Sarah Nathanson Wins Report on Business Magazine Best Executive Award and Receives YWCA Women of Distinction Award nomination

Thunderbird Represented on Report on Business Women Lead Here List

Thunderbird Entertainment Group Inc. (TSXV: TBRD, OTCQX: THBRF) (Thunderbird or the Company) is pleased to recognize Sarah Nathanson, Thunderbird COO and General Counsel, as a winner of a 2023 Best Executive Award from Report on Business (ROB) Magazine and as a nominee for a 2023 YWCA Women of Distinction Award. In addition, Thunderbird was included on the ROB’s 2023 Women Lead Here list under the leadership of CEO and Chair Jennifer Twiner McCarron.

The annual ROB Best Executive Awards recognize excellence among non-CEO leaders in five categories: Finance; Human Resources; Operations; Sales and Marketing; and Technology. Ms. Nathanson was selected for her unwavering commitment to advance Thunderbird’s Operations by identifying and implementing initiatives that drive growth and maximize efficiencies. Amongst these accomplishments is the development of a robust Environment, Social and Governance action plan.

“Sarah’s incredible business acumen combined with her integrity and commitment to creating purpose through entertainment make her an inspiration for other women in business,” said Lori Massini, Senior Vice President of Legal and Business Affairs at Thunderbird Entertainment. “She is passionate about developing content that represents our world and its array of diverse voices and that helps Thunderbird excel in its field. We’re thrilled that Sarah has been recognized for her professional leadership, achievements in excellence and her ability to facilitate change and create opportunities.”

Ms. Nathanson was announced as a nominee for a 2023 YWCA Women of Distinction Award in early 2023. The awards are given annually to celebrate women who have made considerable achievements in their chosen fields. Ms. Nathanson was recognized for her exemplary leadership and for being a role model for women in business and entertainment.

Thunderbird was also included on the 2023 Report on Business magazine Women Lead Here list for the second year in a row. The annual benchmark recognizes Canadian businesses with the highest degree of gender diversity among executives in the top three tiers of leadership. Thunderbird is female-led with women holding the CEO, CFO and COO positions. In addition, the breakdown of Thunderbird’s Board of Directors is currently 57% female.

“As the CEO and Chair of Thunderbird Entertainment, Jennifer Twiner McCarron continually uses her leadership position to support and advocate for female representation,” said Linda Michaelson, Board Director. “She has helped establish Thunderbird as a company deeply committed to keeping diversity and inclusion at the forefront of business. Achievements like these are testament to that dedication and we’re proud of the work the entire team is doing to advance women - and other underrepresented groups - in the workplace.”

Restricted Share Unit Grant

The Company has granted an aggregate of 111,961 restricted share units (RSUs) to its non-executive directors, under the terms of the Company’s equity incentive compensation plan. The RSUs will vest on the one-year anniversary of the date of the grant. Each vested RSU entitles the holder to receive one common share of the Company.

Exercise Price Correction

The Company advises that its press release dated March 29, 2023 contained a typographical error. The press release announced that the exercise price of the stock options granted on March 29, 2023 was $3.54 per share. The correct exercise price upon exercise of such options is $3.50 per share.

For information on Thunderbird and to subscribe to the Company’s investor list for news updates, go to www.thunderbird.tv.

ABOUT THUNDERBIRD ENTERTAINMENT GROUP

Thunderbird Entertainment Group is a global award-winning, full-service multiplatform production, distribution and rights management company, headquartered in Vancouver, with additional offices in Los Angeles, Toronto, and Ottawa. Thunderbird creates award-winning scripted, unscripted, and animated programming for the world’s leading digital platforms, as well as Canadian and international broadcasters. Thunderbird’s vision is to produce high quality, socially responsible content that makes the world a better place. The Company develops, produces, and distributes animated, factual, and scripted content through its various content arms, including Thunderbird Kids and Family (Atomic Cartoons), Thunderbird Unscripted (Great Pacific Media), formerly known as Thunderbird Factual, and Thunderbird Scripted. Productions under the Thunderbird umbrella include The Last Kids on Earth, Molly of Denali, Highway Thru Hell and Kim’s Convenience, among others. The Company also has a team dedicated to global distribution and consumer products. Thunderbird is on Facebook, Twitter, and Instagram at @tbirdent. For more information, visit: www.thunderbird.tv.

SOURCE Thunderbird Entertainment Group Inc.

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility of the adequacy or accuracy of this release, which has been prepared by management.

Cautionary Statement Regarding Forward-Looking Information

Thunderbird’s public communications may include written, or oral “forward-looking statements” and “forward-looking information” as defined under applicable Canadian securities legislation. All such statements may not be based on historical facts that relate to the Company’s current expectations and views of future events and are made pursuant to the “safe harbour” provisions of applicable securities laws.

Forward-looking statements or information may be identified by words such as “anticipate”, “continue”, “estimate”, “expect”, “forecast”, “may”, “will”, “plan”, “project”, “should”, “believe”, “intend”, or similar expressions concerning matters that are not historical facts. These statements represent management’s current beliefs and are based on information currently available to management and inherently involve numerous risks and uncertainties, both known and unknown. Many factors could cause actual results to differ materially including general economic and market segment conditions, competitor activity, product capability and acceptance, international risk and currency exchange rates and technology changes. An assessment of the risks that could cause actual results to materially differ from current expectations is contained in the “Risks and Uncertainty” section of the June 30, 2022 and December 31, 2022, Management Discussion and Analysis. The foregoing is not an exhaustive list. Additional risks and uncertainties not presently known to Thunderbird or that management believes to be less significant may also adversely affect the Company.

The forward-looking statements or information contained in this document represent our views as of the date hereof and as such information should not be relied upon as representing our views as of any date subsequent to the date of this document. The Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements or information.

Forward-looking statements in this document include, but are not limited to, statements with respect to the RSU vesting schedule; and Thunderbird’s vision to produce high quality, socially responsible content that makes the world a better place. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; product capability and acceptance; international risk and currency exchange rates; and technology changes. An assessment of these risks that could cause actual results to materially differ from current expectations is contained in the “Risks and Uncertainty” section of December 31, 2022 MD&A. The foregoing is not an exhaustive list. Additional risks and uncertainties not presently known to Thunderbird or that management believes to be less significant may also adversely affect the Company. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this document, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

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