde platform
to connect driver partners with consumers to facilitate and successfully complete transaction via the App where the Company operates
as an agent. The Company recognizes revenue upon completion of each transaction. Driver partners and consumers enter into terms of service
("ToS") with the Company in order to use the Ryde App. Under the ToS, driver partners and consumers agree that the Company
retains the applicable fee as consideration for their use of the Ryde platform from the fare and related charges it collects from consumers
on behalf of driver partners. The Company is acting as an agent in facilitating the ability for a driver partner to provide a mobility
and quick commerce service to a consumer. The Company reports revenue on a net basis, reflecting the fee owed to the Company from a driver
partner as revenue, and not the gross amount collected from the consumer.
As
the Company's customary business practice, a contract exists between the driver partner and consumer and the Company when the driver
partner's and consumer's ability to cancel the transaction lapses, which typically is upon pickup of the consumer or goods.
The Company's single performance obligation in the transaction is to connect driver partners with consumer to facilitate the completion
of a successful mobility or quick commerce service for consumer. The Company recognizes revenue upon completion of a transaction as its
performance obligation is satisfied upon the completion of the transaction. The Company collects the fare and related charges from consumers
on behalf of driver partners using the consumer's pre-authorized credit card or other payment mechanism and retains its fees before
making the remaining disbursement to driver partners; thus the driver partner's ability and intent to pay is not subject to significant
judgment.
Principle
vs Agent consideration
Judgment
is required in determining whether we are the principal or agent in transactions with driver partners, and consumer. We evaluate the
presentation of revenue on a gross or net basis based on whether we control the service provided to the consumers and are the principal
(i.e. "gross"), or we arrange for other parties to provide the service to the consumers and are an agent (i.e. "net").
This determination also impacts the presentation of incentives provided to driver partners and discounts and promotions offered to consumers
to the extent they are not customers.
For
the mobility and quick-commerce transactions, our role is to provide the service to driver partners to facilitate a successful trip or
quick-commerce service to consumer. We concluded we do not control the good or service provided by driver partners to consumers as (i)
we do not pre-purchase or otherwise obtain control of the goods or services prior to its transfer to the consumers; (ii) we do not direct
driver partners to perform the service on our behalf, and (iii) we do not integrate services provided by driver partners with our other
services and then provide them to consumers. As part of our evaluation of control, we review other specific indicators to assist in the
principal versus agent conclusions. We are not primarily responsible for mobility and quick commerce services provided to consumers,
nor do we have inventory risk related to these services. While we facilitate setting the price for mobility and quick commerce services,
the driver partners and consumers have the ultimate discretion in accepting the transaction price and this indicator alone does not result
in us controlling the services provided to consumers.
In
transactions with consumers, we act as an agent of the driver partners by connecting consumers seeking mobility and quick commerce services
with driver partners looking to provide these services. Driver partners and consumers are our customers and pay us a fee for each successfully
completed transaction with consumers. Accordingly, we recognize revenue on a net basis, representing the fee we expect to receive in
exchange for us providing the service to driver partners and consumers.
F-
13
RYDE
GROUP LTD
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
2
Summary of significant accounting policies (continued)
Revenue
recognition (continued)
Mobility
and quick commerce
The
Company derives its mobility and quick commerce revenue primarily from fees paid by driver partners and consumers for use of the platform
and related service to connect with consumers and successfully complete a transaction via the platform. The Company recognizes revenue
when a transaction is completed.
The
presentation of revenue is on a net basis. The Company is an agent as its performance obligation is to arrange for another party (i.e.
the driver partners) to provide the mobility and quick commerce services. Through the Company's application, it allows for the
connecting of the driver partners and consumers. The Company only facilitates by connecting the driver partners and consumers. The driver
partners are responsible for fulfilling the contract.
Incentives
provided to driver partners are recorded as a reduction of revenue if the Company does not receive a distinct good or service or cannot
reasonably estimate the fair value of the good or service received. Incentives to driver partners that are not provided in exchange for
a distinct good or service are evaluated as variable consideration, in the most likely amount to be earned by the driver partners at
the time or as they are earned by the driver partners, depending on the type of incentive. Since incentives are earned over a short period
of time, there is limited uncertainty when estimating variable consideration.
Excess
driver partners incentives refer to cumulative payments to driver partners that exceed the cumulative revenue that are recognize from
driver partners with no future guarantee of additional revenue. Cumulative payments to driver partners could exceed cumulative revenue
from driver partners as a result of driver partners incentives or when the amount paid to driver partners for a trip exceeds the fare
charged to the consumer. Driver partners incentives largely depend on the business decisions based on market conditions.
When
the cumulative amount of driver partners incentives exceeds the cumulative revenue earned since inception of the driver partners relationship,
the excess driver partners incentives are recorded in profit or loss as an expense. As a result, driver partners incentives provided
to driver partners at the beginning of a relationship are typically classified as cost of revenue, while driver partners incentives provided
to driver partners with a more mature relationship are typically classified as a reduction of revenue.
Incentive
to consumers
The
Company provides consumer incentives in the form of credit upon completion of transaction, with the aim of encouraging consumers to utilize
the Ryde platform for their future transactions. These credits are offered to consumers in the market to acquire new consumers, re-engage
existing customers, or generally increase overall use of the platform, and are similar to coupons. The Company records these credits
as liability on the balance sheet and as driver and riders cost and related expenses in the statement of operations and comprehensive
loss at the time these credits are redeemed by the consumers.
F-
14
RYDE
GROUP LTD
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
2
Summary of significant accounting policies (continued)
Revenue
from Advertising
Revenue
from advertising is recognized when the advertising services are provided to the merchant. The revenue is recognized at the amount of
consideration that the company expects to be entitled to receive, net of any discounts or refunds. If the consideration for the advertising
services includes barter trade, the revenue and cost are recognized separately based on the fair value of the barter trade.
The
Company derives revenue from digital advertising services provided to merchants under contractual agreements. These services encompass
the display of merchants' advertisements within our mobile/web platform and email channels. Revenue recognition commences at the
initiation of the contract period, as stipulated in the signed agreement with our merchant clients. The Company employs the 'output
method' to measure progress towards fulfilling its performance obligations. Under this method, revenue is recognized proportionately
over the duration of the contractual period. This method accurately reflects the faithful depiction of the transfer of services, as it
aligns with the nature of the services provided, where revenue is recognized based on the contractual period.
Membership
Revenue
from membership is recognized over the period of the membership. The subscription fee is recognized as revenue over the subscription
period. Any relevant costs incurred to provide the membership benefits are recognized as cost. The cashback bonuses, exclusive lifestyle
and food and beverage perks, and discounts provided to the members are not recognized as revenue.
Segments
ASC
280, "Segment Reporting", establishes standards for reporting information about operating segments on a basis consistent
with the Company's internal organizational structure as well as information about geographical areas, business segments and major
clients in financial statements for detailing the Company's business segments. Management has determined that the Company operates
in a single segment because there is only one Chief Operating Decision Maker ("CODM") for the Company who is the Company's
Chief Executive Officer. Operating and financial metrics are applied to the entire Company as whole. The Company's sales are principally
in Singapore.
Concentrations
and credit risk
Financial
instruments that potentially expose the Company to concentration of credit risk consist primarily of accounts receivable. The Company
has designed their credit policies with an objective to minimize their exposure to credit risk. The Company's accounts receivable
are short term in nature and the associated risk is minimal. The Company conducts credit evaluations on its clients and generally does
not require collateral or other security. The Company periodically evaluates the creditworthiness of the existing clients in determining
the allowance for credit losses primarily based upon the age of the receivables and factors surrounding the credit risk of specific
clients.
As
of December 31, 2023 and 2022, the Company's assets were located in Singapore and the Company's revenue was principally derived
in Singapore.
F-
15
RYDE
GROUP LTD
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
2
Summary of significant accounting policies (continued)
Employee
benefits
Employee
benefits are recognized as an expense, unless the cost qualifies to be capitalized as an asset.
Defined
contribution plans are post-employment benefit plans under which the Company pays fixed contributions into separate entities such as
the Central Provident Fund on a mandatory, contractual or voluntary basis. The Company has no further payment obligations once the contributions
have been paid. The Central Provident Fund paid to The Central Provident Fund Board in Singapore is S$
211,000
(US$
160,000
), S$
229,000
and S$
162,000
for the year ended December 31, 2023, 2022 and 2021 respectively.
Share-based
compensation
The
Company follows ASC 718, Compensation —Stock Compensation ("ASC 718"), which requires the measurement and recognition
of compensation expense for all share-based payment awards, including restricted stock units, based on estimated grant date fair values.
Restricted stock units are valued using the market price of the Company's common shares on the date of grant. The Company records
compensation expense, net of estimated forfeitures, over the requisite service period.
Awards
classified in equity under ASC 718 that may be subject to temporary equity classification include:
●
Shares
    with a repurchase feature that the employee can exercise only after the shares have been vested for at least six months, as well
    as options on such shares.
●
Shares
    that have a contingent repurchase feature that is outside the control of the employee and the entity if it is currently probable
    that the contingency would not occur. Examples include shares redeemable only on the occurrence of a liquidity event, such as a change
    of control.
●
Options
    that have a contingent cash-settlement provision not within the employee's or the entity's control if it is not currently
    probable that the contingency would occur.
Related
parties
Parties
are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant
influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject
to common control or significant influence of the same party, such as a family member or relative, shareholder, or a related corporation.
F-
16
RYDE
GROUP LTD
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
2
Summary of significant accounting policies (continued)
Income
taxes
The
Company accounts for income taxes under FASB ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences
attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their
respective tax bases. Deferred tax assets are also provided for net operating loss carry forwards that can be utilized to offset future
taxable income.
Deferred
tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized
in income in the period including the enactment date. A valuation allowance is established, when necessary, to reduce net deferred tax
assets to the amount expected to be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing
authorities.
The
provisions of FASB ASC 740-10-25, "Accounting for Uncertainty in Income Taxes," prescribe a more-likely-than-not threshold
for consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This
interpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred
income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures.
The
Company did not accrue any liability, interest or penalties related to uncertain tax positions in its provision for income taxes for
the year ended December 31, 2023 and 2022. The Company does not expect that its assessment regarding unrecognized tax positions will
materially change over the next 12 months.
Government
grants
Government
grants are recognized when there is reasonable assurance that the grant will be received, and all attaching conditions will be complied
with. Government grants shall be recognized in profit or loss on a systematic basis over the periods in which the entity recognizes as
expenses the related costs for which the grants are intended to compensate. Government grant is recognized as 'Other income'
in profit or loss.
The
following is a description of the government grants the Company have received for the financial year ended December 31, 2023 and 2022:
●
The
    Jobs Growth Incentive ("JGI"): To support employers to expand local hiring from September 2020 to March 2023. The duration
    of JGI support will vary depending on when the local hire was hired and the characteristics of the local hire.
●
The
    Progressive Wage Credit Scheme: It was introduced in Singapore Budget 2022 to provide transitional wage support for employers to
    adjust to upcoming mandatory wage increases for lower-wage workers covered by the Progressive Wage and Local Qualifying Salary requirements
    and voluntarily raise wages of lower-wage workers.
●
The
    Wage Credit Scheme: The Government co-funded certain percentage of wage increases given to Singapore Citizen employees who earned
    a gross monthly wage of up to S$
4,000
.
●
The
    SGUnited Programme: It is an attachment programme which supports young graduates and mature mid-career individuals to widen their
    professional networks and gain meaningful industry-relevant skills and job opportunities in the workforce.
●
The
    Enterprise Development Grant: To support projects that help businesses to upgrade, innovate, grow and transform. These projects include
    business strategy, financial management, human capital development, service excellence, strategic brand and marketing development.
F-
17
RYDE
GROUP LTD
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
2
Summary of significant accounting policies (continued)
Earnings
(loss) per share
Basic
earnings (loss) per share is computed by dividing net earnings (loss) attributable to ordinary shareholders by the weighted average number
of Ordinary Shares outstanding during the year. Diluted earnings per share reflect the potential dilution that could occur if outstanding
stock options, warrants and convertible debt were exercised or converted into Ordinary Shares. When the Company has a loss, diluted shares
are not included as their effect would be anti-dilutive. The Company has
no
dilutive securities or debt for each of the year ended 31
December 2023, 2022 and 2021.
Interest
rate risk
Interest
rate risk is the risk that the fair value or future cash flows of the Company's financial instruments will fluctuate because of
changes in market interest rates. The Company's exposure to interest rate risk arises mainly from its interest-bearing financial
liabilities. The Company periodically reviews its liabilities and monitors interest rate fluctuations to ensure that the exposure to
interest rate risk is within acceptable levels. The interest-bearing financial liabilities are usually at fixed interest rates except
for money market loans, bank overdrafts and floating interest rate loans. The Company does not utilize interest rate derivatives to minimize
its interest rate risk.
Commitments
and Contingencies
In
the normal course of business, the Company is subject to contingencies, including legal proceedings and claims arising out of the business
that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes its liability for such
contingency if it determines it is probable that a loss has occurred and a reasonable estimate of the loss can be made. The Company may
consider many factors in making these assessments including historical and the specific facts and circumstances of each matter.
Recent
Adopted Accounting Pronouncements
In
October 2021, the FASB issued ASU 2021-08, "Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities
from Contracts with Customers", which requires entities to apply Topic 606 to recognize and measure contract assets and contract
liabilities in a business combination as if it had originated the contracts. The standard is effective for public companies for fiscal
years, and interim periods within those fiscal years, beginning after December 15, 2022. We adopted the ASU on January 1, 2023 and will
apply the guidance prospectively for future acquisitions.
Recently
Issued Accounting Pronouncements Not Yet Adopted
In
June 2022, the FASB issued ASU 2022-03, "Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject
to Contractual Sale Restrictions", which clarifies that contractual sale restrictions are not considered in measuring fair value
of equity securities and requires additional disclosures for equity securities subject to contractual sale restrictions. The standard
is effective for public companies for fiscal years beginning after December 15, 2023. Early adoption is permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and does
not expect materials impact to its consolidated financial statements.
In
November 2023, the FASB issued ASU 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures (Topic 280). The standard
requires incremental disclosures related to reportable segments, including disaggregated expense information and the title and position
of the company's chief operating decision maker ("CODM"), as identified for purposes of segment determination. The ASU is effective
for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Entities
must adopt the changes to the segment reporting guidance on a retrospective basis. Early adoption is permitted. The Company is currently
evaluating the impact of this standard on its consolidated financial statements and does not expect materials impact to its consolidated financial statements.
In
December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which
requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on
income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be
useful in making capital allocation decisions. The standard will be effective for public companies for fiscal years beginning after
December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this accounting standard update on
our consolidated financial statements and does not expect materials impact to its consolidated financial statements..
F-
18
RYDE
GROUP LTD
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
3
Deposits, prepaid expenses and other current assets
December 31, 2022
December 31,
2023
December 31,
2023
S$'000
S$'000
US$'000
Deposits
265
209
158
Prepayments
100
120
91
Other receivables
164
173
131
Provision for expired credits
161
158
120
690
660
500
4
Deferred IPO costs
Pursuant
to ASC 340-10-S99-1, IPO costs directly attributable to an offering of equity securities are deferred and would be charged against the
gross proceeds of the offering as a reduction of additional paid-in capital. These costs include legal fees related to the registration
drafting and counsel, consulting fees related to the registration preparation, the SEC filing and print related costs. As of December
31, 2023, the Company did not conclude its IPO.
As
of December 31, 2022 and 2023, the accumulated deferred IPO cost was
Nil
and S$
2,079,000
(US$
1,576,000
), respectively
.
On March 5, 2024, the Company completed
its initial public offering. In this offering, the Company issued
3,000,000
Class A Ordinary Shares at a price of US$
4.00
per share.
The Company received gross proceeds in the amount of US$
12
million before deducting any underwriting discounts or expenses. The Ordinary
Shares began trading on March 6, 2024 on the NYSE American under the ticker symbol "RYDE".
5
Property and equipment, net
December 31, 2022
December 31,
2023
December 31,
2023
S$'000
S$'000
US$'000
Computer
81
81
61
Office
1
1
1
Operating lease right-of-use assets
-
96
73
Total
82
178
135
Less: accumulated depreciation
(
58
)
(
117
)
(
89
)
Net book value
24
61
46
Depreciation
expense for the year ended December 31, 2023 and 2022 was S$
62,000
(US$
47,000
) and S$
14,000
respectively.
The
Company's operating lease right-of-use assets is related to the office lease agreements with lease terms for two years. The Company's
lease agreement do not contain any material residual value guarantees or material restrictive convents. Upon adoption of ASU 2016-02,
no right-of-use ("ROU") assets nor lease liability was recorded for the lease with a lease term with one year or less.
F-
19
RYDE
GROUP LTD
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
6
Intangible assets, net
December 31, 2022
December 31,
2023
December 31,
2023
S$'000
S$'000
US$'000
Developed technology
2,658
3,140
2,380
Others
5
5
4
Total
2,663
3,145
2,384
Less: accumulated amortization
(
2,131
)
(
2,472
)
(
1,874
)
Net book value
532
673
510
Amortization
expenses for the year ended December 31, 2023 and 2022 was S$
340,000
(US$
258,000
) and S$
287,000
respectively. The weighted average remaining
useful life of developed technology is
2 years 3 months
.
The
Company's estimated aggregate future amortization expenses for intangible assets subject to amortization as of December 31, 2023,
as follows:
December 31,
2023
S$'000
Financial year ending 2024
360
Financial year ending 2025 to 2027
307
7
Goodwill, net
December 31,
2022
December 31,
2023
December 31, 2023
S$'000
S$'000
US$'000
Acquisition
-
664
491
Goodwill impairment
-
(
664
)
(
491
)
-
-
-
Acquisition
of Meili Technologies Pte. Ltd. and its subsidiaries ("Meili Group")
On
February 20, 2023, Ryde Technologies Pte. Ltd. entered into a Sale and Purchase Agreement for the acquisition of Meili Group, a last-mile
on-demand logistics service provider in Singapore. The Meili Group comprises of Meili Technologies Pte. Ltd. and its wholly-owned subsidiary,
Meili Technologies (M) Snd. Bhd. ("Meili Malaysia"), which located in Malaysia. Meili Malaysia is a dormant since the date
of incorporation on December 16, 2021. The acquisition is expected to contribute to the growth of the Company's current quick commerce
business.
F-
20
RYDE
GROUP LTD
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
7
Goodwill, net (continued)
The
purchase consideration was satisfied by the issuance of exchangeable notes to the Meili Noteholders each exchangeable into shares in
the Company. Under the terms and conditions of the exchangeable notes, unless previously redeemed or exchanged into shares in the Company,
the purchase consideration will be mandatorily exchanged into shares of the Company upon the occurrence of the Company obtaining the
receipt of the notification from a recognized exchange for the filing of the offer document for the listing. The mandatory exchange of
the exchangeable notes into shares of the Company will be based on a
25
% discount to the price per share on the post-money valuation
of the Company immediately following the listing. As of December 31, 2023, the fair value of the purchase consideration is S$
600,000
.
In
connection with the acquisition of Meili Group, the Company recognized identifiable assets and assumed liabilities at their respective
fair values on a provisional basis as of February 20, 2023. These values are subject to change upon receipt of all the necessary information
about the facts and circumstances that were in existence as of the acquisition date. The key information in this regard pertains to the
value of the consideration used in measuring goodwill, which is subject to the post-money valuation of the Company and the completion
of the exchange of all of the exchangeable notes held by the Meili Noteholders.
The
following table summarizes the fair value of the assets acquired and liabilities assumed as of February 20, 2023:
S$'000
Cash and cash equivalents
63
Accounts receivable, net
12
Deposits, prepaid expenses and other current assets
76
Total identifiable assets acquired
151
Total liabilities assumed
(
215
)
Net liabilities acquired
(
64
)
Goodwill
664
Total acquisition consideration
600
The
excess of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill.
Goodwill
Impairment
During
the financial year, we performed a goodwill impairment test by comparing the fair value of the Meili Group to its carrying value. The
fair value was determined as a sum of the discounted cash flow ("DCF") method. The significant unobservable inputs used in
the fair value measurement include discount rate of
6.12
%, growth rate of
5
%
to
10
%
, and dividend yield of
0
%
. The carrying value of
Meili Group exceeded its fair value, and as a result, a goodwill impairment charge of S$
664,000
was recorded in the consolidated statements
of operations.
F-
21
RYDE
GROUP LTD
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
8
Related party transactions and balances
Parties
are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant
influence over the other party in making financial and operational decisions. Parties are also considered to be related if they are subject
to common control. Related parties may be individuals or corporate.
The
table below sets forth the major related parties and their relationships with the Company as of December 31, 2023 and 2022:
Name
    of related parties
Relationship
    with the Company
DLG
    Ventures Pte. Ltd.
Shareholder
i)
Significant transactions with related parties were as follows:
Year ended December 31,
2021
2022
2023
2023
S$'000
S$'000
S$'000
US$'000
Interest expense on note from a shareholder
1
5
171
130
ii)
Significant balances with related parties were as follows:
December 31, 2022
December 31,
2023
December 31,
2023
S$'000
S$'000
US$'000
Related parties
Note from a shareholder
-
2,850
2,160
9
Convertible loans
December 31, 2022
December 31,
2023
December 31,
2023
S$'000
S$'000
US$'000
Convertible loan from noteholders
-
368
279
Convertible loans
5,200
1,950
1,478
Debt issuance cost
(
106
)
(
15
)
(
11
)
5,094
2,303
1,746
Less: Current portion
-
(
2,303
)
(
1,746
)
Non-current portion
5,094
-
-
F-
22
RYDE
GROUP LTD
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
9
Convertible loans (continued)
(a)
Convertible
    loan from noteholders
This
refers to an exchangeable note arising from the acquisition by Ryde Technologies Pte. Ltd. of Meili Technologies Pte. Ltd. pursuant to
which the purchase consideration was satisfied by the issuance of exchangeable notes to the Meili Noteholders each exchangeable into
shares in the Company. In April 2024,
68,478
Class A Ordinary Shares were issued to Meili Noteholders pursuant to an exchange of their
exchangeable notes under the exchangeable note subscription agreement dated April 12, 2023.
Effective January 1, 2021, the Company early adopted ASU 2020-06 using
the full retrospective approach. As a result of this adoption, convertible loan is recorded as a single liability measured at its amortized
cost.
(b)
Convertible
    loans
The
convertible loans as of December 31, 2023 and 2022 are set out below:
2022
2023
2023
Loan
Currency
Period
Interest rate per annum
Guarantees
Other
security
Carrying amount
(S$'000)
Carrying amount
(S$'000)
Carrying amount
(US$'000)
Unsecured fixed rate convertible loans
SGD
24
-month
5
%
Nil
-
5,094
2,303
1,746
The
convertible loans are repayable on or before February 28, 2024. There is no repayment and no interest paid for the financial year ended
December 31, 2023.
On
July 11, 2023, Ryde Technologies Pte. Ltd. ("Ryde Tech") entered into a Second Supplemental Agreement with third parties
(the "Agreement"). The Agreement give rise to Ryde Tech to redeem the convertible loan of S$
1.95
million on the listing date. In March 2024, the convertible loan has been fully repaid.
The
convertible loan of S$
3.25
million will give rise to the third parties' rights to the conversion into
1,155,350
Class A Ordinary Shares of the Company, at an issue price of S$
2.81
per Ordinary Shares. The
1,155,350
Class A Ordinary Shares represented
7.14
%
of total Class A Ordinary Shares of the Company after the conversion. In September 2023, the Company issued
1,155,350
Class A Ordinary of the Company.
Effective
January 1, 2021, the Company early adopted ASU 2020-06 using the full retrospective approach. As a result of this adoption, convertible
loan is recorded as a single liability measured at its amortized cost.
F-
23
RYDE
GROUP LTD
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
10
Note from a shareholder
December 31, 2022
December 31,
2023
December 31,
2023
S$'000
S$'000
US$'000
Current
Note from a shareholder
-
2,850
2,160
The
note from a shareholder as of December 31, 2023 are set out below:
Note
Currency
Period
Interest rate per annum
Guarantees
Other security
Carrying amount
(S$'000)
Carrying amount
(S$'000)
Unsecured fixed rate note
SGD
12
-month
12
%
Nil
-
2,000
1,516
Unsecured fixed rate note
SGD
6
-month
-
Nil
-
850
644
11
Operating lease obligation
December 31, 2022
December 31,
2023
December 31,
2023
S$'000
S$'000
US$'000
Current portion
-
49
37
Non-current portion
-
-
-
-
49
37
The
Company's operating lease right-of-use assets is related to the office lease agreements with lease terms for two years. The Company's
lease agreement do not contain any material residual value guarantees or material restrictive convents. Upon adoption of ASU 2016-02,
no right-of-use ("ROU") assets nor lease liability was recorded for the lease with a lease term with one year or less.
The
Company's commitment for minimum lease payments under the operating lease that is within twelve months as of December 31, as follow:
Twelve months ending December 31,
Minimum lease payment
S$'000
2024
50
Total future lease payment
50
Amount representing interest
(
1
)
Present value of operating lease liabilities
49
Less: current portion
(
49
)
Non-current portion
-
F-
24
RYDE
GROUP LTD
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
11
Operating lease obligation (continued)
The
following summarizes other supplemental information about the Company's operating leases as of December 31, 2023:
Weighted average discount rate
5
%
Weighted average remaining lease term (years)
1.1
12
Income taxes
Caymans
and BVIs
The
Company and its subsidiary are domiciled in the Cayman Island and British Virgin Islands. The locality currently enjoys permanent income
tax holidays; accordingly, the Company and Ryde Group (BVI) Limited do not accrue for income taxes.
Singapore
Ryde
Technologies Pte. Ltd. and Meili Technologies Pte. Ltd. are incorporated in Singapore and are subject to Singapore Corporate Tax on the
taxable income as reported in its statutory financial statements adjusted in accordance with relevant Singapore tax laws. The applicable
tax rate is
17
% in Singapore, with
75
% of the first S$
10,000
taxable income and
50
% of the next S$
190,000
taxable income exempted from
income tax.
Malaysia
Meili
Technologies (M) Sdn. Bhd. is subject to Malaysia Corporate Tax on the taxable income as reported in its statutory financial statements
adjusted in accordance with relevant Malaysia tax laws. The standard corporate income tax rate in Malaysia is
24
%. However, if
the Company
has a paid-up capital of MYR 2.5 million or less, and gross income from business of not more than MYR 50 million, the tax rates will
be 15% on the first MYR 150,000, 17% on amount between MYR150,001 to MYR600,000, and 24% on amount exceeding MYR 600,000.
The
income tax provision in both current and deferred portions are nil for the year ended December 31, 2023 and 2022, respectively.
F-
25
RYDE
GROUP LTD
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
12
Income taxes (continued)
A
reconciliation between the Group's actual provision for income tax and the provision at the respective statutory rate was as follows:
Year Ended December 31,
2021
2022
2023
2023
S$'000
S$'000
S$'000
US$'000
Loss before income taxes
(
1,240
)
(
4,960
)
(
12,869
)
(
9,755
)
Tax at the domestic rates applicable to profit or loss in the countries where the Group operates
(
211
)
(
843
)
(
963
)
(
730
)
Reconciling items:
Non-deductible expenses
47
51
181
137
Government grant not subject to tax
(
11
)
(
33
)
(
7
)
(
5
)
Valuation allowance for tax losses
179
828
778
590
Others
(
4
)
(
3
)
11
8
Tax charge
-
-
-
-
Significant
components of the Company's deferred tax balances as of December 31, 2023 and 2022 are as follows:
December 31,
2022
December 31,
2023
December 31,
2023
S$'000
S$'000
US$'000
Deferred tax assets
Tax losses carry forwards
1,938
2,635
1,997
Less: Valuation allowance
(
1,938
)
(
2,635
)
(
1,997
)
Total deferred tax assets
-
-
-
Deferred tax liabilities
Total deferred tax liabilities
-
32
24
Deferred
tax liability in relating to the fair value of intangible assets arising from the acquisition of Meili Technologies Pte. Ltd.
The
tax losses carry forwards is available for offsetting against future taxable profits for which no deferred tax asset is recognized due
to uncertainty of its recoverability. The realization of the future income tax benefits from the tax losses carry forwards is available
for an unlimited future period subject to the compliance with certain provisions of the tax legislations of the countries in which the
group companies operate.
As
of December 31, 2023, the open tax year for our entities in Singapore and Malaysia is the tax year 2023.
F-
26
RYDE
GROUP LTD
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
13
Revenue
Year Ended December 31,
2021
2022
2023
2023
S$'000
S$'000
S$'000
US$'000
Mobility
6,086
6,510
5,866
4,446
Quick commerce
88
92
146
111
Membership
21
606
616
467
Advertising initiatives
-
1,617
2,025
1,535
Others
-
-
14
10
6,195
8,825
8,667
6,569
14
Other income
Year Ended December 31,
2021
2022
2023
2023
S$'000
S$'000
S$'000
US$'000
Government grants
417
233
41
31
Others
23
56
48
36
440
289
89
67
15
Other expenses
Year Ended December 31,
2021
2022
2023
2023
S$'000
S$'000
S$'000
US$'000
Information technology expenses
1,006
1,124
1,230
932
Legal and professional fees
392
437
496
376
Marketing and advertising
266
1,948
2,441
1,850
Rental
64
315
23
17
Others
63
171
99
76
1,791
3,995
4,289
3,251
F-
27
RYDE
GROUP LTD
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
16
Share-based payment expenses
Year Ended December 31,
2021
2022
2023
2023
S$'000
S$'000
S$'000
US$'000
Share-based payment expenses
-
-
6,959
5,275
(a)
Share-based
    payment to employees
In
August 2023, the Company have established an employee share option scheme (the "Scheme") pursuant to which the right to
subscribe for Class A Ordinary Shares may be granted to employees of the Company, its subsidiaries and affiliates who meet the
eligibility criteria in accordance with the rules of the Scheme. The Scheme will subsist from September 14, 2023 till the date of
the listing of the Company on a securities exchange or till the date on which the Scheme is terminated by the board of directors of
the Company, whichever is earlier.
In
September 2023, the Company issued
1,131,715
Class A Ordinary Shares issued to certain employees
of the Company pursuant to the Scheme.
The fair value of the Class A Ordinary Shares issued to employees was measured
using the Black-Scholes method. A summary of the measurement of the fair values and inputs at grant date is as follows:
2023
Fair value
    at grant date (weighted average)
0.81
-
1.18
Exercise price at grant date (weighted average)
0.0002
Expected
    volatility (weighted average)
1.74
%
Expected terms (days) (weighted average)
4
Expected dividend (weighted
    average)
0
%
Risk-free interest rate
    (weighted average)
5.51
%
Risk-free
interest rate is estimated based on the yield curve of US Sovereign Bond as of the option valuation date. The expected volatility at
the grant date and each option valuation date is estimated based on annualized standard deviation of daily stock price return of comparable
companies with a time horizon close to the expected term of the options. The Company has never declared or paid any cash
dividends on its capital stock, and the Company does not anticipate any dividend payments in the foreseeable future. Expected term is the
period of time from the grant date to the exercise date or the forfeiture
date. The lock-up period of the Class A Ordinary Shares issued to the employees are subject for a period varying between
12 months to 36 months
During
the year ended December 31, 2023, the Company recognized share-based payment expenses of S$
5,470,000
(US$
4,146,000
) in the consolidated
statements of operations and comprehensive loss.
(b)
Share-based
    payment expenses to non-employees
In
September 2023, the Company issued
2,086,561
Class A Ordinary Shares issued to certain consultants of the Company in consideration for
the past services to the Company in connection with the listing.
The
fair value of the Class A Ordinary Shares issued to consultants was measured using probability-weighted-average method. The weighted
average fair value of the Class A Ordinary Shares issued to consultants during the year ended was US$
1.95
per share.
During
the year ended December 31, 2023, the Company recognized share-based payment expenses of S$
1,489,000
(US$
1,129,000
) in the consolidated
statements of operations and comprehensive loss.
F-
28
RYDE
GROUP LTD
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
17
Loss per share
The
following table sets forth the computation of basic and diluted loss per share attributable to ordinary shareholders for the year ended
December 31, 2023, 2022 and 2021 (in thousands):
Year Ended December 31,
2021
2022
2023
2023
S$'000
S$'000
S$'000
US$'000
Net loss
(
1,240
)
(
4,960
)
(
12,986
)
(
9,844
)
Add: Loss attributable to non-controlling interest
9
37
42
32
Loss for the period attributable to ordinary shareholders
(
1,231
)
(
4,923
)
(
12,944
)
(
9,812
)
Basic weighted-average Ordinary Shares outstanding
11,702
11,702
13,007
13,007
Basic and diluted loss per share attributable to ordinary shareholders
(
0.11
)
(
0.42
)
(
1.00
)
(
0.75
)
Effective
January 1, 2021, we early adopted ASU 2020-06 using the full retrospective approach. Upon adoption, we use the if-converted method and
presume share conversion for our convertible loans from third parties which resulted a reduction in net loss per share. Therefore, the
convertible loans from third parties are antidilutive for the year ended December 31, 2023, 2022, and 2021.
The
following weighted-average effects of potentially dilutive convertible loan from third parties were excluded from the computation of
diluted loss per Ordinary Shares because their effects would have been antidilutive for the year ended December 31, 2023 and 2022 (in
thousand):
December 31,
2021
December 31,
2022
December 31,
2023
Convertible shares for loan from third parties
-
1,125
68
18
Subsequent events
The
Company has assessed all subsequent events through April 26, 2024 which is the date that these consolidated financial statements are
issued and other than the following, there are no further material subsequent events that require disclosure in these consolidated
financial statement.
(a)
Consulting Agreements
On January 20, 2024, the Company
entered into certain consulting agreements (the "Consulting Agreements") with
five
consultants. The consulting services to be provided to the Company pursuant to the Consulting Agreements include participate in
Company's business and management meetings and contribute to Company's business plans; assisting Company in corporate
development by introducing customers or strategic partners to Company to drive business growth; strategizing with the Company on its
positioning and road map for capital raising, and assist in dealing with investor relation matters. On March 12, 2024, the Company
agreed to pay and made prepayments totaling US$
3.5
million to five consultants for consulting services over a period of 20
months.
(b)
Restricted
                                            Share Units ("RSU") grants to the Chief Executive Officer ("CEO")
                                            and Chief Financial Officer ("CFO")
On
the day of the company's listing on March 6, 2024 (the "Listing date"), the CEO and CFO were awarded a total of
929,250
Restricted Stock Units (RSUs). Each RSU grants
the CEO and CFO the right, subject to Plan terms and conditions, to receive one Class A Ordinary Shares of the company, with either no
par value or the minimum par value as required by statutory regulations. The vesting period for the entire RSU allocation is set to occur
24 months from the Listing date.
(c)
Initial public offering
On March 5, 2024, the Company completed
its initial public offering. In this offering, the Company issued
3,000,000
Class A Ordinary Shares at a price of US$
4.00
per share. The
Company received gross proceeds in the amount of US$
12
million before deducting any underwriting discounts or expenses. The Ordinary Shares
began trading on March 6, 2024 on the NYSE American under the ticker symbol "RYDE".
(d)
Over-allotment of Class A Ordinary Shares
On March 14, 2024, Maxim Group LLC., the
underwriter of the initial public offering (the "IPO") of the Company, notified the Company of their decision to exercise
the over-allotment option to purchase an additional
200,350
Class A Ordinary Shares of the Company, par value $
0.0002
per share, at a
price of US$
4.00
per share. The closing for the sale of the Over-allotment Class A Shares took place on March 15, 2023. Gross proceeds
of the Company's IPO, including the proceeds from the sale of the Over-allotment Class A Shares, totaled approximately US$
0.8
million,
before deducting underwriting discounts and other related expenses.
(e)
Issuance of Class A Ordinary Shares to Meili Noteholders
On March 14, 2024, the Company has completed
the issuance of a total of
68,478
Class A Ordinary Shares, US$
0.0002
par value each, to certain Meili Noteholders in accordance with the
terms and conditions of the exchangeable note subscription agreement entered into on April 12, 2023 between certain investors and Ryde
Technologies Pte. Ltd., the Company's subsidiary, in connection with its purchase of Meili Technologies Pte. Ltd. on February 20,
2023.
(f)
Registration of the 2023 Share Incentive Plan
On April 22, 2024, the Company has filed
Form S-8 under the Securities Act to register
1,557,104
Class A Ordinary Shares of a par value of US$
0.0002
each, reserved for issuance
under the 2023 Share Incentive Plan.
F-
29