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Challenge: The Group recognizes the need to increase liquidity in order to invest in our core gaming business. In last year's CEO Letter to Shareholders, we announced the potential sale of our non-producing Costa Rican real estate (commonly known as "Tres Rios" and "Escazu"). The number of potential buyers for large, premium parcels in a small market like Costa Rica is limited and interest shown by potential buyers has not yet resulted in a successful sale.

Response to Challenge: During 2014, the Group was approached by several parties who hoped to acquire our Costa Rica casino operations. Over the past several years, both revenues and cash flow have decreased in these operations. To meet our development goal of increasing liquidity, given the slow progress of the Costa Rica real estate sales, on February 25, 2015, the Group sold its Costa Rica casino operations and achieved net cash in excess of $8 million. See page 23 and press release dated February 27, 2015 for more information.

CONTROL AND REDUCE COUNTRY-LEVEL AND CORPORATE EXPENSES

Progress: We have made the following progress in reducing expenses:

• Country-level consolidated operating, general and administrative expenses were reduced by $1.7 million or by 4% as compared to December 31, 2013 (despite inflation in our markets). Between September 2014 and the date of publication of this report, the Group has reduced approximately $1.5 million in payroll that should result in improved EBITDA in 2015.

• Corporate expense was reduced by $400 thousand or 8% from $4.9 million as of December 31, 2013 to $4.5 million as of December 31, 2014 (despite inflation in our markets).

Challenges: Despite the continued progress in the reduction of expenses and our positive property EBITDA ¹ ($9.8 million in 2014) and adjusted EBITDA ($5.3 million in 2014), our bottom line results are challenged by: a) High corporate expense required to manage a publicly-traded company given the downsizing of the organization (approximately 8.0% of revenue in 2014); b) High non-cash expenses ($8.5 million between depreciation and amortization, forex and other non-cash items in 2014); and c) High financing costs, net ($4.5 million in 2014).

Response to Challenges: For our response to these more entrenched challenges, please see "Evaluation of Strategic Alternatives" below.

REDUCE DEBT AND REFINANCE REMAINING DEBT UNDER FAVORABLE TERMS

Progress: Group gross debt ² as of December 31, 2014 was $46.2 million and net debt ³ was $41.3 million. After the sale of our Costa Rica gaming operations, the Group's gross debt (preliminary, unaudited) has been reduced to approximately $37.8 million and net debt to $27.2 million as of the date of this report.

Challenge: The Group continues to work on refinancing its Peru and Peru-related debt (approximately $29.2 million of gross debt as of December 31, 2014) and, if the opportunity arises, to pay down a significant portion or all of this debt.

Response to Challenge: We continue to work on different refinancing alternatives. The Fiesta Hotel & Casino real estate in Lima, Peru has an updated appraisal of approximately $53 million (April 2015), which we believe will help in a refinancing. Please also see "Evaluation of Strategic Alternatives" below.

EVALUATION OF STRATEGIC ALTERNATIVES

The Group's primary stated goal is to achieve profitability and to build a healthy, growing company. Certain entrenched challenges (as described above) have made achieving this goal difficult. The solutions to these challenges require us to rethink how to accelerate revenue growth, accelerate debt reduction and materially reduce non-cash items that are largely responsible for the variances between our positive EBITDA and our negative income.

We believe the lack of profitability is a key factor that has resulted in low demand for our shares and a reason why our market capitalization (approximately $10.4 million as of the date of publication of this report) falls materially short of what Management believes is the intrinsic value of its real estate (appraised value of our interests of $76.3 million based on appraisals performed since 2013) and adjusted EBITDA of $5.3 million (as of December 31, 2014).

The Group's plan continues to be as summarized at the beginning of this letter, but with one or more of the following possible adjustments, all of which are now under active analysis:

• Liquidate additional non-producing and producing real estate (total appraised value of the Group's interests in all of our real estate exceeds $76 million) in order to: a) Pay down virtually all debt; b) Significantly reduce depreciation and amortization; c) Retool our asset mix away from real estate and invest proceeds in new high cash flowing gaming operations in our existing markets to increase revenues and improve bottom line results; and / or

• Raise new equity to pay down virtually all debt and invest in new high cash flowing gaming operations in our existing markets with the goal of increasing revenues and bottom line results.

At this time, these strategic alternatives are under analysis, should be considered speculative in nature and any outcomes will depend both on our analysis and on the demands of the market place.

"GLOBAL SETTLEMENT" RELATED TO THE DAMAN, INDIA PROJECT

Finally, I am pleased to inform that, effective April 8, 2015, in order to avoid litigation costs and obtain certainty as to obligations, the Group has:

• Settled a possible $6 million or greater exposure arising from a guarantee it provided in 2009 to a mezzanine lender (Maravege Holding Limited) to the Daman, India project. The total consideration for settlement is $2.425 million consisting of a cash payment of $1.325 million to be paid over 23 months and an offsetting credit for the $1.1 million to be paid by Maravege for the remaining 5.5% of shares the Group has in DHPL. The Share transfer is subject to a certain first right process with an existing DHPL shareholder as described on page 24.

• Obtained full release from DHPL and from its controlling shareholder Delta Corp Limited ("Delta") for any potential liabilities and claims.

• Received from Delta and DHPL proof that all senior lenders, whose loans totalled approximately $25 million and had been guaranteed by the Group, have been paid in full by DHPL/Delta.

• Obtained a full release from Madison India Real Estate Fund Limited ("MIREF"), whose mezzanine loan to DHPL of approximately $7.2 million had been guaranteed by Thunderbird.

In effect, the Group believes it has achieved a "Global Settlement" of its remaining financial exposure in India. The background on the Daman, India project and the Global Settlement is fully described in Note 21 of our Financial Statement which accompanies this 2014 Annual Report.

We look forward to communicating with shareholders as material events unfold.

Sincerely,

Salomon Guggenheim, President & CEO

¹ EBITDA is not an accounting term under IFRS, and refers to earnings before net interest expense, income taxes, depreciation and amortization, equity in earnings of affiliates, minority interests, development costs, other gains and losses, and discontinued operations. "Property EBITDA" is equal to EBITDA at the country level(s). "Adjusted EBITDA" is equal to property EBITDA consolidated from all operations less "corporate expenses", which are the expenses of operating the parent company and its non-operating subsidiaries and affiliates.

² Gross debt equals total borrowings and finance lease obligations inclusive of the Group's proportional share of debt held by its Costa Rican joint venture as of year-end 2014.

³ Net debt equals gross debt less cash and cash equivalents (excludes restricted cash).

GROUP OVERVIEW

The strengthening of the US dollar throughout the year versus our operating currencies has had a material impact on our business as compared to 2013. Thus, for the convenience of the reader, below we present: a) Summary of our consolidated results without adjustments for forex; and b) The same summary, but adjusted to apply our 2014 average exchange rates to the same period in 2013 to compare results under a currency neutral scenario.

a) Summary 2014 consolidated P&L:

b) Summary 2014 consolidated P&L adjusted for forex (currency neutral):

Group Debt: Below is the Group's Gross debt and Net debt on December 31, 2014.

Note : Gross debt above is presented net of debt issuance costs which is why there is an approximate $0.8 million variance with the total principal balance below. Borrowings under assets held for sale are related to two undeveloped real estateparcels owned by the Group's joint venture in Costa Rica. Post the sale of our interests in our Costa Rican gaming operations as of February 25, 2015, the Group's Gross debt has since been lowered to approximately $37.8 million.

The Group estimates its gross debt schedule effective as of December 31, 2014 (our debt schedule will be updated in future reports that will reflect the reduced gross debt post the sale of our interests in Costa Rica gaming operations, which were sold effective February 25, 2015):

Management continues to be focused on developing inthe markets in which we currently operate. We continue to analyze our businesses, countries and structure regularly. We will announce any strategy changes if and when there are material changes.

RISK MANAGEMENT

For more detail on Risk Factors, see Chapter 8 of the Annual Report.

MANAGEMENT STATEMENT ON "GOING CONCERN"

Management routinely plans future activities including forecasting future cash flows. Management has reviewed their plan with the Directors and has collectively formed a judgment that the Group has adequate resources to continue as a going concern for the foreseeable future, which Management and the Directors have defined as being at least the next 18 months from December 31, 2014. In arriving at this judgment, Management has prepared the cash flow projections of the Group, which incorporates a 5-year rolling forecast and detailed cash flow modeling through the current financial year. Directors have reviewed this information provided by Management and have considered the information in relation to the financing uncertainties in the current economic climate, the Group's existing commitments and the financial resources available to the Group. The expected cash flows have been modeled based on anticipated revenue and profit streams with debt funding programmed into the model and reducing over time. The model assumes no new construction projects during the forecast period, with the exception of one business that was in development in 2014 and has since opened as of April 22, 2015. The model assumes a stable regulatory environment in all countries with existing operations. Sensitivities have been applied to this model in relation to revenues not achieving anticipated levels.

The Directors have considered the: (i) base of investors and debt lenders historically available to Thunderbird Resorts, Inc.; (ii) global capital markets; (iii) limited trading exposures to our local suppliers and retail customers; (iv) other risks to which the Group is exposed, the most significant of which is considered to be regulatory risk; (v) sources of Group income, including management fees charged to and income distributed from its various operations; (vi) cash generation, debt amortization levels and key debt service coverage ratios; (vii) fundamental trends of the Group's businesses; (viii) extraordinary cash inflows and outflows from one-time events forecasted to occur in the 18-month period following December 31, 2014; (ix) refinancing of Peru and Peru-related debt; and (x) liquidation of undeveloped and therefore non-performing real estate assets that have been held for sale.

Considering the above, Management and Directors are satisfied that the consolidated Group has adequate resources to continue as a going concern for at least 18 months following December 31, 2014. For these reasons, Management and Directors continue to adopt the going concern basis in preparing the consolidated financial statements.

FINANCIAL STATEMENTS

Share of loss from equity accounted investments (2,867 ) (97 ) Financing Foreign exchange (loss) / gain (510 ) (1,164 ) Financing costs (Note 7) (4,591 ) (5,907 ) Financing income (Note 7) 652 838 Other interest (Note 7) (37 ) (206 ) Finance costs, net (4,486 ) (6,439 ) Loss before tax (9,602 ) (9,313 ) Income taxes expense (Note 8) Current (1,392 ) (1,353 ) Deferred 221 (354 ) Income tax expense (1,171 ) (1,707 ) Loss for the year from continuing operations $ (10,773 ) $ (11,020 ) Loss for the year from discontinued operations - (2,380 ) Loss for the year $ (10,773 ) $ (13,400 )

ABOUT THE COMPANY

We are an international provider of branded casino and hospitality services, focused on markets in 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 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.