Completion of Disposal

3 June 2010

MirLand Development Corporation plc

('MirLand' / the 'Company')

COMPLETION OF DISPOSAL

MirLand Development Corporation plc, one of the leading residential and commercial property developers in Russia, is pleased to announce that the sale of Techagrocom-2 by a MirLand joint venture company has completed today.

The consideration for Mirland's effective 50% interest in the business park development was US$20 million, representing a premium of 6.3% over the Cushman and Wakefield valuation for the entire project for the year ended 31 December 2009.

MirLand originally paid US$12.875 million for its 50% interest in the site and an additional US$2.2 million has been invested by the Company since the purchase. MirLand expects to recognize approximately US$3 million capital gain in its financial reports as a result of the transaction.

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