Thunderbird Resorts Inc.: 2012 Annual Report Filed; March 2013 Revenue Report

PANAMA, REPUBLIC OF PANAMA--(Marketwired - April 19, 2013) - Thunderbird Resorts Inc. ("Thunderbird") (FRANKFURT:4TR)(EURONEXT:TBIRD) is pleased to announce that its 2012 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 Bank N.V., van Heenvlietlaan 220, 1083 CN Amsterdam, the Netherlands (tel: +31 20 7979 398, fax: +31 20 7979 607, email: iss.pas@mail.ing.nl) 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. Thunderbird is also required to file an Annual Document with links to all documents disseminated to shareholders during the past year. This Annual Document is available on our website at www.thunderbirdresorts.com.

MARCH 2013 REVENUE REPORT

The Company reports the following revenues for March 2013. For a more detailed analysis of March 2013 revenue, please visit www.thunderbirdresorts.com and click on "March 2013 Revenue Report - Analysis" located on the home page under "News and Press Releases".

⁽¹⁾ 2013 and 2012 hotel revenues consist of revenue from the Fiesta Hotel only plus management fees for the Thunderbird Hotel - Pardo, Thunderbird Hotel - Carrera and Thunderbird Hotel - El Pueblo.

⁽²⁾ Effective January 1, 2013, IFRS 11 changed the way that joint ventures are accounted for whereby proportional consolidation is no longer allowed and equity accounting should be applied to joint ventures. Until further notice and for the convenience of the reader and for the illustrative purposes of this monthly revenue report, the Group has elected to continue to show the Costa Rican joint venture proportional revenues, which may vary from the way that the Group will account for these same revenues in our Interim and Annual Audited Financial Statements.

ABOUT THE COMPANY

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