Thunderbird Resorts Inc.

Costa Rica Operations Sold and January 2015 Revenue Report - Seite 2

Group-wide sales by country - currency neutral (unaudited, in millions)(1)	January 2015	January 2014		Year-over-year increase/(decrease)
Peru(2)	$2.61	$2.38		9.66	%
Costa Rica(3)	1.13	1.06		6.60	%
Nicaragua	1.06	1.15		-7.83	%
Total Consolidated Operating Revenues	$4.80	$4.59		4.58	%

¹ Revenues reported are based on monthly average exchange rates, report same store revenues and are in USD millions. From month to month, exchange rate fluctuations could cause an impact on revenues as compared to the previous year.

2 2015 and 2014 revenues consist of all gaming revenue in the country plus revenue from our fully-owned Fiesta Hotel and management fees for the Thunderbird Hotel - Pardo, Thunderbird Hotel - Carrera and Thunderbird Hotel - El Pueblo, which are owned by third parties.

3 Effective January 1, 2013, IFRS 11 changed the way that joint ventures are accounted for whereby proportional consolidation is no longer allowed and equity accounting should be applied to joint ventures. Until further notice and for the convenience of the reader and for the illustrative purposes of this monthly revenue report, the Group has elected to continue to show the Costa Rican joint venture proportional revenues, which vary from the way that the Group accounts for these revenues in our Interim and Annual Financial Statements.

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