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Thunderbird Resorts Inc.: 2013 Annual Report Filed

PANAMA, REPUBLIC OF PANAMA -- (Marketwired) -- 04/30/14 -- Thunderbird Resorts Inc. ("Thunderbird") (EURONEXT: TBIRD) (FRANKFURT: 4TR) is pleased to announce that its 2013 Annual Report and Audited Consolidated Financial Statements have been filed with the NYSE Euronext ("Euronext Amsterdam") and the Netherlands Authority for Financial Markets ("AFM").

As a Designated Foreign Issuer with respect to Canadian securities regulations, the Annual Report is intended to comply with the rules and regulations set forth by the AFM and the Euronext Amsterdam. Copies of the Annual Report in the English language will be available at no cost at the Group's operational office in Panama and at the offices of our local paying agent ING CB CBS/SecServ/IS/PAS, Bijlmerplein 888, AMP L.02,007, 1102 MG Amsterdam, the Netherlands (tel: +31 20 563 6619, fax: +31 20 563 6959, email: [email protected]) and they are available on the Group's website at www.thunderbirdresorts.com. Copies are also available on SEDAR at www.SEDAR.com and on the Euronext Amsterdam at www.euronext.com.

ABOUT THE COMPANY

We are an international provider of branded casino and hospitality services, focused on markets in Latin America. Our mission is to "create extraordinary experiences for our guests." Additional information about the Group is available on its Website at www.thunderbirdresorts.com.

Cautionary Notice: Cautionary Notice: The Annual Report referred to in this release contains certain forward-looking statements within the meaning of the securities laws and regulations of various international, federal, and state jurisdictions. All statements, other than statements of historical fact, included in the Annual Report, including without limitation, statements regarding potential revenue and future plans and objectives of Thunderbird are forward-looking statements that involve risk and uncertainties. There can be no assurances that such statements will prove to be accurate and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Thunderbird's forward-looking statements include competitive pressures, unfavorable changes in regulatory structures, and general risks associated with business, all of which are disclosed under the heading "Risk Factors" and elsewhere in Thunderbird's documents filed from time-to-time with the NYSE Euronext Amsterdam and other regulatory authorities. Included in the Annual Report are certain "non-IFRS financial measures," which are measures of Thunderbird's historical or estimated future performance that are different from measures calculated and presented in accordance with IFRS, within the meaning of applicable Euronext Amsterdam rules, that are useful to investors. These measures include (i) Property EBITDA consists of income from operations before depreciation and amortization, write-downs, reserves and recoveries, project development costs, corporate expenses, corporate management fees, merger and integration costs, income/(losses) on interests in non-consolidated affiliates and amortization of intangible assets. Property EBITDA is a supplemental financial measure we use to evaluate our country-level operations. (ii) Adjusted EBITDA represents net earnings before interest expense, income taxes, depreciation and amortization, equity in earnings of affiliates, minority interests, development costs, and gain on refinancing and discontinued operations. Adjusted EBITDA is a supplemental financial measure we use to evaluate our overall operations. Property EBITDA and Adjusted EBITDA are supplemental financial measures used by management, as well as industry analysts, to evaluate our operations. However, Property and Adjusted EBITDA should not be construed as an alternative to income from operations (as an indicator of our operating performance) or to cash flows from operating activities (as a measure of liquidity) as determined in accordance with generally accepted accounting principles.

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