Terra Firma Capital Corporation Announces Stock Option Grant

Terra Firma Capital Corporation (TSX VENTURE:TII) ("Terra Firma" or the
"Corporation") announces that, subject to regulatory approval and pursuant to
the terms of its stock option plan, it has granted an aggregate of 202,667
options to purchase common shares of the Corporation to the directors of the
Corporation, other than the Chairman. Each option permits the holder to acquire
a common share of the Corporation at a price of $0.50. The options vest in equal
parts, with the first 25% vesting immediately upon grant, and 25% vesting
quarterly, on March 31, 2012, June 30, 2012 and September 30, 2012. The options
expire five years from the date of grant. 


About Terra Firma 

Terra Firma is a full service, publicly traded real estate finance company that
provides customized equity and debt solutions to the real estate industry. Our
focus is to provide flexibility to property owners who may be limited by
conventional bank financing and to invest in quality commercial and residential
developments. Terra Firma offers a full spectrum of real estate financing under
the guidance of strict corporate governance, clarity and transparency. Terra
Firma is managed by Counsel Corporation (TSX:CXS). For further information
please visit Terra Firma's website at www.terrafirmacapital.ca.


About Counsel Corporation 

Counsel Corporation (TSX:CXS) is a financial services company that operates
through its individually branded businesses in residential mortgage lending,
distressed and surplus capital asset transactions, real estate finance and
private equity investment. For further information, please visit Counsel's
website at www.counselcorp.com.


This Press Release contains forward-looking statements with respect to Terra
Firma and matters concerning the business, operations, strategy and financial
performance of Terra Firma. These statements generally can be identified by use
of forward looking word such as "may", "will", "expects", "estimates",
"anticipates", "intends", "believe" or "could" or the negative thereof or
similar variations. The business, operations and performance of Terra Firma
could differ materially from those expressed or implied by such statements. Such
forward-looking statements are qualified in their entirety by the inherent risks
and uncertainties surrounding future expectations. Forward-looking statements
are based on a number of assumptions which may prove to be incorrect, including,
but not limited to general economic and market factors, local real estate
conditions, competition, changes in government regulation, dependence on
tenants' financial conditions, interest rates, the availability of equity and
debt financing, environmental and tax related matters, and reliance on key
personnel. There can be no assurances that forward-looking statements will prove
to be accurate, as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking statements. The cautionary statements qualify
all forward-looking statements attributable to Terra Firma and persons acting on
its behalf. Unless otherwise stated, all forward looking statements speak only
as of the date of this Press Release and Terra Firma has no obligation to update
such statements except as required by law.

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