Holding(s) in Company

21 December 2010

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 received notification on 19 December 2010 that Industrial Buildings Corporation Ltd ("IBC") acquired 77,449 ordinary shares in the Company at £2.73 per ordinary share on 17 December 2010.

Following the acquisition, IBC is interested in 38,080,200 shares in the Company, representing 36.77% 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 73% of Jerusalem Economic Corporation Ltd ("JEC") which holds an interest in approximately 29.55% of the Company. JEC also holds an interest of approximately 70.5% in IBC. Mr Eliezer Fishman, a non-executive director of the Company, and his wife Tova Fishman together hold approximately 53% of the intermediate companies referred to above and which hold an effective interest of approximately 73% of JEC.

IBC, together with JEC and Darban Investments Ltd. (a company controlled by Mr Eliezer Fishman), effectively hold an interest in approximately 79.8% of the Company.

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