FORTIFAI LTD — Capital/Financing Update 2021

Jun 21, 2021

ASX Announcement 22 June 2021

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----- Start of picture text ----- CAPITAL STRUCTUREShare Price (21.06.21) $0.18Shares on Issue (m) 151.7Market Cap $27.3mMAJOR SHAREHOLDERSPhilip Mayes 34.1%Regal Funds Mgmt. 11.3%Alium Capital Mgmt. 7.7%BOARD & MANAGEMENTMichelle GuthrieChairPhilip MayesManaging DirectorTony LawrenceExecutive DirectorMegan BrownlowNon-Executive DirectorGabriele FamousNon-Executive DirectorAmy GuanCFOKaitlin SmithCompany SecretaryCONTACTT : +61 8 7200 3252E : hello@mightykingdom.comW : www.mightykingdom.comA : Lv2, 44 Pirie St,Adelaide SA 5000P: PO Box 3106Rundle Mall SA 5000AustraliaACN: 627 145 260----- End of picture text -----

PROJECT DEVELOPMENT UPDATE

Highlights

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10 projects in active development with additional 5 expected throughout FY22

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• ‘Gabby’s Dollhouse’ and ‘Ava’s Manor’ experiencing significant uptake on iOS and Android devices

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‘Peter Rabbit Run!’ to benefit from theatrical release of ‘Peter Rabbit 2: The Runaway’ in the USA

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Outstanding feedback on Original IP console game ‘Ball Stars’ - set for pre-Alpha[1] release in September 2021 Mighty Kingdom increasing investment across Quality Assurance, User Experience and Pipeline/Tools

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22 June 2021 – Mighty Kingdom Limited (“ MK ” or the “ Company ”) is pleased to provide shareholders with an update on the Company’s game development pipeline.

Roadmap and Resourcing

MK’s ambition is to develop original Intellectual Property (IP) in-house and be a market leader in games publishing. MK has structured its project pipeline to focus on developing original IP and driving strong sales growth from existing games. The Company currently has 10 projects in active development with another 5 projects expected to be added throughout FY22.

As a result of strong pipeline growth, MK has focused on talent acquisition over the last two years and has increased the quality of its games by recruiting some of Australia’s best engineers, artists, producers and designers to assist with Quality Assurance, User Experience, and Pipeline/Tools technology that will benefit the Company’s product range.

1 Pre-Alpha is a standard term to denote a number of interim milestones between prototyping and alpha, each of which includes new functionality and/or game content

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Mighty Kingdom Limited (ASX:MKL)

ASX Announcement 22 June 2021

Mighty Kingdom Product Roadmap

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*Market release planned for FY22, specific date to be advised at a later date

• **In advanced discussions with 3rd party development partners.

Key Project Update

The Company has recently released several new titles that have experienced significant earlystage traction in the market. MK is also finalising development of its own original IP games that are expected to be released in FY22.

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Gabby’s Dollhouse (GD). The success of GD, based on the new Dreamworks television show for kids from the creators of ‘ Blue’s Clues ’, continues to enjoy strong growth, already surpassing 4.9 million total downloads as of June 2021 with more exciting updates due to be released. MK is expecting a continued high volume of users for GD, as Netflix, Inc. recently renewed the show for a second season. A child’s toy line will also be released to consumers from MK’s partners at Spinmaster which is expected to continue to drive growth with increased marketing activity.

Peter Rabbit (PR). PR enjoyed a highly successful launch, with the ‘endless runner genre’ undergoing strong growth in the gaming market. PR builds on previous proprietary game technology that was built by MK for work-for-hire projects. MK is pleased with the game’s strong reception to date, recording an Average Revenue per Paying User (ARPPU) of US$8.00 and a day 1 retention rate of 37%, a greater than average retention rate across the mobile app gaming industry. 2 The USA release of ‘Peter Rabbit 2: The Runaway’ is expected to drive further growth.

2 As per Statista ‘Retention rate on day 1 and day 30 of mobile app installs worldwide’, August 2020

Mighty Kingdom Limited (ASX:MKL)

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ASX Announcement 22 June 2021

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Ava's Manor (AM) (MK Original IP game). AM, developed for the mobile solitaire gaming market, is a unique offering in the space through its narrative driven storyline. AM is tracking ahead of expectations, with return on ad spend positive for the past 2 months with a corresponding increase of ARPU over the same period. AM is being developed in conjunction with Uken, a popular Canadian based game developer.

The Company has completed the development and release of further chapters of narrative content, with more to be released during FY22. Given content releases have historically enhanced retention rates and improved ARPU, MK is confident in the game’s potential throughout FY22.

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Ball Stars (BS) (MK Original IP Console game). MK continues to make excellent progress on its original-IP console game, with a significant portion of the groundwork laid to bring the concurrent multiplayer game to the ‘pre-Alpha’ stage by September 2021. The Company has received outstanding feedback from its early-stage user testing and is targeting a PC and Console release in Q4 FY22.

Mighty Kingdom Managing Director and Chief Executive Officer Mr. Philip Mayes commented: “ Mighty Kingdom continues to go from strength to strength, with existing games enjoying strong revenue growth and projects in development are meeting or improving on our expected timelines. We are excited for the release of our original-IP projects given the user feedback received to date and believe this is an exciting time for Mighty Kingdom and indeed the Australian gaming industry. ”

This announcement has been authorised for release by the Board of Mighty Kingdom Limited.

For further information, please contact

Philip Mayes Duncan Gordon 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

ABOUT MIGHTY KINGDOM LIMITED

Since its formation in 2010, Mighty Kingdom has released over 50 games that have been downloaded more than 50 million times. These games include Shopkins , LEGO Friends: Heartlake Rush, Gabby’s Dollhouse, Wild Life and Ava’s Manor . Mighty Kingdom is the largest independent game developer in Australia and has worked with some of the most world’s prestigious international companies, including Disney, LEGO, Sony, Funcom, Rogue, and Snapchat. A growing team of more than 110 employees with significant experience across mobile and console platforms supports its clients to develop high-quality, successful games which further enhances Mighty Kingdom’s internal IP development.

Mighty Kingdom Limited (ASX:MKL)

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