Ms. Lana Castleman reports

THUNDERBIRD ENTERTAINMENT ANNOUNCES AMENDED AND RESTATED COOPERATION AGREEMENT WITH VOSS CAPITAL

Thunderbird Entertainment Group Inc. has entered into an amended and restated co-operation agreement with Voss Capital LLC and certain of its affiliates, which together own approximately 13.1 per cent of the outstanding common shares of Thunderbird. The A&R co-operation agreement amends and replaces the existing co-operation agreement between the company and Voss, dated as of Jan. 19, 2023, as amended Jan. 27, 2023, in its entirety.

The A&R co-operation agreement provides for the nomination of Taylor Henderson, a representative and employee of Voss, for election to the board of directors of Thunderbird at the company's coming 2023 annual general and special meeting of shareholders scheduled for Dec. 14, 2023, which appointment is subject to the approval of the TSX Venture Exchange.

In connection with the A&R co-operation agreement, Linda Michaelson and Mark Trachuk have agreed not to stand for re-election at the 2023 annual meeting, and continuing on the board, and nominated for election at the 2023 annual meeting, are Jennifer Twiner McCarron (chief executive officer), Asha Daniere, Azim Jamal, Jerome Levy and Lisa Coulman. Thunderbird thanks Ms. Michaelson and Mr. Trachuk for their significant contributions to the company.

The A&R co-operation agreement also provides for the appointment of one additional independent director to be mutually agreed by the company and Voss following the 2023 annual meeting.

Ms. McCarron, Thunderbird chair and chief executive officer, said, "Heading into 2024, we are looking forward to doubling down on the health of the business while prioritizing our focus on maximizing shareholder value."

Under the terms of the A&R co-operation agreement, Voss has, among other things, agreed to abide by customary voting commitments at the 2023 annual meeting (as previously agreed by the parties) and the 2024 annual general and special meeting of shareholders, as well as customary standstill restrictions. The A&R co-operation agreement will terminate in accordance with its terms on the earlier of (i) the date of which the company first publicly announces the date of its 2025 annual general and/or special meeting of shareholders, and (ii) Oct. 15, 2025.

Thunderbird expects to mail an information circular with respect to the 2023 Annual meeting in due course and shareholders are encouraged to read the information circular in its entirety and cast their votes early. The record date for voting at the 2023 annual meeting is Oct. 27, 2023.

Below is the biography of Mr. Henderson.

Mr. Henderson

Mr. Henderson has served as an analyst at Voss Capital, a fundamental research-driven, value-oriented hedge fund focused on special situations, since 2015. Mr. Henderson holds a BS in economics from Texas A&M University.

About Thunderbird Entertainment Group Inc.

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 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. 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 umbrella include Mermicorno: Starfall, Rocket Saves the Day, 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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