Terra Firma Capital Corporation Appoints Vice President of Operations

Y. Dov Meyer, President and CEO of Terra Firma Capital Corporation, (TSX
VENTURE:TII) ("Terra Firma") is pleased to announce the appointment of Ms.
Carolyn Montgomery to the newly created position of Vice President of
Operations.  


Ms. Montgomery brings over 15 years of experience in real estate lending,
including origination, underwriting and risk analysis. She started her career in
real estate lending in 1994 working for MCAP Financial Corp. where she held a
range of positions until 2007. 


From 2007 until joining Terra Firma, Ms. Montgomery was assistant vice president
at Cameron Stephens Mortgage Capital Ltd. and was primarily responsible for
underwriting, risk management and institutional syndications of real estate
loans. 


Mr. Meyer commented, "I am very pleased to have Carolyn join our senior
executive team. Carolyn is well known and respected in our industry and she
brings a wealth of real estate finance experience. We believe it speaks well of
Terra Firma's position in the marketplace to be able to attract a professional
with such outstanding accomplishments and qualifications. Terra Firma has
significantly increased its loan portfolio over the past year and we know that
Carolyn will play a key role in our future growth and success." 


The appointment of Ms. Montgomery is subject to the approval of the TSXV.

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 arrange and provide financing with flexible terms to property owners
looking to improve or add to their existing real estate assets but who may be
limited by conventional bank financing, as well as to invest in quality
commercial and residential developments by proven real estate developers. 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 Asset Management, L.P., a wholly owned subsidiary of Counsel Corporation
(TSX:CXS). Counsel Corporation owned approximately 20.2% of the outstanding
common shares of Terra Firma as at March 31, 2012. For further information
please visit Terra Firma's website at www.terrafirmacapital.ca.


This Press Release contains forward-looking statements with respect 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 future
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. Additional, important
factors that could cause actual results to differ materially from expectations
include, among other things, 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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