FORTIFAI LTD — AGM Information 2021

Dec 1, 2021

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AGM PRESENTATION 2 December 2021

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Founded in 2010 and headquartered in Adelaide, Mighty Kingdom (“MK”) is the largest independent game developer in Australia

We have built to a team with extensive experience making games for the world’s largest brands

Our successful $18m IPO in April has allowed the Company to embark on larger projects and publish original intellectual property (IP) to deliver scalable revenues

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Corporate OVERVIEW
CAPITAL STRUCTURE SHARE REGISTRY
Share Price Close (30/11/2021) $0.175 Phil Mayes
34.6%
Other Shareholders
Shares on Issue 151.7m 43.0%
Options on Issue 18.8m
iCandy Games
7.8%
Phoenix Portfolios
Market Capitalisation [1] $26.5m 7.1% Regal Funds
7.6%
SHARE PRICE HISTORY
Cash (Net Debt) (30 Sept 2021) $9.5m 0.3 16
14
0.25
Enterprise Value $17.0m 12
0.2
10
0.15 8
1Market capitalisation at 30/11/2021; excludes options on
issue 6
0.1
4
0.05
2
0 0
Volume (Millions)
MKL Share Price (AUD)
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Volume Closing Price

BUSINESS MODEL

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Mighty Kingdom has evolved to develop Original IP

Original IP allows Mighty Kingdom to maximise the brand’s potential and leverage upside. Mighty Kingdom currently partners with publishers to fund distribution of these games

Mighty Kingdom engages with established brands to license quality IP and/or co-develop projects

Mighty Kingdom leverages the established brand and develops a game which is aligned to the brand

Mighty Kingdom is engaged on a ‘Work for Hire’ basis

Work for Hire projects not only provide strong foundational revenues, enable Mighty Kingdom to develop and promote capabilities, which can be applied to licensing and Original IP development

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FY21 FINANCIAL HIGHLIGHTS

Revenue generated from Original IP and CoDevelopment projects increased 35% YoY and enjoyed strong total income growth of 42% to A$6.13m

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Mighty Kingdom Group enjoyed an increase in game revenue of 29% reflecting the group’s continuing investment into Co-Development and Original IP

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Attempt to maximise potential through ownership of IP and look to self-publish Original IP

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Work for Hire revenues remain robust through long-term relationships with SpinMaster, East Side Games and Mattel

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FULL YEAR FINANCIALS

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7
6
5
4
3
2
1
0
FY19 FY20 FY21
 Co-Development & Original IP  Licensing
 Work for Hire  R&D & Grants
Revenue (A$ Millions)
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MARKET OPPORTUNITY

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GLOBAL GAMES MARKET THE WORLD 2020 GLOBAL INVESTMENT
250 4 2.7B Gamers 40 700
35
600
200
US$159B Rev 30
3 500
25
150 400
ASIA PACIFIC 20
2
300
100 15
1.5B Gamers 10 200
1
50
100
5
$78B Rev
0 0
0 0
2010 to 2018 2018 to 2020 2020
2018 2019 2020 2021 2023
Investment Total Transactions
Revenue Gamers Globally UNITED STATES
Game investment in 2018 & 2019 was greater
Global Games Market Report predicts the global games 66% Gamers
than the eight years earlier combined. In 2020, a
market is expected to grow to US$201bn in 2023 at a CAGR of 7.7%.
third of the transactions were M&A deals,
Growth is to be driven by mobile gaming, next generation consoles
representing $12.6 billion of the total global
and an acceleration in gamer growth due to COVID-19 46% Female investments.
SOURCES: GAMESINDUSTRY.BIZ, TECHCRUNCH
Number of Transactions
Gamers Globally (Billions)
Global Investment (US$ Billions)
Global Game Revenue (US$ Billions)
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Newzoo Global Games Market Report predicts the global games market is expected to grow to US$201bn in 2023 at a CAGR of 7.7%. Growth is to be driven by mobile gaming, next generation consoles and an acceleration in gamer growth due to COVID-19

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DELIVERING ON THE OPPORTUNITY

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Team of 70 September 2020

Team of 140 Today

WORK FOR HIRE

CO-DEVELOPMENT

ORIGINAL IP

Art & Animation: Programming:

Product & Project Management:

Marketing:

Art & Animation:

Programming: Product & Project Management:

Marketing:

Art & Animation: Programming:

Product & Project Management: Marketing:

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GROWING PRODUCT PIPELINE

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OUR PRODUCT LIFECYCLE FOR GAMES

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Build Phase

Growth Phase

Sustain Phase

The creation of core game systems as well as the pipeline for the content

Build phase considerably shortened by leveraging existing IP (sequels or co-dev)

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Investment in programmers and artists occurs according to an agreed development execution plan and associated budget

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Key Games in phase: Ball Stars

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Where the game goes from investment to profitability through game release

Development team will reduce to small core responsible for ongoing development

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Profitability comes when the cost of acquiring a customer is reliably lower than the lifetime value of that customer Key Games in phase: Ava’s Manor

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Generating profits on an ongoing basis with the goal to improve margins over time

Small efficient teams of data analysts, product managers, marketing, and content developers

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Goal is to have products in this phase for 3-5 years with the most successful products sustaining for much longer

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Key Games in phase: Shopkins

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|||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|PIPELINE PROJECTION 2019|
|Mighty Kingdom had 2 main games in the market with at least 3 in the pipeline|
|Q1|Q2|Q3|Q4|Q1|Q2|Q3|Q4|Q1|Q2|Q3|Q4|Q1|Q2|Q3|Q4|Q1|Q2|
|19|19|19|19|20|20|20|20|21|21|21|21|22|22|22|22|23|23|
|WFH|Lego Friends|
|License IP|Shopkins|
|Original IP|WildLife|
|Original IP|Ava’s Manor|
|License IP|Conan Chop Chop|
|Build|Launch|Growth|Sustain|

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Pipeline as of 30 June 2019

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With a development team of 70 who were mostly working on WFH projects there were some exciting developments in the pipeline

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The games in the pipeline were all to be brought to market in 2020 and MK started investing in its Original IP projects

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PIPELINE PROJECTION 2020

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Mighty Kingdom increased the pipeline while transitioning
the games in the market to a sustain phase
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
19 19 19 19 20 20 20 20 21 21 21 21 22 22 22 22 23 23
WFH Lego Friends
License IP Shopkins
Original IP WildLife
Original IP Ava’s Manor
License IP Peter Rabbit Run
License IP Conan Chop Chop
Original IP Ball Stars
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Build

Launch Growth Sustain

Pipeline as of 30 June 2020

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Games in market at this date consisted of IP licence purchases and co-development with the view to work on more original IP games

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There were 5 games in the pipeline with various dates to enter the market

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PIPELINE PROJECTION 2021

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PIPELINE PROJECTION 2021	PIPELINE PROJECTION 2021	PIPELINE PROJECTION 2021	PIPELINE PROJECTION 2021	PIPELINE PROJECTION 2021	PIPELINE PROJECTION 2021	PIPELINE PROJECTION 2021	PIPELINE PROJECTION 2021	PIPELINE PROJECTION 2021	PIPELINE PROJECTION 2021	PIPELINE PROJECTION 2021	PIPELINE PROJECTION 2021	PIPELINE PROJECTION 2021	PIPELINE PROJECTION 2021	PIPELINE PROJECTION 2021	PIPELINE PROJECTION 2021	PIPELINE PROJECTION 2021	PIPELINE PROJECTION 2021	PIPELINE PROJECTION 2021	PIPELINE PROJECTION 2021	PIPELINE PROJECTION 2021
Mighty Kingdom added a significant number of games to the pipeline and expanded the in-market portfolio
			Q1 19	Q2 19	Q3 19	Q4 19	Q1 20	Q2 20	Q3 20	Q4 20	Q1 21	Q2 21	Q3 21	Q4 21	Q1 22	Q2 22	Q3 22	Q4 22	Q1 23	Q2 23
License IP		Shopkins
Original IP		WildLife
Original IP		Ava’s Manor
License IP		Peter Rabbit Run
License IP		Conan Chop Chop
WFH		Barbie Fashion Closet
WFH		Gabby’s Doll House
Original IP		Ball Stars
License IP		East Side Games
Original IP	TBA	TBA
License IP	TBA	TBA
License IP	TBA	TBA
Original IP	TBA	Project Snakebite

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Build

Sustain

Growth

Launch

INDIVIDUAL GAME HIGHLIGHTS

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PROJECT BALL STARS

Original IP In Development Cross-Platform

100% Owned flagship Original IP designed to be played across PC and consoles

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Multiplayer racing game for family demographic with all the key features of a blockbuster

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Extremely positive feedback from early testing

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CONAN CHOP CHOP

Co-Development Game In Development Console

A rogue-lite hack ‘n’ slash for 1-4 players that can be played on both PC and console

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Set to launch into a very popular game genre with millions of active users

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• “Part Conan, part Cyanide and Happiness in its visuals, Conan Chop Chop is proof that dreams can come true”

– Critical Hit

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AVA’S MANOR

Co-Development Game In Market Mobile

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Solitaire based game for Android and iOS with the player unlocking narrative and content in playthrough

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Over AUD$6.5m in revenue with 2.4m downloads to date since launch in November 2020

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Game adjustments in May 2021 generated a 43% uplift in LTV and 40% uplift in customer spending

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THE FUTURE

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Strong pipeline of Original IP and CoDevelopment with pending releases to market over balance of FY22 Exceptional opportunity to capitalise further on broad growth in gaming market across Original IP and WFH Keeping a close eye on the direction of the industry to ensure MK is always at the forefront of trends

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For further information, please contact Philip Mayes Duncan Gordon THANK YOU Managing Director Executive Director Mighty Kingdom Limited Adelaide Equity Partners Ltd T: +61 8 7200 3252 T: +61 8 8232 8800 E: hello@mightykingdom.com E: info@adelaideequity.com.au

This presentation has been approved for release by the board of directors of Mighty Kingdom Limited

DISCLAIMER

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This presentation has been prepared by Mighty Kingdom Limited (ACN 627 145 260). The information contained in this presentation is for information purposes only and is not investment, financial product, legal or tax advice. This presentation contains summary information about the current activities of Mighty Kingdom and its subsidiaries. The information in this presentation does not purport to be complete nor does it purport to contain all the information that a prospective investor may require in evaluating a possible investment in Mighty Kingdom. This presentation should be read in conjunction with Mighty kingdom’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (ASX). Statements in this presentation are made only as of the date of this presentation unless otherwise stated and the information in this presentation remains subject to change without notice. Mighty Kingdom is not responsible for providing updated information to any prospective investors. Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. The historical information in this presentation is, or is based upon, information that has been released to the market. For further information, please see past announcements released to the ASX. This presentation may contain forward-looking statements with respect to the financial condition, results of operations, business of Mighty Kingdom and certain plans and objectives of the management of Mighty Kingdom. Actual outcomes may differ materially from forward-looking statements. Forward-looking statements, opinions and estimates provided in this presentation are likely to involve uncertainties, assumptions, contingencies and other factors. As a result, unknown risks may arise, many of which are outside the control of Mighty Kingdom. Forward-looking statements including projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Mighty Kingdom disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise.

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