FORTIFAI LTD — Investor Presentation 2021

Nov 7, 2021

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INVESTOR PRESENTATION November 2021

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

A team of 140 with extensive experience making games for the world’s largest brands Mighty Kingdom has released more than 50 games with more than 50 million downloads worldwide

Mighty Kingdom’s $18m IPO funding has allowed the Company to embark on larger projects and publish original intellectual property (IP) to deliver scalable revenues

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INVESTMENT HIGHLIGHTS

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100% Increase in Development Pipeline Mighty Kingdom has grown the number of games in development from 5 to 10 games with a focus on Original IP

Established Track Record in Work For Hire

Mighty Kingdom continues to expand its Work for Hire business segment with the extension of its Spinmaster contract, alongside recent contracts signed with East Side Games, and Mattel

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A Deep and Experienced Team

Commercially Validated Platform

Mighty Kingdom has a team of 140 people with decades of experience across mobile and console

Mighty Kingdom has released more than 50 games to over 50 million players worldwide across multiple platforms

Tier-1 Partners

Scalable Technology

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Mighty Kingdom has partnered with global tier-1 brands and game developers, including Disney, Sony and Lego

Games are inherently scalable with the potential to deliver significant return on investment

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Enormous Market Opportunity

Investing in Storytelling Technology

Gaming Industry is currently valued at over US$159bn growing to US$201bn by 2023 (source: Newzoo)

In house narrative engine Storytelling tool allows writers and animators to deliver content in game without programmers, delivering efficiency in development or narrative driven games.

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COMPANY Overview

CAPITAL STRUCTURE

SHARE REGISTRY

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Share Price (05/11/2021) $0.135
Shares on Issue 151.7m
Options on Issue 18.8m
Market Capitalisation [1] $20.5m
Cash Net Debt (30 Sept 2021) $9.3m
Enterprise Value $11.2m
1Market capitalisation at 05/11/2021; excludes options on
issue
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Other Shareholders Philip Mayes
43.0% 34.6%
Regal Funds Management
7.6%
Phoenix Portfolios iCandy Games Ltd
7.1% 7.8%
SHARE PRICE HISTORY
0.35 16
0.3 14
12
0.25
10
0.2
8
0.15
6
0.1
4
0.05 2
0 0
Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21
Volume Closing Price
Volume (Millions)
MKL Share Price (AUD)
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KEY BOARD personnel

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Megan Brownlow Non-Executive Director

Michelle Guthrie Chair

Philip Mayes Managing Director

Gabriele Famous Non-Executive Director

Tony Lawrence Executive Director

Michelle has held senior management roles at leading media and technology companies in Australia, the UK and Asia, including BSkyB, Star TV, and Google. She is also a director of Catapult Group International Ltd (ASX:CAT) and BNK Banking Corporation Ltd (ASX:BBC). She has extensive experience and expertise in management, digital media, and the global technology sector.

With more than 15 years of experience, Phillip has worked on games for many large international brands, including Hellboy, Spyro, Star Wars, LEGO® and

With more than 20 years of senior leadership experience in creative industries, Tony was previously the General manager and Director of 2K Australia.

Megan is an experienced non-executive director, boardroom facilitator and speaker who, in her executive career, held senior leadership positions in strategy, marketing and management consulting for large media and consulting firms.

Gabriele is a technology executive and insightful board member with 20+ years of senior leadership experience in Australia, UK and US at global technology leaders including Oracle Aconex, Salesforce, Vamp (Visual Amplifiers), Trustpilot and Zendesk. She has significant expertise in enterprise go-to-market acceleration, digital transformation, and mergers and acquisitions.

Disney. Philip founded Mighty Kingdom in 2011 initially as an app developer but made the decision to focus exclusively on games in 2013.

Tony is a Director and Chair of the Audit and Risk committee of the Interactive Games and Entertainment Association (IGEA), Australia’s peak game industry member organisation, and a previous President of the Game Developers Association of Australia.

Megan was a partner with PwC Australia and led the National Telecommunications, Media and Technology (TMT) Industry practice.

Since then, he has grown the company significantly, making Mighty Kingdom the largest independent developer in Australia.

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ORIGINAL IP STRATEGY

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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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OUR TEAM IS OUR STRENGTH

Team of 70 September 2020

Team of 140 Today

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Work For Hire

Art & Animation:

Programming:

Product & Project Management: Marketing:

Co-Development

Art & Animation: Programming: Product & Project Management:

Marketing:

Original IP Art & Animation: Programming:

Product & Project Management:

Marketing:

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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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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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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

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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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Mighty Kingdom added a significant number of games to the pipeline and expanded the in-market portfolio

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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
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

Stages in build phase

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Leveraging decades of game development experience The streamlined build phase allows MK to rely less on in-demand coders allowing the company to hire talent across different stages in the development lifecycle

Planning Development Storyboarding & plot Initial Concept Designing & coding Technical Analysis

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Testing Launch

Bug identifying Pre Global release Feature exploitation Major bug fixing

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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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THANK YOU

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

Phone: Studio Address: (08) 7200 3252 Level 4 121 King William Street, General Enquiries: Adelaide SA 5000 hello@mightykingdom.com Australia

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Investor relations

For further information, please contact

Philip Mayes

Duncan Gordon

Managing Director Mighty Kingdom Limited T: +61 8 7200 3252

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

E: info@adelaideequity.com.au

E: hello@mightykingdom.com

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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 the popular Shopkins , LEGO Friends: Heartlake Rush, Gabby’s Dollhouse, Wild Life and Ava’s Manor . Mighty Kingdom is one of the largest independent game developers in Australia, working with significant international companies, including Disney, LEGO, Sony, Funcom, Rogue, and Snapchat. A growing team of more than 110 staff with significant experience across mobile and console platforms supports its clients to develop high-quality, successful games whilst driving Mighty Kingdom’s internal IP development.

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