FORTIFAI LTD — Investor Presentation 2021

Apr 20, 2021

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INVESTOR PRESENTATION April 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 is the largest independent game developer in Australia

A team of 103 developers possessing first-class experience across mobile and console have collaboratively produced games for some of the world’s largest brands

Mighty Kingdom has released more than 50 games with more than 50m downloads worldwide across multiple platforms

Mighty Kingdom’s $18m IPO funding will allow the Company to embark on larger projects and publish original intellectual property (IP) to deliver scalable, high-margin revenues

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INVESTMENT HIGHLIGHTS

Australia’s Largest Independent Game Developer – MK has a team of 103 developers with decades of experience across mobile and console

Commercially Validated Platform – Mighty Kingdom has released more than 50 games with over 50m global downloads across multiple platforms

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

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

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Transition to Original IP

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

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Development – Mighty Kingdom to develop and publish original IP projects that deliver a high return

Accelerated Growth via Acquisition – A number of potential Australian acquisition opportunities have been identified, which will enhance capabilities, scale and revenue

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COMPANY OVERVIEW	COMPANY OVERVIEW	COMPANY OVERVIEW	COMPANY OVERVIEW	COMPANY OVERVIEW
CAPITAL STRUCTURE				CURRENT REGISTER (undiluted) Philip Mayes
IPO Price	$0.30			34.6%
Shares on Issue	151.7m
Options on Issue	18.8m			Pre-IPO Investors
Market Capitalisation1	$45.5m			25.8%
Pro-forma Cash (31 Dec 2020)2	$19.4m
Pro-forma Debt (31 Dec 2020)3	$2.4m
Enterprise Value	$28.5m			IPO Investors
				39.6%

1Implied market capitalisation at IPO Price; excludes options on issue

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231 Dec 2020 cash balance of $3m plus net IPO proceeds of $16.4m

331 Dec 2020 debt balance of $0.2m plus $2.2m interest-free payment plan with the Australian Taxation Office

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Michelle Guthrie Chair

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 has extensive experience and expertise in management, digital media, and the global technology sector.

Michelle is currently a NonExecutive Director of Catapult Group Int. Ltd, Hoppr Ltd and Starhub Ltd. Michelle was the MD of the ABC where she led the transformation of the organisation. Michelle holds a Bachelor of Arts and Law (Honours) from the University of Sydney.

Board of Directors

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Megan Brownlow Non-Executive Director

Philip Mayes Managing Director

Tony Lawrence Executive Director

Megan is a former Partner with PwC Australia and led the national industry practice for Technology, Media and Telecommunications (TMT) until April 2019. She is a Non-Executive Director, board / senior management strategy facilitator and public speaker. Megan is Deputy Chair of Screen Australia and the Media Federation of Australia and Chair of the Industry Advisory Board for the School of Communications, University of Technology, Sydney (UTS). From 2018 to 2020 Megan chaired the advisory board for the Australian Communications and Media Authority's Regional and Small Publisher Innovation Fund.

Phil started Mighty Kingdom in 2010 with the ambition to create the largest independent studio in Australia.

Tony brings 20 years of senior leadership experience in Creative Industries to Mighty Kingdom, including Studio Head of 2K’s Australian Studio and President of the Game Developers Association of Australia.

He comes with 15 years experience in the gaming industry having worked with big international brands such as Hellboy, Spyro, Star Wars, LEGO and Disney.

Tony currently represents Australian game developers on the Board of the Interactive Games and Entertainment Association (IGEA).

Phil is an advocate for growing the Australian games industry and reintroducing AAA development to the country.

His credits include AAA games from the BioShock and Borderlands franchises.

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Gabriele Famous Non-Executive Director

Gabriele is a technology executive and insightful board member with 20 years of senior leadership experience at global technology companies including Oracle Aconex, Salesforce, Trustpilot and Zendesk.

She has significant expertise in customer engagement, enterprise go-to-market acceleration, digital transformation, and mergers and acquisitions. Gabriele holds a Bachelor of Economics from the University of Arizona and a Master’s of Science in Management from the Graduate School of Business at Stanford.

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Executive Management

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Jess Paulin Chief Marketing Officer

Mark Thorley Head of Studios

Kaitlin Smith CoSec. & Interim CFO

Ella Macintyre Chief Product Officer

Kim Forrest Creative Director

Ella has over 10 years entertainment industry and IP management experience, ranging from television and films to video games.

As one of Mighty Kingdom’s first employees she has shipped more than 10 titles in 6 years.

As a member of the executive team, Ella oversees new product development and steers the company’s product vision.

Kim has 16 years of experience as a creative leader in the games industry. He has been a driving force behind successful products for companies including Microsoft, Lucas Arts, LEGO and Warner Brothers.

Kim directs the creative vision of the studio to align the innovation and creativity of our developers with our business goals.

Kim's core objective is to inspire and steer our teams to ensure that our games are the best in the world.

Jess brings over 10 years experience in the gaming industry, having started her career in 2008 in Germany before joining the Australian mobile game industry in 2012.

Jess’ previous roles include acting as Australian and New Zealand developer advocate while at Apple and leading the marketing strategy for successful products within indie studios and big corporations such as EA, Firemonkeys and Hipster Whale.

Mark has over 20 years experience as a senior manager in screen industries with roles including Executive in Charge of Industrial Light and Magic (ILM) Singapore, COO of Technicolor's Mill Film VFX studios, and Head of Production for Animal Logic.

His public sector roles included the COO of the SA Film Corporation and Head of Development and Production with Screen QLD. His experience scaling global studios will be critical to Mighty Kingdom’s growth strategy.

Kaitlin has significant listed company experience, focused on corporate secretarial and accounting duties including preparation of management accounts and statutory financial reports.

Kaitlin is currently the company secretary for a number of ASXlisted companies, is a chartered accountant and holds a Bachelor of Commerce majoring in Accounting.

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HIGHLY EXPERIENCED TEAM

TEAM OF

103

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Developers

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Marketing Tech Art: UI/UX Specialists: Designers:

2D Art:

Producers: Product Managers:

3D Art:

Animation: Analysts:

Quality Assurance: Programmers:

MK staff are strategically allocated across various development divisions

103 highly experienced staff are the key asset in game development

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MK has developed a great working environment and culture that attracts and cultivates talent

Structure enables MK to develop up to 5 different projects concurrently

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A history of success

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2013 2018 Q2 2021 2022
Changed strategy to South Australia Fast IPO Beta release of first
games only Movers Award original IP console
development game
2010
Mighty
SHOPKINS LIVE
Kingdom
Established OPS + MORE AVA’S PETER CONAN: YOUNG
SHOPKINS SHOPKINS MANOR RABBIT CHOP CHOP WITCH
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2022 Beta release of first original IP console game

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DISNEY DOC LEGO FRIENDS WILD LIFE BARBIE FASHION BALL STARS
IMAGICADEMY MC STUFFINS CLOSET
2015
Recognised by Apple for our Oct 2019
work on consumer Australian Studio
applications of the Year 8
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“

Mighty Kingdom really understood what we set out to do and created a game that both focused on the instant fun and the long term playability. [They] handled our IP in a truly professional way – always trying to understand what we set out to achieve and what was important to us. Mighty Kingdom created a game for us that not only showed what our IP is about it also had the retention numbers to prove that the audience loved it!

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Søren Vejgaard Product Lead LEGO Mobile Games

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“

As a partner, Mighty Kingdom impressed us by pursuing a collaborative, organized, and adaptable approach throughout production. As the project proceeded, the team always remained open to discussion, responsive to feedback, and inspired with new ideas in the interests of developing a better game.

Andrew Krensky Senior Producer Sony Pictures Consumer Products Interactive Games

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GLOBAL GAMES MARKET THE WORLD 2019 GLOBAL REVENUES
160
200 4 2.7B Gamers
140
US$159B Rev 120
150 3
100
ASIA PACIFIC 80
100 2
60
1.5B Gamers
50 1 40
$78B Rev 20
0 0
2018 2019 2020 2023 0
UNITED STATES Music Film Games
Revenue (US$ Billions) Gamers Globally
Video games were once considered a niche
Newzoo Global Games Market Report predicts the global games 66% Gamers
market dominated by young males. Now, the
market is expected to grow to US$201bn in 2023 at a CAGR of 7.7%.
industry is bigger than the film and music
Growth is to be driven by mobile gaming, next generation consoles industries combined
and an acceleration in gamer growth due to COVID-19
46% Female
SOURCES: NEWZOO, STATISTA
Gamers Globally (Billions) Revenue (US$ Billions)
Global Revenue (US$ Billions)
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BUSINESS MODEL

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Mighty Kingdom to progress to self-publishing its own Original IP

Self-publishing aims to deliver a greater proportion of revenues requiring the development of robust distribution channels

Mighty Kingdom has evolved to develop its own Original IP

The development of Original IP enables Mighty Kingdom to own and maximise the brand’s potential. Mighty Kingdom currently partners with publishers to fund distribution of these games

Mighty Kingdom engages with established brands to license their IP

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

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

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WORK FOR HIRE IP TRANSFER

MK & LEGO – LEGO FRIENDS Work for Hire

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• Lego approached and engaged MK on a ‘work for hire’ basis to develop a game based on their ‘Lego Friends’ brand

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• MK was paid a fixed fee to conceptualise and developed “Lego Friends Heartlake Rush”

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MK assumed no financial risk

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Product exceeded LEGO’s expectations

MK & SONY – PETER RABBIT In-License

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Sony approached MK to license the Peter Rabbit brand to develop a game coinciding with the early 2021 movie release

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MK was able to significantly reduce development costs by re-purposing much of the technology built for Lego Friends: Heartlake Rush

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MK to publish and retain a significant portion of revenue

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WHAT MAKES A GREAT GAME?

Engaging narrative and tight gameplay loop

Engage players through compelling narrative and a tight gameplay loop that leaves players coming back for more

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Leverage data to understand the market

Years of data from MK games and other business intelligence that enables MK to understand and target their audiences effectively

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With decades of game development experience, MK:

designs unique and engaging experiences that appeal to their target markets;

develops sequences of gameplay that satisfy their players from minute to minute; and

provides motivation to keep playing, maximizing the ‘life time value’ of their games.

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ORIGINAL IP CASE STUDY: AVA s MANOR’

Original concept and narrative developed by MK

• Uken Games approached MK on the strength of their Narrative Engine technology and quality of original IP Wild Life: Puzzle Story

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• Uken sought to enhance performance of its existing Solitaire product

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MK partnered with Uken Games

Uken to co-develop and publish

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• MK assumed initial development costs (25% of total), with Uken assuming remaining development costs and all publishing costs

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• MK to receive milestone payments and share of revenue

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Results COMPARED TO ORIGINAL UKEN SOLITAIRE GAME* 4x REVENUE

2x 15x RETENTION CONVERSION RATE A$5.60 - A$8.00 ESTIMATED LTV

Initial results are excellent

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• Results since launch in September 2020 have been remarkably strong

• The addition of narrative drove uplift of every KPI

• Uken to double marketing budget to maximise returns

*Figures from launch phase compared to game without MK narrative

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NEW CONTRACT: Barbie Fashion Closet

Mattel, Inc. has approached MK to be the sole service provider for “Barbie Fashion Closet”

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• 1.1m active users per month across iOS and Android devices

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• Mattel is an American multinational toy manufacturing company with brands including “Polly Pocket”, “Hot Wheels”, “American Girl” and “Masters of the Universe”

Mattel seeking to enhance performance of original game

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Contract executed Q2 2021

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MK to optimize and develop new content

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NEW CONTRACT: East side Games

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MK partnership with East Side Games Inc. to co-develop mobile game for well known science fiction franchise

Collaboration includes game development by MK, the use of East Side’s core proprietary technology and a multi-year publishing plan

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Game expected to launch Q1 2022 with MK and East Side to share production costs and revenue Contract executed Q2 2021

East Side Games

Canadian-based independent game studio Finalist for ‘Best Developer’ Award in 2020

Historical game releases include “It’s Always Sunny: The Gang Goes Mobile”, “Archer Danger Phone” and “Roll for Adventure: Idle RPG”

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Narrative Engine

Mighty Kingdom has developed a world first, proprietary narrative engine that underpins its game development

Streamlines Development: The Narrative Engine streamlines development, by allowing designers, animators and artists to create narrative (storyline, gameplay, atmosphere & characters) with minimal input from software engineers (coders)

Simple Integration: The Narrative Engine also seamlessly integrates narrative content into the game, bringing it to life with little input from the engineering team

Unlocks Talent: Less reliance on in-demand coders sets Mighty Kingdom apart, enabling the Company to efficiently hire and foster talent with alternate skillsets

The Narrative Engine allows Mighty Kingdom to develop games more efficiently by significantly reducing coding burden that is typically associated with game development

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Data driven investment

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Comprehensive data provides accurate visibility that informs every investment decision

1. Pre-production / Ideation Phase

Business intelligence (BI) tools recognise market trends

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MK data is leveraged to further understand audience

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Test concepts in market with indicative advertising

2. Production Phase

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User testing conducted to guide development

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User analytics added to gather usage information on players

3. Soft-launch Phase

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Game is “soft-launched” into a test market to confirm assumptions on a large cohort of players

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Cost of acquisition and retention is understood, which informs financial modelling and returns on publishing/marketing expenditure

4. Ongoing Production Phase

ANALYTICS PLATFORM

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KPIs and usage analytics inform changes to content Data from game informs future title development

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		Q3 20	Q4 20	Q1 21	Q2 21	Q3 21	Q4 21	Q1 22	Q2 22	Q3 22	Q4 22
Original IP (mobile)	Wild Life
Original IP (mobile)	Ava’s Manor
In-License (Mobile)	Peter Rabbit Run
WFH (Mobile)	Barbie
In-License (Console)	Conan Chop Chop
In-License (Mobile)	East Side Games1
Original IP (Console)	Ball Stars
In-License (Mobile)	TBA2
TBA (Mobile)	Co-Dev Project2
Original IP (Console)	Young Witch

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1Market release planned for FY22, specific date to be advised at a later date 2In advanced discussions with 3rd party development partners.

In Development

In Market

Short TERM GOALS

Create multiple recurring revenue streams

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A diversified portfolio of games in market will deliver high margin (royalty) revenues

Invest in growth and innovation

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Increase team size + broaden expertise to support recurring revenue

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Aim to develop two original IP multiplatform projects concurrently

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Undertake larger projects that provide higher returns

Further enhance brand identity and reputation for quality game development to build long term value

Develop self publishing capabilities

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Continue to build the foundations for a substantial publishing platform

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Longer TERM GOALS

Unconstrained by platform

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Build capacity to be completely platform agnostic (mobile, PC & console)

Continue to drive a reputation for excellence

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Innovation in gameplay and storytelling High performance technology

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Establish multiple international studio locations

A global footprint will attract talent and larger projects

Undertake AAA project with budget in excess of $50m

Create, own and acquire $1Bn+ IP

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Thank you