Director/PDMR Shareholding

22 March 2012

MirLand Development Corporation plc

("MirLand" or the "Company")

Director's dealing

MirLand, one of Russia's leading residential and commercial property developers, announces that it was notified on 22 March 2012 that Mr Eliezer Fishman, a non-executive director of the Company, on 20 and 21 March 2012 purchased in aggregate 13,794 ordinary shares in MirLand, both purchases at an average price of £1.76 per ordinary share.

Mr Eliezer Fishman and his wife Tova Fishman together hold approximately 53% of intermediate companies which hold an effective interest of approximately 75% in Jerusalem Economic Corporation Ltd ("JEC").

Following this transaction, Darban Investment Limited (a company controlled by Mr Eliezer Fishman), together with JEC and Industrial Buildings Corporation Ltd (a company controlled by Mr Eliezer Fishman) and Mr Eliezer Fishman (in his personal capacity) effectively hold an interest in approximately 85.2% of the Company's entire issued share capital.

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