MLD.L Regulatory News (MLD)

17 November 2015

MirLand Development Corporation plc

("MirLand" or the "Company")

Approval by the Preliminary Meetings of the Settlement between the Company and its Bondholders

Mirland announces that, following preliminary meetings held in Israel on 22 October 2015 ("Preliminary Meetings"), a proposed Settlement Plan and amended trust deeds to the Bonds (Series A-F) (the "Settlement" or the "Settlement Plan") have been approved between the Company and its Bondholders (Series A-F) (the "Bondholders").

At the Preliminary Meetings, the below resolutions were passed:

1. The Series C-F Bondholders approved the Settlement with a majority greater than 75% of the par value of each series.

2. The Series A-B Bondholders did not approve the Settlement with the requisite majority, such that the Series A Bondholders voted in favour of the Settlement with a majority of 56% of the participating voting parties and the Series B Bondholders voted against the Settlement with a majority of 90% of the participating voting parties.

3. As a result of the above and in accordance with the direction motion provided by the Tel Aviv Court on 3 August 2015, the trustee of each Bond series shall vote in the meeting of the creditors as follows:

i. the trustee of Series A Bonds shall split the votes of the participants in proportion to the voting majority at the Preliminary Meeting being 56% for and 44% against;

 ii. the trustee of Series B Bonds shall, since the proportion of those opposed to the Settlement is greater than 75% of the par value of the series, vote against the Settlement for the entire value of the series; and

iii. the trustees of Series C-F Bonds, since the proportion of those in favour of the Settlement is greater than 75% of the par value of the series, vote in favour of the Settlement for the entire value of the series.

4. In light of the above and with particular consideration given to the Series A-B Bondholders who were opposed to the Settlement and with regard to the simple majority of the creditors needed to approve the Settlement in Cyprus, the Company wishes to announce that the Bondholders (Series A-F) have approved the Settlement with the Company.

The Company will now act to convene a meeting of creditors pursuant to a ruling of the Cypriot Court on 14 July 2015.

The completion of the Settlement is subject to various conditions precedent by deadlines set in the Settlement documents, including, among other things, receiving approval of the Settlement by the Cypriot court, receipt of approval of the Tel Aviv Stock Exchange, and approval of the Company and its shareholders.

There is no certainty that the conditions precedent set out in the Settlement documents will be completed by the set deadlines, nor that that the Settlement will be completed.