Thunderbird Resorts Inc. at its AGM held on June 22, 2012, approved the election of Directors for one year terms. Mr. Stadelmann is new to the board of directors and brings substantial experience from the finance sector as former Co-Head of Global Foreign Exchange & Money Market for UBS AG from 2003 to 2009 and Co-Head of Global Macro for UBS AG from 2009 to 2010. Mr. Stadelmann currently manages his own capital. Election of Officers: The persons listed below were elected and authorized by the Board to the following positions for the ensuing year: Peter LeSar, Interim Chief Executive Officer and President; Albert Atallah, General Counsel and Corporate Secretary; Peter LeSar, Chief Financial Officer; Tino Monaldo, Vice President - Corporate Development; Angel Sueiro, Vice President - Design and Construction. Other Management Changes: Jack Mitchell, now the former President and CEO of the Company, is also no longer with the Company as an officer or a director. Peter LeSar, current CFO of the Company, was named as interim CEO & President and will retain his position as CFO during the interim period. Mr. Guggenheim, a member of the Board since June 2002, was named Chairman of the Board of Directors and will work closely with Mr. LeSar during this transition period.