Frank Giustra Announces Updated Disposition and Donation of Common Shares Held in Thunderbird Entertainment

Thunderbird Entertainment Group Inc. (TSXV:TBRD, OTC:THBRF) (“TBRD” or the “Company”), a global, multi-platform entertainment company with offices and production facilities in Vancouver, Los Angeles, Ottawa, and Toronto, has been advised that on August 26, 2022, Mr. Frank Giustra disposed of 976,470 common shares of Thunderbird Entertainment held by 1291308 B.C. Ltd. (a company owned and controlled by Mr. Giustra) by way of a donation of the 976,470 common shares to a charitable organization.

As a result of the above noted disposition and donation, the Company has been advised that Mr. Giustra, Fiore Financial Corporation and 1291308 B.C. Ltd. (companies owned and controlled by Mr. Giustra) and The Giustra Foundation (a charitable organization controlled by Mr. Giustra) (together, the “Holders”) currently owns and/or controls, in aggregate, directly or indirectly 6,320,963 common shares of TBRD, and would own and/or control directly or indirectly 6,370,963 common shares, on a partially diluted basis assuming the exercise of 50,000 stock options held by the Holders.

The Company has been advised that immediately prior to the disposition and donation, the Holders held an aggregate of 7,297,433 common shares which represented 14.77% of the outstanding common shares of TBRD, or 14.86% on a partially diluted basis assuming the exercise of 50,000 stock options held by the Holders. Immediately following the disposition, the 6,320,963 common shares held by the Holders represent 12.80% of the issued and outstanding common shares of TBRD and 12.88% on a partially diluted basis assuming the exercise of 50,000 stock options held by the Holders.

The Company was advised that Mr. Giustra disposed these securities for investment purposes and has no present intention to acquire further securities of the Company, although it may in the future acquire or dispose of securities of the Company, through the market, privately or otherwise, as circumstances or market conditions warrant. The transaction did not take place on any market and there was no consideration paid or received, as the disposition was a donation. A copy of the Early Warning Report filed by Mr. Giustra may be obtained from the Company’s SEDAR profile or can be obtained from Thunderbird’s Chief Operating Officer, General Counsel and Corporate Secretary, Sarah Nathanson, at 604 683-3555.

1291308 B.C. Ltd. has an address located at: Suite 3123 – 595 Burrard Street, Vancouver, B.C. V7X 1J1. The Company’s head office is located at 123 West 7th Avenue, Vancouver, British Columbia, V5Y 1L8

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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.

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.

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