Ms. Jennifer Twiner McCarron reports

THUNDERBIRD ENTERTAINMENT GROUP ANNOUNCES UPDATES FROM STRATEGIC REVIEW

Thunderbird Entertainment Group Inc. has provided an update from its strategic review process.

Pursuant to the co-operation agreement between Thunderbird Entertainment and Voss Capital LLC, which is detailed in the company's Jan. 19, 2023, news release, Thunderbird Entertainment formed an advisory committee, composed of three directors (including two of the independent directors put forward by Voss) and a Voss-appointed non-voting observer, to assess the company's capital allocation strategy and evaluate all opportunities to maximize value creation for ultimate recommendation to the board. As disclosed in its May 15, 2023, news release, Thunderbird Entertainment engaged ACF Investment Bank, among other things, to aid its continuing strategic review process.

Findings from the company's strategic review confirm Thunderbird Entertainment is a premium asset within the industry with a solid reputation and trusted relationships that generate continuing, repeat and new content production opportunities. With no debt and a healthy balance sheet, Thunderbird Entertainment's mix of service and intellectual property productions puts the company in a strong position, providing extensive opportunities in animation and unscripted genres. The company's newly launched scripted group, alongside its established consumer products and distribution teams, further supports the company's continued growth.

To maximize shareholder value, the company has a key focus on several exciting IP and service productions on the horizon. Thunderbird Entertainment is committed to enhancing shareholder value and is looking at a variety of opportunities, including potentially initiating a share buyback program. Thunderbird Entertainment remains open to pursuing a liquidity event, and the company's board and management team remain dedicated to capitalizing on opportunities for all stakeholders.

"Pursuing a liquidity event at the right time is an important consideration to be true to everyone who is invested in Thunderbird. Our company has excellent financial projections, several exciting projects to announce and, at year-end, was working on 10 owned IP productions. We are well positioned for growth and look forward to all opportunities presented to us," said Jennifer Twiner McCarron, Thunderbird Entertainment chief executive officer and chair.

About Thunderbird Entertainment Group Inc.

Thunderbird Entertainment is a global award-winning, full-service multiplatform production, distribution and rights management company, headquartered in Vancouver, with additional offices in Los Angeles and Ottawa. Thunderbird Entertainment creates award-winning scripted, unscripted and animated programming for the world's leading digital platforms, as well as Canadian and international broadcasters. 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) and Thunderbird Scripted. Productions under the Thunderbird Entertainment umbrella include The Last Kids on Earth, Molly of Denali, Highway Thru Hell, Kim's Convenience, Reginald the Vampire and Boot Camp. Thunderbird Distribution and Thunderbird Brands manage global media and consumer products rights, respectively, for the company and select third parties.

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