Holding(s) in Company

9 October 2012

MirLand Development Corporation plc

("MirLand" or the "Company")

Notification of Interests

MirLand, one of Russia's leading residential and commercial property developers, announces that it was notified on 9 October 2012 that Darban Investments Ltd ("Darban") (a company controlled by Mr Eliezer Fishman, a non-executive director of the Company) purchased 5,000 ordinary shares in MirLand at an average price of £1.21 per ordinary share on 8 October 2012.

Following this transaction, Darban is interested in 14,969,234 ordinary shares in the Company, representing approximately 14.46% of the Company's entire issued share capital.

Mr Eyal Fishman, a non-executive director of the Company, holds a 15.8% equity interest in two companies which, through various intermediate companies, hold an effective interest of approximately 78% of Jerusalem Economy Ltd. ("JEC"), which holds a legal and beneficial interest in approximately 30.47% of the Company.

Mr Eliezer Fishman and his wife Tova Fishman together hold approximately 53% of the intermediate companies referred to above and which hold an effective interest of approximately 78% of JEC.

Darban, together with JEC and Industrial Buildings Corporation Ltd (a company controlled by Mr Eliezer Fishman), effectively hold a legal and beneficial interest in approximately 85.4% of the Company's entire issued share capital.

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