Thunderbird Resorts Inc.: February 2012 Revenue Report; Update on Favorable Peru Debt Restructuring; Amendment to Articles of Association; Amendment to Nominating and Governance Committee Charter

14 maart 2012 Thunderbird Resorts Inc. / Thunderbird Resorts Inc.: February 2012 Revenue Report; Update on Favorable Peru Debt Restructuring; Amendment to Articles of Association; Amendment to Nominating and Governance Committee Charter . Processed and transmitted by Thomson Reuters ONE. The issuer is solely responsible for the content of this announcement. PANAMA, REPUBLIC OF PANAMA--(Marketwire - March 13, 2012) - Thunderbird Resorts Inc. ("Thunderbird" or "Group") (FRANKFURT: 4TR)(EURONEXT: TBIRD) reports the following: FEBRUARY 2012 REVENUE REPORT * Consolidated Revenue: 1.48% increase February year-to-year and trending up since September 2011 * Philippines Revenue: 3.83% increase February year-to-year and trending up since August 2011 * Peru Revenue: 1.49% decrease in February year-to-year and trending up since September 2011 * Costa Rica Revenue: 1.81% decrease in February year-to-year and trending up since September 2011 * Nicaragua Revenue: 5.87% increase in February year-to-year and flat last two quarters * Revenue by Segment: Non-gaming revenue approximately 20% of global revenue For a more detailed analysis of February 2012 revenue, please go to the Company's web page atwww.thunderbirdresorts.com and click on "February 2012 Revenue Report - Analysis", which will be located on the home page under "News and Press Releases". ----------------------------------------------------------------------------- Thunderbird Resorts Inc. - Group-wide sales results by country Year-over-year (unaudited, in thousands) Feb-12 Feb-11 increase/(decrease) ----------------------------------------------------------------------------- Costa Rica 1.56 1.59 -1.81% Nicaragua 1.01 0.95 5.87% Peru 2.71 2.75 -1.49% Philippines 4.08 3.93 3.83% ----------------------------------------------------------------------------- Total Consolidated Revenues 9.36 9.22 1.48% ----------------------------------------------------------------------------- UPDATE ON FAVORABLE PERU DEBT RESTRUCTURING In press releases dated 29 December 2011 and 19 February 2012, the Group announced that it was favorably restructuring approximately $44 million of Peru- related debt and $10 million of Group-wide debt. Within the Peru-related debt, the Group announced that approximately $24.9 million of "Sweep Debt" and "Parlor Debt" was successfully restructured via final agreements while the remaining Peru-related debt was in the process of being restructured via either "preliminary agreements" or "advanced negotiations". The Group is pleased to announce that approximately $3.2 million of the Sweep Debt that was in process of being restructured has now been restructured via final agreements under the same favorable terms and conditions of the Sweep Debt restructuring as described in the press release dated 29 December 2011. BOARD APPROVES REVISION TO NOMINATING AND CORPORATE GOVERNANCE COMMITTEE CHARTER The Group announces that: a) its board of directors has approved a resolution amending the Group's articles of association to authorize the Nominating and Governance Committee to adopt rules for the nomination and election of Directors; and b) the Nominating and Governance Committee has approved new rules to this effect that are now reflected in the committee charter, which is available for review on Thunderbird's website atwww.thunderbirdresorts.com under "Our Company". 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 atwww.thunderbirdresorts.com. Cautionary Notice: 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 herein, including without limitation, statements regarding potential revenue and future plans and objectives of the Group 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 the Group'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 the Group's documents filed from time-to-time with the AFM and other regulatory authorities. Contacts: Thunderbird Resorts Inc. Kevin McDonald Investor Relations (858) 668-2503 kevin.mcdonald@thunderbirdresorts.com Thunderbird Resorts Inc. Peter LeSar Chief Financial Officer (507) 223-1234 plesar@thunderbirdresorts.com www.thunderbirdresorts.com This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Thunderbird Resorts Inc. via Thomson Reuters ONE [HUG#1593800]