Terra Firma Capital Corporation Announces Corporate Update

Real Estate — June 21, 2012

TORONTO, ONTARIO--(Marketwire - June 21, 2012) - Terra Firma Capital Corporation (TSX VENTURE:TII) ("Terra Firma" or the "Corporation") is pleased to announce the appointment of Marisa Christenson (formerly Assistant Corporate Secretary) as Corporate Secretary of the Corporation subject to TSX Venture Exchange approval. Ms. Christenson is a professional law clerk, specializing in corporate, securities and regulatory matters. Ms. Christenson is currently Assistant Corporate Secretary of Counsel Corporation and brings over 15 years of legal experience working for various public issuers and private firms in the Greater Toronto Area. She is an Honours graduate of The Institute of Law Clerks of Ontario.

The Board of Directors has received the resignation of Adam Levy as Senior Vice President, Corporate Development and Corporate Secretary. Terra Firma would like to thank Mr. Levy for his contributions to the Company and wishes him continued success in his future business ventures.

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.

Contact Information

Counsel Corporation
Stephen Weintraub
416.866.3058
416.866.3061 (FAX)
sweintraub@counselcorp.com
www.counselcorp.com