Fiscal 2021 Revenue $111.5 million, 37% year-over-year increase

Fiscal 2021 Adjusted EBITDA $19.6 million, 26% year-over-year increase

Fiscal 2021 Free Cash Flow of $12.3 million, 68% year-over-year increase, with no corporate debt

Conference call and webcast scheduled for Wednesday, October 20 at 11 a.m. PT/ 2 p.m. ET

Thunderbird Entertainment Group Inc. (TSXV: TBRD, OTCQX: THBRF) (Thunderbird or the Company) today announced its financial results for Q4 and Fiscal 2021, which ended June 30, 2021, and provided a corporate update.

Financial Highlights

• Revenue for the three months and year ended June 30, 2021 was $26.1 million and $111.5 million as compared to $21.1 million and $81.3 million for the same periods of fiscal 2020, increases of $5.0 million (24%) and $30.2 million (37%), respectively. The majority of these increases over the comparative periods in 2020 is related to growth in production services projects.

• Adjusted EBITDA was $2.3 million and $19.6 million for the three months and year ended June 30, 2021, compared to $2.9 million and $15.5 million for the same periods of fiscal 2020, a decrease of $0.6 million (21%) and an increase of $4.1 million (26%), respectively.

• Free cash flow was $4.8 million and $12.3 million for the three months and year ended June 30, 2021, as compared to $2.6 million and $7.3 million for the comparative periods, increases of $2.2 million (85%) and $5.0 million (68%), respectively.

“We are extremely proud of our accomplishments during the last 12 months and look forward to continuing our path to becoming a major global production company. Not only do our fiscal 2021 results reflect our talented teams, trusted partnerships, and commitments and contributions to building global brands, they also validate the strategic decisions made regarding content development and demonstrate the early dividends from the long-term growth initiatives we have put in place. We are continuing to build for our future, mapping out clear pathways and new initiatives that will be instrumental in Thunderbird’s continued growth,” said Thunderbird President and CEO Jennifer Twiner McCarron.

Thunderbird’s Q4 and Year-End Fiscal 2021 Corporate Highlights

• At June 30, 2021, the Company had 18 programs in various stages of production. Eight of these projects are Company IP or partner-managed. Subsequent to the year end, the Company released an update announcing 27 shows in production, an increase of nine since the fiscal year end. The Company’s work airs on Netflix, Peacock, Nickelodeon, Apple, Sony, PBS, Bell Media's Discovery, Disney+, Corus Entertainment and the CBC, among others.

• In Q4, the Kids and Family Division, Atomic Cartoons (“Atomic”) was in various stages of production on 11 animated television series and two animated feature-length films, 13 productions in total. These programs reflect a blend of both proprietary and service-based work. Productions include co-producing Marvel’s Spidey and His Amazing Friends with Disney Jr, Molly of Denali (Season 2) for GBH/ PBS KIDS, CoComelon Lane for Moonbug and Netflix, and My Little Pony for eOne/Hasbro plus a Curious George production for Peacock. Atomic is also currently working with Sony Pictures Animation on HBO Max's highly anticipated series Young Love.

• During Q4, Atomic’s The Last Kids on Earth franchise launched its first video game: The Last Kids on Earth and the Staff of Doom.

• In Q4, the Factual and Scripted Division, Great Pacific Media (“GPM”), was in production on five series: Highway Thru Hell (Season 10), Heavy Rescue: 401 (Season 6), Deadman’s Curse (working title) (Season 1), Strays (Season 1) and Dr. Savannah: Wild Rose Vet (Season 1) in conjunction with Wapanatahk Media.

• During Q4, GPM received renewals of its three hit factual series, Highway Thru Hell, Heavy Rescue: 401 and Mud Mountain Haulers, each airing on Discovery Canada. GPM also confirmed that three new projects in development were ordered to series by Corus Entertainment: Styled (working title), Gut Job and Deadman’s Curse, and commenced production on Styled and Gut Job subsequent to the fiscal year end.

• In Q4, Wapanatahk Media, in partnership with GPM, announced a development deal with Anthony Johnson and Dr. James Makokis, the first Two-Spirit Indigenous couple to win The Amazing Race Canada. Wapanatahk Media also continued production on its first series Dr. Savannah: Wild Rose Vet.

• Subsequent to the fiscal year end, GPM also announced a new scripted series starring Spider-Man's Jacob Batalon. Reginald the Vampire has been picked up in a straight-to-series 10 episode order by SyFy, and is co-produced with Modern Story Company and December Films.

• Also subsequent to the fiscal year end, Strays, the spin-off series from Kim’s Convenience, premiered on CBC.

• CEO Jennifer Twiner McCarron and Board Directors Frank Giustra and Azim Jamal were each named to Business in Vancouver’s “BC500” list as one of British Columbia’s 500 most influential business leaders.

Results of Operations

EBITDA, Adjusted EBITDA and Free Cash Flow

Conference Call Webcast on October 20, 2021 at 11 a.m. PT/ 2 p.m. ET

Thunderbird will hold a conference call and webcast to share the Company’s year end financial results on October 20, 2021 at 11 a.m. PT/ 2 p.m. ET. The conference call will be webcast live and available for replay via the “Investors” section of the Thunderbird website.

Conference Call and Webcast Access:

Toll-free dial-in number: (833) 900-1530

International dial-in number: (236) 712-2271

Conference ID: 9070746

Webcast: https://events.q4inc.com/attendee/965941521

Participants joining by phone are requested to call the conference line 10 minutes early to avoid wait times while connecting to the call. The conference call will be webcast live and available for replay via the “Investors” section of the Thunderbird website. Investors can access a replay of the teleconference at: (+1) 416-621-4642 or toll-free at (+1) 800-585-8367 three hours after the call's completion. The Conference ID # is 9070746. The teleconference replay will be available through November 03, 2021.

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 divisions, including Thunderbird Kids and Family (Atomic Cartoons), and Thunderbird Factual and Scripted (Great Pacific Media). The Company also has a division dedicated to global distribution and consumer products. Thunderbird is on Facebook, Twitter, and Instagram at @tbirdent. For more information, visit: www.thunderbird.tv.

On Behalf of Thunderbird Entertainment Group Inc.

Jennifer Twiner McCarron

Chief Executive Officer

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

This news release includes certain “forward-looking statements” under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements with respect to the Company’s objectives, goals or future plans and the business and operations of the Company. 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; those additional risks set out in the Company’s Filing Statement and other public documents filed on SEDAR at www.sedar.com; and other matters discussed in this news release. 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 news release, 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.

NON-IFRS MEASURES

In addition to the results reported in accordance with IFRS, the Company uses various non-IFRS financial measures which are not recognized under IFRS, as supplemental indicators of our operating performance and financial position. These non-IFRS financial measures are provided to enhance the user’s understanding of our historical and current financial performance and our prospects for the future. Management believes that these measures provide useful information in that they exclude amounts that are not indicative of our core operating results and ongoing operations and provide a more consistent basis for comparison between periods. The following discussion explains the Company’s use of EBITDA, Adjusted EBITDA, and Free Cash Flow as measures of performance.

“EBITDA” is calculated based on earnings before interest, income taxes, depreciation and amortization. “Adjusted EBITDA” is calculated based on EBITDA, asset impairment charges, accretion, share-based compensation, share of loss of associates, unrealized foreign exchange gain/loss and items of an unusual or one-time nature that do not reflect our ongoing operations. EBITDA and Adjusted EBITDA are commonly reported and widely used by investors and lenders as an indicator of a company’s operating performance and ability to incur and service debt, and as a valuation metric. EBITDA and Adjusted EBITDA are not earnings measures recognized by IFRS and therefore do not have a standardized meaning prescribed by IFRS. Therefore, EBITDA and Adjusted EBITDA may not be comparable to similar measures presented by other issuers.

“Free Cash Flow” (“FCF”) is calculated based on cash flows from operations, purchase of property and equipment and net interim production financing. FCF represents the cash a company generates after accounting for cash outflows to support operations and maintain its capital assets.

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