Thunderbird Resorts, Inc. (“Thunderbird”) (CNQ: BIRD.U and FSE: OSJ) The Board of Directors
(the "Board") has adopted a shareholder rights plan (the "Rights Plan"). The Rights Plan is being adopted
in order to reflect developments in Canada with respect to shareholder rights plans and is designed to
encourage the fair treatment of shareholders in connection with any take-over bid for Thunderbird.
The Rights Plan will provide the Board and the shareholders with more time to fully consider any
unsolicited take-over bid for Thunderbird without undue pressure. Furthermore, the Rights Plan will
allow the Board to pursue, if appropriate, other alternatives to maximize shareholder value and to allow
additional time for competing bids to emerge. The Rights Plan is not being proposed in response to, or in
anticipation of, any acquisition or takeover offer. The Rights Plan is consistent with other shareholder
rights plans recently adopted by other Canadian corporations. Under circumstances and conditions set
forth in the Rights Plan, the Rights would be issued to shareholders other than those shareholders making
a take over offer. The Rights grant each such shareholder certain entitlements set forth in Plan until such
time as the Rights separate. At any time prior to the Rights becoming exercisable, the Board of Directors
may waive the operation of the Rights Plan with respect to certain events before they occur. The issuance
of the Rights is not dilutive and will not affect reported earnings or cash flow per share until the Rights
separate from the underlying common shares and become exercisable or until the exercise of the Rights.
Thunderbird will submit the Rights Plan for confirmation at a special meeting of shareholders to be held
within the next six months. If the shareholders do not confirm the Rights Plan, the Rights Plan will
terminate and cease to be effective at that time. The Right Plan has been implemented and is effective
July 6, 2007, pursuant to the terms and conditions of a Shareholder Rights Plan Agreement between
Thunderbird and Pacific Corporate Trust Company, as rights agent. The complete text of this agreement
will be filed and available from the SEDAR website at www.sedar.com.
Thunderbird Resorts is a successful recreational property developer and operator in each of its markets.
Thunderbird Resorts’ success is based upon creating genuine value for the community and for its
employees and shareholders. Thunderbird Resorts achieves its mission by offering customers dynamic,
themed and integrated venues anchored by casinos and gaming facilities. Additional information about
Thunderbird is available on its World Wide Web site at www.thunderbirdresorts.com.
