Amendment to Shelf Prospectus

1 July 2013

MirLand Development Corporation plc

("MirLand" or the "Company")

Amendment to Shelf Prospectus

MirLand, one of Russia's leading residential and commercial property developers, announces, further to its announcement of 26 June 2013, that it has filed a request with the Israeli Securities Authority and the Tel Aviv Stock Exchange in order to amend its Shelf Prospectus.

This Shelf Prospectus amendment will enable MirLand to issue up to a further NIS 200 million (approximately USD 55 million) of new bonds should the Board deem any such issue beneficial to the Company. There is no obligation to issue bonds now or in the future, but this action will give MirLand additional flexibility to react quickly to changing market conditions and opportunities.

For further information, please visit www.mirland-development.com, or contact: