Terra Firma Capital Corporation Announces Stock Option Grants

Terra Firma Capital Corporation (TSX VENTURE:TII) ("Terra Firma" or the
"Corporation") announced today that, subject to regulatory approval and pursuant
to the terms of its share option plan, it has granted options to purchase an
aggregate of 910,000 common shares of the Corporation to certain members of
management and a director of the Corporation. The options permit the grantees to
acquire common shares of the Corporation at a price of $0.50 per share. Except
for the options granted to director Jamie Golombek, which vested immediately in
consideration of his service as the former Chairman of the Corporation's Audit
Committee, the options vest in four equal installments, with the first 25%
vesting immediately upon grant, and 25% vesting every 90 days thereafter. In
each case 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.