MIRLAND FILES SHELF PROSPECTUS

2 June 2010

MirLand Development Corporation plc

('MirLand' / the 'Company')

MIRLAND FILES SHELF PROSPECTUS

MirLand Development Corporation plc, one of the leading residential and commercial property developers in Russia, is pleased to announce that the Israeli Securities Authority has approved the issuance of a shelf prospectus for a possible offer of the Company's securities in Israel. The shelf prospectus provides the Company the flexibility to raise funds in Israel for a period of two years from its approval. The amount and terms of any such funding will depend on market conditions at the appropriate time.

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