FORTIFAI LTD — AGM Information 2022

Nov 27, 2022

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AGM PRESENTATION November 2022

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Founded in 2010 and headquartered in Adelaide, Mighty Kingdom (“MK”) is a independent game developer in Australia Mighty Kingdom has released more than 50 games with more than 50 million downloads worldwide

Our strength lies in our passionate work, our diverse teams, our unique technologies, our mastery of storytelling and our progressive management approach.

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COMPANY Overview

SHARE REGISTRY

CAPITAL STRUCTURE

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Other Shareholders
Phil Mayes
45%
25%
Share Price (24/11/2022) $0.035
Shares on Issue 209.7m
Phoenix Portfolios
Options on Issue 18.8m 10%
Market Capitalisation [1] $7.3m Gamestar+ & Yeend Super Fund
9%
Regal Funds iCandy Games
5% 6%
Cash Net Debt (30 Sept 2022) $1.7m
SHARE PRICE HISTORY
0.25 5
Enterprise Value $5.6m 4.5
0.2 4
3.5
0.15 3
1Market capitalisation at 24/11/2022; excludes options on
issue 2.5
0.1 2
1.5
0.05 1
0.5
0 0
Millions
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Volume Close

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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FY22 financial Highlights

Mighty Kingdom enjoyed a 49% increase in revenue to $4,896,569 over the previous corresponding year, represented a 39% Compound annual growth rate (“CAGR”) since FY20

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26% increase in game downloads to 17 million as of 30 June 2022 across six in market games developed by Mighty Kingdom

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Work for hire agreement with Google LLC.

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Multi Game agreement signed with East Side Games Group (ESGG).

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Global release of Mighty Kingdom’s first console title Conan Chop Chop.

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Acquired licence for Australian film ‘Carnifex’ to develop game.

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Contract Extension with Mattel and Spin Master through to FY23.

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FULL YEAR FINANCIALS

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$6
$5
$4
$3
$2
$1
$0
2021 2022
Co Development and License Original IP Work for hire
Millions
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MARKET OPPORTUNITY

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GLOBAL GAMES MARKET THE WORLD 2022 GLOBAL MARKET - PER SEGMENT
Browser PC Games
$2.3Bn
3.2B Gamers
250 4
1%
Console Games
3.5 US$196Bn Rev $52.9Bn
200
3 27%
2.5 Rev +2.1% YoY
150 2022 Total
Mobile Games
2 $103.5Bn 53% $196Bn
100
1.5 ASIA PACIFIC
1
50 19%
1.7B Gamers
0.5
0 0
2020 2021 2022 2025 +4.2% YoY
Downloaded / Boxed PC Games
Revenue Players $38.1Bn
UNITED STATES
Newzoo Global Games Market Report predicts the global games market Mobile and downloaded/boxed PC games have
is expected to grow to US$225.7bn in 2025 at a CAGR of 4.7% between shown respective increases of 5.1% YoY and 1.6%
2020 and 2025. . 2.19M Gamers YoY.
SOURCE: NEWZOO
+2.6% YoY 5
Gamers Globally (Billions)
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Newzoo Global Games Market Report predicts the global games market is expected to grow to US$225.7bn in 2025 at a CAGR of 4.7% between 2020 and 2025. .

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Gender diversity

When compared to gender diversity in the Australian Games industry, Mighty Kingdom shows exemplary balance between genders, across all departments. Creating authentic experiences that are enjoyed by wider audiences is only possible with a diverse development team.

AUSTRALIAN INDUSTRY[1]

MIGHTY KINGDOM

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Gender Neutral
3%
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Gender Neutral
10%
Female
23%
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Female
42%
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Male
55%
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Male
67%
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1Source: IGEA, Australian Game Development, An Industry Snapshot FY 2020-21

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 Game: 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

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Key Game: Star Trek: Lower Decks - The Badgey Directive

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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 Game: Conan Chop Chop

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			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	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24
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		Star Trek: Lower Decks
License IP		ESG #2
License IP		ESG #3
Original IP		ESG #4
License IP		Carnifex
WFH		Google LLC
WFH	TBA	New Project #1
WFH	TBA	New Project #2

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Growth
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Sustain
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Build

Launch

GAME HIGHLIGHTS

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GABBY’S DOLLHOUSE Mobile

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We brought an entire new and safe universe to life, letting fans immerse themselves in a world animated by their beloved characters whenever and wherever they wanted.

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Our work has seen the game soar to over 12 million downloads.

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This success has resulted in our contract with Spin Master being extended through FY23

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Shopkins

Mobile

From 2015 through to 2022, the Shopkins range of games has provided fun to fans around the globe

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In August, the games were retired after arriving at the end of their lifecycle

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Over the last seven years, the games were downloaded 40 million times

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Shopkins’ success is a testament to Mighty Kingdom’s expertise in designing games for children and establishing sustained partner relationships.

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Star Trek : – Lower Decks The Badgey DIrective Mobile

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Star Trek: Lower Decks – The Badgey Directive was launched worldwide on September 12th 2022

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This product has taken our design, artistic and storytelling capabilities to another high

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The product metrics to date are very promising and we are set for success in bringing our narrative and development skills to a broader audience.

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The future

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Our strategy aims to achieve financial sustainability while continuing to build the foundation to self-publish our own games

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The Company’s pipeline of Original IP remains in a strong position to secure publishing contracts with several titles currently in partnership discussions with global publishers

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In FY23, the Company will release new games while also continuing to enhance products already in the market.

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For Further information, please contact

THANK YOU

Duncan Gordon Executive Director Adelaide Equity Partners Ltd T:+61 8 8232 8800

Phillip Mayes Managing Director Mighty Kingdom Limited T:+61 8 7200 3252 E: hello@mightykingdom.com

E: info@adelaideequity.com.au

Studio Address: Level 4 121 King William Street, Adelaide SA 5000 Australia

Phone:

(08) 7200 3252

General Enquiries: hello@mightykingdom.com

This presentation has been approved by the release of 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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