India

Thunderbird Resorts Inc. has entered into a series of agreements with a local Indian group to jointly own a luxury resort in Daman, India that will include at minimum a 5-star hotel, an event center and restaurants and bars, all to be operated by Thunderbird under a long-term management contract. The local Indian partner will contribute contiguous, undeveloped lots in Daman comprising over 4,000 square meters that are appraised at approximately $8 million. Thunderbird’s subsidiary, Impacto, is managing the design and engineering of the facility. Thunderbird’s Indian subsidiary will also build and lease facilities to an Indian company that is eligible to operate the area’s first gaming license under the 1976 Gambling Act of Goa, Daman & Diu.

Daman is adjacent to Maharashtra State whose capital is Mumbai (formerly Bombay). Daman is a 2-hour drive from Mumbai which, along with its neighboring suburbs of Navi and Thane, has a population exceeding 19 million, making it the world's fifth most populous metropolitan area. Daman also borders Gujarat State, whose population has the highest average GDP per capita in India. Daman is within a 5- hour drive of 50 million people and within a 3-hour flight of 1 billion people.

We anticipate completing the project construction and opening for business in approximately mid-2010.